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ABBOTT PARK, Ill., Jan. 27, 2021 /PRNewswire/ --Abbott (NYSE: ABT) today announced financial results for the fourth quarter and full year ended Dec. 31, 2020, and issued its financial outlook for 2021. Fourth-quarter sales of $10.7 billion increased 28.7 percent on a reported basis and 28.4 percent on an organic basis, which excludes the impact of foreign exchange. Fourth-quarter GAAP diluted EPS was $1.20 and adjusted diluted EPS, which excludes specified items, was $1.45, reflecting 52.6 percent growth versus the prior year.1 Full-year 2020 GAAP diluted EPS from continuing operations was $2.49 and adjusted diluted EPS from continuing operations was $3.65, at the upper-end of guidance range issued in January 2020.2 Abbott issues full-year 2021 guidance for diluted EPS from continuing operations on a GAAP basis of at least $3.74 and full-year adjusted diluted EPS from continuing operations of at least $5.00, reflecting growth of more than 35 percent versus the prior year.3 In the fourth quarter, global COVID-19 testing-related sales were $2.4 billion, led by combined sales of $1.9 billion from Abbott's BinaxNOW, Panbio and ID NOW rapid testing platforms. R&D pipeline continued to be highly productive in 2020: U.S. approval of FreeStyle Libre 2 and CE Mark of FreeStyle Libre 3 and Libre Sense Glucose Sport Biosensor; CE Mark of MitraClip G4, TriClip and Tendyne heart valve devices; U.S. approval of Gallant cardiac rhythm devices; CE Mark of EnSite X 3D cardiac mapping system; portfolio expansions in Nutrition and Established Pharmaceuticals. "Despite challenging conditions, we achieved double-digit EPS growth, delivered ground-breaking innovation and advanced our new product pipeline in 2020," said Robert B. Ford, president and chief executive officer, Abbott. "We exited the year with a lot of momentum and are forecasting EPS growth of more than 35 percent in 2021." FOURTH-QUARTER BUSINESS OVERVIEWNote: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business. Organic sales growth excludes the impact of foreign exchange. Following are sales by business segment and commentary for the fourth quarter 2020: Total Company($ in millions) % Change vs. 4Q19 Sales 4Q20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total * 4,199 6,502 10,701 41.8 21.4 28.7 41.8 20.9 28.4 Nutrition 841 1,095 1,936 6.5 1.4 3.6 6.5 2.9 4.4 Diagnostics 1,981 2,364 4,345 158.5 83.0 111.1 158.5 79.6 108.9 Established Pharmaceuticals -- 1,147 1,147 n/a (2.3) (2.3) n/a 3.4 3.4 Medical Devices 1,369 1,888 3,257 (2.5) 4.9 1.7 (2.5) 1.2 (0.4) * Total Q4 2020 Abbott sales from continuing operations include Other Sales of approximately $16 million. % Change vs. 12M19 Sales 12M20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total * 13,022 21,586 34,608 14.2 5.3 8.5 14.2 7.3 9.8 Nutrition 3,279 4,368 7,647 5.4 1.6 3.2 5.4 4.2 4.7 Diagnostics 4,774 6,031 10,805 65.3 25.0 40.1 65.3 25.8 40.6 Established Pharmaceuticals -- 4,303 4,303 n/a (4.1) (4.1) n/a 1.9 1.9 Medical Devices 4,931 6,856 11,787 (8.2) (0.1) (3.7) (8.2) (0.3) (3.8) * Total 12M 2020 Abbott sales from continuing operations include Other Sales of approximately $66 million. n/a = Not Applicable. Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates. Fourth-quarter 2020 worldwide sales of $10.7 billion increased 28.7 percent on a reported basis and 28.4 percent on an organic basis. Nutrition($ in millions) % Change vs. 4Q19 Sales 4Q20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total 841 1,095 1,936 6.5 1.4 3.6 6.5 2.9 4.4 Pediatric 497 511 1,008 5.2 (9.5) (2.8) 5.2 (8.4) (2.2) Adult 344 584 928 8.4 13.4 11.5 8.4 15.3 12.7 % Change vs. 12M19 Sales 12M20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total 3,279 4,368 7,647 5.4 1.6 3.2 5.4 4.2 4.7 Pediatric 1,987 2,140 4,127 5.8 (6.2) (0.8) 5.8 (4.1) 0.3 Adult 1,292 2,228 3,520 4.9 10.5 8.4 4.9 13.6 10.3 Worldwide Nutrition sales increased 3.6 percent on a reported basis and 4.4 percent on an organic basis in the fourth quarter. Strong performance of Ensure, Abbott's market-leading complete and balanced nutrition brand, and Glucerna, Abbott's market-leading diabetes nutrition brand, led to global Adult Nutrition sales growth of 11.5 percent on a reported basis and 12.7 percent on an organic basis. In Pediatric Nutrition, U.S. sales growth of 5.2 percent was led by share growth of Similac, Abbott's infant formula brand, which was offset by challenging conditions in Greater China. Diagnostics($ in millions) % Change vs. 4Q19 Sales 4Q20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total 1,981 2,364 4,345 158.5 83.0 111.1 158.5 79.6 108.9 Core Laboratory 326 997 1,323 10.9 4.3 5.9 10.9 3.3 5.1 Molecular 192 290 482 427.0 263.1 314.5 427.0 254.2 308.3 Point of Care 91 38 129 (11.9) 14.2 (5.5) (11.9) 12.3 (6.0) Rapid Diagnostics 1,372 1,039 2,411 312.2 366.2 333.9 312.2 354.0 329.0 % Change vs. 12M19 Sales 12M20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total 4,774 6,031 10,805 65.3 25.0 40.1 65.3 25.8 40.6 Core Laboratory 1,166 3,309 4,475 7.3 (7.3) (3.9) 7.3 (5.9) (2.8) Molecular 621 817 1,438 315.5 178.8 224.9 315.5 179.9 225.7 Point of Care 369 147 516 (15.9) 20.2 (8.0) (15.9) 20.6 (7.9) Rapid Diagnostics 2,618 1,758 4,376 115.7 109.2 113.0 115.7 107.4 112.3 Worldwide Diagnostics sales increased 111.1 percent on a reported basis in the fourth quarter and increased 108.9 percent on an organic basis. Strong growth in the quarter was driven by demand for Abbott's portfolio of COVID-19 diagnostics tests across its rapid and lab-based platforms. Global COVID-19 testing-related sales were $2.4 billion in the fourth quarter, led by combined sales of $1.9 billion from Abbott's BinaxNOW, Panbio and ID NOW rapid testing platforms. During 2020, Abbott mobilized its teams across multiple fronts to develop and launch multiple diagnostic tests for COVID-19: U.S. Emergency Use Authorization (EUA) of BinaxNOW COVID-19 Ag Card test, a portable, lateral flow rapid antigen test to detect COVID-19. CE Mark and World Health Organization emergency use listing of Panbio rapid antigen test to detect COVID-19. U.S. EUA of molecular test to detect COVID-19 on its ID NOW rapid point-of-care platform. U.S. EUA and CE Mark of molecular test on its m2000 RealTime lab-based platform to detect COVID-19. U.S. EUA and CE Mark of molecular test on its Alinity m system to detect COVID-19. U.S. EUA and CE Mark of IgG (Immunoglobulin G) lab-based serology blood test on its ARCHITECT i1000SR and i2000SR laboratory instruments for the detection of an antibody to determine if someone was previously infected with the virus. U.S. EUA and CE Mark of SARS-CoV-2 IgG lab-based serology blood test on its Alinity i system. Lateral flow COVID-19 rapid antibody test on its Panbio system in select countries for the detection of an antibody to determine if someone was previously infected with the virus. U.S. EUA and CE Mark of AdviseDx SARS-CoV-2 IgM (Immunoglobulin M) lab-based serology test for use on its ARCHITECT and Alinity platforms. CE Mark of IgG (Immunoglobulin G) quantitative lab-based serology test for use on its ARCHITECT and Alinity platforms. CE Mark of multiplex molecular tests on its Alinity m system to detect COVID-19, Flu A/B and RSV. Established Pharmaceuticals($ in millions) % Change vs. 4Q19 Sales 4Q20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total -- 1,147 1,147 n/a (2.3) (2.3) n/a 3.4 3.4 Key Emerging Markets -- 833 833 n/a (7.1) (7.1) n/a 1.1 1.1 Other -- 314 314 n/a 13.0 13.0 n/a 10.8 10.8 % Change vs. 12M19 Sales 12M20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total -- 4,303 4,303 n/a (4.1) (4.1) n/a 1.9 1.9 Key Emerging Markets -- 3,209 3,209 n/a (5.4) (5.4) n/a 2.6 2.6 Other -- 1,094 1,094 n/a - - n/a (0.5) (0.5) Established Pharmaceuticals sales decreased 2.3 percent on a reported basis in the fourth quarter and increased 3.4 percent on an organic basis. Key Emerging Markets include India, Brazil, Russia and China along with several additional emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies decreased 7.1 percent on a reported basis in the quarter and increased 1.1 percent on an organic basis. Organic sales growth in India, Russia and Brazil was partially offset by market softness across several countries as a result of COVID-19. Other sales increased 13.0 percent on a reported basis in the quarter and increased 10.8 percent on an organic basis, led by strong sales of Influvac. Medical Devices ($ in millions) % Change vs. 4Q19 Sales 4Q20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total 1,369 1,888 3,257 (2.5) 4.9 1.7 (2.5) 1.2 (0.4) Rhythm Management 248 284 532 (6.8) 2.1 (2.3) (6.8) (1.7) (4.2) Electrophysiology 184 266 450 (4.5) 0.1 (1.9) (4.5) (3.6) (4.0) Heart Failure 136 53 189 (6.7) 0.4 (4.8) (6.7) (2.3) (5.5) Vascular 225 378 603 (14.0) (16.6) (15.6) (14.0) (19.0) (17.1) Structural Heart 154 199 353 (9.1) (3.3) (5.9) (9.1) (7.0) (7.9) Neuromodulation 172 41 213 (1.6) (12.7) (4.0) (1.6) (15.7) (4.6) Diabetes Care 250 667 917 29.3 34.1 32.7 29.3 29.1 29.2 Vascular Product Lines: Coronary and Endovasculara) 210 377 587 (12.3) (16.4) (15.0) (12.3) (18.8) (16.5) a) Includes drug-eluting stents, balloon catheters, guidewires, vascular imaging/diagnostics products, vessel closure,carotid and other coronary and peripheral products. % Change vs. 12M19 Sales 12M20 Reported Organic U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total Total 4,931 6,856 11,787 (8.2) (0.1) (3.7) (8.2) (0.3) (3.8) Rhythm Management 903 1,011 1,914 (14.5) (7.1) (10.7) (14.5) (7.2) (10.8) Electrophysiology 660 918 1,578 (11.0) (6.2) (8.3) (11.0) (6.8) (8.6) Heart Failure 547 193 740 (4.7) (1.3) (3.9) (4.7) (1.3) (3.9) Vascular 853 1,486 2,339 (18.6) (17.6) (18.0) (18.6) (17.4) (17.8) Structural Heart 540 707 1,247 (12.2) (9.9) (10.9) (12.2) (10.3) (11.2) Neuromodulation 564 138 702 (14.6) (19.2) (15.5) (14.6) (19.0) (15.5) Diabetes Care 864 2,403 3,267 27.4 30.2 29.5 27.4 30.1 29.4 Vascular Product Lines: Coronary and Endovasculara) 785 1,478 2,263 (17.1) (17.5) (17.4) (17.1) (17.3) (17.3) a) Includes drug-eluting stents, balloon catheters, guidewires, vascular imaging/diagnostics products, vessel closure,carotid and other coronary and peripheral products. Worldwide Medical Devices sales increased 1.7 percent on a reported basis in the fourth quarter and decreased 0.4 percent on an organic basis. Strong growth in Diabetes Care, led by FreeStyle Libre, was offset by reduced cardiovascular and neuromodulation procedure volumes due to the COVID-19 pandemic and lower Vascular sales in China, as a result of a new national tender program in that country. Excluding Vascular sales in China, global Vascular sales decreased 10.4 percent on an organic basis, and Medical Devices sales increased 1.4 percent on an organic basis in the fourth quarter. In Diabetes Care, strong growth in the quarter was led by FreeStyle Libre, which grew 41.3 percent on a reported basis and 37.1 percent on an organic basis. For the full year, FreeStyle Libre grew 43.1 percent on a reported basis and 42.6 percent on an organic basis. Abbott continues to strengthen its Medical Devices portfolio, with several key product approvals in 2020, including: U.S. FDA clearance of FreeStyle Libre 2 as an integrated continuous glucose monitoring (iCGM) system for adults and children ages 4 and older with diabetes, achieving the highest level of accuracy and performance standards.4 CE Mark of FreeStyle Libre 3, which automatically delivers up-to-the-minute glucose readings, unsurpassed 14-day accuracy5 and real-time glucose alarms in the world's smallest and thinnest6 wearable glucose sensor. CE Mark of Libre Sense Glucose Sport Biosensor, a small wearable sensor that helps athletes better understand the efficacy of their nutritional choices on training and athletic performance. CE Mark of MitraClip G4, Abbott's next-generation MitraClip heart system, the leading minimally invasive mitral heart valve repair device in the world. CE Mark of TriClip, the world's first minimally invasive, clip-based device for repair of a leaky tricuspid heart valve. CE Mark of Tendyne, a first-of-its-kind technology to replace a faulty mitral heart valve. U.S. approval of Gallant implantable cardioverter defibrillator (ICD) and cardiac resynchronization therapy defibrillator (CRT-D) devices, which include Bluetooth technology and a new patient smartphone app for improved remote monitoring and enhanced patient-physician engagement to help manage heart rhythm disorders. CE Mark of EnSite X EP System, a next-generation 3D cardiac mapping platform used for ablation therapy to treat abnormal heart rhythms. U.S. FDA clearance and CE Mark of the IonicRF Generator, a non-surgical, minimally invasive device that uses heat to target specific nerves for the management of chronic pain. ABBOTT ISSUES GUIDANCE FOR 2021Abbott projects full-year 2021 diluted earnings per share from continuing operations under GAAP of at least $3.74. Abbott forecasts specified items for the full-year 2021 of $1.26 primarily related to intangible amortization, expenses associated with acquisitions, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be at least $5.00 for full-year 2021. ABBOTT DECLARES 388THCONSECUTIVE QUARTERLY DIVIDEND On Dec. 11, 2020, the board of directors of Abbott increased the company's quarterly dividend to $0.45 per share from $0.36 per share, an increase of 25 percent. Abbott's cash dividend is payable Feb. 16, 2021, to shareholders of record at the close of business on Jan. 15, 2021. Abbott has increased its dividend payout for 49 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years. About Abbott: Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 109,000 colleagues serve people in more than 160 countries. Connect with us at www.abbott.com, on LinkedIn at www.linkedin.com/company/abbott-/, on Facebook at www.facebook.com/Abbottand on Twitter @AbbottNews. Abbott will live webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.comat 8 a.m. Central time today. An archived edition of the webcast will be available later that day. Private Securities Litigation Reform Act of 1995 A Caution Concerning Forward-Looking Statements Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties, including the impact of the COVID-19 pandemic on Abbott's operations and financial results, that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended Dec. 31, 2019 and in Item 1A, "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law. 1 Fourth-quarter 2020 diluted EPS from continuing operations on a GAAP basis reflects 103.4 percent growth. 2 Full year 2020 diluted EPS from continuing operations on a GAAP basis exceeded the guidance range Abbott issued in January 2020 of $2.35 to $2.45. 3 Full year 2021 guidance for diluted EPS from continuing operations on a GAAP basis reflects growth of at least 50 percent versus the prior year. 4 Based on FDA iCGM special controls. 5 Alva Shridhara,Timothy Bailey,Ronald Brazg,Erwin S. Budiman,Kristin Castorino,Mark P. Christiansen,Gregory Forlenza,Mark Kipnes,David R. Liljenquist, andHanqing Liu. "Accuracy of a 14-Day Factory-Calibrated Continuous Glucose Monitoring System With Advanced Algorithm in Pediatric and Adult Population With Diabetes." Journal of Diabetes Science and Technology, (September 2020).https://doi.org/10.1177/1932296820958754. 6 Among patient-applied sensors. Data on File, Abbott Diabetes Care. Abbott Laboratories and Subsidiaries Condensed Consolidated Statement of Earnings Fourth Quarter Ended December 31, 2020 and 2019 (in millions, except per share data) (unaudited) 4Q20 4Q19 % Change Net Sales $10,701 $8,314 28.7 Cost of products sold, excluding amortization expense 4,493 3,434 30.8 Amortization of intangible assets 508 483 5.2 Research and development 698 595 17.5 Selling, general, and administrative 2,570 2,413 6.5 Total Operating Cost and Expenses 8,269 6,925 19.4 Operating Earnings 2,432 1,389 75.0 Interest expense, net 127 139 (8.3) Net foreign exchange (gain) loss (5) (2) n/m Debt extinguishment costs -- 63 n/m Other (income) expense, net (78) (51) 49.6 Earnings from Continuing Operations before taxes 2,388 1,240 92.4 Tax expense on Earnings from Continuing Operations 230 191 20.2 1) Earnings from Continuing Operations 2,158 1,049 105.5 Earnings from Discontinued Operations, net of taxes 4 -- n/m Net Earnings $2,162 $1,049 105.9 Earnings from Continuing Operations, excludingSpecified Items, as described below $2,612 $1,705 53.2 2) Diluted Earnings per Common Share from: Continuing Operations $1.20 $0.59 103.4 Discontinued Operations -- -- n/m Total $1.20 $0.59 103.4 Diluted Earnings per Common Share from ContinuingOperations, excluding Specified Items, as described below $1.45 $0.95 52.6 2) Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options 1,789 1,781 NOTES: See tables titled "Non-GAAP Reconciliation of Financial Information From Continuing Operations" for an explanation of certain non-GAAP financial information. n/m = Percent change is not meaningful. See footnotes below. 1) 2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $135million of tax benefits related to the impairment of certain assets,approximately $25 million of net tax benefits as a result of the resolution of various tax positions related to prior years and approximately $10 million in excess tax benefits associated with share-based compensation. 2) 2020 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $454 million, or $0.25 per share, for intangible amortization and impairment expenses and other net expenses primarily associated with acquisitions and restructuring actions. 2019 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $656 million, or $0.36 per share, for intangible amortization expense and other expenses primarily associated with acquisitions and restructuring actions. Abbott Laboratories and Subsidiaries Condensed Consolidated Statement of Earnings Year Ended December 31, 2020 and 2019 (in millions, except per share data) (unaudited) 12M20 12M19 % Change Net Sales $34,608 $31,904 8.5 Cost of products sold, excluding amortization expense 15,003 13,231 13.4 Amortization of intangible assets 2,132 1,936 10.1 Research and development 2,420 2,440 (0.8) 1) Selling, general, and administrative 9,696 9,765 (0.7) Total Operating Cost and Expenses 29,251 27,372 6.9 Operating Earnings 5,357 4,532 18.2 Interest expense, net 500 576 (13.2) Net foreign exchange (gain) loss (8) 7 n/m Debt extinguishment costs -- 63 n/m Other (income) expense, net (103) (191) (46.5) Earnings from Continuing Operations before taxes 4,968 4,077 21.8 Tax expense on Earnings from Continuing Operations 497 390 27.3 2) Earnings from Continuing Operations 4,471 3,687 21.2 Earnings from Discontinued Operations, net of taxes 24 -- n/m Net Earnings $4,495 $3,687 21.9 Earnings from Continuing Operations, excludingSpecified Items, as described below $6,552 $5,810 12.8 3) Diluted Earnings per Common Share from: Continuing Operations $2.49 $2.06 20.9 Discontinued Operations 0.01 -- n/m Total $2.50 $2.06 21.4 Diluted Earnings per Common Share from ContinuingOperations, excluding Specified Items, as described below $3.65 $3.24 12.7 3) Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options 1,786 1,781 NOTES: See tables titled "Non-GAAP Reconciliation of Financial Information From Continuing Operations" for an explanation of certain non-GAAP financial information. n/m = Percent change is not meaningful. See footnotes below. 1) In 2019, in conjunction with the acquisition of Cephea Valve Technologies, Inc., Abbott acquired an R&D asset valued at $102 million, which was immediately expensed. 2) 2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $170million of tax benefits related to the impairment of certain assets, approximately $140 million of net tax benefits as a result of the resolution of various tax positions related to prior yearsand approximately $100 million in excess tax benefits associated with share-based compensation. 2019 Tax expense on Earnings from Continuing Operations includes the impact of a $86 million reduction of the transition tax associated with the Tax Cuts and Jobs Act (TCJA) and approximately $100 million in excess tax benefits associated with share-based compensation. 3) 2020 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $2.081 billion, or $1.16 per share, for intangible amortization expense, impairment charges and other net expense primarily associated with acquisitions, restructuring actions and income from a litigation settlement. 2019 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $2.123 billion, or $1.18 per share, for intangible amortization expense and other expenses primarily associated with acquisitions and restructuring actions. Abbott Laboratories and Subsidiaries Non-GAAP Reconciliation of Financial Information From Continuing Operations Fourth Quarter Ended December 31, 2020 and 2019 (in millions, except per share data) (unaudited) 4Q20 AsReported (GAAP) Specified Items As Adjusted % to Sales Intangible Amortization $ 508 $ (508) $ -- Gross Margin 5,700 557 6,257 58.5% R&D 698 (61) 637 6.0% SG&A 2,570 (56) 2,514 23.5% Other (income) expense, net (78) 23 (55) Earnings from Continuing Operations before taxes 2,388 651 3,039 Tax expense on Earnings from Continuing Operations 230 197 427 Earnings from Continuing Operations 2,158 454 2,612 Diluted Earnings per Share from Continuing Operations $1.20 $0.25 $1.45 Specified items reflect intangible amortization expense of $508 million and other net expenses of $143 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items. 4Q19 AsReported (GAAP) Specified Items As Adjusted % to Sales Intangible Amortization $ 483 $ (483) $ -- Gross Margin 4,397 545 4,942 59.4% R&D 595 (39) 556 6.7% SG&A 2,413 (62) 2,351 28.3% Debt extinguishment costs 63 (63) -- Other (income) expense, net (51) (5) (56) Earnings from Continuing Operations before taxes 1,240 714 1,954 Tax expense on Earnings from Continuing Operations 191 58 249 Earnings from Continuing Operations 1,049 656 1,705 Diluted Earnings per Share from Continuing Operations $0.59 $0.36 $0.95 Specified items reflect intangible amortization expense of $483 million and other expenses of $231 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items. Abbott Laboratories and Subsidiaries Non-GAAP Reconciliation of Financial Information From Continuing Operations Year Ended December 31, 2020 and 2019 (in millions, except per share data) (unaudited) 12M20 AsReported(GAAP) Specified Items AsAdjusted % toSales Intangible Amortization $ 2,132 $ (2,132) $ -- Gross Margin 17,473 2,452 19,925 57.6% R&D 2,420 (125) 2,295 6.6% SG&A 9,696 (75) 9,621 27.8% Other (income) expense, net (103) (88) (191) Earnings from Continuing Operations before taxes 4,968 2,740 7,708 Tax expense on Earnings from Continuing Operations 497 659 1,156 Earnings from Continuing Operations 4,471 2,081 6,552 Diluted Earnings per Share from Continuing Operations $2.49 $1.16 $3.65 Specified items reflect intangible amortization expense of $2.132 billion and other net expenses of $608 million, primarily associated with acquisitions, restructuring actions, asset impairments, other expenses and litigation settlement income. See tables titled "Details of Specified Items" for additional details regarding specified items. 12M19 AsReported (GAAP) Specified Items As Adjusted % to Sales Intangible Amortization $ 1,936 $ (1,936) $ -- Gross Margin 16,737 2,140 18,877 59.2% R&D 2,440 (198) 2,242 7.0% SG&A 9,765 (240) 9,525 29.9% Debt extinguishment costs 63 (63) -- Other (income) expense, net (191) (37) (228) Earnings from Continuing Operations before taxes 4,077 2,678 6,755 Tax expense on Earnings from Continuing Operations 390 555 945 Earnings from Continuing Operations 3,687 2,123 5,810 Diluted Earnings per Share from Continuing Operations $2.06 $1.18 $3.24 Specified items reflect intangible amortization expense of $1.936 billion and other expenses of $742 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items. A reconciliation of the fourth-quarter tax rates for continuing operations for 2020 and 2019 is shown below: 4Q20 ($ in millions) Pre-Tax Income Taxes on Earnings Tax Rate As reported (GAAP) $2,388 $ 230 9.6% 1) Specified items 651 197 Excluding specified items $3,039 $427 14.1% 4Q19 ($ in millions) Pre-Tax Income Taxes on Earnings Tax Rate As reported (GAAP) $1,240 $191 15.4% Specified items 714 58 Excluding specified items $1,954 $249 12.8% 1) 2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $135million of tax benefits related to the impairment of certain assets, approximately $25 million of net tax benefits as a result of the resolution of various tax positions related to prior yearsand approximately $10 million in excess tax benefits associated with share-based compensation. A reconciliation of the year-to-date tax rates for continuing operations for 2020 and 2019 is shown below: 12M20 ($ in millions) Pre-Tax Income Taxes on Earnings Tax Rate As reported (GAAP) $4,968 $497 10.0% 2) Specified items 2,740 659 Excluding specified items $7,708 $1,156 15.0% 12M19 ($ in millions) Pre-Tax Income Taxes on Earnings Tax Rate As reported (GAAP) $4,077 $390 9.6% 3) Specified items 2,678 555 Excluding specified items $6,755 $945 14.0% 2) 2020 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $170million of tax benefits related to the impairment of certain assets, approximately $140 million of net tax benefits as a result of the resolution of various tax positions related to prior yearsand approximately $100 million in excess tax benefits associated with share-based compensation. 3) Reported tax rate on a GAAP basis for 2019 includes the impact of a $86 million reduction of the transition tax associated with the TCJA and approximately $100 million in excess tax benefits associated with share-based compensation. Abbott Laboratories and Subsidiaries Details of Specified Items Fourth Quarter Ended December 31, 2020 (in millions, except per share data) (unaudited) Acquisition or Divestiture-related (a) Restructuring and Cost Reduction Initiatives (b) Intangible Amortization Other (c) Total Specifieds Gross Margin $ 23 $ 23 $ 508 $ 3 $ 557 R&D (2) 6 -- (65) (61) SG&A (25) (4) -- (27) (56) Other (income) expense, net 24 -- -- (1) 23 Earnings from Continuing Operations before taxes $ 26 $ 21 $ 508 $ 96 651 Tax expense on Earnings from Continuing Operations (d) 197 Earnings from Continuing Operations $ 454 Diluted Earnings per Share from Continuing Operations $ 0.25 The table above provides additional details regarding the specified items described ontables titled "Non-GAAP Reconciliation of Financial Information From Continuing Operations." a) Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention and the integration of systems, processes and business activities. b) Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites. c) Other primarily relates to the impairment of an intangible asset and the net costs related to certain litigation. d) Reflects the net tax benefit associated with the specified items and excess tax benefits associated with share-based compensation. Abbott Laboratories and Subsidiaries Details of Specified Items Fourth Quarter Ended December 31, 2019 (in millions, except per share data) (unaudited) Acquisition or Divestiture-related (a) Restructuring and Cost Reduction Initiatives (b) Intangible Amortization Other (c) Total Specifieds Gross Margin $ 34 $ 28 $ 483 $ -- $ 545 R&D (15) (22) -- (2) (39) SG&A (39) (23) -- -- (62) Debt extinguishment costs -- -- -- (63) (63) Other (income) expense, net (5) -- -- -- (5) Earnings from Continuing Operations before taxes $ 93 $ 73 $ 483 $ 65 714 Tax expense on Earnings from Continuing Operations (d) 58 Earnings from Continuing Operations $ 656 Diluted Earnings per Share from Continuing Operations $ 0.36 The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information From Continuing Operations." a) Acquisition-related expenses include costs for tax and other services related to business acquisitions, integration costs which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention, severance, and the integration of systems, processes and business activities. b) Restructuring and cost reduction initiative expenses include severance, outplacement, asset impairments, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites. c) Other primarily relates to costs associated with the early extinguishment of debt. d) Reflects the net tax benefit associated with the specified items and excess tax benefits associated with share-based compensation. Abbott Laboratories and Subsidiaries Details of Specified Items Year Ended December 31, 2020 (in millions, except per share data) (unaudited) Acquisition or Divestiture-related (a) Restructuring and Cost Reduction Initiatives (b) Intangible Amortization Other (c) Total Specifieds Gross Margin $ 84 $ 80 $ 2,132 $ 156 $ 2,452 R&D (10) (3) -- (112) (125) SG&A (108) (40) -- 73 (75) Other (income) expense, net 21 -- -- (109) (88) Earnings from Continuing Operations before taxes $ 181 $ 123 $ 2,132 $ 304 2,740 Tax expense on Earnings from Continuing Operations (d) 659 Earnings from Continuing Operations $ 2,081 Diluted Earnings per Share from Continuing Operations $ 1.16 The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information From Continuing Operations." a) Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention, severance, and the integration of systems, processes and business activities. b) Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites. c) Other primarily relates to impairment charges related to certain assets and the costs to acquire R&D assets, partially offset by income from the settlement of litigation. d) Reflects the net tax benefit associated with the specified items, the resolution of prior years'tax positions and excess tax benefits associated with share-based compensation. Abbott Laboratories and Subsidiaries Details of Specified Items Year Ended December 31, 2019 (in millions, except per share data) (unaudited) Acquisition or Divestiture-related (a) Restructuring and Cost Reduction Initiatives (b) Intangible Amortization Other (c) Total Specifieds Gross Margin $ 103 $ 101 $ 1,936 $ -- $ 2,140 R&D (38) (44) -- (116) (198) SG&A (153) (70) -- (17) (240) Debt extinguishment costs -- -- -- (63) (63) Other (income) expense, net (15) -- -- (22) (37) Earnings from Continuing Operations before taxes $ 309 $ 215 $ 1,936 $ 218 2,678 Tax expense on Earnings from Continuing Operations (d) 555 Earnings from Continuing Operations $ 2,123 Diluted Earnings per Share from Continuing Operations $ 1.18 The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information From Continuing Operations." a) Acquisition-related expenses include costs for tax and other services related to business acquisitions, integration costs which represent incremental costs directly related to integrating the acquired businesses and include expenditures for retention, severance, and the integration of systems, processes and business activities, and fair value adjustments to contingent consideration related to a business acquisition. b) Restructuring and cost reduction initiative expenses include severance, outplacement, asset impairments, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites. c) Other primarily relates to the acquisition of R&D assets, costs associated with the early extinguishment of debt, charges related to the impairment of certain assets, and expenses related to certain litigation settlements. d) Reflects the net tax benefit associated with the specified items, a reduction in the transition tax associated with the TCJA and excess tax benefits associated with share-based compensation. SOURCE Abbott Related Links http://www.abbott.com

Answer: Abbott Reports Fourth-Quarter 2020 Results; Issues Strong Double-Digit Growth Forecast for 2021