FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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(Mark One) |
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the quarterly period ended June 30, 2004 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
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For the transition period from to |
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Commission File No. 1-2189 |
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ABBOTT LABORATORIES
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An Illinois Corporation |
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I.R.S. Employer Identification |
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No. 36-0698440 |
100 Abbott Park Road
Abbott Park, Illinois 60064-6400
Telephone: (847) 937-6l00
Indicate by check mark whether the registrant (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding l2 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o.
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o.
As of June 30, 2004, Abbott Laboratories had 1,561,156,599 common shares without par value outstanding.
PART I. FINANCIAL INFORMATION
Abbott Laboratories and Subsidiaries
Condensed Consolidated Financial Statements
(Unaudited)
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited)
(dollars and shares in thousands except per share data)
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Three Months Ended |
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Six Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Net Sales |
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$ |
4,703,049 |
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$ |
4,126,259 |
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$ |
9,343,904 |
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$ |
8,135,200 |
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Cost of products sold |
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2,068,722 |
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1,848,381 |
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4,142,144 |
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3,648,298 |
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Research and development |
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436,510 |
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378,820 |
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841,088 |
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765,482 |
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Acquired in-process research and development |
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164,006 |
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39,000 |
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223,906 |
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39,000 |
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Selling, general and administrative |
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1,237,353 |
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1,631,639 |
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2,390,168 |
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2,571,082 |
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Total Operating Cost and Expenses |
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3,906,591 |
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3,897,840 |
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7,597,306 |
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7,023,862 |
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Operating Earnings |
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796,458 |
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228,419 |
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1,746,598 |
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1,111,338 |
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Net interest expense |
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34,896 |
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38,418 |
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70,337 |
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75,742 |
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(Income) from TAP Pharmaceutical Products Inc. joint venture |
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(120,231 |
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(132,542 |
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(221,904 |
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(264,630 |
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Net foreign exchange loss |
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16,149 |
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9,684 |
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20,626 |
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44,926 |
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Other (income) expense, net |
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(10,028 |
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(8,630 |
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(26,359 |
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(24,906 |
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Earnings from Continuing Operations Before Taxes |
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875,672 |
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321,489 |
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1,903,898 |
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1,280,206 |
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Taxes on Earnings from Continuing Operations |
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240,794 |
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142,346 |
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506,746 |
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367,202 |
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Earnings from Continuing Operations |
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634,878 |
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179,143 |
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1,397,152 |
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913,004 |
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Earnings (Loss) from Discontinued Operations, net of taxes |
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(620 |
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67,500 |
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60,015 |
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134,620 |
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Net Earnings |
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$ |
634,258 |
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$ |
246,643 |
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$ |
1,457,167 |
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$ |
1,047,624 |
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Basic Earnings Per Common Share — |
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Continuing Operations |
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$ |
0.41 |
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$ |
0.11 |
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$ |
0.89 |
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$ |
0.58 |
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Discontinued Operations |
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0.00 |
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0.05 |
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0.04 |
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0.09 |
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Net Earnings |
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$ |
0.41 |
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$ |
0.16 |
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$ |
0.93 |
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$ |
0.67 |
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Diluted Earnings Per Common Share — |
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Continuing Operations |
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$ |
0.40 |
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$ |
0.11 |
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$ |
0.89 |
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$ |
0.58 |
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Discontinued Operations |
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0.00 |
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0.05 |
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0.04 |
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0.09 |
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Net Earnings |
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$ |
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