Abbott Laboratories 2014 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2014 Abbott Laboratories annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

ABBOTT 2014 ANNUAL REPORT
74
Year Ended December 31 2014 2013 2012(b) 2011 2010
Summary of Operations: (a)
Net Sales $ 20,247 19,657 19,050 18,663 16,923
Cost of products sold $ 9,773 9,781 9,494 9,657 9,059
Research & development $ 1,345 1,371 1,461 1,424 1,144
Selling, general, and administrative $ 6,530 6,372 6,735 6,565 6,029
Operating earnings $ 2,599 2,133 1,360 1,017 691
Interest expense $ 150 145 320 326 520
Interest income $ (77) (67) (59) (65) (256)
Other (income) expense, net (c) $ 8 14 1,319 100 66
Earnings before taxes $ 2,518 2,041 (220) 656 361
Taxes on earnings from continuing operations $ 797 53 (457) (20) 241
Earnings from continuing operations $ 1,721 1,988 237 676 120
Net earnings $ 2,284 2,576 5,963 4,728 4,626
Basic earnings per common share from continuing operations $ 1.13 1.27 0.15 0.43 0.08
Basic earnings per common share $ 1.50 1.64 3.76 3.03 2.98
Diluted earnings per common share from continuing operations $ 1.12 1.26 0.15 0.43 0.08
Diluted earnings per common share $ 1.49 1.62 3.72 3.01 2.96
Financial Positions:
Working capital $ 4,729 9,740 18,042 8,289 5,055
Long-term investment securities $229 119 274 378 302
Net property & equipment $ 5,935 5,905 8,063 7,874 7,971
Total assets $ 41,275 42,953 67,235 60,277 60,574
Long-tem debt $ 3,408 3,388 18,085 12,040 12,524
Shareholders’ investment $ 21,639 25,267 26,813 24,526 22,765
Book value per share $ 14.35 16.32 17.01 15.62 14.53
Other Statistics:
Gross profit margin % 51.7 50.2 50.2 48.3 46.5
Research and development to net sales % 6.6 7.0 7.7 7.6 6.8
Net cash from operating activities $ 3,675 3,324 9,314 8,970 8,736
Capital expenditures $ 1,077 1,145 1,795 1,492 1,015
Cash dividends declared per common share (d) $ 0.90 0.64 1.67 1.92 1.76
Common shares outstanding (in thousands) 1,508,035 1,548,098 1,576,667 1,570,379 1,546,984
Number of common shareholders 55,171 57,854 60,476 62,939 64,413
Market price per share—high (e) $ 46.50 38.81 34.68 27.01 27.17
Market price per share—low (e) $ 35.65 31.64 25.82 21.57 21.34
Market price per share—close (e) $ 45.02 38.33 31.34 26.91 22.92
(a) Amounts have been adjusted to reflect Abbott’s developed markets branded generics pharmaceuticals and animal health businesses as discontinued operations.
(b) On January 1, 2013, Abbott completed the separation of AbbVie Inc., which was formed to hold Abbott’s research-based proprietary pharmaceuticals business. The historical operating results
of the research-based proprietary pharmaceuticals business prior to separation are excluded from Earnings from continuing operations, Earning per share from continuing operations and
related ratios. The discontinued operations related to the research-based proprietary pharmaceuticals business are included in Net earnings and Basic and Diluted earnings per common share.
The assets, liabilities, and cash flows of the research-based proprietary pharmaceuticals business are included in the reported balances for periods prior to January 1, 2013. See Note 2 to the
Consolidated Financial Statements for additional information.
(c) 2014 and 2012 include $18 million and $1,351 million, respectively, for the net loss on extinguishment of debt.
(d) The decrease in dividend from 2012 to 2013 reflects the impact of the separation of AbbVie.
(e) The 2012 and prior historical share prices have been adjusted to reflect the separation of AbbVie.
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in millions except per share data)