Abbott Laboratories 2015 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2015 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

75
ABBOTT 2015 ANNUAL REPORT
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in millions except per share data)
Year Ended December 31 2015(a) 2014 2013 2012(b) 2011
Summary of Operations:
Net Sales $ 20,405 20,247 19,657 19,050 18,663
Cost of products sold $ 9,348 9,773 9,781 9,494 9,657
Research & development $ 1,405 1,345 1,371 1,461 1,424
Selling, general, and administrative $ 6,785 6,530 6,372 6,735 6,565
Operating earnings $ 2,867 2,599 2,133 1,360 1,017
Interest expense $163 150 145 320 326
Interest income $ (105) (77) (67) (59) (65)
Other (income) expense, net (c) $ (374) 8 14 1,319 100
Earnings before taxes $ 3,183 2,518 2,041 (220) 656
Taxes on earnings from continuing operations $ 577 797 53 (457) (20)
Earnings from continuing operations $ 2,606 1,721 1,988 237 676
Net earnings $ 4,423 2,284 2,576 5,963 4,728
Basic earnings per common share from continuing operations $ 1.73 1.13 1.27 0.15 0.43
Basic earnings per common share $ 2.94 1.50 1.64 3.76 3.03
Diluted earnings per common share from continuing operations $ 1.72 1.12 1.26 0.15 0.43
Diluted earnings per common share $ 2.92 1.49 1.62 3.72 3.01
Financial Positions:
Working capital $ 4,969 3,089 7,247 15,100 5,648
Long-term investment securities $ 4,041 229 119 274 378
Net property & equipment $ 5,730 5,935 5,905 8,063 7,874
Total assets (d) $ 41,247 41,207 42,937 67,148 60,235
Long-term debt, including current portion (d) $ 5,874 3,448 3,381 18,307 13,025
Shareholders’ investment $ 21,326 21,639 25,267 26,813 24,526
Book value per share $ 14.48 14.35 16.32 17.01 15.62
Other Statistics:
Gross profit margin % 54.2 51.7 50.2 50.2 48.3
Research and development to net sales % 6.9 6.6 7.0 7.7 7.6
Net cash from operating activities $ 2,966 3,675 3,324 9,314 8,970
Capital expenditures $ 1,110 1,077 1,145 1,795 1,492
Cash dividends declared per common share (e) $ 0.98 0.90 0.64 1.67 1.92
Common shares outstanding (in thousands) 1,472,665 1,508,035 1,548,098 1,576,667 1,570,379
Number of common shareholders 47,278 55,171 57,854 60,476 62,939
Market price per share—high (f) $ 51.74 46.50 38.81 34.68 27.01
Market price per share—low (f) $ 39.00 35.65 31.64 25.82 21.57
Market price per share—close (f ) $ 44.91 45.02 38.33 31.34 26.91
(a) In February 2015, Abbott completed the disposition of the developed markets branded generics pharmaceuticals and animal health businesses.
See Note 3 to the Consolidated Financial Statements for additional information.
(b) On January 1, 2013, Abbott completed the separation of AbbVie Inc., which was formed to hold Abbott’s research-based proprietary pharmaceuticals business.
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) Balances prior to 2015 have been adjusted to reflect the impact of the adoption of Accounting Standards Update (ASU) 2015-03 related to debt issuance costs.
Prior to the adoption of ASU2015-03, debt issuance costs were classified on the balance sheet as assets within Deferred Income Taxes and Other Assets.
(e) The decrease in dividend from 2012 to 2013 reflects the impact of the separation of AbbVie.
(f) The 2012 and prior historical share prices have been adjusted to reflect the separation of AbbVie.