Summary
Abbott Laboratories filed an 8-K on July 20, 2011, to announce its second-quarter 2011 results of operations. The report primarily incorporates a press release detailing these results and highlights the company's use of non-GAAP financial measures. These non-GAAP figures adjust for unusual or unpredictable items such as acquisition-related costs, asset impairments, currency fluctuations, and litigation reserves, among others. Abbott's management believes these adjusted measures provide investors with a clearer view of ongoing business performance and are used internally for performance monitoring.
Key Highlights
- 1Abbott Laboratories announced its second-quarter 2011 financial results on July 20, 2011.
- 2The 8-K filing includes a press release with the company's operational results for the quarter.
- 3Abbott utilizes non-GAAP financial measures, such as net earnings and diluted earnings per share excluding specified items.
- 4These non-GAAP measures are adjusted for factors like acquisition costs, asset impairments, currency devaluations, and litigation reserves.
- 5The company's management asserts that these non-GAAP measures offer valuable insights into ongoing business performance for investors.
- 6Investors are advised by Abbott to consider these non-GAAP measures in conjunction with, not as a substitute for, GAAP financial measures.
- 7The filing was signed by Thomas C. Freyman, Executive Vice President, Finance and Chief Financial Officer.
Frequently Asked Questions
The primary purpose of this 8-K filing is to report Abbott Laboratories' results of operations for the second quarter of 2011, as announced on July 20, 2011, through an accompanying press release.
Non-GAAP financial measures are financial metrics that exclude or include amounts different from the nearest GAAP (Generally Accepted Accounting Principles) measures. Abbott uses them to provide investors with a clearer understanding of ongoing business performance by adjusting for unusual or unpredictable items that may distort the underlying operational results.
Abbott excludes items such as acquisition-related costs, asset impairments, currency devaluations, legislative reforms, litigation reserves, acquired in-process research and development, tax audit settlements, and restructuring and cost reduction initiatives from its non-GAAP financial measures.
Exhibit 99.1 is the press release dated July 20, 2011, which contains the detailed announcement of Abbott Laboratories' second-quarter 2011 results of operations. It is furnished as part of this 8-K filing and incorporated by reference.