8-KEarnings & ResultsExhibits & Filings

ABBOTT LABORATORIES 8-K Report, Financial Results (Apr 16, 2013)

Filed April 16, 2013For Securities:ABT

Summary

This 8-K filing by Abbott Laboratories (ABT) on April 16, 2013, primarily addresses the financial presentation following the spin-off of AbbVie Inc. (AbbVie). On January 1, 2013, Abbott completed the distribution of its entire stake in AbbVie, making AbbVie an independent, publicly traded company. This event necessitates a clear understanding of Abbott's ongoing business operations. To facilitate this, Abbott is providing unaudited non-GAAP financial information for 2012. This information is presented to offer a historical baseline of Abbott's standalone operating results from continuing operations, explicitly excluding the financial impact of AbbVie. Investors are encouraged to review this non-GAAP data alongside Abbott's GAAP financial statements to gain a comprehensive view of the company's performance and to understand how management assesses its ongoing business.

Key Highlights

  • 1Abbott Laboratories completed the spin-off of AbbVie Inc. on January 1, 2013, with AbbVie now trading independently as ABBV.
  • 2The filing provides unaudited non-GAAP financial information for the 2012 fiscal year.
  • 3This non-GAAP data is presented to establish a historical baseline for Abbott's continuing operations.
  • 4AbbVie's financial results are reflected as discontinued operations in the provided non-GAAP information.
  • 5Abbott uses non-GAAP measures to adjust for unusual or unpredictable items, offering a clearer view of ongoing operational performance.
  • 6Key adjustments in non-GAAP measures include costs related to the AbbVie separation, restructuring costs, and intangible amortization.
  • 7Investors are advised to consider this non-GAAP information in conjunction with, not as a substitute for, GAAP financial measures.

Frequently Asked Questions

The main purpose of this 8-K filing is to provide investors with unaudited non-GAAP financial information for 2012. This information is presented to establish a historical baseline for Abbott Laboratories' standalone continuing operations after the spin-off of AbbVie Inc.

Following the spin-off on January 1, 2013, AbbVie's financial results are presented as a discontinued operation. The non-GAAP financial information provided is designed to exclude AbbVie's impact and focus solely on Abbott's continuing business operations.

Abbott's non-GAAP financial measures typically exclude items such as acquisition-related costs, asset impairments, losses on debt extinguishment, costs related to the AbbVie separation, litigation reserve adjustments, acquired in-process R&D, tax audit settlements, restructuring costs, integration costs, cost reduction initiatives, and intangible amortization expense.

Investors should refer to Abbott's audited consolidated financial statements and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included in its Form 10-K/A for the year ended December 31, 2012, for more comprehensive financial details.