Summary
Abbott Laboratories (ABT) filed an 8-K on April 17, 2013, to report its first-quarter 2013 financial results. The filing primarily serves as a notification of these results, which were detailed in a press release furnished as an exhibit. Investors should note that Abbott utilized non-GAAP financial measures in its reporting, adjusting for items like separation costs, litigation reserves, and restructuring expenses. Management stated these non-GAAP measures offer better insight into ongoing business performance and are used internally for assessment, though investors are advised to consider them alongside GAAP measures.
Key Highlights
- 1Abbott Laboratories announced its first-quarter 2013 financial results on April 17, 2013.
- 2The 8-K filing primarily references a press release (Exhibit 99.1) containing the detailed financial results.
- 3Abbott presented non-GAAP financial measures, including net earnings and diluted earnings per share, excluding specified items.
- 4Adjustments were made for significant items such as costs related to the separation of its research-based pharmaceuticals business.
- 5Other non-GAAP adjustments included litigation reserves, acquired R&D, milestone payments, restructuring and integration costs, cost reduction initiatives, and tax adjustments.
- 6Management believes these non-GAAP measures provide valuable insight into ongoing operational performance.
- 7Investors are cautioned to consider these non-GAAP measures in conjunction with, not as a substitute for, GAAP financial measures.
Frequently Asked Questions
The main purpose of this 8-K filing is to announce Abbott Laboratories' financial results for the first quarter of 2013 and to furnish the accompanying press release containing these results.
Abbott uses non-GAAP financial measures to provide a clearer view of its ongoing operational performance by excluding certain items that are considered unusual or unpredictable, such as costs related to business separations, litigation, and restructuring. Management believes these measures offer useful information to investors for evaluating the core business performance.
Yes, Abbott excluded various items such as costs and adjustments related to the separation of its research-based pharmaceuticals business, litigation reserves, acquired in-process research and development, milestone payments, restructuring and integration costs, cost reduction initiatives, and certain tax adjustments.
No, Abbott explicitly cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, the financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP).