Abbott Reports Strong Q4 and Full-Year 2020 Results, Anticipates Double-Digit Growth in 2021

A Global Leader in HealthcareAbbottAbbott Announces Fourth Quarter and Full-Year 2020 Financial Results. The financial report shows that Abbott’s global sales in the fourth quarter reached $10.7 billion, a year-on-year increase of 28.4%, with adjusted diluted earnings per share (EPS) at $1.45, up 52.6% from the previous year. In 2020, Abbott’s global sales totaled $34.6 billion, representing a nearly 10% year-on-year growth. Benefiting from the solid foundation established over many years, Abbott achieved exceptional performance despite the challenges of 2020 and anticipates stronger double-digit growth in 2021. Meanwhile, Abbott recently announced its 388th consecutive quarterly dividend, with a 25% increase in the dividend per share.

Abbott GlobalDiagnosisBusiness performance was particularly outstanding, with sales reaching $4.34 billion in the fourth quarter of 2020, a year-on-year increase of 108.9%. In 2020, Abbott sequentially launched 11 viral, antibody, and antigen test kits for the novel coronavirus worldwide, completing over 400 million tests across multiple platforms, including rapid testing and laboratory-based systems. These related test kits and platforms became strong growth drivers for the company; in the fourth quarter, global sales of related testing products, including BinaxNow, Panbio, and ID Now, reached $2.4 billion.

BinaxNOW Antigen Rapid Test Kit 

Abbott’s global nutrition business sales in the fourth quarter increased by 4.4% year-over-year, reaching $1.93 billion. This growth was driven by its complete nutrition brand Ensure, as well as products specifically designed forDiabetesDriven by the continued strong performance of Glucerna, a nutrition brand developed for adults with diabetes, Abbott’s adult nutrition sales grew by 12.7%. In the infant and toddler nutrition segment, Similac achieved a 5.2% sales growth in the U.S. market.

Abbott’s global pharmaceutical sales in the fourth quarter increased by 3.4% year over year, reaching $1.14 billion. Emerging markets, including India, Brazil, Russia, and China, have demonstrated broad long-term growth opportunities.

Abbott's Fourth QuarterMedical DevicesGlobal sales of the business segment amounted to $3.25 billion, representing a year-over-year decline of 0.4%. Meanwhile, Abbott, driven strongly by its revolutionary FreeStyle Libre flash glucose monitoring system,DiabetesBusiness operations continued to maintain robust growth, with global sales increasing by 37.1% in the fourth quarter and by 42.6% for the full year. Furthermore, Abbott’s innovative R&D pipeline demonstrated strong momentum, laying a solid foundation for the long-term development of its medical device business. Since 2020, multiple products from this business segment have received approval in markets such as Europe and the United States [none of the aforementioned products are marketed in China], including: TriClip, the world’s first transcatheter tricuspid valve repair system; Tendyne, an innovative heart valve replacement system; the second and third generations of FreeStyle Libre; Libre Sense Glucose Sport Biosensor; MitraClip G4, the latest generation of the globally leading minimally invasive transcatheter system for treating mitral regurgitation; Abbott’s new generation of implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds) with Bluetooth connectivity; Ionic RF™ Generator, a non-surgical, minimally invasive solution for treating neurological pain; and EnSite™ X, the next-generation 3D cardiac mapping system.

Mr. Robert Ford, President and Chief Executive Officer of Abbott, stated, “This has been an extraordinary year, and our exceptional performance in the current environment is all the more commendable. By focusing on long-term development, proactively anticipating and responding to changes, and executing with high efficiency, we have successfully navigated market challenges. In the coming year, we will continue to be driven by cutting-edge technology to achieve even greater successes.”

While achieving counter-trend growth in performance, Abbott’s accomplishments in its commitment to becoming the world’s best workplace have also been widely recognized. Not long ago, Abbott China was certified as a “Top Employer in China” for the tenth consecutive year. This designation is issued by the Top Employers Institute, an internationally authoritative organization dedicated to identifying and certifying employers that provide the most excellent employment conditions. Abbott once again received this honor due to its strong emphasis on talent development, comprehensive talent cultivation programs, high regard for employees’ physical and mental well-being, a shared and win-win human resources management model, and a diverse and inclusive corporate culture. This achievement further substantiates the sustainable development and leadership of Abbott China.(Bioon.com)