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Earnings Roundup: Abbott Labs презентация
Содержание
- 1. Earnings Roundup: Abbott Labs
- 2. Abbott Labs Driving Abbott’s success: Adult nutrition
- 3. Driving Abbott’s revenue First, let’s consider Abbott’s
- 4. Driving Abbott’s revenue Revenue breakdown Sales up
- 5. Driving Abbott’s revenue Revenue breakdown continued:
- 6. Nutritional products (pediatric & adult) Expect to
- 7. Medical devices Sales essentially unchanged at +0.8%
- 8. Established pharmaceuticals Sequential sales improvement. Emerging market
- 9. Diagnostics Early entry into China, Russia, and
- 10. Earnings impact Earnings per share of
- 11. Earnings guidance Adjusted gross margin of
- 12. Fool-worthy thoughts Nutrition revenue headwind should ease
- 13. Six stock picks poised for incredible growth
Abbott Labs Driving Abbott’s success: Adult nutrition sales. Diagnostic products. Future growth opportunity: Emerging markets. Easing YoY comps.
Слайд 2Abbott Labs
Driving Abbott’s success:
Adult nutrition sales.
Diagnostic products.
Future growth opportunity:
Emerging markets.
Easing
YoY comps.
Слайд 3Driving Abbott’s revenue
First, let’s consider Abbott’s revenue sources.
4 business segments:
Nutritional products
(pediatric & adult).
Diagnostic products (systems & testing).
Vascular devices/products (stents & other products).
Established pharmaceutical (generics).
Diagnostic products (systems & testing).
Vascular devices/products (stents & other products).
Established pharmaceutical (generics).
Слайд 4Driving Abbott’s revenue
Revenue breakdown
Sales up 3% operational; 2% including currency.
Emerging market
revenue up nearly 8% from a year ago.
Results are ahead of internal forecasts in the first half.
Sales are expected to accelerate in the second half.
Guiding for full year mid single digit sales growth this year; low single digits including currency.
Results are ahead of internal forecasts in the first half.
Sales are expected to accelerate in the second half.
Guiding for full year mid single digit sales growth this year; low single digits including currency.
Слайд 6Nutritional products (pediatric & adult)
Expect to return to double digit growth
in the second half.
Easing comparisons versus recall last year.
Recapturing market share.
Recall related sales impact of $40 million in Q2, or 7%.
Int’l adult sales up 10%.
Expanding presence in China.
Easing comparisons versus recall last year.
Recapturing market share.
Recall related sales impact of $40 million in Q2, or 7%.
Int’l adult sales up 10%.
Expanding presence in China.
Слайд 7Medical devices
Sales essentially unchanged at +0.8% ex-currency.
Optical sales offsetting diabetes.
Optical revenue
up 12.2% to $314 million.
Cataract products represent nearly 70% of vision sales.
Diabetes care down 10% to $294 million.
CMS reimbursement headwind.
Vascular sales up 1.4% ex-currency.
Endovascular sales up 13.3% ex-currency.
Supera peripheral stent demand strong.
Cataract products represent nearly 70% of vision sales.
Diabetes care down 10% to $294 million.
CMS reimbursement headwind.
Vascular sales up 1.4% ex-currency.
Endovascular sales up 13.3% ex-currency.
Supera peripheral stent demand strong.
Слайд 8Established pharmaceuticals
Sequential sales improvement.
Emerging market revenue up nearly 10%.
India, Brazil, and
China momentum continuing in 2H14.
Developed market sales down 5%.
Developed market brand drug business combination with Mylan.
Abbott will own 21% of combined new company.
Plans to exit position over time.
Provides cash for future deals.
Developed market sales down 5%.
Developed market brand drug business combination with Mylan.
Abbott will own 21% of combined new company.
Plans to exit position over time.
Provides cash for future deals.
Слайд 9Diagnostics
Early entry into China, Russia, and Brazil.
Double digit growth in emerging
markets.
U.S. diagnostics business up 5.5%.
Core lab sales up 7%.
U.S. up 11% on market share wins.
U.S. diagnostics business up 5.5%.
Core lab sales up 7%.
U.S. up 11% on market share wins.
Слайд 10Earnings impact
Earnings per share of $0.54; above guidance range and up
17%.
Adjusted gross margin ratio was 55.3% of sales, ahead of guidance due to improvement in diagnostics.
Operating margin (TTM) stabilizing and trending higher.
Adjusted gross margin ratio was 55.3% of sales, ahead of guidance due to improvement in diagnostics.
Operating margin (TTM) stabilizing and trending higher.
Слайд 11Earnings guidance
Adjusted gross margin of ~55% for full year.
Full year adjusted
operating margin improvement of 1%.
Above prior 60 bps guidance.
Upped EPS range to between $2.19 and $2.29.
Prior guidance was for between $2.16 and $2.26.
Reflects double digit EPS growth at the midpoint.
Above prior 60 bps guidance.
Upped EPS range to between $2.19 and $2.29.
Prior guidance was for between $2.16 and $2.26.
Reflects double digit EPS growth at the midpoint.
Слайд 12Fool-worthy thoughts
Nutrition revenue headwind should ease in the second half.
Faster YoY
growth rate through mid 2015.
Diagnostic demand should climb due to boomers and reform.
Device demand will remain challenging/highly competitive.
Ongoing opportunity for cataract growth tied to demographics.
Deal with Mylan removes slow growth developed market business.
Impact on EPS early, but faster growth rates thereafter.
Diagnostic demand should climb due to boomers and reform.
Device demand will remain challenging/highly competitive.
Ongoing opportunity for cataract growth tied to demographics.
Deal with Mylan removes slow growth developed market business.
Impact on EPS early, but faster growth rates thereafter.
Слайд 13Six stock picks poised for incredible growth
Six stock picks poised for
incredible growth
Six stock picks poised for incredible growth
Faster growth should help Abbott’s dividend, but even Abbott may have trouble keeping up with these top dividend stocks.
