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Abbott Laboratories
Stock Symbol: ABT
100 Abbott Park Rd
Abbott Park, IL 60064
847-937-6100 (phone)
847-937-1511 (fax)
Website: Abbott
Industry: BioTech/Healthcare/Major Drugs
Index Membership: S&P 100; S&P 500; S&P 1500 Super Comp
Abbott Laboratories Description:
Abbott Laboratories is a global, diversified health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritional and medical products, including devices and diagnostics. The company employs approximately 70,000 people and markets its products in more than 130 countries.
Competition in the Pharmaceutical Products segment is generally from other health care and pharmaceutical companies. The search for technological innovations in pharmaceutical products is a significant aspect of competition in this segment. The introduction of new products by competitors and changes in medical practices and procedures can result in product obsolescence in the Pharmaceutical Products segment. Price can also be a factor. In addition, the substitution of generic drugs for the brand prescribed has increased competitive pressures on pharmaceutical products which are off-patent.
Abbott Laboratories Business Summary:
Abbott has four reportable revenue segments: Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Vascular Products. Abbott also has a 50 percent owned joint venture, TAP Pharmaceutical Products Inc. During the first half of 2006, Abbott acquired the vascular intervention and endovascular solutions businesses of Guidant Corporation. Effective with this acquisition, Abbott's base vascular business and the acquired Guidant businesses are reported as the Vascular Products segment.
In December 2006, Abbott acquired Kos Pharmaceuticals, Inc., a specialty pharmaceutical company that developed and marketed proprietary medications for the treatment of cardiovascular, metabolic and respiratory diseases.
In January 2007, Abbott announced that it had entered into a definitive agreement to sell Abbott's core laboratory diagnostic businesses, including point of care, to General Electric Company ("GE") for $8.13 billion, in cash. This divestiture does not include Abbott's Molecular Diagnostics and Diabetes Care businesses. The sale is expected to close in the first half of 2007 and is subject to customary closing conditions, including regulatory approvals.
