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Abbott Reports First-Quarter 2014 Results

Companies mentioned in this article: Abbott

ABBOTT PARK, Ill., April 16, 2014 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2014.

    --  Ongoing diluted EPS was $0.41 in the first quarter, above the previous
        guidance range of $0.34 to $0.36; reported diluted EPS from continuing
        operations under GAAP was $0.22.
    --  Abbott is confirming its full-year 2014 ongoing EPS guidance of $2.16 to
        $2.26 that reflects double-digit growth at the mid-point of the guidance
        range. Projected full-year 2014 EPS from continuing operations under
        GAAP is $1.13 to $1.23.
    --  Excluding foreign exchange, first-quarter worldwide sales increased 0.5
        percent on an operational basis and decreased 2.5 percent on a reported
        basis, including an unfavorable 3.0 percent effect of foreign exchange.
    --  Abbott launched several new products in the first quarter. Highlights
        include the Supera(®) peripheral stent in the U.S. for the treatment of
        blockages in the superficial femoral artery (SFA); the TECNIS(® )Toric
        and TECNIS OptiBlue Preloaded intraocular lenses (IOL) in Japan;
        Similac(® )with OptiGRO((TM)) in the U.S., Eleva((TM)) infant formula
        in China, and several other new product launches in Nutrition globally;
        and a new diabetes test on the ARCHITECT platform in the U.S.
    --  Patient enrollment is completed in the randomized clinical trials in the
        U.S., China and Japan for regulatory submission of Absorb, Abbott's
        drug-eluting coronary bioresorbable vascular scaffold (BVS).

"We are off to a good start, and we continue to expect accelerating performance beginning in the second quarter as we target another year of double-digit ongoing earnings-per-share growth," said Miles D. White, chairman and chief executive officer, Abbott.

First-Quarter Business Overview

Following are sales by business segment and commentary for the first quarter:

Total Company
($ in millions)


                                                                                                     % Change vs. 1Q13
                                                                                                     -----------------

                                         Sales 1Q14                                        Int'l                                Total
                                         ----------                                        -----                                -----

                                          U.S.           Int'l            Total           U.S.                Operational             Reported       Operational       Reported
                                          ----           -----            -----           ----                -----------             --------       -----------       --------

    Total *                                 1,489           3,755            5,244           (2.9)                         1.8                 (2.3)              0.5           (2.5)
                                            -----           -----            -----           ----                          ---                 ----               ---           ----

    Nutrition                                 689             942            1,631           (4.0)                        (0.1)                (4.0)             (1.7)          (4.0)

    Diagnostics                               310             807            1,117            6.0                          4.7                  1.4               5.1            2.6

    Established
     Pharmaceuticals                           --           1,151            1,151            n/a                         (0.7)                (6.6)             (0.7)          (6.6)

    Medical Devices                           468             844            1,312           (6.8)                         4.7                  2.2               0.3           (1.2)


    * Total Abbott Sales include Other Sales of $33 million.

    n/a = Not Applicable.

    Note: Operational growth reflects percentage change over the prior year excluding the impact of exchange rates.

First-quarter 2014 worldwide sales of $5.2 billion increased 0.5 percent on an operational basis and decreased 2.5 percent on a reported basis, including an unfavorable 3.0 percent effect of foreign exchange.

International sales, which comprise more than 70 percent of total Abbott sales, increased 1.8 percent on an operational basis and decreased 2.3 percent on a reported basis in the first quarter. The August 2013 sales disruption in International Nutrition and the timing of supply of key products in Established Pharmaceuticals, primarily related to an expected plant shutdown for capacity expansion purposes, are estimated to have reduced Abbott's international sales growth by approximately 2.6 percentage points.

Nutrition
($ in millions)


                                                   % Change vs. 1Q13
                                                   -----------------

              Sales 1Q14                   Int'l                              Total
              ----------                   -----                              -----

               U.S.      Int'l   Total    U.S.              Operational             Reported        Operational       Reported
               ----      -----   -----    ----              -----------             --------        -----------       --------

    Total         689        942    1,631    (4.0)                      (0.1)                 (4.0)             (1.7)          (4.0)
                  ---        ---    -----    ----                       ----                  ----              ----           ----

    Pediatric     365        544      909    (5.2)                      (7.7)                (10.5)             (6.7)          (8.5)

    Adult         324        398      722    (2.7)                      12.4                   6.6               5.2            2.2

Worldwide Nutrition sales decreased 1.7 percent in the first quarter on an operational basis and 4.0 percent on a reported basis, including an unfavorable 2.3 percent effect of foreign exchange.

Worldwide Pediatric Nutrition sales decreased 6.7 percent on an operational basis and 8.5 percent on a reported basis in the quarter, including an unfavorable 1.8 percent effect of foreign exchange. International Pediatric Nutrition sales decreased 7.7 percent on an operational basis and were impacted by a previously reported supplier recall in August 2013 in certain international markets. The sales disruption is estimated to have impacted the year-over-year sales growth comparison in International Pediatric Nutrition by approximately $75 million in the first quarter. Abbott is recapturing share in the affected markets and plans to launch a number of new products globally in 2014, including a new infant formula, Eleva, recently launched in China.

Worldwide Adult Nutrition sales increased 5.2 percent on an operational basis and 2.2 percent on a reported basis in the quarter, including an unfavorable 3.0 percent effect of foreign exchange. Sales growth in the quarter was led by strong growth of Ensure(®) and continued expansion of the adult nutrition market. International Adult Nutrition sales grew 12.4 percent on an operational basis, driven by strong growth in emerging markets. U.S. Adult Nutrition sales growth was impacted by Abbott's exit from its non-core nutritional device business as part of the division's margin improvement initiative and a soft retail environment driven in part by severe winter weather. Abbott continues to shape and grow priority international markets and expects to launch several new products in 2014, including the launch of a new adult brand in Japan, Abbott's largest adult nutrition market outside of the U.S.

In 2014, Abbott expects to increase its global capacity to meet demand with three new manufacturing facilities scheduled to come on line in China, India and the U.S. in the second quarter. In addition, this business remains on track to achieve an operating margin ratio of more than 20 percent of sales by 2015.

Diagnostics
($ in millions)


                                                     % Change vs. 1Q13
                                                     -----------------

                Sales 1Q14                   Int'l                             Total
                ----------                   -----                             -----

                 U.S.      Int'l   Total    U.S.              Operational            Reported      Operational     Reported
                 ----      -----   -----    ----              -----------            --------      -----------     --------

    Total           310        807    1,117     6.0                        4.7                 1.4             5.1          2.6
                    ---        ---    -----     ---                        ---                 ---             ---          ---

    Core
     Laboratory     182        723      905    11.1                        3.9                 0.5             5.3          2.4

    Molecular        46         65      111    (3.0)                      12.6                10.9             5.6          4.6

    Point
     of
     Care            82         19      101     1.0                       10.0                 7.7             2.7          2.2

Worldwide Diagnostics sales increased 5.1 percent in the first quarter on an operational basis and 2.6 percent on a reported basis, including an unfavorable 2.5 percent effect of foreign exchange. This business continues to invest in the development of several next-generation diagnostic platforms across all of its business units that are designed to positively impact patient care, improve service to customers, enhance laboratory productivity and reduce costs.

Core Laboratory Diagnostics sales increased 5.3 percent in the quarter on an operational basis and 2.4 percent on a reported basis, including an unfavorable 2.9 percent effect of foreign exchange. U.S. sales growth of 11.1 percent was primarily the result of several large health system customers selecting Abbott's integrated and flexible solutions to manage large testing volumes and increase operational efficiencies. International sales growth of 3.9 percent on an operational basis was driven by strong growth in emerging markets. In April, Abbott broadened its U.S. ARCHITECT menu with the launch of a Clinical Chemistry Hemoglobin A1c (HbA1c) test. Abbott's HbA1c test is designed to aid physicians with the diagnosis and monitoring of diabetes, as well as with identifying people at risk for developing diabetes.

Molecular Diagnostics sales increased 5.6 percent in the quarter on an operational basis and 4.6 percent on a reported basis, including an unfavorable 1.0 percent effect of foreign exchange. International sales, which represent nearly 60 percent of total Molecular Diagnostics sales, increased 12.6 percent on an operational basis driven by continued strong growth in infectious disease testing, particularly in emerging markets. In the U.S., strong growth in infectious disease testing was offset by a sales decline related to the completion of a distribution agreement in 2013.

Point of Care Diagnostics sales increased 2.7 percent in the quarter on an operational basis driven by international sales growth of 10.0 percent as this business continues to gain momentum in select European and emerging markets. Reported sales increased 2.2 percent, including an unfavorable 0.5 percent effect of foreign exchange.


Established Pharmaceuticals
($ in millions)


                                                              % Change vs. 1Q13
                                                              -----------------

                          Sales 1Q14                    Int'l                           Total
                          ----------                    -----                           -----

                           U.S.      Int'l    Total    U.S.           Operational             Reported       Operational       Reported
                           ----      -----    -----    ----           -----------             --------       -----------       --------

    Total                      --       1,151    1,151  n/a                       (0.7)                (6.6)             (0.7)          (6.6)
                              ---       -----    -----  ---                       ----                 ----              ----           ----

     Developed
     and
     Other
     Markets                   --         620      620  n/a                       (1.5)                (4.2)             (1.5)          (4.2)

    Key
     Emerging
     Markets                   --         531      531  n/a                        0.2                 (9.2)              0.2           (9.2)


    n/a = Not Applicable.

Established Pharmaceuticals sales decreased 0.7 percent in the first quarter on an operational basis and 6.6 percent on a reported basis, including an unfavorable 5.9 percent effect of foreign exchange.

Developed and Other Markets include developed markets, such as Western Europe and Japan, and other emerging markets globally. Sales in these geographies decreased 1.5 percent in the quarter on an operational basis and 4.2 percent on a reported basis, including an unfavorable 2.7 percent effect of foreign exchange. Sales performance in developed markets was in line with expectations, partially offset by better than expected performance in several emerging markets in the quarter.

Key Emerging Markets include India, Russia, Brazil, and China along with ten additional emerging markets that represent the most attractive long-term growth opportunities for Abbott's branded generic product portfolio. Sales in these geographies increased 0.2 percent on an operational basis in the quarter and decreased 9.2 percent on a reported basis, including an unfavorable 9.4 percent effect of foreign exchange. Sales performance in the quarter was impacted by the timing of supply of key products in Abbott's women's health portfolio, primarily related to an expected plant shutdown for capacity expansion purposes. Abbott continues to expect sales growth in Key Emerging Markets to accelerate throughout the year.

Medical Devices
($ in millions)


                                                                                                 % Change vs. 1Q13
                                                                                                 -----------------

                                    Sales 1Q14                                                Int'l                           Total
                                    ----------                                                -----                           -----

                                     U.S.         Int'l           Total            U.S.                     Operational             Reported       Operational       Reported
                                     ----         -----           -----            ----                     -----------             --------       -----------       --------

    Total                               468           844            1,312             (6.8)                             4.7                  2.2               0.3            (1.2)
                                        ---           ---            -----             ----                              ---                  ---               ---            ----

    Vascular                            265           473              738             (3.7)                             3.7                  1.4               1.0            (0.5)

    Diabetes Care                        97           186              283            (27.6)                             3.8                  2.0              (9.5)          (10.5)

    Medical Optics                      106           185              291             14.0                              8.0                  4.3              10.0             7.6


    Vascular
     Product
     Lines:

    DES/BVSa)                           111           257              368            (12.1)                             2.3                 (1.5)             (2.4)           (4.9)

    Other Coronary
     Productsb)                          48            97              145              2.7                             (1.6)                (2.7)             (0.2)           (1.0)

    Endovascularc)                       59            62              121             (0.5)                            13.4                 13.0               6.2             6.0


    a)Includes drug-eluting stents and bioresorbable vascular scaffold (BVS) product portfolio.

    b)Includes guide wires, balloon catheters and other coronary products.

    c)Includes vessel closure, carotid stents and other peripheral products.

Worldwide Medical Devices sales increased 0.3 percent in the first quarter on an operational basis and decreased 1.2 percent on a reported basis, including an unfavorable 1.5 percent effect of foreign exchange.

Worldwide sales of Vascular products increased 1.0 percent in the quarter on an operational basis and decreased 0.5 percent on a reported basis, including an unfavorable 1.5 percent impact of foreign exchange. International sales comprise approximately 65 percent of the total Vascular business and increased 3.7 percent operationally, driven by continued share gains of the XIENCE Xpedition(®) drug-eluting stent and Absorb; sales growth of MitraClip(®), Abbott's first-in-class device for the treatment of mitral regurgitation; and double-digit growth in Endovascular products. U.S. sales performance was impacted by a decline in drug-eluting stent market share and a year-over-year market decline. In March, Abbott received U.S. FDA approval for its Supera peripheral stent for the treatment of blockages in the superficial femoral artery (SFA) and proximal popliteal artery (PPA) in the upper leg. Recently released clinical data at the American College of Cardiology (ACC) medical meeting for MitraClip and Absorb continues to demonstrate positive long-term outcomes and durability of performance. In addition, patient enrollment is completed in the randomized clinical trials in the U.S., China and Japan for regulatory submission of Absorb.

Worldwide Diabetes Care sales decreased 9.5 percent in the quarter on an operational basis and 10.5 percent on a reported basis, including an unfavorable 1.0 percent effect of foreign exchange. As expected, U.S. growth was impacted by CMS reimbursement reductions and competitive dynamics, and was partially offset by international sales growth of 3.8 percent on an operational basis driven by strong double-digit growth in emerging markets.

Worldwide Medical Optics sales increased 10.0 percent in the quarter on an operational basis and 7.6 percent on a reported basis, including an unfavorable 2.4 percent effect of foreign exchange. Sales of cataract products, which represent more than 65 percent of Medical Optics sales, increased strong double digits, outpacing the growth of the global cataract market. This performance was driven by continued share gains of a number of new products launched in 2013, including the TECNIS OptiBlue IOL in Japan and the TECNIS Toric IOL in the U.S., as well as further penetration of Abbott's Catalys(®) Precision Laser System for cataract surgery. In Japan, in the first quarter, Abbott launched the TECNIS Toric IOL, which addresses astigmatism, and the TECNIS OptiBlue Preloaded IOL, which improves ease of use for cataract surgeons and enhances the predictability of the procedure.

Abbott confirms its full-year 2014 earnings-per-share guidance range

Abbott is confirming its full-year 2014 ongoing earnings-per-share guidance of $2.16 to $2.26, representing double-digit growth at the mid-point of the guidance range.

Abbott continues to forecast net specified items for the full year 2014 of $1.03 per share. Specified items include intangible amortization expense, charges associated with cost reduction initiatives, as well as tax expense associated with a one-time repatriation of 2014 ex-U.S. earnings, partially offset by a favorable adjustment to tax expense related to the resolution of various tax positions from previous years. Including these net specified items, projected earnings per share from continuing operations under Generally Accepted Accounting Principles (GAAP) would be $1.13 to $1.23 for the full year 2014.

Abbott declares 361(st) quarterly dividend

On Feb. 21, 2014, the board of directors of Abbott declared the company's quarterly dividend of $0.22 per share. Abbott's cash dividend is payable May 15, 2014, to shareholders of record at the close of business on April 15, 2014.

Abbott is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for 25 consecutive years.

About Abbott

Abbott (NYSE: ABT) is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 69,000 people.

Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews.

Abbott will webcast its live first-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the call will be available after 11 a.m. Central time.

-- Private Securities Litigation Reform Act of 1995 --
A Caution Concerning Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors,'' to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2013, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.


                            Abbott Laboratories and Subsidiaries

                             Consolidated Statement of Earnings

                         First Quarter Ended March 31, 2014 and 2013

                            (in millions, except per share data)

                                         (unaudited)


                               1Q14               1Q13               %  Change
                               ----               ----               ---------

    Net
     Sales                        $5,244             $5,378                     (2.5)


    Cost
     of
     products
     sold,
     excluding
     amortization
     expense                       2,470              2,432                      1.6

     Amortization
     of
     intangible
     assets                          174                199                    (12.6)

     Research
     and
     development                     387                346                     11.6  1)

     Selling,
     general,
     and
     administrative                1,762              1,786                     (1.3)

    Total
     Operating
     Cost
     and
     Expenses                      4,793              4,763                      0.6
                                   -----              -----


     Operating
     earnings                        451                615                    (26.6) 1)


     Interest
     expense,
     net                              23                 26                    (10.0)

    Net
     foreign
     exchange
     (gain)
     loss                              2                 29                    (91.7)

    Other
     (income)
     expense,
     net                               3                  6                    (52.2)
                                     ---                ---

     Earnings
     from
     Continuing
     Operations
     before
     taxes                           423                554                    (23.7)


    Taxes
     on
     Earnings
     from
     Continuing
     Operations                       84                 10                      n/m  2)

     Earnings
     from
     Continuing
     Operations                      339                544                    (37.7)


     Earnings
     from
     Discontinued
     Operations,
     net
     of
     taxes                            36                 --                      n/m  3)
                                     ---                ---


    Net
     Earnings                       $375               $544                    (31.1)
                                    ====               ====


    Net Earnings from
     Continuing
     Operations,
     excluding

     Specified
     Items,
     as
     described
     below                          $641               $674                     (5.0) 4)
                                    ====               ====


     Diluted
     Earnings
     per
     Common
     Share
     from
     Continuing
     Operations                    $0.22              $0.34                    (35.3)


     Diluted
     Earnings
     per
     Common
     Share
     from
     Discontinued
     Operations                     0.02                 --                      n/m


     Diluted
     Earnings
     per
     Common
     Share                         $0.24              $0.34                    (29.4)
                                   =====              =====


    Diluted Earnings per
     Common Share from
     Continuing

     Operations,
     excluding
     Specified
     Items,
     as
     described
     below                         $0.41              $0.42                     (2.4) 4)
                                   =====              =====


    Average Number of
     Common Shares
     Outstanding

    Plus
     Dilutive
     Common
     Stock
     Options
     and
     Awards                        1,548              1,586


         1)   Increase in expense and
              reduction in Operating
              earnings due in part to
              specified items related
              to cost reduction
              initiatives.


         2)   Increase over prior year
              is a result of specified
              items, including non-
              recurring 2013 benefits
              of U.S. tax law changes
              enacted in 2013 related
              to 2012 results, and 2014
              current quarter tax
              expense associated with a
              one-time repatriation of
              2014 ex-U.S. earnings,
              offset by a favorable
              adjustment to 2014 tax
              expense related to the
              resolution of various tax
              positions from previous
              years.


         3)   2014 Earnings from
              Discontinued Operations,
              net of taxes, includes a
              favorable adjustment to
              tax expense of $36
              million, or $0.02 per
              share, as a result of the
              resolution of various tax
              positions from previous
              years related to AbbVie
              operations.


         4)   2014 Net Earnings from
              Continuing Operations,
              excluding Specified
              Items, excludes net
              after-tax charges of
              $302 million, or $0.19
              per share, for intangible
              amortization expense;
              expenses associated with
              cost reduction
              initiatives; as well as
              current quarter tax
              expense associated with a
              one-time repatriation of
              2014 ex-U.S. earnings,
              partially offset by a
              favorable adjustment to
              tax expense related to
              the resolution of various
              tax positions from
              previous years.


              2013 Net Earnings,
              excluding Specified
              Items, excludes after-
              tax charges of $233
              million, or $0.15 per
              share, for intangible
              amortization expense,
              cost reduction
              initiatives and other
              costs. These items were
              partially offset by a
              favorable adjustment to
              tax expense of $103
              million, or $0.07 per
              share, for the impact of
              U.S. tax law changes
              enacted in 2013 related
              to 2012 results.


    NOTES:


    a)        See tables on page 9 for
              an explanation of certain
              non-GAAP financial
              information.


    n/m = Percent change is not
     meaningful.

Non-GAAP Reconciliation of Financial Information



                         Abbott Laboratories and Subsidiaries

                   Non-GAAP Reconciliation of Financial Information

                      First Quarter Ended March 31, 2014 and 2013

                         (in millions, except per share data)

                                      (unaudited)


                     1Q14
                     ----

                     As                     Specified                  As           % to
                  Reported                                                         Sales
                   (GAAP)                     Items                 Adjusted
                    -----                     -----                 --------


     Intangible
     Amortization
     Expense                 $174                     ($174)                    --

     Gross
     Margin                 2,600                       230                 $2,830      54.0%

    R&D                       387                       (49)                   338       6.4%

    SG&A                    1,762                       (87)                 1,675      31.9%

     Other
     (Income)
     Expense,
     Net                        3                        (2)                     1

     Earnings
     from
     Continuing
     Operations
     before
     taxes                    423                       368                    791

     Taxes
     on
     Earnings
     from
     Continuing
     Operations                84                        66                    150

     Net
     Earnings
     from
     Continuing
     Operations               339                       302                    641

     Diluted
     Earnings
     per
     Share
     from
     Continuing
     Operations             $0.22                     $0.19                  $0.41

Specified items reflect intangible amortization expense of $174 million and other expenses, primarily associated with cost reduction initiatives of $194 million, as well as current quarter tax expense of $75 million associated with a one-time repatriation of 2014 ex-U.S. earnings, partially offset by a favorable adjustment to tax expense of $71 million related to the resolution of various tax positions from previous years.


                        1Q13
                        ----

                  As Reported       Specified           As           % to

                     (GAAP)           Items          Adjusted       Sales
                     -----            -----          --------       -----


     Intangible
     Amortization
     Expense                   $199           ($199)             --

    Gross
     Margin                   2,747             253          $3,000      55.8%

    R&D                         346               3             349       6.5%

    SG&A                      1,786             (31)          1,755      32.6%

    Net
     Foreign
     Exchange
     (Gain)
     Loss                        29             (15)             14

    Other
     (Income)
     Expense,
     Net                          6              (3)              3

    Earnings
     from
     Continuing
     Operations
     before
     taxes                      554             299             853

    Taxes on
     Earnings
     from
     Continuing
     Operations                  10             169             179

    Net
     Earnings
     from
     Continuing
     Operations                 544             130             674

    Diluted
     Earnings
     per
     Share
     from
     Continuing
     Operations               $0.34           $0.08           $0.42

Specified items, as previously identified in Abbott's earnings release dated April 17, 2013, reflect intangible amortization expense of $199 million and other expenses, primarily associated with cost reduction initiatives of $100 million, as well as a favorable tax expense adjustment of $103 million for the impact of U.S. tax law changes enacted in 2013 related to 2012 results.


Tax Rate Reconciliation

A reconciliation of the first-quarter tax rates for 2014 and 2013 is shown below:


                                        1Q14
                                        ----

    (dollars in millions)       Pre-Tax            Taxes on       Tax
                                                                  Rate
                               Income 1)           Earnings
                                --------           --------

    As reported (GAAP)    $423                 $84          19.8%

    Specified items        368                  66                     2)
                           ---                 ---

    Excluding specified
     items                $791                $150          19.0%



                                         1Q13
                                         ----

    (dollars in millions)        Pre-Tax           Taxes on       Tax
                                                                  Rate
                                Income 1)          Earnings
                                 --------          --------

    As reported (GAAP)    $554                 $10           1.8%

    Specified items        299                 169                     3)
                           ---                 ---

    Excluding specified
     items                $853                $179          21.0%


       1)   Earnings from Continuing
            Operations before
            income taxes.

       2)   Specified items include
            current quarter tax
            expense of $75 million
            associated with a one-
            time repatriation of
            2014 ex-U.S. earnings,
            offset by a favorable
            adjustment to tax
            expense of $71 million
            related to the
            resolution of various
            tax positions from
            previous years.

       3)   Specified items include
            a favorable adjustment
            to tax expense of $103
            million for the impact
            of U.S. tax law changes
            enacted in 2013 related
            to 2012 results.

SOURCE Abbott