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Abbott Laboratories ABT
Q2 2011 Earnings Call Transcript

Transcript Call Date 07/20/2011

Operator: Good morning, and thank you for standing by. Welcome to Abbott's Second Quarter 2011 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer portion of this call. Should you become disconnect through this conference call please dial 1-210-234-0060 and reference the Abbott earnings call.

This call is being recorded by Abbott. With the exception of any participant's questions asked during the question-and-answer session, the entire call including the question-and-answer session is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.

I would now like to introduce Mr. John Thomas, Vice President, Investor Relations and Public Affairs.

John B. Thomas - VP, IR and Public Affairs: Good morning, everyone, and thanks for joining us. Also, on today's call with me will be Tom Freyman, Executive Vice President, Finance and Chief Financial Officer and Larry Peepo, Divisional Vice President of Investor Relations.

Tom will review the details of the financial results for the quarter and our outlook for the year and Larry and I will then discuss the highlights of our major businesses. Following our comments, we will take questions.

Some statements made today maybe forward-looking. 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.

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 December 31, 2010 and are incorporated by reference. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.

In today's conference call, as we do always, non-GAAP financial measures will be used to help our investors understand Abbott's ongoing business performance. These non-GAAP financial measures are reconciled with the comparable GAAP financial measure in our earnings news release and regulatory filings from today, which will be available on our website at abbott.com.

I’d also like to call your attention to a supplemental slide deck that we'll be posting to our website after our call concludes today. It includes highlight of Abbott's recent pipeline progress and a more detailed list of information on related market opportunities. While these slides are not intended to be a comprehensive overview of our broad-based pipeline, our goal here is to provide investors with additional color on certain opportunities across our emerging portfolio. We plan to build on this supplemental information as we go forward in future quarters. So, consider this as starting point, and we hope you’d find it useful.

With that, I’ll turn the call over to Tom. Tom?

Thomas C. Freyman - EVP, Finance and CFO: Thanks John. Today we’re pleased to report strong second quarter results as we delivered ongoing earnings per share of $1.12, up 10.9% and at the high end of our previous guidance. We raised our full year EPS guidance range confirming our outlook for double-digit growth in 2011.

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