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Abbott Laboratories ABT
Q2 2012 Earnings Call Transcript

Transcript Call Date 07/18/2012

Operator: Good morning, and thank you for standing by. Welcome to Abbott's Second Quarter 2012 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer portion of this call. Should you become disconnected throughout this conference call, please dial 517-308-9311 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 turn to Mr. John Thomas, Vice President, Investor Relations and Public Affairs.

John B. Thomas - VP, IR and Public Affairs: Good morning, and thanks for joining us. Also on today's call 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 our financial results for the quarter and outlook for the year. Larry and I will then discuss the highlights of our major businesses. Following our comments as always, we'll take any questions that you might have.

Some statements made today maybe forward-looking, including the planned separation of the research-based pharmaceutical company, AbbVie from the Diversified Medical Products company; Abbott, and the expected financial results of the two companies after separation. 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 and Securities and Exchange Commission Form 10-K for the year ended December 31, 2011 and are incorporated by reference. We undertake no obligation to release publically any revisions to forward-looking statements as a result of subsequent events or developments.

In today's conference call, as we always do, non-GAAP financial measures will be used to help investors understand our 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.

With that, I will now turn the call over to Tom. Tom?

Thomas C. Freyman - EVP, Finance and CFO: Thanks, John. In the second quarter of 2012, Abbott delivered ongoing earnings per share that exceeded our guidance range, reflecting growth of nearly 10%, and we're confirming our full year ongoing EPS guidance range for 2012. We also made significant progress in our work to separate our research-based pharmaceutical business into a new publicly traded company and we remain on track to complete the separation at the end of this year.

For the second quarter, we reported ongoing diluted earnings per share of $1.23, an increase of nearly 10% over the prior year, exceeding our ongoing EPS guidance range of $1.20 to $1.22. Sales for the quarter increased 6.7% on an operational basis; that is including an unfavorable 4.7% impact from exchange rates.

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