The FINANCIAL — Abbott on January 12 is announcing its full-year earnings-per-share guidance for 2009 and confirming its previously issued 2008 earnings-per-share guidance of $3.31 to $3.33, excluding specified items.
For 2009, the company expects earnings per share of $3.65 to $3.70 under Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. The midpoint of this 2009 guidance reflects double-digit growth over the midpoint of 2008 earnings-per-share guidance.
Abbott's 2009 outlook includes the acquisition of Advanced Medical Optics (AMO) as announced today. Abbott expects the AMO transaction to be neutral to ongoing earnings per share in 2009 and accretive in 2010, both before one-time transaction-related costs, which will be provided at a later date.
Further details regarding Abbott's earnings-per-share guidance for 2009 will be provided on the company's fourth-quarter 2008 earnings conference call scheduled for January 21, 2009. Including net specified items, Abbott forecasts earnings per share for the full-year 2008 under GAAP of $3.04 to $3.06. Abbott forecasts net specified items for the full-year 2008 of $0.27 per share, primarily associated with previously announced cost reduction initiatives, acquired in-process R&D, and litigation settlements. These items were partially offset primarily by previously announced one-time gains from the sale of Abbott's spine business, conclusion of the TAP joint venture, and favorable tax settlements.