Abbott Completes Separation of Research-Based Pharmaceuticals Business
News Jan 07, 2013
Abbott has announced that it has completed the separation of its research-based pharmaceuticals business, which became AbbVie, a new independent biopharmaceutical company.
AbbVie will begin trading independently on the New York Stock Exchange under the symbol "ABBV."
On Nov. 28, 2012, Abbott's board of directors declared a special dividend distribution of all outstanding shares of AbbVie common stock.
For every 1 share of Abbott common shares held as of close of business on Dec. 12, 2012, Abbott shareholders received 1 share of AbbVie common stock on Jan. 1, 2013.
Abbott has announced in October 2011 that it was separating into two independent companies, as its businesses evolved into two different investment identities.
AbbVie is a research-based specialty biopharmaceuticals company with a broad portfolio of medicines, including leadership in immunology and virology, and a pipeline of breakthrough therapies.
Abbott is one of the largest science-based, diversified healthcare companies, with market-leading offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals.
"We wish our colleagues at AbbVie continued success as they become part of a new, independent company that is already making a significant difference, focusing on highly specialized, market-leading therapies for some of the world's most difficult-to-treat diseases," said Miles D. White, chairman and chief executive officer, Abbott.
"Abbott has taken the most transformative action in its 125-year history," said Mr. White. "We have had enduring success precisely because of what we're doing now – reinventing ourselves for changing times and creating new ways to serve the millions of patients, customers, communities and shareholders who depend on us."
Strength Through Diversity
Abbott begins its 125th year with approximately $22 billion in revenues generated throughout 150 countries and remains one of the largest and most far-reaching global healthcare companies, with diversity across technologies, businesses and geographies.
The company is comprised of four businesses of roughly equal size - diagnostics, medical devices, nutritionals and branded generic pharmaceuticals. Abbott's businesses are all leaders in their respective fields and hold the top market positions across numerous categories. These businesses develop leading, science-based products that are meeting the needs of patients and consumers in the evolving global healthcare environment.
Abbott is well positioned to deliver reliable performance with industry-leading growth, expanding margins and strong cash flow. The company's businesses are aligned with long-term health trends, including the world's aging population, increasing prevalence of chronic disease, and improving access to care in fast-growing economies.
Continued investment in new technologies is advancing Abbott's offerings in vascular health, diabetes care, diagnostic screening and detection, vision correction and nutrition science.
Revenue among Abbott's businesses is well balanced geographically, with 30 percent generated in the United States, 30 percent from Western Europe, Canada, Japan and Australia, and 40 percent from the fastest-growing economies, including India, China, Russia and Brazil.
The company's presence in these high-growth markets is among the most expansive of any diversified healthcare company and is expected to reach nearly 50 percent of sales by 2015.