UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 6, 2004
ABBOTT LABORATORIES
(Exact name of registrant as specified in its charter)
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Illinois |
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1-2189 |
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36-0698440 |
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(State or other |
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(Commission File Number) |
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(IRS Employer |
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Jurisdiction of |
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Identification No.) |
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Incorporation) |
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100 Abbott Park Road
Abbott Park, Illinois 60064-6400
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (847) 937-6100
Item 5. Other Events and Regulation FD Disclosure
Beginning in the first-quarter 2004, as a result of shifts of reporting responsibilities for certain products previously included in U.S. Hospital Products Sales, Abbott has adjusted its business segment reporting to reflect segment reclassifications effective Jan. 1, 2004. The following schedule details Abbott’s segment sales as they were reported in 2003, explains the products that have been reclassified between segments, and provides the resulting business segments based on these reclassifications (in millions):
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1Q03 |
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As
Reported in |
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Segment |
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New
Business |
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U.S. Pharmaceutical Sales |
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$ |
1,074 |
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$ |
181 |
a |
$ |
1,255 |
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U.S. Hospital Products Sales |
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717 |
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(226 |
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491 |
b |
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Ross Products (U.S.) Sales |
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601 |
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— |
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601 |
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Worldwide Diagnostic Sales |
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723 |
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— |
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723 |
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International Division Sales |
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1,339 |
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— |
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1,339 |
c |
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Other Sales |
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126 |
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45 |
d |
171 |
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1Q03 Total Sales |
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$ |
4,580 |
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$ |
— |
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$ |
4,580 |
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2Q03 |
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As Reported in |
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Segment |
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New Business |
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U.S. Pharmaceutical Sales |
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$ |
1,264 |
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$ |
200 |
a |
$ |
1,464 |
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U.S. Hospital Products Sales |
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748 |
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(240 |
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508 |
b |
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Ross Products (U.S.) Sales |
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478 |
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— |
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478 |
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Worldwide Diagnostic Sales |
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756 |
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— |
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756 |
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International Division Sales |
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1,400 |
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— |
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1,400 |
c |
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Other Sales |
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78 |
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40 |
d |
118 |
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2Q03 Total Sales |
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$ |
4,724 |
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$ |
— |
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$ |
4,724 |
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2
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3Q03 |
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As Reported in |
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Segment |
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New Business |
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U.S. Pharmaceutical Sales |
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$ |
1,287 |
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$ |
215 |
a |
$ |
1,502 |
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U.S. Hospital Products Sales |
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791 |
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(278 |
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513 |
b |
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Ross Products (U.S.) Sales |
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519 |
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— |
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519 |
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Worldwide Diagnostic Sales |
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756 |
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— |
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756 |
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International Division Sales |
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1,359 |
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— |
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1,359 |
c |
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Other Sales |
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134 |
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63 |
d |
197 |
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3Q03 Total Sales |
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$ |
4,846 |
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$ |
— |
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$ |
4,846 |
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4Q03 |
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As Reported in |
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Segment |
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New Business |
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U.S. Pharmaceutical Sales |
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$ |
1,595 |
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$ |
235 |
a |
$ |
1,830 |
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U.S. Hospital Products Sales |
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822 |
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(296 |
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526 |
b |
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Ross Products (U.S.) Sales |
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538 |
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— |
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538 |
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Worldwide Diagnostic Sales |
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805 |
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— |
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805 |
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International Division Sales |
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1,587 |
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— |
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1,587 |
c |
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Other Sales |
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184 |
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61 |
d |
245 |
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4Q03 Total Sales |
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$ |
5,531 |
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$ |
— |
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$ |
5,531 |
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3
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FY03 |
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As Reported in |
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Segment |
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New Business |
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U.S. Pharmaceutical Sales |
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$ |
5,220 |
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$ |
831 |
a |
$ |
6,051 |
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U.S. Hospital Products Sales |
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3,078 |
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(1,040 |
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2,038 |
b |
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Ross Products (U.S.) Sales |
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2,136 |
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— |
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2,136 |
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Worldwide Diagnostic Sales |
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3,040 |
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— |
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3,040 |
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International Division Sales |
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5,685 |
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— |
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5,685 |
c |
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Other Sales |
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522 |
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209 |
d |
731 |
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FY03 Total Sales |
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$ |
19,681 |
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$ |
— |
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$ |
19,681 |
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a. |
U.S. Pharmaceutical Sales. These amounts represent proprietary hospital pharmaceuticals, such as the anesthesia agent, Ultane® (sevoflurane); neuromuscular blockers and pain management products; as well as the vitamin D therapy, Zemplar® (paricalcitol injection), that were part of U.S. Hospital Products Sales in 2003. |
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b. |
U.S. Hospital Products Sales. Most of this business segment is expected to be spun off as the major operating component of Hospira, with the remainder moving to U.S. Pharmaceutical Sales and Other Sales as described in footnotes a and d. Prior to the expected spin-off, only the domestic core hospital businesses that are expected to be spun off to Hospira are reported in U.S. Hospital Products Sales. |
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c. |
International Division Sales. No reporting changes have been made to Abbott’s international hospital business prior to the expected spin-off. After the spin-off, we will continue to report sales for the International Division by its pharmaceuticals and nutritionals components. The pharmaceuticals component will include the reclassification of the hospital pharmaceuticals that were included in the hospital component in 2003. The nutritionals component of the international division will be unchanged. Please note that after the spin-off, we will include these reclassifications in an 8-K that will reflect Abbott’s final segment reporting structure. |
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d. |
Other Sales. Abbott will retain, as part of the Medical Products Group, Abbott Vascular Devices and Spinal Concepts. Both of these businesses were previously part of U.S. Hospital Products Sales. For segment reporting purposes, these businesses are now included in Other Sales. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
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ABBOTT LABORATORIES |
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/s/ Thomas C. Freyman |
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By: |
Thomas C. Freyman |
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Executive Vice President, Finance |
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and Chief Financial Officer |
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Date: April 6, 2004
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