Abbott Laboratories (ABT) FY2020 results: revenue $34.6 billion, up 8.5% on the year
Abbott Laboratories (ABT) reported revenue of $34.6 billion for fiscal 2020, the year ended 31 December 2020, up 8.5% on the year before. Net income was $4.5 billion, up 21.9%, and diluted earnings per share $2.50. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$34.6 billion
+8.5% on the year
FY2013FY2020
Operating margin
15.5%
14.2% a year earlier
FY2013FY2020
Net income
$4.5 billion
+21.9% on the year
FY2013FY2020
Diluted EPS
$2.50
+21.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
34,608
31,904
30,578
+8.5%
Cost of revenue
15,003
13,231
12,706
+13.4%
Gross profit
19,605
18,673
17,872
+5.0%
Gross margin
56.6%
58.5%
58.4%
Research and development
2,420
2,440
2,300
-0.8%
Selling, general and administrative
9,696
9,765
9,744
-0.7%
Operating income
5,357
4,532
3,650
+18.2%
Operating margin
15.5%
14.2%
11.9%
Interest expense
546
670
826
-18.5%
Pre-tax income
4,968
4,077
2,873
+21.9%
Income tax
497
390
539
+27.4%
Effective tax rate
10.0%
9.6%
18.8%
Net income
4,495
3,687
2,368
+21.9%
Net margin
13.0%
11.6%
7.7%
Diluted EPS
$2.50
$2.06
$1.33
+21.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
7,901
6,136
6,300
+28.8%
Capital expenditure
2,177
1,638
1,394
+32.9%
Free cash flow
5,724
4,498
4,906
+27.3%
Free cash flow margin
16.5%
14.1%
16.0%
Cash from investing
-2,215
-1,815
-1,356
Cash from financing
-2,779
-4,289
-10,391
Depreciation and amortisation
3,327
3,014
3,278
+10.4%
Share-based compensation
546
519
477
+5.2%
Buybacks
403
718
238
-43.9%
Dividends paid
2,560
2,270
1,974
+12.8%
Diluted shares, weighted
1,786m
1,781m
1,770m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
32,784
31,088
30,524
+5.5%
Non-controlling interest
219
213
198
+2.8%
Debt
18,747
18,139
19,566
+3.4%
Operating lease liabilities
902
755
n/a
+19.5%
Other liabilities
19,896
17,692
16,885
+12.5%
Total liabilities and equity
72,548
67,887
67,173
+6.9%
Fixed assets
9,029
8,038
7,563
+12.3%
Goodwill
23,744
23,195
23,254
+2.4%
Intangible assets
14,784
17,025
18,942
-13.2%
Investments
1,131
1,163
1,139
-2.8%
Cash and equivalents
6,838
3,860
3,844
+77.2%
Receivables
6,414
5,425
5,182
+18.2%
Inventory
5,012
4,316
3,796
+16.1%
Other assets
5,596
4,865
3,453
+15.0%
Total assets
72,548
67,887
67,173
+6.9%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.