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Abbott Laboratories (ABT)

Income Statement
Quarterly Data

Low level of difficulty

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Abbott Laboratories, consolidated income statement (quarterly data)

US$ in millions

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3 months ended Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Net sales 8,076  7,979  7,535  7,765  7,656  7,767  7,390  7,589  6,829  6,637  6,335  5,333  5,302  5,333  4,885  5,188  5,150  5,170  4,897  5,356  5,079  5,057  4,755 
Cost of products sold, excluding amortization of intangible assets (3,358) (3,279) (3,160) (3,191) (3,166) (3,282) (3,067) (3,263) (2,857) (3,173) (3,044) (2,312) (2,285) (2,287) (2,140) (2,206) (2,242) (2,218) (2,081) (2,337) (2,319) (2,288) (2,274)
Amortization of intangible assets (484) (483) (486) (488) (544) (562) (584) (560) (501) (392) (522) (121) (140) (145) (144) (143) (151) (151) (156) (163) (132) (133) (127)
Gross profit 4,234  4,217  3,889  4,086  3,946  3,923  3,739  3,766  3,471  3,072  2,769  2,900  2,877  2,901  2,601  2,839  2,757  2,801  2,660  2,856  2,628  2,636  2,354 
Research and development (596) (577) (672) (562) (574) (575) (589) (613) (562) (513) (547) (343) (352) (348) (379) (369) (378) (345) (313) (361) (305) (310) (369)
Selling, general and administrative (2,440) (2,434) (2,478) (2,359) (2,377) (2,466) (2,542) (2,462) (2,099) (2,132) (2,424) (1,609) (1,628) (1,737) (1,698) (1,655) (1,666) (1,727) (1,737) (1,666) (1,595) (1,649) (1,620)
Operating earnings (loss) 1,198  1,206  739  1,165  995  882  608  691  810  427  (202) 948  897  816  524  815  713  729  610  829  728  677  365 
Interest expense (167) (168) (171) (186) (203) (210) (227) (246) (218) (214) (226) (153) (117) (103) (58) (41) (41) (44) (37) (43) (35) (36) (36)
Interest income 24  22  23  34  22  21  28  35  36  31  22  24  22  20  33  32  25  27  21  24  18  19  16 
Net foreign exchange gain (loss) (7) 4  (6) (26) (11) 6  3  —  6  12  16  2  (9) (10) (478) 30  14  (5) 54  24  1  —  (1)
Net loss on extinguishment of debt —  —  —  (86) (67) —  (14) —  —  —  —  —  —  —  —  —  —  —  —  (18) —  —  — 
Other income (expense), net 55  38  47  46  (18) 78  33  94  (8) 39  1,126  54  (972) (8) (19) (6) 3  279  5  (12) 3  (2) (3)
Earnings (loss) from continuing operations before taxes 1,103  1,102  632  947  718  777  431  574  626  295  736  875  (179) 715  2  830  714  986  653  804  715  658  341 
Taxes on earnings from continuing operations (143) (96) 40  (292) (166) (59) (22) (1,438) (65) (25) (350) (110) (178) (116) 54  (135) (118) (200) (124) (170) (277) (233) (117)
Earnings (loss) from continuing operations 960  1,006  672  655  552  718  409  (864) 561  270  386  765  (357) 599  56  695  596  786  529  634  438  425  224 
Earnings (loss) from discontinued operations, net of tax —  —  —  (1) 11  15  9  36  42  13  33  33  28  16  244  72  (32) (1) 26  271  100  41  151 
Gain (loss) on sale of discontinued operations, net of tax —  —  —  —  —  —  —  —  —  —  —  —  —  —  16  —  16  (1) 1,737  —  —  —  — 
Net earnings (loss) from discontinued operations, net of tax —  —  —  (1) 11  15  9  36  42  13  33  33  28  16  260  72  (16) (2) 1,763  271  100  41  151 
Net earnings (loss) 960  1,006  672  654  563  733  418  (828) 603  283  419  798  (329) 615  316  767  580  784  2,292  905  538  466  375 

Based on: 10-Q (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-22), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-16), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-17), 10-Q (filing date: 2016-11-03), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-19), 10-Q (filing date: 2015-11-05), 10-Q (filing date: 2015-08-04), 10-Q (filing date: 2015-05-06), 10-K (filing date: 2015-02-27), 10-Q (filing date: 2014-11-06), 10-Q (filing date: 2014-08-05), 10-Q (filing date: 2014-05-07).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Abbott Laboratories’s net sales increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Operating earnings (loss) The net result for the period of deducting operating expenses from operating revenues. Abbott Laboratories’s operating earnings (loss) increased from Q1 2019 to Q2 2019 but then slightly declined from Q2 2019 to Q3 2019.
Earnings (loss) from continuing operations before taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Abbott Laboratories’s earnings (loss) from continuing operations before taxes increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Net earnings (loss) The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Abbott Laboratories’s net earnings (loss) increased from Q1 2019 to Q2 2019 but then slightly declined from Q2 2019 to Q3 2019.