Abbott Laboratories – Company Information
|Headquarters||100 Abbott Park Road Abbott Park, IL 60064-3500, USA|
|Founder||Dr. Wallace Calvin Abbott|
|Founded||1888 (as Abbott Alkaloidal Company)|
|CEO and Chairman||Miles D. White|
|NYSE stock symbol||ABT|
|Net Sales||$20,853 million USD (2016)|
|Net earnings||$1,400 million USD (2016)|
Abbott Laboratories is a pharmaceutical manufacturing company based in Chicago, USA. It was originally founded by Dr. Wallace Calvin Abbott in 1888.
After Dr Abbott graduated from University of Michigan.
In 1885 he began practicing medicine, started running his own drug store, and formed the “Abbott Alkaloidal Company”.
His vision was to create the most effective dosages possible for patients by using a technique which involved “dosimetric granules”.
As of February 2014, Abbott Laboratories is a Fortune 200 company that operates in more than 150 countries, with approximately 90,000 employees worldwide.
The company has a very strong worldwide presence as most of its employees work outside the US and the majority of its sales are outside the US too.
In 2013, Abbott split into two separate companies: Abbott and AbbVie (a biopharmaceutical company).
In 2014, Abbott acquired CFR Pharmaceuticals and Veropharm, allowing the company to focus on expanding its generic drugs business in fast-growing markets.
According to Miles D. White, the Chairman and CEO of Abbott:
“About 70 percent of our sales are now outside the United States, with 40 percent coming from the fastest-growing economies. And that’s reflected in our employee population, with 65 percent of our approximately 70,000 colleagues working outside the United States, as well.”
Abbott Laboratories has four main businesses focuses, including: diagnostics, medical devices, nutritional products, and branded generic pharmaceuticals.
The company’s diverse range of products include:
- Diagnostic products – tools to help doctors make the right treatment decisions.
- Vascular products – vascular devices that help treat cardiac and vascular disease.
- Diabetes care products – blood glucose monitoring systems.
- Vision technologies – laser vision correction and cataract technologies.
- Nutritional products – products formulated that promote healthy growth and development as well as managing the nutritional needs of patients with diseases such as cancer or diabetes.
- Pharmaceuticals – a range of pharmaceutical products, including some of the best selling drugs in the world: Klacid (a macrolide antibiotic), Brufen (branded ibuprofen), Duphaston (branded progesterone), Serc (branded anti-vertigo) and Creon (pancreatic enzyme replacement therapy). The company’s main therapeutic areas are: cardiovascular, women’s health, gastroenterology, primary care, and metabolic disorders.