2020 ANNUAL REPORT - Abbott Laboratories

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2020 A N N U A L R E P O R T

At Abbott, we’ve been improving people’shealth at all ages and stages of life since1948. Today, we’re addressing someof Pakistan’s most pressing healthcarechallenges to help people live fuller,healthier, more dignified lives. Becausewe believe that the best medical productis the one that helps the most people,we design breakthrough products in eachof our businesses — branded-genericpharmaceuticals, nutrition, diagnostics anddiabetes care — to help ensure maximumaccess and affordability. Our balancedleadership across diverse markets enablesus to deliver consistent growth and strongshareholder returns.TABLE OF CONTENTS1Vision and Mission2Key Performance Indicators2Our Values5Abbott Today6Corporate Information8Our Citizenship and Sustainability Priorities15Abbott Proud18 We Were Built for This20 Value Chain22 Abbott Pakistan at a Glance24 Ownership and Operating Structure24 Composition of Local versus Imported Materials25 Corporate Structure26 History Timeline28 Geographical Presence30 Established Pharmaceuticals32 Nutrition34 Diagnostics36 Diabetes Care38 Product Launches40 Objectives and Strategies45 Risk Management at Abbott46 Key Risks and Opportunities Report48 Analysis of Financial and Non-FinancialPerformance against Indicators50 Significant Factors affecting the ExternalEnvironment and the Organisation’s Response52 Corporate Social Responsibility54 Environment, Health and Safety56 Supporting our Communities58 Social and Environmental Responsibility Policy60 Human Resources64 Quality Assurance66 Awards and Recognitions68 Ethics and ComplianceLIFE. TO THE FULLEST.70 Corporate GovernanceWe at Abbott believe we’re in the bestbusiness there is: we get to help peoplelive fuller lives through better health. Werecognise that as a privilege – one thatcomes with responsibilities. As healthcareneeds grow and change, Abbott Pakistanworks to stay ahead of those trends andrespond with relevant, patient-centricsolutions. We have built a sustainable growthplatform that will continue to drive successfor many years to come.80 Integrated Reporting Framework78 Business Model - Integrated Reporting Framework80 Unreserved Statement of Compliance toInternational Financial Reporting Standards82 Audit Committee Report84 Directors’ Profile86 Brief Terms of Reference of Board Committees87 Board Committees Attendance88 Review Report by the Chairman89 Review Report by the Chairman (Urdu)90 Directors’ Report101 Directors’ Report (Urdu)102 Forward Looking Statement105 2020 Financial Report

ABBOTT PAKISTAN 2020 ANNUAL REPORTVISIONTo be the most admired healthcarecompany in Pakistan.MISSIONTo deliver consistently superiorproducts and services which contributesignificantly to improve the quality of lifeof consumers.1

ABBOTT PAKISTAN 2020 ANNUAL REPORTKEY s. 35.28BNSALES GROWTH17.0%METHODS AND ASSUMPTIONS USED IN COMPILING THE INDICATORSA Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving itsbusiness objectives. Both financial and non-financial KPIs are computed using formulae which are widely used in the industryand are relevant to different stakeholders such as shareholders, bankers and regulators etc.OUR VALUESValues are the foundation for building a meaningfulcorporate identity. Abbott is a company rooted in valuesand our core values of honesty, integrity and fairnessdescribe a standard of behaviour expected of everyemployee.Abbott has four differentiating values that speak of theunique strengths that have made our Company what it istoday. The Company continues to build on these strengthsto deliver our goals.These values are a blueprint for our employee behaviour.They are the underpinnings of our brand promise,defining how we serve our constituents. These values arewoven into all business processes company-wide overtime, determining how we plan and run our businesses,how we serve our customers, how we measure andmotivate performance, and how we communicateinternally and externally. Aligning our organisationaround this cohesive set of values has been critical to theachievement of Abbott’s brand and business goals.2PIONEERINGLeading-edge scienceand innovativecommercialisationWe lead withsolutions that addresshuman needs bypioneering innovativetreatments andsolutions, and newapproaches tomanaging health.

ABBOTT PAKISTAN 2020 ANNUAL REPORTGROSS PROFITMARGIN34.6%NET PROFITMARGIN12.9%EARNINGS PERSHARERs. 46.33For financial KPIs, the data used is generated through our internal management information systems, together with auditedfinancial statements. Similarly, for non-financial KPIs, in addition to our internal management information systems, othertools are also used which include surveys and customer feedbacks.CARINGACHIEVINGENDURINGMaking a differencein people’s livesCustomer-focusedoutcomes and world-classexecutionCommitment andpurposeCaring is central tothe work that we doto help people livehealthier lives. Wehave tremendousrespect for thelives of everyonetouched by ourCompany. Ourrespect for peopleis demonstrated inwhat we do and howwe act.We drive for meaningfulresults, demanding ofourselves and each other,because our work impactspeople’s lives. We arecommitted to workingtogether to deliver solutionsthat are effective andprofitable. Our focus onexecution and collaborationensures that we keep ourpromises to each other andto those we serve.Enduring means bothhonouring our historyand maintaining ourcommitment to thefuture. We will alwaysbe here to help keeppeople healthy. Wekeep our promises,acting in accordancewith all of our values.3

ABBOTT PAKISTAN 2020 ANNUAL REPORTAt Abbott, we provide real answers toreal problems, delivering breakthroughsolutions to prevent, diagnose andtreat health needs. We adapt quicklyto changes, harnessing leading-edgescience and technology to deliver thebest possible solutions for some of themost important health challenges.LEADING MARKET POSITIONS IN PAKISTANBRUFEN - #1 Brand in volumeARINAC - #1 Cold preparations without Anti-InfectivesKLARICID - #2 Macrolide AntibioticSURBEX Z - #1 Vitamin B Complex BrandDUPHASTON - #1 Brand for Progesterone DeficiencyEPIVAL - #1 Anti-Epileptic BrandDUPHALAC - #2 Laxative BrandSERC - #1 Vertigo BrandPEDIASURE - #1 Child Nutrition SupplementENSURE - #1 Adult Nutrition SupplementGLUCERNA - #1 Diabetic Nutritional Supplement410Brands Rs. 1billion sales

ABBOTT PAKISTAN 2020 ANNUAL REPORTABBOTT TODAYRELEVANTA portfolio of diversifiedproducts, aligned with keyhealth trendsTRUSTEDDRIVENA brand that’s trusted byhealthcare professionalsand patients alikeA high-performanceculture, driven tosucceedBALANCEDA broad mix of businesssegments and customersthat helps to insulate fromvolatility in any one market5

ABBOTT PAKISTAN 2020 ANNUAL REPORTCORPORATEINFORMATIONBOARD OF DIRECTORSAUDIT COMMITTEEMunir A. Shaikh (Chairman) (Non-Executive Director)Ehsan Ali Malik (Chairman)Syed Anis Ahmed (Chief Executive Officer)Ayla MajidEhsan Ali Malik (Independent Director)Muhammad Anjum Latif RanaAyla Majid (Independent Director)Mohsin Ali Nathani (Independent Director)Muhammad Anjum Latif Rana (Non-Executive Director)Seema Khan (Executive Director)SHARE TRANSFER COMMITTEESyed Anis Ahmed (Chairman)Muhammad Anjum Latif RanaSeema KhanBANKING COMMITTEEMohsin Ali Nathani (Chairman)Syed Anis AhmedSeema KhanNOMINATION COMMITTEEMunir A. Shaikh (Chairman)Syed Anis AhmedMohsin Ali NathaniEhsan Ali MalikCHIEF FINANCIAL OFFICERSyed Tabish Aseem*COMPANY SECRETARYHumayun Altaf**CHIEF INTERNAL AUDITORFahad RehmanAUDITORSEY Ford Rhodes, Chartered Accountants(a member firm of Ernst & Young Global Limited)LEGAL ADVISORSOrr, Dignam & Co.Surridge & Beecheno6BANKERSStandard Chartered Bank (Pakistan) LimitedDeutsche Bank AGHabib Bank LimitedNational Bank of PakistanMCB Bank LimitedFaysal Bank LimitedSENIOR MANAGEMENT TEAMSyed Anis Ahmed(Chief Executive Officer)Syed Tabish Aseem*(Chief Financial Officer)Ihsan Ullah Khan Khattak(Director Operations)Asim Shafiq(General Manager, Abbott NutritionInternational Pakistan)Habib Ahmed(Country Manager, Abbott DiagnosticsDivision Pakistan)Dr. Shaikh Adnan Lateef(Head of Abbott Diabetes Care Pakistan)Asghar Huda(Director Human Resource)

ABBOTT PAKISTAN 2020 ANNUAL REPORTHUMAN RESOURCE ANDREMUNERATION COMMITTEEMohsin Ali Nathani (Chairman)Munir A. ShaikhSyed Anis AhmedSHARE REGISTRARFAMCO Associates (Pvt) Limited,8-F, Next to Hotel Faran, Nursery Block 6,P.E.C.H.S, Shahrah-e-Faisal, Karachi.FACTORY LOCATIONSPlot No. 258 & 324, Opposite RadioPakistan Transmission Centre,Hyderabad Road, Landhi, Karachi, Pakistan.Plot No. 13, Sector 20,Korangi Industrial Area, Karachi.SALES OFFICESHouse No. 25/III/B, Jamrud Lane,University Town, Peshawar, Pakistan.RISK MANAGEMENT COMMITTEEAyla Majid (Chairperson)Syed Anis AhmedMuhammad Anjum Latif RanaSeema KhanWAREHOUSESPlot No. 136, Street # 9, Sector 1-10/3,Industrial Area, Islamabad, Pakistan-44800.16 KM Shahpur Kanjran,Multan Road, Lahore, Pakistan.Hasanabad Gate # 2,Near Pak Arab Fertilizers,Khanewal Road, Multan, Pakistan-60650.WEBSITEwww.pk.abbottHouse No. 187, Aurangzeb Block,Near Garden Town, Lahore, Pakistan.House No. 168-F, Adamjee Road,Near Panj Sarki Chowk,Rawalpindi Cantt, Pakistan.*Syed Tabish Aseem was appointed as interim Chief Financial Officer on 1st November, 2019 and as Chief Financial Officer on 16th January, 2020.**Humayun Altaf was appointed as Company Secretary on 16th January, 2020.7

ABBOTT PAKISTAN 2020 ANNUAL REPORTOUR CITIZENSHIP ANDSUSTAINABILITY PRIORITIESIf there’s one thing that this extraordinary year hasmade very clear, it’s how closely interconnected weall are with the society and the environment in whichwe operate. The idea of sustainability — of how webuild better systems to support the long-term welfareof our society and our planet — has rarely beenbrought to public life and discourse with such powerand urgency. At the foundation of our work and ourculture at Abbott is the recognition that all our livesare intertwined and that we have commitments to oneanother.We focus on operating responsibly, preserving healthyliving environments and earning trust by doing theright things, for the long term, for the benefit ofeveryone who relies on our products. At the sametime, we work hard to maximise the impact of ourbusiness in creating stronger communities around theworld. Our sustainability work focuses on the areaswhere opportunities for our business intersect withpositive social impact.8For Abbott, sustainability includes ensuring qualityand safety, valuing our people, building a resilientsupply chain, delivering results for our shareholders,and being there for the people we serve.These priorities provide a clear roadmap for pursuingour responsibilities as a socially responsible citizen,yet are flexible enough to enable creativity andinnovation across our diverse mix of businesses.ENSURING QUALITY AND SAFETYOur purpose of enabling fuller lives through thepower of health depends on trust, and trust in Abbottdepends on our ability to consistently deliver safe,effective and high-quality products. Everyone atAbbott is responsible for maintaining trust. We aresubject to laws of varying nature and complexity.Operating in this environment requires continuousmonitoring, as well as an ability to adapt quickly tochanging laws and regulations.

ABBOTT PAKISTAN 2020 ANNUAL REPORTWe take a holistic view of quality across ourorganisation and beyond, with systems and policiesto drive consistency, compliance and continuousimprovement. These include programs to embedquality, safety and sound product stewardshipthroughout our value chain. This engagement helpsmaintain a leading quality management system inline with global industry standards and the changingregulatory landscape.Our quality management systems have been developedusing a multicomponent model and proprietarymetrics which track the quality system performanceof our businesses and manufacturing sites. As part ofthis system, we maintain a set of quality policies thatincorporates regulatory requirements and ensures thatwe implement robust and compliant processes acrossour businesses.Our One Abbott Global Commercial Quality Assuranceinitiative focuses on establishing common proceduresand processes for quality management across ourbusinesses, with a focus on four key areas: Organisation and professional development; Operational excellence; Customer satisfaction; and Supply chain assurance.We require all Abbott employees with responsibilityfor product quality to be trained to the latest industrystandards on good manufacturing, laboratory,clinical and distribution practices. A critical part ofour process is ensuring that new employees receivequality training, expand their knowledge and receivedevelopment opportunities. This helps maintain aquality foundation throughout the organisation.SUPPORTING COMMUNITIESAt Abbott, we know that innovative health solutionsare only life changing when it reaches those peoplewho need it most. Our approach to global citizenshipand shared impact is based on this belief and shapeshow we work with communities around the world.9

ABBOTT PAKISTAN 2020 ANNUAL REPORTOUR CITIZENSHIP ANDSUSTAINABILITY PRIORITIESAs a healthcare leader, we strive to make a positivesocial impact by helping people live longer and better.We apply our unique strengths to identify and investin products and business models to meet emerginghealthcare needs, and find measurable ways to addresssocial challenges through our scientific and technicalexpertise.those needs. One of our key priorities is to enableour employees in such a way that working at Abbottgives them the opportunity to become the best peoplethey can be, to receive competitive compensationand benefits for their work, and to feel part of acommunity, doing meaningful work side by side withcommitted colleagues.Shared value is an integral part of Abbott’s strategyfor delivering health solutions. Our approach isbased on access and innovation: new products tomeet healthcare needs, new business models thatcreate value for communities and new systems thatcan deliver healthcare to those who need it most.Through this work, we tie the growth of our businessto meeting social needs.Abbott’s promise to its employees is to provide aworkplace environment that:VALUING OUR PEOPLEThe sustainability of Abbott’s business depends onattracting, engaging and developing talented peoplewho share our vision and values. That’s why we offerinnovative programs, benefits and resources thataddress the diverse needs of our employees, rewardtheir efforts, help them build their best careers atAbbott and provide solid financial security.We take a collaborative approach, listening to ouremployees to understand their needs and connectwith them to build a working environment that meets10a) Promotes diversity and inclusionb) Offers extensive professional development,mentoring and training programsc) Encourages and supports work-life harmonyd) Offers competitive compensation and benefitstailored to each markete) Protects human rightsf ) Offers wellness programsg) Commits to employee health and safetySuccession PlanningAbbott ensures diversity and inclusion throughplacing a strong emphasis on succession planning andtalent development. Talent Management Reviews(TMRs) are conducted annually to assess criticalpositions, identify successors and create development

ABBOTT PAKISTAN 2020 ANNUAL REPORTplans. This helps us make sure that our current andfuture leaders are building the skills they will need forsuccess.Career DevelopmentWe have an integrated talent management processthat is designed to identify talented people at anylevel of our organisation, assess them accurately, andprovide equal and consistent opportunities for themto develop their skills. It incorporates mentoring,skills assessments, performance appraisals and careerpathing.All employees participate in our annual performancemanagement process and work with their managersto create talent profiles and development plans thatsupport their particular career objectives.RecruitmentAbbott takes an integrated approach to building adiverse talent pipeline that can meet the needs ofour businesses. This involves building a compellingemployer brand, both through our own digitalproperties and through other channels.SAFEGUARDING OUR ENVIRONMENTAbbott is committed to safeguarding a healthyenvironment for everyone by reducing theenvironmental impacts of our business across ourvalue chain. This commitment shapes the way wesource, manufacture, design and distribute ourproducts and forms the basis of our environmentalmanagement systems and governance.Abbott’s environmental governance and managementsystems are part of an integrated Environmental,Health and Safety (EHS) approach. Our EHS strategyfocuses on identifying and mitigating EHS-relatedrisks, ensuring business continuity and addressingour stakeholders’ expectations that Abbott is aresponsible corporate citizen. This includes reducingour greenhouse gas emissions, water use and wasteimpacts.11

ABBOTT PAKISTAN 2020 ANNUAL REPORTOUR CITIZENSHIP ANDSUSTAINABILITY PRIORITIESManaging Climate Related RisksAbbott is committed to identifying and mitigatingclimate-related risks that have the potential to impactour operations, supply chain and distribution network.The risks that we analyse include physical andtransitional risks that result from emerging regulationsand new expectations of our businesses and riskexposure through our suppliers and customers. Ourintegrated multi-disciplinary company-wide riskmanagement process assesses and manages climaterelated risks at various levels of our Company toensure that our businesses and operations are resilient.Our policies, standards and programs drive businessresilience and are regularly updated to align withcurrent and future global requirements.Reducing Energy and EmissionsOur contribution to a healthy world includes reducingenergy consumption and carbon emissions, both inour direct operations and throughout our value chain.This is demonstrated through efforts taken to increaseenergy efficiency in our manufacturing operations;investing in low-carbon energy; and encouraging alower carbon footprint in our supply chain.Protecting Water ResourcesAccess to water is essential to Abbott’s manufacturingoperations and business continuity and also plays a12critical role in the use of many of our products. We arecommitted to managing our water use in an efficient,responsible manner, as well as to improving access toclean water for our customers and the communitieswhere we operate.Our approach is based on three core principles:a) Reducing the amount of water our businessconsumes by working to improve water efficiencyacross our operations.b) Preventing adverse impacts to human health andthe environment resulting from our water use anddischarge.c) Educating employees, suppliers and customersabout the importance of protecting waterresources.Reducing WasteOur waste management strategy commits us to findingethical, economical and efficient ways to reducethe volume of our waste and ensures proper wastedisposal practices. However, it also goes further, with acommitment to maximising the recovery of resourcesand improving operating efficiency while reducing ourenvironmental risks and impacts.

ABBOTT PAKISTAN 2020 ANNUAL REPORTAbbott is committed to minimising our waste impactsthroughout the entire life cycle of our products andpackaging. We recognise two key areas of responsibilityin reducing waste:a) Our operational waste, which includes the wastethat we directly generate; andb) Our extended-producer responsibility, whichconsiders the environmental impacts associatedwith our products throughout their complete lifecycle, including design, production, consumptionand disposal.Producer ResponsibilityAbbott recognises our extended responsibility forthe impact of our products on human health andthe environment, which includes how we procurematerials and services to produce them and theirimpact after we distribute them.Abbott is committed to minimising the environmentalimpact of our products on the environment and humanhealth throughout a product’s entire life cycle. Thisenables us to improve operating efficiency, and toreduce product and operational costs. This approachconsiders all components of our business value chain,including:a) Procurement of operational inputs, such as rawmaterials, processed goods and services, ethicallyand sustainably.b) Designing, production and distribution of ourproducts with consideration for their impact on theenvironment and human health throughout theirlife cycle.STRENGTHENING OUR SUPPLY CHAINThe quality, resilience and sustainability of our supplychain are essential to Abbott’s continued success andto delivering the products that millions of peopledepend upon. We have developed a global supplychain strategy focused on reinforcing continuity andflexibility while minimising sustainability risk and ourshared environmental footprint.We work closely with our suppliers on new solutionsthat support delivery of our life-changing technology,reduce our environmental impact, and multiplythe social and economic value that we create. ForAbbott, a sustainable supply chain means ensuringthat everything we make and that others make forus is sourced and produced in an ethical mannerwhile minimising our shared sustainability impact.We develop supplier contracts that embed standardsaligned with our sustainability objectives and requiresuppliers to uphold the principles outlined in oursupplier guidelines.When selecting suppliers, we consider environmental,social and governance factors, in addition tobusiness capabilities and capacities, financial healthand strategic alignment with Abbott’s vision. Ourcritical suppliers include those supplying materials,components and services that can influence the safetyand performance of our products, as well as those thatare the only approved source of materials, componentsand services. Our assessment of risk and criticality alsoconsiders supply chain transparency and complexityand supplier certification.13

ABBOTT PAKISTAN 2020 ANNUAL REPORTFrom recentinfection topost-recovery,Abbott’s diagnostictests span the lifecycle of COVID-19infection.14Strength inour diversifiedbusinessesLeadership acrossdiverse markets givesAbbott more waysto win.

ABBOTT PAKISTAN 2020 ANNUAL REPORTABBOTTPROUD.15

ABBOTT PAKISTAN 2020 ANNUAL REPORTOURPEOPLEMADE ADIFFERENCEIN 2020.16

ABBOTT PAKISTAN 2020 ANNUAL REPORTOur workhas neverbeen moreimportantand ourdedicationto making adifferenceshowed inour results.Despite a challengingenvironment, Abbott’speople stepped upto do what we’vealways done; delivergame-changingsolutions that helppeople live healthier,more dignified lives.17

ABBOTT PAKISTAN 2020 ANNUAL REPORTWE WEREBUILT FORTHIS.WE’VE SPENTYEARSADDRESSINGTHE COUNTRY’SMOST PRESSINGHEALTHCARENEEDS. WEWERE MORETHAN READYFOR THEUNPRECEDENTEDCHALLENGESOF 2020.182020 was a more difficult yearthan any in recent memory,but despite the obstacles wefaced, Abbott’s people steppedup to deliver our life-changingsolutions to the people who needthem, working with the senseof urgency our customers havecome to expect from us.With more than 73 years ofdedication to human health, ourbalanced business portfolio, andmore than 1,400 colleaguescommitted to making a differencein people’s lives, Abbott was builtfor times like these.

ABBOTT PAKISTAN 2020 ANNUAL REPORT19

ABBOTT PAKISTAN 2020 ANNUAL REPORTVALUE CHAINWe are involved in all stages of the value chain apart from wholesale and retail. Value chain of ourpharmaceutical business* is depicted below:NEEDSANALYSIS /IDEATION Idea validation Forecasting0102 ACTIVEPHARMACEUTICALINGREDIENTS(APIs) SOURCING /SCOUTING Availability Source identification2003DEVELOPMENT Stability batches Formulations Quality checks

ABBOTT PAKISTAN 2020 ANNUAL REPORT04MANUFACTURINGDISTRIBUTION Production planning Internalwarehousing Execution Country-wideavailability05PRODUCTLAUNCH 06 Field force training External launch*For our Nutrition, Diagnostics and Diabetes Care businesses, Abbott Pakistan is only involved in themarketing and distribution of products.21

ABBOTT PAKISTAN 2020 ANNUAL REPORTABBOTT PAKISTANAT A GLANCEFounded in 1948, Abbott Pakistan has been present in the country for over seven decades, expanding itsoperations on a continuous basis through both organic growth and acquisitions. Abbott is a brand thatis associated with quality and care. Today, more than 1,400 of us are working to help people live not justlonger, but better, serving customers nationwide.OUR BUSINESS DIVISIONSAbbott is a company with a straightforward purpose: We help people live more fully with life-changinghealth products, solutions and technologies. Our patient-centric solutions are addressing importanthealth needs of people across Pakistan. Our diversity of expertise, technology and geography providesperspective that enables us to have enduring impact on the lives of millions of people across regions andcultures.-Our branded generic medicines help people get and stay healthy.-Our nutrition products build and maintain health at every stage of life.-Our diagnostic solutions provide the information to guide effective treatment decisions.-Our diabetes care products provide people with diabetes more freedom and less pain.ESTABLISHED PHARMACEUTICALS (EPD)EPD offers high-quality, affordable and trusted branded-generic medicines to helptreat some of the most common health conditions nationwide. There are more than 150product SKUs in EPD’s portfolio, and it operates in multiple therapeutic areas whichinclude: Women’s and men’s health Cardiovascular and metabolic Gastroenterology Pain and fever relief Central nervous system Respiratory Pediatrics Hospital care22

ABBOTT PAKISTAN 2020 ANNUAL REPORTNUTRITION (ANI)Proper nutrition is the foundation for healthy lives,which is why Abbott Nutrition has been offeringscience-based nutrition products for several decades.Abbott Nutrition’s goal is to support people through allstages of life, from infancy to childhood to adulthood,so that they are able to live the fullest life possible.DIAGNOSTICS (ADD)Our innovative instrument systems and testshelp monitor a range of health conditions. Fromautomated lab diagnostic systems and bloodanalysers to sophisticated molecular diagnosticsand point-of-care devices, our technologies providehealthcare professionals with information they needto make the best treatment decisions.DIABETES CARE (ADC)We are committed to develop products to reducethe discomfort and inconvenience of blood glucosemonitoring; introducing systems that are easier touse, require less blood and provide faster results.Consistent and accurate glucose monitoring is thefoundation of any diabetes management plan, so weare committed towards continuous improvement inthe way patients and professionals measure, track andanalyse glucose levels.23

ABBOTT PAKISTAN 2020 ANNUAL REPORTOWNERSHIP AND OPERATING STRUCTUREAbbott Laboratories (Pakistan) Limited is a publiclisted company that was incorporated in Pakistan in1948 as a private marketing company. It graduallyexpanded its operations over the years and is currentlyone of the largest pharmaceutical companies inPakistan, and has presently two state-of-the-artmanufacturing facilities based in Karachi. TheCompany is listed on the Pakistan Stock Exchangewith 77.9% of its shares being held by Abbott AsiaInvestments Limited, UK.The ultimate holding company is Abbott Laboratories,USA which is head-quartered in Abbott Park, Chicago– Illinois.Key related parties with which the Company has hadtransactions during the year are disclosed inNote 33 of the financial statements.ULTIMATE HOLDINGCOMPANYAbbottLaboratories, USA100% Effective ShareholdingPARENT COMPANYAbbott AsiaInvestmentsLimited, UK77.9% ShareholdingAbbott Laboratories(Pakistan) LimitedSIGNIFICANT CHANGES FROM PRIOR YEARThere were no significant changes from prior year.COMPOSITION OF LOCAL VERSUSIMPORTED MATERIALSAbbott procures its materials from both local and international sources. Composition of local versus importedmaterials during the year ended December 31, 2020 was as follows:LOCAL26%IMPORTED2474%

ABBOTT PAKISTAN 2020 ANNUAL REPORTCORPORATE STRUCTURESHAREHOLDERSBOARD OFDIRECTORSHUMAN RESOURCE& REMUNERATIONCOMMITTEERISK MANAGEMENTCOMMITTEESHARE TRANSFERCOMMITTEEAUDIT COMMITTEECHIEF EXECUTIVEOFFICERINTERNAL UTICALSOTHERSDIABETES IAGNOSTICS25

ABBOTT PAKISTAN 2020 ANNUAL REPORTHISTORYTIMELINEA TRADITION OF INNOVATIONMore than 130 years ago, in the year 1888, 30-year-old Dr. Wallace C. Abbott, a practicingphysician and pharmacy proprietor, founded the company that bears his name. Usingthe active part of a medicinal plant, known as the “alkaloid,” he formed tiny pills, called“dosimetric granules,” which provided more accurate and effective dosing for his patientsthan other treatments available at the time. The demand for these accurate granules soonfar exceeded the needs of his own practice and, from these modest origins, was bornAbbott, one of the world’s most broad-based healthcare company and a global leader inthe discovery, development and manufacture of products that span the continuum of care.19001962200426The businessis officiallyincorporated inIllinois as theAbbott AlkaloidalCompany.Abbott opensits firstmanufacturingfacility inKarachi, Pakistan.Abbott DiabetesCare is created withthe acquisition ofTheraSense Inc., aleading blood glucosemonitoring business.Abbott also acquiresEAS Inc., a leader inperformance nutritionproducts.191519642010The AbbottAlkaloidalCompany’sname is changedto AbbottLaboratories.Abbott acquiresM&R DieteticLaboratories o

101 Directors’ Report (Urdu) 102 Forward Looking Statement 105 2020 Financial Report. MISSION To deliver consistently superior products and services which contribute significantly to improve the quality of life of consumers. VISION To be the most admired healthcare company in Pakistan. ABBOTT PAKISTAN2020 ANNUAL REPORT 1. 2020

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