Financial Annual Report 2014 - Abbott Laboratories
2014 A N N U A L R E P O R T
Abbott is a globally diversified healthcare company whose centralpurpose is to help people, at all the stages of life, live their best possiblelives through better health. We offer a broad portfolio of market-leadingproducts that align with favorable long-term healthcare trends in bothdeveloped and developing markets. Building on a strong foundation ofmore than 125 years of success, our company is poised to deliver durablegrowth, expanding margins, strong cash flow and increasing returns toshareholders.TABLE OF 0626465667490929394139143145146Our VisionOur MissionOur ValuesLife. To The FullestHistory ess DivisionsEstablished PharmaceuticalsNutritionDiagnosticsDiabetes CareEthics and ComplianceHuman Resource DevelopmentEnvironment, Health & SafetyCorporate Social Responsibility at Abbott PakistanSupporting Our CommunitiesOur Global Citizenship PrioritiesAwards and RecognitionCorporate InformationCorporate StructureDirectors’ ProfileCorporate GovernanceBrief Terms of Reference of Board CommitteesBoard Committees AttendanceDirectors’ ReportKey Operating and Financial DataStatement of Compliance with the Code of Corporate GovernanceReview Report to the Members on Statement of Compliance with Best Practices of Code of Corporate GovernanceAuditors’ Report to the MembersFinancial StatementsPattern of ShareholdingNotice of Annual General MeetingCalendar of Financial EventsGlossaryProxy FormTHEMELIFE. TO THE FULLEST.Our total focus is towards helping people to live their best lives. With thebest possible healthcare solutions, we strive for making a difference andenriching the lives of people in our country. Offering a broad range ofinnovative solutions, our presence is felt in the market.
ABBOTT PAKISTAN2014 ANNUAL REPORTVISIONTo be the most admiredhealthcare company in Pakistan.MISSIONTo deliver consistently superiorproducts and services which contributesignificantly to improve the quality of lifeof consumers.1
ABBOTT PAKISTAN2014 ANNUAL REPORTOUR VALUESValues are the foundation for building a meaningfulcorporate identity. Abbott is a company rooted invalues and our core values of honesty, integrity andfairness describe a standard of behavior expected ofevery Abbott employee.Abbott has four differentiating values built on thesecore values that speak to the unique strengths thathave made our company what it is today, and describethe strengths we continue to build on to deliver ourbusiness goals.The values are a blueprint for employee behavior.They are the underpinnings of our Brand Promise,defining how we serve our constituents. These valuesare woven into all business processes company-wideover time, informing how we plan and run our businesses, how we serve our customers, how we measureand motivate performance, and how we communicateinternally and externally. Aligning our organizationaround this cohesive set of values has been critical tothe achievement of Abbott’s brand and business goals.PIONEERINGLeading-edge science and innovative commercializationWe lead with solutions that address human needsby pioneering innovative treatments and solutions,lifesaving medical devices, and new approaches tomanaging health.2ACHIEVINGCustomer-focused outcomes and world-class executionWe drive for meaningful results demanding of ourselves and each other because our work impactspeople’s lives. We’re committed to working together todeliver solutions that are effective and profitable. Ourfocus on execution and collaboration ensures that wekeep our promises to each other and to those we serve.CARINGMaking a difference in people’s livesCaring is central to the work that we do to help peoplelive healthier lives. We have tremendous respect forthe lives of everyone touched by our company. Ourrespect for people is demonstrated in what we do andhow we act.ENDURINGCommitment and purposeEnduring means both honoring our history and maintaining our commitment to the future. We will alwaysbe here to help keep people healthy. We keep ourpromises, acting in accordance with all of our values.
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ABBOTT PAKISTAN2014 ANNUAL REPORTLIFE.Good health is thegreat enabler. Itmakes everythingelse possible.5
ABBOTT PAKISTAN2014 ANNUAL REPORTTO THEFULLEST.Abbott’s fundamental purpose is helpingpeople get healthy and stay healthy, at allstages of life, so they can enjoy their bestpossible lives.6
ABBOTT PAKISTAN2014 ANNUAL REPORTWe draw on our key strengths – ourdiversity of products and markets, ourunwavering commitment to quality, aholistic approach to addressing healthneeds, and our commitment to locallytargeted solutions – to maximize theimpact we can have on the lives ofpeople.7
ABBOTT PAKISTAN2014 ANNUAL REPORTHISTORY TIMELINEA Tradition of InnovationMore than 125 years ago, 30-year-old Dr. WallaceC. Abbott, a practicing physician and pharmacyproprietor, founded the company that bears his name.Using the active part of a medicinal plant, known asthe “alkaloid,” he formed tiny pills, called “dosimetricgranules,” which provided more accurate and effectivedosing for his patients than other treatments availableat the time. The demand for these accurate granulessoon far exceeded the needs of his own practice and,from these modest origins, was born Abbott, one ofthe world’s most broad-based health care companiesand a global leader in the discovery, development andmanufacture of products that span the continuum ofcare.1915The Abbott Alkaloidal Company’s name is changed toAbbott Laboratories toreflect the company’sgrowing researchorientation and move tosynthetic compounds.1920Dr. Abbott breaksground for a newmanufacturing facility in North Chicago, Illinois. Thislocation will serve as the company’s headquarters formore than 40 years.19291888Abbott stock is listedon the ChicagoStock Exchange. Theoffering is 20,000shares for 32 each.Seeking better and moreaccurate medicationsfor his patients, WallaceC. Abbott, M.D., beginsproducing dosimetricgranules in the apartmentabove his People’s DrugStore on Chicago’s NorthSide. First-year sales are 2,000.Abbott’s first international affiliate is established inMontreal, Canada.1900193819101948The business is officially incorporated in Illinois as theAbbott AlkaloidalCompany.There are morethan 700 productsin the Abbottcatalogue. The company expands with branches inNew York, San Francisco, Seattle and Toronto, aEuropean agency in London, and business in India.81931Abbott celebrates its 50th anniversary with thededication of a new, state-of-the-art research center inNorth Chicago.Abbott startsits operationsin Pakistan, as aprivate marketingcompany.
ABBOTT PAKISTAN1962Abbott opens its first manufacturing facility in Karachi,Pakistan.1964Abbott acquiresM&R DieteticLaboratories ofColumbus, Ohio, bestknown as makers ofSimilac, one of thefirst milk-based infant formulas.1965The company’s globalgrowth warrants a newheadquarters. Majoroperations are moved toAbbott Park, a 420-acresite southwest of its NorthChicago headquarters.1973The global AbbottDiagnostics Division isformed to bring together the company’s diagnosticproducts and services. Ensure, Abbott’s first adultmedical nutritional, is introduced.19822014 ANNUAL REPORT2001Abbott acquires the pharmaceutical business ofBASF, including the global operations of KnollPharmaceuticals, expanding the company’s globalscope and biotechcapabilities. Vysis,Inc., a leadinggenomic diseasemanagementcompany, is acquiredto strengthenAbbott’s positionin the moleculardiagnostics market.2004Abbott Diabetes Care is created with the acquisition ofTheraSense Inc., a leading blood glucose monitoringbusiness. Abbott also acquires EAS Inc., a leader inperformance nutrition products.2010Abbott acquires Solvay Pharmaceuticals, the globalpharmaceutical business of the Solvay Group andSTARLIMS Technologies,a leader in laboratoryinformation managementsystems.2013Abbott is listed asa public limitedcompany inPakistan.Abbott separates into twoleading healthcare companies, a diversified medicalproducts company under the Abbott name and aresearch based pharmaceutical company, namedAbbVie.19882014Abbott celebrates its centennial.Abbott acquires the control of CFR Pharmaceuticalthereby establishing Abbott among top pharmaceuticalcompanies in Latin America. Abbott also acquirescontrol of Veropharm, a leading pharmaceuticalmanufacturer in Russia. This move strengthensEstablished Pharmaceuticals business and Abbott as awhole.9
ABBOTT PAKISTAN2014 ANNUAL REPORTDIVERSITYDIVERSITY IS FUNDAMENTAL TO ABBOTT’SCONTINUED SUCCESS, INSULATING US FROMVOLATILITY AND OFFERING MORE STRATEGICFLEXIBILITY AS WE ACCELERATE OUR GROWTH.DIVERSED PORTFOLIO MIXESTABLISHEDPHARMACEUTICALSNUTRITION76 15%2%GENERALHEALTH CARE5 2%DIAGNOSTICS10%%DIABETES CARE
ABBOTT PAKISTAN2014 ANNUAL CSDIABETES CARE11
ABBOTT PAKISTAN2014 ANNUAL REPORTPRESENCEWE ARE WELL ESTABLISHED ANDOUTPERFORMING THE MARKET INPAKISTAN. OUR PRESENCE IS MAKINGAN IMPACT ON THE LIVES OF PEOPLE.MarketShare6.9%(IMS Dec. 2014, MAT)12MarketGrowth17.8%(IMS Dec. 2014, MAT)
ABBOTT PAKISTAN2014 ANNUAL REPORT2ND LARGEST PHARMACEUTICALIN PAKISTANFASTEST GROWINGMNC13
ABBOTT PAKISTAN2014 ANNUAL REPORTINFANTSYOUTHSIMILACRASHNILISOMILBRUFEN SUSPENSIONVIDAYLIN DROPSKLARICIDBRUFEN DSPEDIASUREVIDAYLINKLARICID DSEPIVAL SYRUPENTAMIZOLE SYRUP14
ABBOTT PAKISTAN2014 ANNUAL REPORTCONNECTIONOur brands have a connection withdiverse segments of population. Makinglives of different groups healthier. Wecontinue to add more and more peopleinto our fold of care and LAC SYRUPSERCGANATONENSURECITRO-SODAFREESTYLE OPTIUMFAVERINARTIFENPRAMET FA15
ABBOTT PAKISTAN2014 ANNUAL REPORTLEADERSHIPAbbott enjoys leadership position in manytherapeutic areas like vitamins, central nervoussystem/pain, cough and cold, women healthetc. With patients at center of our thinking wealso offer portfolio solutions in the categorieslike pediatrics, women health, gastroenterology,respiratory, central nervous system/pain,diabetes, nutrition and laboratory diagnostics.ESTABLISHEDPHARMACEUTICALS Klaricid (the world’s* and Pakistan’s #1 macrolide antibiotic) Brufen (the world’s* and Pakistan’s #1 ibuprofen brand in volume) Surbex Z (Pakistan’s #1 multivitamin mineral tablet) Arinac (Pakistan’s #1 cough and cold preparation, in both adults and children) Duphaston (the world’s* and Pakistan’s #1 brand for progesterone deficiency) Serc (Pakistan’s #1 branded treatment for vertigo) Duphalac (Pakistan’s #1 branded treatment for constipation) Epival (Pakistan’s #1 branded treatment for epilepsy, in both adults and children)* Ex USA16
ABBOTT PAKISTAN2014 ANNUAL REPORTNUTRITION# 1 Nutrition companyin PakistanDIABETES CAREState of the art softwareDIAGNOSTICS#1 in immunoassaydiagnostics#1 in Blood Screening17
ABBOTT PAKISTAN2014 ANNUAL REPORTBUSINESS DIVISIONSOur patient centric solutions in pharmaceuticals, nutrition, diagnostics anddiabetes care are addressing important health needs of people all acrossPakistan. Our diversity - of expertise, technology and geography providesperspective that enables us to have enduring impact on the lives of millions ofpeople across regions and cultures.Abbott Pakistan has the following core businesses - all focused on advancinginnovations that provide solutions for people in their pursuit of healthy lives.PHARMACEUTICALS: LOCALIZED INNOVATIONWe offer high-quality, affordable and trusted branded generic medicines to help treat some of the mostpervasive and persistent health conditions around the world. Through packaging enhancements, newformulations and innovative delivery methods, we tailor our portfolio solutions to address health needsin Pakistan and provide access to some of the most trusted and proven medicines to those who need themmost. Abbott also offers General Healthcare products in Pakistan.18
ABBOTT PAKISTAN2014 ANNUAL REPORTNUTRITION: WORLDWIDE LEADER IN NUTRITIONWe offer science-based nutrition products for every stage of life - from infant and pediatric to adult healthyliving and therapeutic nutrition. Our products include leading consumer brands like Similac, Ensure,Glucerna and PediaSure - as well as specialty products that help meet the nutritional needs of people with avariety of health conditions, such as cancer, diabetes, kidney disease and osteoporosis.DIAGNOSTICS: PIONEERING MEDICALDIAGNOSTICSOur innovative instrument systems and tests help monitor arange of health conditions with speed, accuracy and efficiency.From automated immunodiagnostics systems and bloodanalyzers to sophisticated molecular diagnostics and point-ofcare devices, our technologies provide health care professionalswith information they need to make the best treatment decisions.DIABETES CARE: BETTER OPTIONS ANDIMPROVED OUTCOMESAbbott Diabetes Care is committed to develop products to reducethe discomfort and inconvenience of blood glucose monitoring;introducing systems that are easier to use, require less blood andprovide faster results. We design, develop and manufacture severalleading-edge glucose monitoring systems and test strips for use inboth home and hospital settings.19
ABBOTT PAKISTAN2014 ANNUAL REPORTESTABLISHEDPHARMACEUTICALSTRUSTEDBRANDS INGROWINGMARKETThanks to a trusted medicine that helpedhim take control of his life, Adam binTahir is better able to relax and enjoythe things - and the people - that reallymatter to him.20EPIVAL
ABBOTT PAKISTAN2014 ANNUAL REPORTAdam BinTahirHello I am Adam and I want to share with you mySince then I have not only improved but I have alsostory. I am 19 years old; I had my right side brainmade some marvelous achievements in computerdamaged at birth. I have weakness on my left sidegraphics, drama, speech competition and scouting,including my hand, eye, ear and leg. I was regarded asrequiring above average mental performance andan abnormal child.creativity.I had partial seizures that became generalized laterI am thankful to Abbott for adding quality and colorson. I was put on Abbott’s Epival by my physician atto my life.the age of 5. I am using it from the last 14 years.21
ABBOTT PAKISTAN2014 ANNUAL IESTO MAKE ADIFFERENCEAs the Economy expands, people havemore resources to devote to healthcareand, increasingly, more choices in how thatmoney is spent. When given that choice,they look for the promise of quality andefficacy that Abbott’s pharmaceutical brandsrepresent.With a wide range of products Abbott is ina position to offer patient centric portfoliosolutions, which will enable the physiciansand the patients to rely on Abbott’s quality.Over the next several years, our focuson emerging opportunities will fuel ourgrowth, as Abbott is well aligned with thefundamentals driving long-term growth forhealthcare in Pakistan.222State of the artmanufacturing sites inKarachiensure reliable supply#2Abbott is No.2pharmaceutical company inPakistan
ABBOTT PAKISTAN2014 BUSINESS HIGHLIGHTSales increased by15%2014 ANNUAL REPORTAbbott focuses on seven coretherapeutic areas in which we havesolutions and the ability to addresssignificant customer needs. Theseareas are: Gastroenterology Pediatrics Women’s Health Cardio Vascular and Metabolic Pain/Central Nervous System Respiratory Hospital Care23
ABBOTT PAKISTAN2014 ANNUAL REPORTNUTRITIONSCIENCE-BASEDNUTRITIONFOR EVERYSTAGE OF LIFEWith the help of Ensure and its effectiveresults Dr. Iqbal is able to enjoy healthyand active life.ENSURE,COMPLETE NUTRITION24
ABBOTT PAKISTAN2014 ANNUAL REPORTDr IqbalUdaipurwalaDr Iqbal Udaipurwala, 62 years old is a professor ofWith Ensure he felt energetic and recovered fromPhysiology at Bahria University of Medical & Dentalweakness.College (BUMDC) and a leading ENT Surgeon ofKarachi.“Ensure is my partner for an active and healthy life. Ialso recommend it to my patients for faster healing andIn 2014, he felt severe weakness in fasting condition.early recovery ” says Prof Dr Iqbal Udaipurwala.He started to use Ensure at Sehri time.25
ABBOTT PAKISTAN2014 ANNUAL REPORTNUTRITIONThroughout the world, peoplecount on Abbott to help themget healthy and stay healthythroughout their lives.With our broad line of sciencebased products – from thecomplete nutrition of Similac,PediaSure and Ensure; andspecific nutritionals like Glucernafor people with diabetes. Abbottcan help people at every stage oflife reach their full potential.26OUR MOSTCONSUMERFACINGBUSINESSNEW PRODUCTSLAUNCHED IN 2014
ABBOTT PAKISTANABBOTT’SLEADING BRANDSPROVIDE STRONGFOUNDATION TOHELP US SHAPE THEMARKET WE SERVEAND CREATE NEWOPPORTUNITIES FOROUR NUTRITIONBUSINESS.2014 ANNUAL REPORT2014 BUSINESS HIGHLIGHTSales increased by18%Abbott is the leader in Nutritionin Pakistan27
ABBOTT PAKISTAN2014 ANNUAL r. Omar is now more confident andsatisfied with the results of Abbott’sArchitect diagnostic system. Hecannot rely on anything else anymore,according to him.28ARCHITECT,DIAGNOSTIC SYSTEM
ABBOTT PAKISTAN2014 ANNUAL REPORTDr. OmarChughtaiChughtais Lahore Lab is a 24 hour reference lab withpatients both at our core lab facility and at our satellitelocations in more than 100 cities across Pakistan.centers alike.Our goal is to report accurate results with a very fastIn 2007 we were Abbott’s launch customer for theturnaround time, and we need reliable and robustCi8200 in Pakistan. In the last few years our workinstrumentation that can cater to our growing volume.volume has grown exponentially, and today we usetwo Ci8200 and four Ci4100 units to serve ourThe scalable integrated systems from Abbott offer uspatients. Our growth would not have been possiblethe flexibility to produce commutable results for ourwithout these high quality instruments, and the evenbetter people at Abbott.29
ABBOTT PAKISTAN2014 ANNUAL REPORTDIAGNOSTICSAbbott offers a broad range ofinnovative diagnostics instrumentsystems and solutions for hospitals,reference labs, molecular labs, bloodbanks, physician offices, and clinics.Our diagnostic products are helpingour customers better meet thechanging needs of healthcare. Morethan simply tests or data points, ourdiagnostic solutions work togetherto help improve decision making andpatient care across the spectrum ofhealthcare.30TRANSFORMINGTHE CONTINUUMOF CARE#1in immunoassay andblood screening incountry
ABBOTT PAKISTAN2014 BUSINESS HIGHLIGHTSales increased by23%2014 ANNUAL REPORTNEW LAUNCH IN 2014A new ARCHITECTassay was launchedfor quantitativedetermination ofmethotrexate, whichis an antineoplasticdrug measured inhuman blood to ensureappropriate therapy incancer patients.31
ABBOTT PAKISTAN2014 ANNUAL REPORTDIABETESCARETECHNOLOGIESTHAT CHANGELIVESDr. Riasat enjoys an activefulfilling life thanks, in part, toAbbott’s FreeStyle Optium.FREESTYLE OPTIUM,BLOOD GLUCOSE AND KETONEMONITORING SYSTEM32
ABBOTT PAKISTAN2014 ANNUAL REPORTDr. Riasat AliKhanDr. Riasat Ali Khan was diagnosed as diabetic in 2013He is living a happy, healthy and active life .He isat the age of 38 during the routine checkup as he hasworking as physician in Pakistan Petroleum Limitedpositive family history of diabetes. Initially it was quite(PPL), as Project Manager in Research Departmentdepressive situation but soon he has overcome theof Baqai Institute of Diabetolgy & Endocrinologyailment and carried on with his career as ever.and General Secretary of Primary Care DiabetesAssociation of Pakistan. He walks regularly despiteHe is a strong believer of proper self-monitoring forhis busy schedule and he is not depressed about hisbetter glycemic control. He checks his blood sugar 3-4medical condition, because he knows he is not the onlytimes a
OUR VALUES Values are the foundation for building a meaningful corporate identity. Abbott is a company rooted in values and our core values of honesty, integrity and fairness describe a standard of behavior expected of every Abbott employee. Abbott has four differentiating values built on these core values that speak to the unique strengths that
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CELL-DYN 1800 System Quick Reference Guide 9140393A April 2004 FOREWORD The CELL-DYN 1800 System is manufactured by Abbott Diagnostics, Abbott Laboratories, 2000 Abbott Park Road, Abbott Park, IL 60064, USA. Please direct
Sports and Active Living ZonePerfect Carb Wise Powder ZonePerfect Carb Wise Shake ZonePerfect Classic Bars . For more information, contact your Abbott Nutrition Representative or visit www.abbottnutrition.com 2021 Abbott Laboratories Inc. Updated 8/10/2021 Abbott Nutrition Abbott Laboratories Columbus, OH 43219 -3034 1-800 -227 -5767 .
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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THE LEGO GROUP - ANNUAL REPORT 2014 1 THE LEGO GROUP ANNUAL REPORT 2014 The LEGO Group CVR: 54 56 25 19. THE LEGO GROUP - ANNUAL REPORT 2014 2 FINANCIAL HIGHLIGHTS THE LEGO GROUP (mDKK) 2014 2013 2012 2011 2010 Consolidated Income Statement: Revenue 28,578 25,294 23,095 18,731 16,014
Living Our Values 2004 Global Citizenship Report . . We put our values into action to help patients access affordable health care, the most important issue facing our . GSK-4.5 LLY-6.6 PFE-10.7 MRK-42.4 SGP-45.7 BMY-50.6 DOW 3.5 S&P HLTH 14.6 S&P 500-11.0 About Abbott. 5 Citizenship at Abbott
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