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Abbott Reviews 2004 Accomplishments at
Annual Shareholders' Meeting Abbott CEO Highlights Strong Financial Performance From Broad-based Business Model ABBOTT PARK, Ill., April 22 -- At the annual meeting of Abbott shareholders today, Chairman and Chief Executive Officer Miles D. White highlighted the company's strong performance across both its Pharmaceutical Products Group and Medical Products Group in 2004, a direct result of successfully executing on the strategy to reshape the company, giving Abbott a refined focus on high-growth, innovation-driven businesses. "Abbott's performance was outstanding in 2004," said Mr. White. "Overall sales increased 14 percent, and both of our operating groups delivered double- digit growth. Our medical products business had its best performance in a decade. And our U.S. pharmaceutical business was the second-fastest growing among our peers for the second consecutive year." "Our total return -- stock appreciation plus dividends -- over the last five years was more than 52 percent, which puts us at the top of our peer group," said Mr. White. "We have been able to deliver this high level of value for our shareholders because of the work we've done to strategically transform our company to prepare it for delivering sustained growth into the future. Our dual structure provides us one of the broadest and most stable bases in the health care industry." Abbott's medical products business grew 11 percent during 2004, led by double-digit growth in Abbott Vascular and Abbott Diabetes Care. The company continued to build its medical products offerings and pipeline during the year. Abbott Vascular launched the StarClose® Vascular Closure System in Europe in 2004 and recently submitted an application to the U.S. Food and Drug Administration (FDA). Abbott Vascular also began clinical trials of the ZoMaxx™ drug-eluting stent system outside the United States, and U.S. enrollment is set to begin shortly. In addition, Abbott's core diagnostics business completed more than 80 product launches during 2004 and placed more than 1,000 new ARCHITECT® systems worldwide. In Abbott's Pharmaceutical Products Group, U.S. sales grew 16 percent -- the fifth year of double-digit growth -- led by sales of HUMIRA®, Depakote® and TriCor®. In 2004, Abbott had 14 pharmaceutical brands with sales exceeding $200 million each, up from five products in that category in 1998. In addition, Abbott advanced its industry-recognized pharmaceutical pipeline. In 2004, Abbott submitted seven regulatory applications to the FDA for new medications/indications, including Zemplar® (paricalcitol) Capsules, for the treatment of a serious complication of chronic kidney disease; Xinlay™ (atrasentan), an oral, once-daily, non-chemotherapy agent for the treatment of late-stage prostate cancer; and HUMIRA (adalimumab) for the additional indications of early rheumatoid arthritis and psoriatic arthritis. During 2004, Abbott's patient assistance programs provided nearly 360,000 patients with free and discounted medicines valued at $240 million. Under Mr. White's leadership as chairman of the Pharmaceutical Research and Manufacturers of America (PhRMA) in 2004, PhRMA and many health care partners developed the groundbreaking Partnership for Prescription Assistance to provide free and discounted medications to those in need. Shareholder Proposals During the meeting, shareholders rejected six proposals that had been submitted. In addition, the shareholders ratified the selection of Deloitte & Touche LLP as auditors of the corporation for 2005. Abbott's 14 incumbent directors also were elected to the board of directors during the annual meeting. They are listed below:
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