Abbott, which owns the businesses of nutrition, diagnosis, medicine and medical devices, released its financial report for the fourth quarter and the whole year of 2020 on the 28th, showing that it achieved revenue of US $10.7 billion in the fourth quarter of last year, a year-on-year increase of 28.4%; in 2020, it achieved revenue of US $34.6 billion (about RMB 223 billion), a year-on-year increase of nearly 10%.
Robert Ford, Abbott’s Global CEO, described the company’s double-digit earnings per share growth in 2020 despite severe challenges, “a breakthrough innovation and driving new product lines.”. He also predicted that the earnings per share of Abbott will grow by more than 35% in 2021. Stimulated by the good news, the share price of Abbott rose 5.39% to $120.39.
It is worth noting that recently Abbott China also raised the award of “outstanding employer in China” for the tenth consecutive year. Let’s take a look at the details.
Nutrition continues to grow
According to financial report data, Abbott’s global diagnostic business ranked first among the four major businesses in terms of growth rate, with sales reaching US $4.34 billion in the fourth quarter of last year, a year-on-year increase of 108.9%. The company has launched 11 viruses, antibodies and antigenic reagents for New Coronavirus worldwide, and has completed more than 400 million tests on multiple platforms including rapid testing and laboratories.
In the second place is the nutrition business. Xiaoshidai noticed that in the fourth quarter of last year, Abbott’s global nutrition business achieved a revenue of $1.93 billion, with a year-on-year organic growth of 4.4%; last year’s annual revenue of $7.647 billion, with a year-on-year organic growth of 4.7%.
Among them, the sales of adult nutrition products in the fourth quarter of last year achieved a year-on-year organic growth of 12.7%, the growth is particularly eye-catching. Abbott pointed out that this is due to the continuous good performance of its all nutrition brand, ensure, and its nutrition brand, glucerna, which is specially designed for diabetics.
In the field of infant nutrition, Similac achieved 5.2% sales growth in the U.S. market.
As a matter of fact, the growth of domestic infant milk powder market has slowed down due to the dilution of neonatal dividend and other factors. Recently, an analyst from Euromonitor International pointed out that the retail sales of infant formula in China’s market in 2020 will be about 170 billion yuan, and the compound growth rate of retail sales in the past five years will be 7%. Considering various factors, it is estimated that the compound growth rate of retail sales of infant formula in the next five years will be about 4%.
According to xiaoshidai, last year Abbott introduced three new products: Similac A2 organic, alimetum deep hydrolysis and EleCare amino acid formula through cross-border e-commerce platform. Among them, Similac A2 organic infant formula is the first organic A2 infant formula in the United States.
During the Expo last year, Abbott also launched the upgraded Jingzhi blue can series.
Luo Fude pointed out at the analysts’ meeting that Abbott’s global nutrition business is expected to maintain growth by 2021, and the launch of new products will also maintain a strong momentum.
Best employer in China for ten years in a row
Abbott is also on the list of winners of “outstanding employers in China” in 2021, which is the 10th consecutive year that Abbott has obtained this certification. Abbott pointed out that giving full play to the personal value of employees and building a sharing and win-win model between the company and employees are the company’s long-term human resource strategy.
In the past year, COVID-19 has brought new challenges to the company’s human resources management. Abbott has always regarded employee’s occupation development and safety and health as the core factor of the success of the company, and quickly built up a reliable risk prevention system from different dimensions, creating a safe working environment, ensuring the physical and mental health of employees and helping employees. To achieve the sustainable development of individual and career.
Abbott awarded “outstanding employer in China” certification in 2021
It is understood that after the outbreak, Abbott immediately took various measures to ensure the safety of employees in the first place. On the one hand, it provides all staff with diversified protective equipment and flexible office conditions to ensure safe and orderly resumption of production. On the other hand, Abbott also provides online professional psychological counseling services for employees and their families, and has launched an online fitness challenge to encourage employees to form teams to exercise and keep healthy in a flexible and diverse way.
At the same time, even during the epidemic period, Abbott China’s talent reserve and staff training programs did not slow down. In this special period last year, Abbott launched online “cloud Recruitment” to attract talents.
Abbott has been awarded “outstanding employer of China” for ten consecutive years
In addition, Abbott has launched a “Himalayan” talent community project for high potential talents in China to accelerate talent development and internal exchanges and enhance local talent reserves. The “Abbott operation management trainee” project, which has been implemented for many years, provides three-year job rotation opportunities for outstanding graduates to help young talents clarify their career development path.
Abbott also helps interns integrate into the workplace and develop their professional skills rapidly by implementing inter departmental and multi field internship training programs and assigning career mentors to interns in China.