ABBOTT PARK, Ill.—Abbott announced its plans to separate into two publicly traded companies, one in diversified medical products and the other in research-based pharmaceuticals.
The diversified medical products company will consist of Abbott's existing diversified medical products portfolio, including its branded generic pharmaceutical, devices, diagnostic and nutritional businesses, and will retain the Abbott name. The research-based pharmaceutical company will include Abbott's current portfolio of proprietary pharmaceuticals and biologics and will be named later.
"Today's news is a significant event for Abbott, and reflects another dynamic change in our company's 123-year history, strengthening our outlook for strong and sustainable growth and shareholder returns," said Miles D. White, chairman and CEO, Abbott.
The research-based pharmaceutical company has nearly $18 billion in annual revenue today and will have a portfolio of brands, including Humira, Lupron, Synagis, Kaletra, Creon and Synthroid. In addition, they company has a pipeline of R&D assets—in areas such as Hepatitis C, immunology, chronic kidney disease, women's health, oncology and neuroscience.
The diversified medical products company has approximately $22 billion in annual revenue today and a mix of products balanced across four major businesses.
White will remain chairman and CEO of Abbott, the diversified medical products company. Richard A. Gonzalez, currently executive vice president, Global Pharmaceuticals, will become chairman and CEO of the research-based pharmaceutical company. Gonzalez is a more than 30-year Abbott veteran and was previously president and chief operating officer of Abbott.
