Abbott Laboratories facts for kids
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| Public | |
| Traded as | |
| Industry |
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| Founded | 1888 (as Abbott Alkaloidal Company) in Ravenswood, Chicago |
| Founder | Wallace Calvin Abbott |
| Headquarters | Green Oaks, Illinois, U.S. |
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Area served
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Worldwide |
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Key people
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| Products |
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| Revenue |  US$40.1 billion (2023) |
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Operating income
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US$6.48 billion (2023) |
| US$5.72 billion (2023) |
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| Total assets | US$73.2 billion (2023) |
| Total equity |  US$38.8 billion (2023) |
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Number of employees
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c. 114,000 (2023) |
Abbott Laboratories is a big American company that makes medical devices and health care products. Its main office is in Green Oaks, Illinois, in the United States. A doctor named Wallace Calvin Abbott started the company in 1888. He wanted to create better medicines. Today, Abbott sells many things like medical devices, diagnostic tests, generic medicines, and nutritional products. In 2013, the part of the company that focused on research-based medicines became a separate company called AbbVie.
Some of Abbott's well-known products include Pedialyte, Similac, BinaxNOW, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT, and MitraClip.
History of Abbott Laboratories
How it Started
In 1888, Wallace Abbott, a doctor who was 30 years old, started the Abbott Alkaloidal Company in Ravenswood, Chicago. He also owned a drug store. Dr. Abbott had a new idea: he made tiny pills called "dosimetric granules" from the active parts of medicinal plants. These pills, made from things like morphine and quinine, gave patients a more exact and steady dose of medicine than the liquid medicines used before. In 1922, the company moved to North Chicago, Illinois.
Growing Around the World
Abbott first expanded outside the U.S. in 1907, opening an office in London. Later, it added an office in Montreal, Canada. Abbott India Ltd started in 1944. The company also began working in Pakistan in 1948 and now has over 1500 employees there, with two factories making medicines.
In 1964, Abbott joined with Ross Laboratories. This brought popular products like Similac under Abbott's care. After this, Ross Laboratories, while part of Abbott, also introduced nutritional products like Pedialyte and Ensure. By 1965, Abbott had opened offices in Italy and France, continuing its growth in Europe.
The 21st Century
In 2001, Abbott bought Knoll, a medicine company. In 2004, it bought TheraSense, a company that helps people with diabetes. This led to the creation of Abbott Diabetes Care.
In 2007, Abbott bought Kos Pharmaceuticals, which made medicines like Niaspan. In 2009, Abbott bought Advanced Medical Optics, a company that made eye care products.
In 2010, Abbott bought the medicine part of Solvay S.A., which helped it get more medicines and grow in new markets. That same year, it bought STARLIMS, a company that makes software for laboratories. It also bought a large generic drug unit from Piramal Healthcare in India.
New Companies from Abbott
In 2004, Abbott created a new company called Hospira from its hospital products division. Later, in 2015, Pfizer bought Hospira.
In 2011, Abbott decided to split into two separate companies. One company, called AbbVie, would focus on research-based medicines. The other company would keep the Abbott name and focus on medical devices, generic drugs sold worldwide, and diagnostic products. Abbott Nutrition, which makes products like Similac and Ensure, also stayed with the Abbott name. This split happened on January 1, 2013.
Recent Developments
In 2014, Abbott bought Kalo Pharma Internacional S.L. to gain control of CFR Pharmaceuticals, a Chilean medicine company. This helped Abbott greatly increase its collection of branded generic drugs. In December 2014, Abbott also bought Veropharm, a Russian medicine maker.
In 2015, the company bought Tendyne Holdings, Inc., which develops new ways to fix heart valves without major surgery. In January 2020, the Tendyne Mitral Valve became the first of its kind to be sold in Europe.
In 2016, Abbott announced it would buy Alere, a company that makes quick diagnostic tests. In 2017, Abbott also bought St. Jude Medical for a large sum of money. These purchases made Abbott a leader in diagnostic testing and medical devices.
In 2017, the U.S. FDA approved Abbott's FreeStyle Libre system. This system helps people with diabetes check their glucose levels using a sensor, without needing to prick their fingers.
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In November 2018, Abbott got approval for FreeStyle LibreLink, a smartphone app that reads glucose levels. In January 2019, it bought Cephea Valve Technologies, Inc., a company working on a less invasive heart valve replacement.
In March 2020, during the COVID-19 pandemic, Abbott quickly received approval for a SARS-CoV-2 test. This small device could give results in just 13 minutes. Abbott also developed other COVID-19 tests, including antibody tests and a rapid antigen test called BinaxNOW, which is the size of a credit card and gives results in 15 minutes. By January 2021, Abbott had delivered over 400 million COVID-19 tests.
In September 2021, Abbott bought Walk Vascular, LLC. In January 2022, Abbott launched Lingo, which are wearable sensors that collect health data to help people with exercise and nutrition. In May 2022, the FDA approved FreeStyle Libre 3, the newest version of its continuous glucose monitor.
In August 2022, Abbott received FDA approval for Proclaim Plus, a system to help people with chronic pain. In October 2022, Abbott received approval for its monkeypox PCR test.
On July 5, 2023, Abbott received FDA approval for its Aveir DR pacemaker system. In August, the company announced it would buy Bigfoot Biomedical.
Today, Abbott works in over 160 countries around the world.
How Abbott Works
What Abbott Does
Abbott's main work focuses on four areas:
- Nutrition: This includes food products for babies (like Similac) and adults (like Ensure and ZonePerfect). It also has special foods for people with certain health needs (like Glucerna).
- Diagnostics: These are tests that help doctors find out what's wrong with someone. This includes tests done in labs, quick tests, and tests for specific molecules.
- Medical devices: These are tools and machines used in healthcare. They include devices for heart problems, devices to help with diabetes, and tools for brain and nerve conditions.
- Established Pharmaceuticals: These are well-known generic medicines sold mostly in developing countries.
Who Leads Abbott
Miles D. White worked at Abbott for many years, becoming the CEO. In November 2019, he announced he would step down. In March 2020, Robert B. Ford became the new president and CEO, and later the chairman of the company.
Awards and Recognition
Abbott is a highly recognized company. In 2022, it was ranked 86th on the Fortune 500 list, which names the largest companies in the U.S. Fortune also called Abbott one of the "World's Most Admired Companies" in 2021.
The company has been on the "100 Best Companies" list for families for 21 years in a row. It's also been recognized for its diversity and for being a top employer by Science magazine. Abbott has been included in the Dow Jones Sustainability Index for 18 years, showing its commitment to being a responsible company.
Abbott's Products
Nutrition Products
Abbott makes many nutrition products for children, including:
- Similac
- Pedialyte
- PediaSure
For adults, Abbott's nutrition products include:
- Ensure
- Glucerna (for people with diabetes)
- ZonePerfect
Diagnostic Products
Abbott's diagnostic products help doctors find out what's happening inside the body. Some of these include:
- i-STAT (a device for quick tests)
- Alinity (lab testing systems)
- BinaxNOW (rapid tests)
Medical Devices
Abbott makes many medical devices, such as:
- Continuous glucose monitors: These devices help people with diabetes track their blood sugar levels without finger pricks.
- FreeStyle Libre
- FreeStyle Libre 2 Sensor
- FreeStyle Libre 3 Sensor
- Cardiovascular devices: These are for heart and blood vessel conditions.
- MitraClip (for heart valve repair)
- Heartmate (for heart failure)
- Aveir DR (a leadless pacemaker)
- Neuromodulation devices: These devices help with chronic pain or other nerve-related conditions.
- Proclaim XR Recharge-Free Spinal Cord Stimulator
Sponsorships
Since 2015, Abbott has been the main sponsor of the World Marathon Majors, a series of the biggest marathon races in the world.
See also
In Spanish: Abbott Laboratories para niños
- List of Illinois companies
- List of pharmaceutical companies
- Clara Abbott
- 2022 United States infant formula shortage
