Abbott history

Doctor Abbott began to advertise his products to other doctors in 1891.

The company was incorporated in 1894.

By 1905, annual sales had grown to $200,000.

In 1907, Abbott expanded its reach outside the United States with the opening of an office in London, England.

1916: Production of our first synthetic medicine, Chlorazene, a breakthrough antiseptic developed by British chemist Doctor Henry Dakin to treat wounded soldiers in World War I.

1922: Development of Butyn by scientists Doctor Ernest Volwiler and Doctor Roger Adams, the first in a long line of breakthrough anesthetics to come from our company.

It is one of 25 companies to appear in all six annual editions of The 100 Best Stocks to Own in America. It has posted sales growth for 47 consecutive years, and it has showed dividend growth for 312 consecutive quarters since 1924.

1929: Abbott goes public with a listing on the Chicago Stock Exchange.

In 1931 the company established its first international affiliate in Montreal, Canada.

DeWitt Clough was named president of the company in 1933, ending a period of somewhat stale communal leadership.

1935: Introduction of Pentothal, which will be the world’s leading anesthetic for years to come and win our inventors, Doctor Volwiler and Doctor Donalee Tabern, induction into the United States National Inventors Hall of Fame.

1936: Company introduces the anesthetic sodium pentothal.

1942: Abbott joins a consortium of pharmaceutical makers, at the behest of the United States Government, to ramp up production of penicillin for wartime use.

After the departure of DeWitt Clough in 1945, Abbott shifted its attention to the development of antibiotics.

Abbott started operations in Pakistan as a marketing affiliate in 1948; the company has steadily expanded to comprise a work force of over 1500 employees.

1952: Company launches a new antibiotic, Erythrocin.

1959: Adoption of our Abbott "A" logo, a classic of industrial design that remains the cornerstone of our visual identity to this day.

Expansion continued in 1962 when Abbott entered into a joint venture with Dainippon Pharmaceutical Co., Ltd., of Osaka, Japan, to manufacture radio-pharmaceuticals.

By 1965 Abbott had gone several years without a major breakthrough in research and, worse yet, none was projected at any time in the immediate future.

According to Harvard professor Lester Grinspoon and Peter Hedblom, "In 1966 Abbott Laboratories sold the equivalent of two million doses of methamphetamine in powder form to a Long Island criminal dealer".

Then, in 1967, Edward J. Ledder was named president of the company.

Cyclamate sales had grown so dramatically that by 1969 they accounted for one-third of Abbott's consumer product revenues--or about $50 million.

1970: FDA bans the sale of cyclamates.

1971: Abbott is forced to recall 3.4 million bottles of intravenous solution.

When Schoellhorn joined Abbott in 1973 (after 27 years with American Cyanamid), he found the company in an unprecedented state of disarray.

Meantime, in 1977 Abbott entered into a joint venture with Takeda Chemical Industries, Ltd. of Japan called TAP Pharmaceuticals Inc. for the codevelopment and comarketing of pharmaceuticals.

In 1980 Abbott acquired Sorenson Research of Salt Lake City, Utah.

Abbott led the trend, developing the first diagnostic tests for Acquired Immune Deficiency Syndrome (AIDS), in 1985, and hepatitis.

Merrion, Paul, “Nestlé Sours Baby Formula for Abbott,” Crain’s Chicago Business, June 13, 1988.

In December 1989, Abbott’s board of directors unseated Schoellhorn, who in turn sued the company for his job.

1991: Clorithromycin, an antibiotic, is introduced.

In 1994 Abbott introduced sevoflurane, an inhalation anesthetic that soon gained popularity because of its wide range of uses.

In 1995 Abbott scientists researched chemical interactions inside the brain in order to develop new therapies for neurological and psychiatric disorders.

In 1996 Abbott bolstered its diagnostics division through the $867 million purchase of MediSense, Inc., a Waltham, Massachusetts-based maker of blood-testing devices for diabetics.

By 1997 Abbott had doubled its sales and earnings since Burnham had taken over from the ousted Schoellhorn.

During the leadership transition period in 1998, Abbott acquired Murex Technologies Corporation, a maker of diagnostics products, for $234 million.

At the beginning of that year, Miles D. White, who had been a senior vice-president in charge of the diagnostics division, took over as CEO. Later in 1999, White was named chairman as well.

In January 2000 Abbott sold its agricultural products business to Sumitomo Chemical Co., Ltd.

Approximately $1.33 billion of its 2001 revenues went into research and development.

2002: FDA approval of Humira, the first fully-human monoclonal antibody drug.

In 2004, the company acquired TheraSense, a diabetes-care company, which it merged with its MediSense division to become Abbott Diabetes Care.

2006: Launch of the Xience V drug-eluting stent.

However, on 11 July 2007, Abbott announced that it had terminated its agreement with GE because the parties could not agree on the terms of the deal.

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On 26 February 2009, the company completed its acquisition of Advanced Medical Optics based in Santa Ana, California.

On 22 March 2010, the company completed its acquisition of a Hollywood, Florida-based LIMS company STARLIMS. Under the terms of the deal, Abbott Laboratories acquired the company for $14 per share in an all-cash transaction valued at $123 million.

In October 2011, Abbott announced that it planned to separate into two companies, one research-based pharmaceuticals and the other in medical devices, generic drugs sold internationally, and diagnostics, with the latter retaining the Abbott name.

The company announced that the spun-off research-based pharmaceuticals company would be named AbbVie in March 2012.

AbbVie was officially listed in the New York Stock Exchange on 2 January 2013.

On 16 May 2014, it was announced that Abbott would acquire the holding company Kalo Pharma Internacional S.L. for $2.9 billion in order to secure the 73% it held of Chilean pharmaceutical company, CFR Pharmaceuticals, which the company said would more than double its branded generic drug portfolio.

Hospira was later acquired by Pfizer in 2015.

In February 2016, the company announced it would acquire Alere for $5.8 billion.

Abbott sold this business to Johnson & Johnson in February 2017.

In August 2018, Reuters reported that "Abbott Laboratories (ABT.N) was among the top five companies for branded generic drugs in Russia, the company's chief financial officer, Brian Yoor, said in January."

In January 2019, Abbott exercised its option to purchase Cephea Valve Technologies, Inc. who are developing a less-invasive replacement heart valve for people with mitral valve disease.

In January 2020, the Tendyne Mitral Valve became the world's first commercially available solution for Mitral Valve Replacement Technology.

In September 2021 the business announced it would acquire Walk Vascular, LLC.