Nyse Stocks Alarick Storm
I chose to do research on the following companies Abbott Laboratories, x, x, x, and x. I chose Abbott Laboratories for a number of reasons. One was because of its history, it is a very old company and the longer a company lasts the better chances of it continuing to last as it could adapt to the changing times. Also it has been steadily increasing in value over time. This is a pharmaceutical company meaning it deals with drugs which is always interesting to me, the way we use chemicals to provoke different reactions in the human body is fascinating. As far as what products of theirs I own, I am not really sure as as time progressed they diversified dramatically and own thousands of products of the market today. The …show more content…
Then a minor change in 1915 the name was changed to Abbott Laboratories to allow greater diversification but nothing beyond medical care yet. Then it became open to stocks in 1929 it went public on Chicago Stock Exchange. Over the next couple decades some new products were released including Erythromycin a new antibiotic and anesthetic sodium pentothal. But a major change occurred in 1967 when under the new leadership of president Edward J. ledder decides to significantly diversify into many areas other than pharmaceuticals such as sugar substitute ( cyclamate). But just three years later the FDA ban the sale of cyclamate because it is discovered as a carcinogenic (cancer causing). And then to make matters worse in less than a year Abbott had to recall 3.4 million bottles of intravenous solution because of the sealant for the bottles called Gilsonite which was found to hold bacteria. The Center for Disease Control linked these bottles to 434 infections and 49 deaths at a minimum. Eventually it was settled in court that they pleaded no contest to conspiracy and paying the low cost of a 1000 fine. But much more significantly their sales dropped from 17.9 …show more content…
He continued diversifying which only helped the company and allowed more room for bouncebacks. Abbott received enormous success in diagnostic equipment such as blood analyzers. They developed some of the first tests for AIDS and hepatitis in 1985. Abbott’s had a new drug developed in 1987 and approval by the FDA allowed it to be put on the market; Hytrin, which was used to treat hypertension. Schoellhorn was generally accepted as the main reason for Abbott's incredible development during the 1980’s. Unlike other leaders in the field like SmithKline Beecham, Merck, and Eli Lilly Abbott did not hire a drug distribution manager in the mid 1990s, Instead they funded their Research and development program. 1994 was the 23rd year of earning increases, which helped the stock when the medical field was struggling. Then in 1991 they invented clorithromycin, labeled as Biaxin in the United States clorithromycin quickly transformed into Abbott's lead drug. But Abbott continued to flourish and from when Schoellhorn relinquished control to 1997 both earnings and revenue had doubled. In 2000 for the first time in decades after selling its agricultural department it was once again an entirely pharmaceutical company. Kaletra was approved later that year
I chose to do research on the following companies Abbott Laboratories, x, x, x, and x. I chose Abbott Laboratories for a number of reasons. One was because of its history, it is a very old company and the longer a company lasts the better chances of it continuing to last as it could adapt to the changing times. Also it has been steadily increasing in value over time. This is a pharmaceutical company meaning it deals with drugs which is always interesting to me, the way we use chemicals to provoke different reactions in the human body is fascinating. As far as what products of theirs I own, I am not really sure as as time progressed they diversified dramatically and own thousands of products of the market today. The …show more content…
Then a minor change in 1915 the name was changed to Abbott Laboratories to allow greater diversification but nothing beyond medical care yet. Then it became open to stocks in 1929 it went public on Chicago Stock Exchange. Over the next couple decades some new products were released including Erythromycin a new antibiotic and anesthetic sodium pentothal. But a major change occurred in 1967 when under the new leadership of president Edward J. ledder decides to significantly diversify into many areas other than pharmaceuticals such as sugar substitute ( cyclamate). But just three years later the FDA ban the sale of cyclamate because it is discovered as a carcinogenic (cancer causing). And then to make matters worse in less than a year Abbott had to recall 3.4 million bottles of intravenous solution because of the sealant for the bottles called Gilsonite which was found to hold bacteria. The Center for Disease Control linked these bottles to 434 infections and 49 deaths at a minimum. Eventually it was settled in court that they pleaded no contest to conspiracy and paying the low cost of a 1000 fine. But much more significantly their sales dropped from 17.9 …show more content…
He continued diversifying which only helped the company and allowed more room for bouncebacks. Abbott received enormous success in diagnostic equipment such as blood analyzers. They developed some of the first tests for AIDS and hepatitis in 1985. Abbott’s had a new drug developed in 1987 and approval by the FDA allowed it to be put on the market; Hytrin, which was used to treat hypertension. Schoellhorn was generally accepted as the main reason for Abbott's incredible development during the 1980’s. Unlike other leaders in the field like SmithKline Beecham, Merck, and Eli Lilly Abbott did not hire a drug distribution manager in the mid 1990s, Instead they funded their Research and development program. 1994 was the 23rd year of earning increases, which helped the stock when the medical field was struggling. Then in 1991 they invented clorithromycin, labeled as Biaxin in the United States clorithromycin quickly transformed into Abbott's lead drug. But Abbott continued to flourish and from when Schoellhorn relinquished control to 1997 both earnings and revenue had doubled. In 2000 for the first time in decades after selling its agricultural department it was once again an entirely pharmaceutical company. Kaletra was approved later that year