Abbott Laboratories announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net sales of $5,356 million against $5,072 million a year ago. Operating earnings was $829 million against $627 million a year ago. Earnings from continuing operations before taxes were $804 million against $606 million a year ago. Earnings from continuing operations were $634 million or $0.41 per diluted share against $483 million or $0.31 per diluted share a year ago. Net earnings were $905 million or $0.59 per diluted share against $589 million or $0.37 per diluted share a year ago. Net earnings from continuing operations, excluding specified items were $943 million or $0.62 per diluted share against $754 million or $0.48 per diluted share a year ago. Net earnings excluding specified items of $1,088 million, or $0.71 per share against $918 million or $0.58 per diluted share a year ago.

For the year, the company reported Net sales of $20,247 million against $19,657 million a year ago. Operating earnings was $2,599 million against $2,133 million a year ago. Earnings from continuing operations before taxes were $2,518 million against $2,041 million a year ago. Earnings from continuing operations were $1,721 million or $1.12 per diluted share against $1,988 million or $1.26 per diluted share a year ago. Net earnings were $2,284 million or $1.49 per diluted share against $2,576 million or $1.62 per diluted share a year ago. Net earnings from continuing operations, excluding specified items were $3,038 million or $1.98 per diluted share against $2,597 million or $1.64 per diluted share a year ago. Net earnings excluding specified items were $3,503 million or $2.28 per share against $3,189 million or $2.01 per diluted share a year ago.

The company issues full-year 2015 guidance for earnings-per-share from continuing operations, excluding specified items, will be $2.10 to $2.20, representing top-tier growth at the mid-point of the guidance range. The company forecasts net specified items for the full year 2015 of approximately $0.77 per share. Specified items include intangible amortization expense, charges associated with cost reduction initiatives and deal and other expenses related to acquisitions. Including net specified items, projected earnings per share from continuing operations under Generally Accepted Accounting Principles (GAAP) would be $1.33 to $1.43 for the full year 2015. For the full year 2015, the company expects global Medical Optics business to grow mid- to high single digits on an operational basis, with low to mid-single-digit growth in the first quarter. Excluding the contributions from acquisitions made in 2014, the company expects high single-digit operational sales growth in EPD for the full year 2015. The company expects continued strong double-digit growth in EPD on an operational basis, including the impact of acquisitions as this business continues to expand product portfolios in key therapeutic areas, implements new branding initiatives across the portfolio and increases its focus on marketing to the pharmacy channel. The company forecasts an adjusted tax rate of 19% for the full year 2015, which is in line with the normalized 2014 rate, excluding the effect of the U.S. tax legislation enacted in December.

The company issues first-quarter 2015 guidance for earnings-per-share guidance from continuing operations, excluding specified items, of $0.41 to $0.43. Abbott forecasts specified items for the first quarter 2015 of $0.23 related to the same items for the full year 2015. Including specified items, projected earnings-per-share from continuing operations under GAAP would be $0.18 to $0.20 for the first quarter. For the first quarter, we're also forecasting strong double-digit growth in EPD on an operational basis, including the impact of acquisitions.