Abbott Australasia

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Owned	USA
Rating

Healthcare

Abbott has been operating in Australia since 1937.

Company Ownership


Abbott Australasia Pty Ltd	AUS	website	email
Abbott Laboratories owns 100% of Abbott Australasia Pty Ltd	USA	website	email	facebook	twitter
Healthcare Medical devices and health care company.

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Company Assessment

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INFORMATION

Abbott Australasia Pty Ltd

MAIF signatory

This company is a signatory to the Manufacturers and Importers Agreement 1992 (MAIF), a voluntary self-regulatory code of conduct between the manufacturers and importers of infant formula in Australia. The MAIF Agreement aims to contribute to the provision of safe and adequate nutrition for infants, by the protection and promotion of breastfeeding and by ensuring the proper use of breast milk substitutes, when they are necessary, on the basis of adequate information through appropriate marketing and distribution.
Source: Australian Govt Dept of Health (2019)

Sustainability claims

This company has a number of sustainability claims on its website.
Source: company website (2014)

Abbott Laboratories

85.1/100 in Newsweek rankings

America's Most Responsible Companies 2022 by Newsweek and Statista recognises the Top 500 most responsible companies in the United States. Companies were evaluated in three areas: environmental (waste, energy use, etc.), social (leadership diversity, employees and philanthropy) and governance (transparency and economic performance). This company received a total score of 85.1/100, ranking 8th in the Health Care & Life Sciences sector, and 51st overall.
Source: Newsweek (2021)

CDP Climate Change Score of B

In 2022, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change Score of B.
Source: CDP (2022)

69% in AMR Benchmark

The 2021 Antimicrobial Resistance (AMR) Benchmark ranks 17 large pharmaceutical companies on their efforts keep medicines and vaccines available, despite the rise of drug resistance. This company was identified as a leader amongst generic medicine manufacturers, receiving a score of 69%.
Source: Access to Medicine Foundation (2021)

CDP Water Security Score of B

In 2022, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to manage and govern freshwater resources. Responding companies are scored on six key metrics: transparency; governance & strategy; measuring & monitoring; risk assessment; targets & goals; and value chain engagement. This company received a CDP Water Security Score of B.
Source: CDP (2022)

79/100 S&P Global ESG Score

This company received an S&P Global ESG Score of 79/100 in the Health Care Equipment & Supplies category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 21 Oct 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022)

64.3/125 at JUST Capital

JUST Capital polls Americans every year to identify the issues that matter most in defining just business behaviour. For their 2023 rankings JUST Capital asked a representative sample of 3,002 Americans to compare 20 different business Issues on a head-to-head basis, producing a reliable hierarchy of Issues ranked in order of priority. Issues are organised under the headings Workers, Customers, Communities, the Environment, or Shareholders & Governance. JUST Capital then define metrics that map to those issues and track and analyse the largest, publicly traded U.S. companies. This analysis powers their rankings, in which this company ranked 116th of 951 companies, and 6th of 47 Medical Equipment & Services companies.
Source: JUST Capital (2023)

Irresponsible marketing

This company pleaded guilty to federal charges that it improperly promoted the drug Depakote to elderly dementia patients in nursing homes. It reached an agreement with the Department of Justice to settle the investigation for $1.5 billion in May 2012. The company faces more lawsuits over the drug, which can cause birth defects.
Source: Drug Watch (2012)

Irresponsible marketing

This company is named and shamed in IBFAN's 2017 report, 'Breaking the Rules, Stretching the Rules 2017', evidence of violations of the International Code of Marketing of Breastmilk Substitutes, compiled from June 2014 to June 2017. The report covers 792 Code violations from 79 countries and by 28 companies.
Source: IBFAN (2017)

$19.5m false advertising settlement

In 2022 this company settled a class action lawsuit for US$19.5 million to resolve claims its Similac infant formula doesn't make as many servings per package as promised on labels. According to a class action lawsuit, Abbott falsely advertises its Similac products as able to make more servings of formula than is accurate. Even when following the provided instructions, the products allegedly fail to make the number of servings advertised on labels.
Source: Top Class Actions (2022)

Nanoparticles in baby formula

Independent testing commissioned by Friends of the Earth in 2015 found potentially harmful nanoparticles in popular baby formulas sold throughout the USA, including products by this company. A growing body of scientific research demonstrates that nanoparticles pose threats to human health, raising concerns about their use in food and many other consumer products.
Source: FOE (2015)

Tax dodging

A 2018 report by Oxfam shows that four pharmaceutical corporations, including this one, systematically hide their profits in overseas tax havens. This activity could deprive developing countries of more than $100 million every year. These corporations deploy massive influencing operations to rig the rules in their favor and give their damaging behavior a veneer of legitimacy. Tax dodging, high prices, and influence peddling by drug companies exacerbate the yawning gap between rich and poor, between men and women, and between advanced economies and developing ones.
Source: Oxfam (2018)

Fined for fraud in USA

In 2019 several pharmaceutical companies finally settled a 2005 lawsuit which claimed the companies fudged wholesale drug prices to increase Medicaid reimbursements. In all, the state of Illinois received a combined $648 million over the course of that litigation. This company was involved in the 2019 settlement.
Source: news article (2019)

CEO Pay Ratio of 329:1

In 2019 the median pay for a worker at this company was US$84,434. The CEO was paid 329 times this amount. Exorbitant CEO pay is a major contributor to rising inequality. CEOs are getting more because of their power to set pay, not because they are increasing productivity or possess specific, high-demand skills. The economy would suffer no harm if CEOs were paid less (or taxed more). In contrast, the CEO-to-typical-worker compensation ratio was 20-to-1 in 1965 and 58-to-1 in 1989.
Source: AFL-CIO (2020)

Multinational Monitor's '10 Worst Corporations of 2007'

Named one of Multinational Monitor's '10 Worst Corporations' in 2007. [Listed under information due to age of article]
Source: Multinational Monitor (2007)

Multinational Monitor's '10 Worst Corporations of 2006'

Named one of Multinational Monitor's '10 Worst Corporations' in 2006. [Listed under information due to age of article]
Source: Multinational Monitor (2006)

Price fixing

In 2010, Abbott Laboratories, B. Braun Medical and Roxane Laboratories agreed to pay $421 million to resolve claims they had reported false and inflated prices for their drugs, which again affected federal health care reimbursements. The grossly inflated average wholesale price (AWP) caused Medicare and Medicaid programs to spend more per patient than was necessary, thereby reducing the amount of funding available for all patients in need. The drug manufacturers did not admit fault. [Listed under Information due to age of court finding]
Source: Drug Watch (2010)

Price fixing in China

In 2013 China fined six companies, including this one, a total of $110 million following an investigation into price fixing and anti-competitive practices by foreign baby formula makers.
Source: news article (2013)

Excessive CEO pay

As You Sow's 2023 report, 'The 100 Most Overpaid CEOs', reveals the 100 most overpaid CEOs from USA's 500 largest public companies (as determined by the S&P 500 list). This company's CEO, Robert B. Ford came in at number 80 on the list, having been paid US$24,914,886 in 2022. According to the report, "Most CEOs have come to be grossly overpaid, and that overpayment is harmful to the companies, the shareholders, the customers, the other employees, the economy, and society as a whole."
Source: As You Sow (2023)

Mum-friendly employer

This company was named in Seramount's 100 Best Companies 2022 for being a mum-friendly employer. Listed companies provide inclusive benefits for families, including paid gender-neutral parental leave, phase-back programs, bereavement leave after miscarriage, reimbursement for fertility expenses, and increased mental health benefits for employees.
Source: Seramount (2022)

Citizenship claims

This company has sustainability claims on its website.
Source: company website (2014)

Responsible Minerals Initiative member

This company is a member of the Responsible Minerals Initiative (formerly the Conflict-Free Sourcing Initiative), which helps companies address conflict minerals issues in their supply chains. The RMI provides information on conflict-free smelters and refiners, common tools to gather sourcing information, and forums for exchanging best practices on addressing conflict minerals. Membership is open to companies that use or transact in tantalum, tin, tungsten or gold (3TG). Founded in 2008 by members of the Electronic Industry Citizenship Coalition and the Global e-Sustainability Initiative.
Source: RMI (2019)

11/18 in Net Zero scorecard

As You Sow's 2022 report, 'Road to Zero Emissions', assessed the progress of 55 of the largest U.S. corporations in reducing greenhouse gas (GHG) emissions in line with the Paris Agreement's objective of limiting global average temperature rise to 1.5 degrees Celsius above pre-industrial levels, which requires achieving "net zero" emissions by 2050. Companies are graded on: climate related disclosures; GHG reduction targets, and GHG reductions. This company received an Overall Net Zero grade of C+.
Source: As You Sow (2022)

Modern Slavery statement

California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: company website (2017)

54% in conflict minerals rankings

As You Sow's 2019 report, Mining the Disclosures, is a deep analysis of 215 companies' human rights performance in relation to sourcing conflict minerals from the Democratic Republic of the Congo (DRC). This company's score was 54% (Adequate).
Source: As You Sow (2019)

OpenSecrets.org profile

OpenSecrets.org tracks the influence of money on U.S. politics, and how that money affects policy and citizens' lives. Follow link to see this company's record of political donations, lobbying, outside spending and more.
Source: Open Secrets (2020)

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Company Details

Type	Wholly-owned subsidiary
Revenue	382 million AUD (2018)
Employees	320 (2018)

Contact Details

Address	Sir Joseph Banks Corporate Park, 32-34 Lord St, Botany, NSW, 2019, Australia
Phone	02 9384 9700
Email	customerserviceaustralia@abbott.com
Website	www.abbottaustralasia.com.au

Products / Brands

Abbott Australasia

Blink Eye & Ear Care
Complete Blink-N-Clean Eye & Ear Care

Abbott Australasia

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