ABBOTT LABORATORIES SWIFT CODE
ABTTUS45 – ABBOTT LABORATORIES
| SWIFT CODE | ABTTUS45 |
|---|---|
| BANK | ABBOTT LABORATORIES |
| ADDRESS | 100 AP6D-2 D-0315, ABBOTT PARK ROAD |
| CITY | ABBOTT PARK |
| BRANCH | |
| POSTCODE | 60064-6028 |
| COUNTRY | United States |
ABBOTT LABORATORIES SWIFT CODE ABTTUS45
What is a SWIFT Code?
Definition
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. A SWIFT code is an 8 to 11 digit code that identifies details of the bank involved in an international money transfer transaction.
Purpose
SWIFT codes provide bank details to securely transfer money between countries. They act like an address or identifier for the bank branch.
Standard format
SWIFT codes follow a standard format with 8 characters for the bank details and optionally 3 more characters for the branch.
ABBOTT LABORATORIES SWIFT Code Details
SWIFT Code
The SWIFT code for Abbott Laboratories is ABTTUS45.
Bank Name
The bank name associated with this SWIFT code is ABBOTT LABORATORIES.
Bank Address
Street Address
The bank is located at 100 AP6D-2 D-0315, ABBOTT PARK ROAD.
City
ABBOTT PARK
State/Province
Illinois
Postal Code
60064-6028
Country
United States
Money Transfer Options
When sending or receiving money internationally from Abbott Laboratories, you have two main options:
International Wire Transfers
The traditional option is to use SWIFT for international wire transfer via your bank. This can get quite expensive due to high bank fees.
Using Wise
A cheaper and faster alternative is to use Wise. They charge lower fees compared to banks. Their smart technology also ensures quick transfers.
Lower Fees
Wise has up to 8x lower fees compared to banks
Faster Transfers
Money typically arrives within 24 hours
Easy To Use
Convenient online platform, great user experience
Breaking Down the SWIFT Code
Now let’s understand each component of this SWIFT code in more detail:
Bank Code
ABTT
The bank code identifies Abbott Laboratories.
Country Code
US
This denotes that the bank is located in the United States.
Location Code
45
This code represents the geographic location of the bank branch in IL.
Branch Code
XXX
This optional part denotes the specific branch, which is unused here.
Using the SWIFT Code for Transactions
The key purpose of having this bank’s SWIFT code is to facilitate money transfers:
Sending Money Abroad
You can provide this code along with account details when sending money from USA to other countries via wire transfer.
From USA to Other Countries
Provide this SWIFT code, your account number & details to send international payments.
Receiving International Payments
The code allows international money transfers into USA from other countries.
Into USA from Other Countries
Give this SWIFT code & your account info to receive money from abroad.
Alternatives to SWIFT Codes
There are a couple alternatives used internationally:
IBAN
Definition
IBAN or International Bank Account Number serves a similar purpose in Europe.
Usage
It comprises of alphanumeric values adhering to a standardized format.
IFSC
Definition
IFSC or Indian Financial System Code is used for electronic payments in India
Usage
IFSC comprises 11 characters with details on bank branch.
Up to Date Information
Always ensure you have the latest SWIFT code before initiating a transfer.
Additional Charges
There may be extra recipient bank fees or intermediary bank charges.
Fraud Protection
Take precautions and verify credentials to avoid fraudulent transactions.
ABBOTT LABORATORIES Company Overview
Abbott Laboratories is a diversified healthcare company headquartered in Abbott Park, Illinois. It manufactures medical devices, diagnostic equipment, nutrition products and branded generic medicines. Abbott sells its products in over 160 countries and employs over 100,000 people worldwide.
History and founding
Abbott Laboratories was founded in 1888 by Dr. Wallace Calvin Abbott, an American physician and surgeon. He started the company to produce alkaloidal pills and medicine tablet coatings. Over the decades, Abbott expanded into other pharmaceutical preparations and medical products through internal investment and acquisitions. Today, it is one of the world’s leading healthcare companies.
Locations
Abbott has facilities around the world for manufacturing, R&D, distribution and sales. Key locations include its corporate headquarters in Abbott Park, Illinois, plus bases in Brazil, China, Germany, India, Ireland, Singapore and the Netherlands. It also has a commercial presence across Africa, Asia, Europe, Latin America and the Middle East.
Products and services
Abbott’s main businesses today are pharmaceuticals, diagnostics, nutrition and medical devices. Flagship products include pharmaceutical brands like Humira and Kaletra, as well as best-selling medical tests and equipment for labs and hospitals. The company also has popular consumer brands such as Ensure nutrition shakes and Similac infant formula.
Financial performance
As of 2021, Abbott reported annual revenues of $43 billion. The company has delivered steady sales growth since its founding in 1888, both organically and via mergers and acquisitions. Abbott has also been sharing profits with stockholders through consistent dividend payments for the past 49 consecutive years.
Leadership and corporate governance
Executive team
- Robert Ford – President and CEO
- Robert Funck – EVP Finance and CFO
- Mary Moreland – EVP Diagnostics Development
- Michael Warmuth – EVP Established Pharmaceuticals
- Daniel Salvadori – EVP Nutritional Products
Board of directors
Abbott’s board has 13 members drawn from business, academia and non-profit sectors. Key board members are Lead Independent Director Sally E. Blount and non-executive Chairman Miles D. White.
Manufacturing and supply chain
Manufacturing facilities
Abbott owns and operates dozens of manufacturing facilities around the world. They range from small biologics and chemical factories to large-scale nutrition plants. The company always has several facilities under expansion or construction as production needs grow.
Raw material sourcing
To make such a diverse range of healthcare products, Abbott needs to procure thousands of raw materials, components and packaging materials. The company has a Global Procurement division that centrally manages major categories and vendors by region.
Distribution network
Getting products into over 160 markets involves vast distribution networks. Abbott uses a mix of wholly-owned and third party facilities, vehicles and personnel. It tailors distribution strategies to product characteristics like cold-chain sensitivity versus shelf life.
Research and development
R&D priorities
Abbott spends over $2 billion annually on R&D across its four core businesses. Priorities include expanding uses for existing drugs, integrating diagnostics with patient care innovations and using technology to enhance nutrition and device products.
Patent portfolio
Abbott actively patents its innovations, with nearly 10,000 approved U.S. patents. New patents are added continuously as R&D bears fruit across divisions. Patent development helps protect market exclusivity for key products.
Partnerships
Pairing internal expertise with external capabilities is crucial for Abbott’s R&D engine. The company forms both short and long term partnerships with public research bodies, biotechs, tech startups and major firms like Apple and Celgene.
Marketing and sales
Marketing strategy
Abbott employs omni-channel marketing integrating conventional promotions like conferences and advertising with digital engagement across search, social media, influencer campaigns and owned platforms. Marketing reinforces brand positioning while generating leads.
Sales channels
Products reach customers via domestic field sales teams, overseas distributors, ecommerce platforms and group purchasing contracts with major hospitals and healthcare networks. Channel mix varies by region and product category.
Major customer segments
Abbott sells to consumers via retailers and direct ecommerce. It also serves institutions like government healthcare systems, private insurers, hospital networks, clinics and laboratories. These customers have extensive procurement protocols that Abbott continually negotiates.
Corporate social responsibility
Philanthropy
The Abbott Fund directs Abbott’s philanthropy, granting over $130 million annually to community partners advancing healthcare, science education and vital community needs. Nutrition access and disaster relief are current priorities.
Sustainability initiatives
Abbott has multiple environmental goals including cutting emissions, waste and water use while expanding clean energy and recycled plastics in packaging. Ultimately the company aims to achieve carbon neutral operations.
Diversity and inclusion programs
Abbott continues progress toward gender parity and under-represented minority representation in management by linking executive compensation to diversity hiring and retention metrics. Affinity networks, parenting support and supplier diversity also facilitate inclusion.
Recent news and developments
Abbott made headlines in 2022 for the rapid development of COVID-19 diagnostics and the baby formula shortage linked to quality issues at one Michigan plant. Alongside crisis responses, the company continues to launch innovative new products for unmet healthcare needs.
Future outlook
Analysts project steady mid single digit revenue growth for Abbott driven by rising global demand for medicines, nutrition and diabetes care. The company aims to balance this growth with continued dividends and share repurchases that reward loyal investors.
FAQs
What is Abbott’s most profitable business segment?
Abbott’s largest and most profitable segment is pharmaceuticals anchored by top-selling brands like Humira for immune disorders and Kaletra for HIV.
How many people work at Abbott Laboratories?
As of 2021 Abbott employs over 100,000 full time staff across manufacturing, sales, R&D and corporate roles. Key employment hubs are the U.S., Ireland, China, India and Singapore.
Who founded the company originally?
Abbott Laboratories was founded in 1888 by Dr. Wallace Calvin Abbott, a practicing physician who launched by preparing medicinal pill coatings. It gradually expanded into more complex pharmaceuticals and medical products.
When did Abbott start paying dividends?
Abbott first paid quarterly dividends to shareholders in 1924. It has consecutively raised dividends for 49 straight years since, making it an elite Dividend King corporation.
What is Abbott doing to cut its environmental impact?
Abbott has multiple programs to conserve water and energy, prevent pollution and expand recycling. It aims to achieve carbon neutral operations and product life cycles by 2040.