Abbott (NYSE: ABT) today announced financial results for the fourth quarter ended Dec. 31, 2013. Fourth-quarter 2013 worldwide sales of $5.7 billion increased 3.3 percent on an operational basis, driven by Diagnostics and Medical Devices. On a reported basis, sales increased 0.4 percent, including an unfavorable 2.9 percent effect of foreign exchange.
Sales in emerging markets in the fourth quarter were $2.3 billion, increasing 9.0 percent on an operational basis and 5.2 percent on a reported basis.
Established Pharmaceuticals sales increased 0.7 percent in the fourth quarter on an operational basis and decreased 4.3 percent on a reported basis, including an unfavorable 5.0 percent effect of foreign exchange.
Abbott is focused on 14 Key Emerging Markets that represent attractive long-term growth opportunities. Sales in these Key Emerging Markets increased 10.1 percent on an operational basis in the quarter, led by strong growth in Brazil, Russia and China. Reported sales, which include an unfavorable effect of 7.4 percent of foreign exchange, increased 2.7 percent in the quarter.
Other Markets include developed markets, such as Western Europe and Japan, and other emerging markets globally. Sales in these geographies decreased 6.7 percent in the quarter on an operational basis and 9.8 percent on a reported basis, including an unfavorable 3.1 percent effect of foreign exchange. As expected, sales growth in developed markets continues to be impacted by market conditions, particularly in Western Europe.
In 2014, Established Pharmaceuticals will continue to focus on driving growth in Key Emerging Markets, which currently represent approximately 50 percent of total sales and are projected to grow to approximately 60 percent of total sales over the next several years. Key strategic priorities to accelerate growth in these markets include continuing to build locally relevant portfolios across key therapeutic areas and tailoring local commercial activities to each market.
"In 2013, despite some challenges, we achieved our expectations for earnings growth, including more than 100 basis points of operating margin expansion," said Miles D. White, chairman and chief executive officer, Abbott. "In 2014, we are targeting another year of double-digit ongoing earnings-per-share growth."
About Abbott
Abbott (NYSE: ABT) is a global healthcare company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 70,000 people.