Henry Schein 2006 Annual Report Download - page 3

Seventy-five years ago,
in the middle of the Great
Depression, Henry and Esther
Schein founded our Company
as a small pharmacy in Queens,
New York. Their business
philosophy, commitment to their
customers and employees, and
willingness to adapt their
business to take advantage of
new opportunities drove our
Company’s early success and
laid the foundation for the
decades of growth that followed.
However, it is likely that even their
optimistic vision for what Henry
Schein could become fell short of the
reality that we have been able to
achieve: a multinational FORTUNE
500®company that is the largest
distributor of healthcare products
and services to office-based dental,
medical, and veterinary practitioners
in the combined North American and
European markets.
It has been a remarkable journey, and
as we reach this milestone 75th
anniversary, it is appropriate to reflect
on and celebrate our past success. As
you will see in this Annual Report, the
history of our Company has been
marked by innovation that has helped
reshape our industry and the
healthcare professions that we serve;
reinvention of our Company to take
advantage of changing markets and
emerging areas of opportunity;
sustained growth in every facet of our
Company; commitment to meeting
our customers’ many practice needs;
and preservation of our unique
values-based culture, a legacy of
our founders.
Celebrating Our Success – 2006
Our most recent year was also our most
successful. In 2006, we posted record
net sales of $5.15 billion, an increase
of 11.2% over the prior year, including
10.6% growth in local currencies.
Our operating margin expanded by 24
basis points over 2005, while income
TO OUR STOCKHOLDERS
1
HENRY SCHEIN