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ABBOTT 2013 ANNUAL REPORT
71
Year Ended December 31 2013 2012(a) 2011(a) 2010(a) 2009(a)
Summary of Operations:
Net Sales $ 21,848 21,494 21,407 19,529 16,551
Cost of products sold $  10,831 10,612 10,901 10,372 9,153
Research & development $   1,452 1,544 1,512 1,230 1,036
Selling, general, and administrative $  6,936 7,444 7,365 6,929 5,442
Operating earnings $  2,629 1,894 1,629 998 920
Interest expense $    157 347 359 553 525
Interest income $    (67) (59) (65) (256) (288)
Other (income) expense, net (b) $     18 1,301 99 65 (343)
Earnings from continuing operations before taxes $   2,521 305 1,236 636 1,026
Taxes on earnings from continuing operations $    138 (274) 110 355 51
Earnings from continuing operations $  2,383 579 1,126 281 975
Net earnings $  2,576 5,963 4,728 4,626 5,746
Basic earnings per common share from continuing operations $    1.52 0.36 0.72 0.18 0.63
Basic earnings per common share $   1.64 3.76 3.03 2.98 3.71
Diluted earnings per common share from continuing operations $   1.50 0.36 0.72 0.18 0.63
Diluted earnings per common share $   1.62 3.72 3.01 2.96 3.69
Financial Position:
Working capital $  9,740 18,042 8,289 5,055 10,264
Long‑term investment securities $    119 274 378 302 1,133
Net property & equipment $  5,905 8,063 7,874 7,971 7,619
Total assets $ 42,953 67,235 60,277 60,574 52,582
Long‑tem debt $  3,388 18,085 12,040 12,524 11,266
Shareholders’ investment $ 25,267 26,813 24,526 22,765 23,187
Book value per share $   16.32 17.01 15.62 14.53 14.76
Other Statistics:
Gross profit margin %   50.4 50.6 49.1 46.9 44.7
Research and development to net sales %    6.6 7.2 7.1 6.3 6.3
Net cash from operating activities $  3,324 9,314 8,970 8,736 7,275
Capital expenditures $   1,145 1,795 1,492 1,015 1,089
Cash dividends declared per common share (c) $   0.64 1.67 1.92 1.76 1.60
Common shares outstanding (in thousands) 1,548,098 1,576,667 1,570,379 1,546,984 1,551,168
Number of common shareholders 57,854 60,476 62,939 64,413 67,461
Market price per share – high (d) $  38.81 34.68 27.01 27.17 27.46
Market price per share – low (d) $  31.64 25.82 21.57 21.34 19.75
Market price per share – close (d) $  38.33 31.34 26.91 22.92 25.83
(a) On January 1, 2013, Abbott completed the separation of AbbVie Inc., which was formed to hold Abbott’s research‑based proprietary pharmaceuticals
business. The historical operating results of the research‑based proprietary pharmaceuticals business prior to separation are excluded from Earnings
from continuing operations, Earnings per share from continuing operations and related ratios. The discontinued operations related to the research‑based
proprietary pharmaceuticals business are included in Net earnings and Basic and Diluted earnings per common share. The assets, liabilities, and cash
flows of the research‑based proprietary pharmaceuticals business are included in the reported balances for periods prior to January 1, 2013. See Note 2 to
the Consolidated Financial Statements for additional information.
(b) 2012 includes $1,350 million for the net loss on extinguishment of debt.
(c) The decrease in the dividend from 2012 to 2013 reflects the impact of the separation of AbbVie.
(d) The 2012 and prior historical share prices have been adjusted to reflect the separation of AbbVie.
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in millions, except per share data)