3M reports full year financials

3M, the parent company of 3M Healthcare, has published its financial figures for the 2006 calendar year. Worldwide sales for the company increased 8.3 per cent during 2006, reaching $22.9 billion (11.7 billion pounds), while the company reported a net income of $3.9 billion, an increase of 24 per cent over the previous year.

This income equates to $5.06 per share, an increase of 27 per cent on 2005 figures. Net profit reached $438 million, with the company attributing this positive result to the sale of the company’s global branded pharmaceuticals business in a number of geographic areas throughout the year.

George W Buckley, chairman, president and chief executive officer of the company, stated that record revenues and profits were recorded in 2006.

“We accelerated investments in many areas, including research and development, sales and marketing, growth-oriented capital investments and selected acquisitions, while maintaining our outstanding profitability levels,” he said.

He added that he was confident that in the future, the company would be transformed into one with faster growth and enhanced performance.

Earlier this month, 3M announced the finalisation of the divestment of its pharmaceuticals business in Europe, with Meda acquiring the rights to the company’s branded pharmaceutical products, including Aldara, Minitran and Tambocor.