Abbott highlights positive growth in 2013 financial data

Abbott has announced its financial results for the 2013 business year, during which it generated an annual sales total of $21.85 billion (13.15 billion pounds).

This represented a year-on-year increase of 1.6 percent on a reported basis, while ongoing diluted earnings per share came to $0.58 in the fourth quarter and $2.01 for the full year, reflecting double-digit growth.

Continuing improvements in the performance of its diagnostics and nutrition businesses were partly responsible for its improved sales. During the year, nearly 70 new products were launched by the nutrition division, as well as numerous strategically important medical devices.

During 2014, the company expects to achieve another year of double-digit ongoing earnings growth.

Miles White, chairman and chief executive officer of Abbott, said: "In 2013, despite some challenges, we achieved our expectations for earnings growth, including more than 100 basis points of operating margin expansion."

This represents a strong start to a new era at Abbott, following the separation of its proprietary pharmaceutical business into the independent company AbbVie at the start of 2013.