史赛克Stryker Corporation (SYK) 2006年年度报告「NYSE」.pdf

1、The Choice is StrykerStryker 2006 Annual ReportContents2Letter from Stryker President and CEOStephen P.MacMillan 7 A Message from Stryker Chairman John W.Brown 8 The Year in Review 10ItalyGrowing Up with Strykers Modular Replacement System14United StatesRight-Sized Knee Implants For All Patients18Ch

2、inaBack in the Game22Into the Future23 Financial Review Financial Highlights(in millions,except per share amounts)20052006%ChangeNet sales$4,871.5$5,405.611.0Earnings before income taxes 954.61,103.815.6Income taxes311.0326.14.9Net earnings 643.6777.720.8Adjusted net earnings1686.9830.420.9Diluted n

3、et earnings per share of common stock:Reported$1.57$1.8920.4Adjusted1$1.67$2.0221.0Dividends declared.11.22100.0Cash and marketable securities1,056.51,414.833.91Adjusted to exclude the purchased in-process research and development charges recorded in 2006 and 2005and income taxes on the repatriation

4、 of foreign earnings in 2005.The choice is Stryker for medical professionals,patients and shareholders.Stryker is the choice becauseWe manage for long-term growth.We deliver on our commitments.We leverage our broad base of products and services.We invest for the future.To Our Shareholders:In 2006,St

5、ryker once again delivered results that werewell ahead of the norm for our industry,including a double-digit sales increase for the sixth year in a row,adjusted net earnings of$830 million and operating cashflow of$867 million,which drove our net cash position to$1.4 billion.With these strong result

6、s,we were able to make an unprecedented move to double our year-end dividend while remaining committed to redeploying our growing cash balance to strengthen our capabilitiesand identify new growth platforms.These financial accomplishments occurred in the context of challenges the medical technology