‡ In these countries please contact our distributor

Simplify and improve our operating model

We pursue maximum efficiency in everything we do, streamline our operations and manufacturing, remove duplication and build strong global functions to support our commercial teams.


In 2013, trading profit grew by 5% and trading profit margin decreased slightly to 22.7% as expected. Targeted investments, increased R&D and the new US Medical Device tax were partially off-set by efficiency and cost initiatives.

Trading profit 1,2

-60bps  22.7%

Trading profit margin 2

-60bps  22.7%

Key initiatives included:

  • Continuing to deliver our $150 million per annum efficiency savings programme
  • Expansion of the Suzhou facility continues on track
  • Started roll-out of major Europe-wide single IT and business intelligence platform.

Global outlook

By simplifying and improving our operating model we can liberate resources to invest in growth opportunities and meet the persistent price pressure. A simpler and more efficient organisation allows us to make faster and better decisions.



2011 includes Clinical Therapies revenue of $237m
2012 includes Clinical Therapies revenue of $107m
1 The underlying percentage increases/decreases are after adjusting for the effect of currency translation and the inclusion of the comparative impact of acquisitions and exclusion of disposals.
2 Explanations of these non-GAAP financial measures are provided on pages 161 to 163 of our Annual Report.