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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net sales $ 2,490 $ 2,257 $ 4,870 $ 4,418
Cost of products sold 739 632 1,411 1,282
Gross profit 1,751 1,625 3,458 3,136
Operating expenses:        
Selling, general and administrative expenses 886 815 1,746 1,609
Research and development expenses 275 244 536 480
Royalty expense 17 17 35 34
Amortization expense 147 142 288 285
Intangible asset impairment charges 34 0 35 0
Contingent consideration expense (benefit) (4) (24) 1 (74)
Restructuring charges (credits) 5 1 18 5
Litigation-related net charges (credits) 0 205 0 208
Operating expenses 1,359 1,400 2,659 2,547
Operating income (loss) 392 225 799 589
Other income (expense):        
Interest expense (57) (58) (119) (115)
Other, net 12 (76) (11) (78)
Income (loss) before income taxes 347 91 670 396
Income tax expense (benefit) (209) (55) (183) (40)
Net income (loss) $ 555 $ 146 $ 853 $ 436
Net income (loss) per common share — basic $ 0.40 $ 0.11 $ 0.62 $ 0.32
Net income (loss) per common share — assuming dilution $ 0.40 $ 0.11 $ 0.61 $ 0.31
Weighted-average shares outstanding        
Basic 1,380.5 1,369.8 1,378.5 1,367.6
Assuming dilution 1,398.9 1,391.1 1,397.8 1,390.6