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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Net sales $ 2,631 $ 2,490 $ 5,124 $ 4,870
Cost of products sold 758 739 1,488 1,411
Gross profit 1,873 1,751 3,636 3,458
Operating expenses:        
Selling, general and administrative expenses 968 886 1,837 1,746
Research and development expenses 280 275 559 536
Royalty expense 17 17 32 35
Amortization expense 161 147 321 288
Intangible asset impairment charges 37 34 105 35
Contingent consideration expense (benefit) 10 (4) (18) 1
Restructuring charges (credits) 1 5 7 18
Litigation-related net charges (credits) 15 0 (133) 0
Operating expenses 1,489 1,359 2,711 2,659
Operating income (loss) 384 392 925 799
Other income (expense):        
Interest expense (89) (57) (198) (119)
Other, net (150) 12 (125) (11)
Income (loss) before income taxes 145 347 602 670
Income tax expense (benefit) (9) (209) 24 (183)
Net income (loss) $ 154 $ 555 $ 578 $ 853
Net income (loss) per common share — basic $ 0.11 $ 0.40 $ 0.42 $ 0.62
Net income (loss) per common share — assuming dilution $ 0.11 $ 0.40 $ 0.41 $ 0.61
Weighted-average shares outstanding        
Basic 1,391.0 1,380.5 1,389.4 1,378.5
Assuming dilution 1,408.6 1,398.9 1,408.5 1,397.8