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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net sales $ 2,707 $ 2,393 $ 7,831 $ 7,262
Cost of products sold 777 672 2,265 2,084
Gross profit 1,930 1,720 5,566 5,179
Operating expenses:        
Selling, general and administrative expenses 1,012 870 2,849 2,616
Research and development expenses 306 289 866 825
Royalty expense 15 17 48 52
Amortization expense 178 148 498 437
Intangible asset impairment charges 0 0 105 35
Contingent consideration expense (benefit) 8 (13) (9) (12)
Restructuring charges (credits) 3 3 10 20
Litigation-related net charges (credits) 25 18 (108) 18
Operating expenses 1,547 1,333 4,258 3,992
Operating income (loss) 383 388 1,308 1,187
Other income (expense):        
Interest expense (95) (58) (294) (177)
Other, net (197) 126 (322) 116
Income (loss) before income taxes 91 456 693 1,126
Income tax expense (benefit) (35) 24 (11) (159)
Net income (loss) $ 126 $ 432 $ 704 $ 1,285
Net income (loss) per common share — basic $ 0.09 $ 0.31 $ 0.51 $ 0.93
Net income (loss) per common share — assuming dilution $ 0.09 $ 0.31 $ 0.50 $ 0.92
Weighted-average shares outstanding        
Basic 1,393.1 1,382.8 1,390.6 1,380.0
Assuming dilution 1,412.2 1,403.9 1,409.7 1,399.8