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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net sales $ 2,659 $ 2,707 $ 7,204 $ 7,831
Cost of products sold 869 777 2,465 2,265
Gross profit 1,790 1,930 4,740 5,566
Operating expenses:        
Selling, general and administrative expenses 984 1,012 2,760 2,849
Research and development expenses 315 306 857 866
Royalty expense 12 15 32 48
Amortization expense 197 178 595 498
Intangible asset impairment charges 219 0 452 105
Contingent consideration expense (benefit) 6 8 (102) (9)
Restructuring charges (credits) 3 3 16 10
Litigation-related net charges (credits) 260 25 260 (108)
Operating expenses 1,995 1,547 4,870 4,258
Operating income (loss) (205) 383 (130) 1,308
Other income (expense):        
Interest expense (86) (95) (265) (294)
Other, net 64 (197) 9 (322)
Income (loss) before income taxes (227) 91 (386) 693
Income tax expense (benefit) (72) (35) (94) (11)
Net income (loss) (155) 126 (292) 704
Preferred stock dividends (14) 0 (19) 0
Net income (loss) available to common stockholders $ (169) $ 126 $ (311) $ 704
Net income (loss) per common share — basic $ (0.12) $ 0.09 $ (0.22) $ 0.51
Net income (loss) per common share — assuming dilution $ (0.12) $ 0.09 $ (0.22) $ 0.50
Weighted-average shares outstanding        
Basic 1,430.9 1,393.1 1,413.0 1,390.6
Assuming dilution 1,430.9 1,412.2 1,413.0 1,409.7