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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net sales $ 2,752 $ 2,543
Cost of products sold 894 806
Gross profit 1,858 1,737
Operating expenses:    
Selling, general and administrative expenses 1,019 978
Research and development expenses 276 300
Royalty expense 12 12
Amortization expense 185 201
Intangible asset impairment charges 0 198
Contingent consideration net expense (benefit) (6) (108)
Restructuring net charges (credits) 5 10
Litigation-related net charges (credits) 4 0
Gain on disposal of business (6) 0
Operating expenses 1,488 1,591
Operating income (loss) 370 146
Other income (expense):    
Interest expense (82) (88)
Other, net 37 (36)
Income (loss) before income taxes 325 22
Income tax (benefit) expense (16) 12
Net income (loss) 341 11
Preferred stock dividends (14) 0
Net income (loss) available to common stockholders $ 327 $ 11
Net income (loss) per common share — basic $ 0.23 $ 0.01
Net income (loss) per common share — assuming dilution $ 0.23 $ 0.01
Weighted-average shares outstanding    
Basic 1,418.7 1,397.4
Assuming dilution 1,430.8 1,413.5