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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Net sales $ 3,077 $ 2,003 $ 5,829 $ 4,546
Cost of products sold 945 791 1,839 1,596
Gross profit 2,132 1,212 3,990 2,950
Operating expenses:        
Selling, general and administrative expenses 1,121 798 2,139 1,776
Research and development expenses 298 242 574 542
Royalty expense 12 8 24 20
Amortization expense 180 197 365 398
Intangible asset impairment charges 45 34 45 233
Contingent consideration net expense (benefit) (85) 0 (91) (108)
Restructuring net charges (credits) 3 3 8 13
Litigation-related net charges (credits) 298 0 302 0
Gain on disposal of business (2) 0 (9) 0
Operating expenses 1,870 1,283 3,358 2,875
Operating income (loss) 262 (71) 632 75
Other income (expense):        
Interest expense (86) (91) (168) (179)
Other, net (26) (18) 11 (54)
Income (loss) before income taxes 149 (181) 474 (159)
Income tax expense (benefit) (37) (33) (53) (22)
Net income (loss) 186 (147) 527 (137)
Preferred stock dividends (14) (5) (28) (5)
Net income (loss) available to common stockholders $ 172 $ (153) $ 500 $ (142)
Net income (loss) per common share — basic $ 0.12 $ (0.11) $ 0.35 $ (0.10)
Net income (loss) per common share — assuming dilution $ 0.12 $ (0.11) $ 0.35 $ (0.10)
Weighted-average shares outstanding        
Basic 1,421.3 1,410.9 1,420.0 1,404.1
Assuming dilution 1,432.5 1,410.9 1,431.7 1,404.1