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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net sales $ 2,932 $ 2,659 $ 8,761 $ 7,204
Cost of products sold 900 869 2,739 2,465
Gross profit 2,032 1,790 6,022 4,740
Operating expenses:        
Selling, general and administrative expenses 1,066 984 3,206 2,760
Research and development expenses 310 315 884 857
Royalty expense 14 12 38 32
Amortization expense 184 197 549 595
Intangible asset impairment charges 128 219 173 452
Contingent consideration net expense (benefit) (26) 6 (117) (102)
Restructuring net charges (credits) 9 3 18 16
Litigation-related net charges (credits) 0 260 302 260
Gain on disposal of businesses and assets (40) 0 (48) 0
Operating expenses 1,645 1,995 5,003 4,870
Operating income (loss) 387 (205) 1,019 (130)
Other income (expense):        
Interest expense (86) (86) (254) (265)
Other, net 181 64 192 9
Income (loss) before income taxes 483 (227) 957 (386)
Income tax expense (benefit) 64 (72) 10 (94)
Net income (loss) 419 (155) 946 (292)
Preferred stock dividends (14) (14) (42) (19)
Net income (loss) available to common stockholders $ 405 $ (169) $ 905 $ (311)
Net income (loss) per common share — basic $ 0.28 $ (0.12) $ 0.64 $ (0.22)
Net income (loss) per common share — assuming dilution $ 0.28 $ (0.12) $ 0.63 $ (0.22)
Weighted-average shares outstanding        
Basic 1,423.8 1,430.9 1,421.3 1,413.0
Assuming dilution 1,435.6 1,430.9 1,433.0 1,413.0