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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net sales $ 3,170 $ 2,932 $ 9,440 $ 8,761
Cost of products sold 979 900 2,945 2,739
Gross profit 2,191 2,032 6,495 6,022
Operating expenses:        
Selling, general and administrative expenses 1,132 1,066 3,357 3,206
Research and development expenses 339 310 993 884
Royalty expense 11 14 34 38
Amortization expense 202 184 604 549
Intangible asset impairment charges 125 128 132 173
Contingent consideration net expense (benefit) 20 (26) 68 (117)
Restructuring net charges (credits) 4 9 18 18
Litigation-related net charges (credits) 0 0 42 302
Gain on disposal of businesses and assets 0 (40) 0 (48)
Operating expenses 1,833 1,645 5,248 5,003
Operating income (loss) 358 387 1,247 1,019
Other income (expense):        
Interest expense (63) (86) (406) (254)
Other, net (51) 181 (96) 192
Income (loss) before income taxes 245 483 745 957
Income tax expense (benefit) 57 64 188 10
Net income (loss) 188 419 558 946
Preferred stock dividends (14) (14) (42) (42)
Net income (loss) available to common stockholders $ 174 $ 405 $ 516 $ 905
Net income (loss) per common share — basic $ 0.12 $ 0.28 $ 0.36 $ 0.64
Net income (loss) per common share — assuming dilution $ 0.12 $ 0.28 $ 0.36 $ 0.63
Weighted-average shares outstanding        
Basic 1,431.6 1,423.8 1,429.7 1,421.3
Assuming dilution 1,440.0 1,435.6 1,438.7 1,433.0