XML 59 R38.htm IDEA: XBRL DOCUMENT v3.3.1.900
Quarterly Financial Data (unaudited) (Tables)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Data (unaudited)  
Schedule of quarterly financial data (unaudited)

                                                                                                                                                                                    

(in millions except per share data)

 

2015

 

2014

 

​  

​  

​  

​  

​  

​  

​  

​

First Quarter

 

 

 

 

 

 

 

Net revenues

 

$
5,040

 

$
4,563

 

Gross margin

 

$
4,098

 

$
3,463

 

Net earnings(a)

 

$
1,022

 

$
980

 

Basic earnings per share

 

$
0.64

 

$
0.61

 

Diluted earnings per share

 

$
0.63

 

$
0.61

 

Cash dividends declared per common share

 

$
0.51

 

$
0.42

 

Second Quarter

 

 


 

 

 


 

 

Net revenues

 

$
5,475

 

$
4,926

 

Gross margin

 

$
4,559

 

$
3,813

 

Net earnings(b)

 

$
1,366

 

$
1,098

 

Basic earnings per share

 

$
0.84

 

$
0.69

 

Diluted earnings per share

 

$
0.83

 

$
0.68

 

Cash dividends declared per common share

 

$
0.51

 

$
0.42

 

Third Quarter

 

 


 

 

 


 

 

Net revenues

 

$
5,944

 

$
5,019

 

Gross margin

 

$
4,777

 

$
3,925

 

Net earnings(c)

 

$
1,239

 

$
506

 

Basic earnings per share

 

$
0.75

 

$
0.32

 

Diluted earnings per share

 

$
0.74

 

$
0.31

 

Cash dividends declared per common share

 

$
0.51

 

$
0.42

 

Fourth Quarter

 

 


 

 

 


 

 

Net revenues(d)

 

$
6,400

 

$
5,452

 

Gross margin(d)

 

$
4,925

 

$
4,333

 

Net earnings (loss)(e)

 

$
1,517

 

$
(810

)

Basic earnings (loss) per share

 

$
0.93

 

$
(0.51

)(f)

Diluted earnings (loss) per share

 

$
0.92

 

$
(0.51

)(f)

Cash dividends declared per common share

 

$
0.57

 

$
0.49

 

​  

​  

​  

​  

​  

​  

​  

​

 

 

 

(a)          

Results for the first quarter of 2015 included after-tax foreign exchange losses of $170 million related to the liquidation in 2015 of remaining foreign currency positions related to the terminated proposed combination with Shire in 2014, a $100 million after-tax charge as a result of entering into an exclusive worldwide license agreement with C2N and after-tax costs of $41 million incurred in connection with the with the acquisition of Pharmacyclics.

(b)          

Second quarter results for 2015 included after-tax costs totaling $215 million incurred in connection with the acquisition and integration of Pharmacyclics. In 2014, second quarter results included an after-tax charge of $40 million related to a regulatory milestone made to a collaboration partner for regulatory milestones related to the company's HCV program.

(c)          

Results for the third quarter of 2015 included a $350 million after-tax charge related to the purchase of a rare pediatric disease PRV from United Therapeutics Corporation, after after-tax costs totaling $85 million incurred in connection with the acquisition and integration of Pharmacyclics, and an $83 million after-tax charge due to the achievement of a development milestone under the global collaboration with Infinity. In 2014, third quarter results included a $173 million after-tax charge as a result of entering into a global collaboration with Infinity, a $250 million after-tax charge related to a research and development collaboration agreement with Calico, and transaction and financing-related and other costs aggregating $172 million after-tax that were incurred in connection with the terminated proposed combination with Shire. Refer to Note 5 for further information relating to the termination of the proposed combination with Shire and the collaborations with Calico and Infinity.

(d)          

Net revenues and gross margin in 2015 included milestone revenue of $40 million from a collaboration partner related the company's oncology program. Net revenues and gross margin in 2014 include royalty income of $81 million relating to prior periods as a result of the settlement of a licensing arrangement.

(e)          

Fourth quarter results for 2015 included after-tax costs totaling $68 million incurred in connection with the acquisition and integration of Pharmacyclics and after-tax charges of $101 million to increase the company's litigation reserves. For 2014, results for the fourth quarter included after-tax transaction and financing-related and other costs incurred in connection with the terminated proposed combination with Shire aggregating $1.6 billion and a $500 million after-tax charge related to the research and development collaboration agreement with Calico.

(f)          

Basic loss per share for the fourth quarter of 2014 was calculated under the treasury-stock method as it was more dilutive. Approximately 36 million common shares were excluded from the computation of diluted (loss) per share assuming dilution because the effect would have been anti-dilutive.