Selected Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Dec. 29, 2019

Selected Quarterly Financial Information [Abstract]

Summary of Selected Quarterly Financial Data (unaudited)

Selected unaudited quarterly financial data for the years 2019 and 2018 are summarized below:



	2019					2018
(Dollars in Millions Except Per Share Data)	First Quarter ⁽¹⁾		Second Quarter ⁽²⁾	Third Quarter ⁽³⁾	Fourth Quarter ⁽⁴⁾	First Quarter ⁽⁵⁾	Second Quarter ⁽⁶⁾	Third Quarter ⁽⁷⁾	Fourth Quarter ⁽⁸⁾
Segment sales to customers
Consumer	$	3,318	3,544	3,469	3,567	3,398	3,504	3,415	3,536
Pharmaceutical	10,244		10,529	10,877	10,548	9,844	10,354	10,346	10,190
Medical Devices	6,459		6,489	6,383	6,632	6,767	6,972	6,587	6,668
Total sales	20,021		20,562	20,729	20,747	20,009	20,830	20,348	20,394
Gross profit	13,406		13,622	13,862	13,613	13,395	13,903	13,759	13,433
Earnings before provision for taxes on income	4,422		7,041	1,647	4,218	5,481	4,973	4,423	3,122
Net earnings	3,749		5,607	1,753	4,010	4,367	3,954	3,934	3,042
Basic net earnings per share	$	1.41	2.11	0.67	1.52	1.63	1.47	1.47	1.14
Diluted net earnings per share	$	1.39	2.08	0.66	1.50	1.60	1.45	1.44	1.12

⁽¹⁾

The first quarter of 2019 includes a gain of $0.3 billion after-tax ($0.3 billion before-tax) related to the Company's previously held equity investment in DR. CI:LABO, an in-process research and development expense of $703 million after-tax ($890 million before-tax) related to the Alios asset, a litigation expense of $342 million after-tax ($423 million before-tax), an unrealized gain on securities of $125 million after-tax ($158 million before-tax), a restructuring related charge of $75 million after-tax ($90 million before-tax), and acquisition related costs of $60 million after-tax ($67 million before-tax).

⁽²⁾

The second quarter of 2019 includes a gain of $1.5 billion after-tax ($2.0 billion before-tax) from the divestiture of the ASP business, a litigation expense of $342 million after-tax ($409 million before-tax), an unrealized gain on securities of $117 million after-tax ($148 million before-tax), a restructuring related charge of $116 million after-tax ($142 million before-tax) and acquisition related costs of $50 million after-tax ($55 million before-tax).

⁽³⁾

The third quarter of 2019 includes a litigation expense of $3,080 million after-tax ($4,000 million before-tax) related to the agreement in principle to settle opioid litigation, a restructuring related charge of $106 million after-tax ($128 million before-tax), acquisition related costs of $88 million after-tax ($107 million before-tax), a $391 million benefit after-tax from the impact of tax legislation, and an unrealized loss on securities of $71 million after-tax ($89 million before-tax).

⁽⁴⁾

The fourth quarter of 2019 includes a litigation expense of $251 million after-tax ($264 million before-tax), an unrealized gain on securities of $277 million after-tax ($350 million before-tax), a restructuring related charge of $214 million after-tax ($251 million before-tax), a $184 million benefit after-tax from the impact of tax legislation, and acquisition related costs of $82 million after-tax ($90 million before-tax).


⁽⁵⁾	The first quarter of 2018 includes an Actelion acquisition related cost of $92 million after-tax ($96 million before-tax) and a restructuring related charge of $81 million after-tax ($107 million before-tax).


⁽⁶⁾	The second quarter of 2018 includes a litigation expense of $609 million after-tax ($703 million before-tax) and a restructuring related charge of $152 million after-tax ($176 million before-tax).

⁽⁷⁾

The third quarter of 2018 includes an in-process research and development expense of $859 million after-tax ($1,126 million before-tax) related to the Alios and XO1 assets and the corresponding XO1 contingent liability reversal of $184 million after and before tax, a restructuring related charge of $162 million after-tax ($190 million before-tax) and a $265 million benefit after-tax from the impact of tax legislation.

⁽⁸⁾

The fourth quarter of 2018 includes a litigation expense of $1,113 million after-tax ($1,288 million before-tax), a restructuring related charge of $190 million after-tax ($227 million before-tax) and a $137 million benefit after-tax from the impact of tax legislation.