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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net sales $ 2,222 $ 2,105 $ 6,640 $ 6,195
Cost of products sold 637 594 1,919 1,805
Gross profit 1,585 1,511 4,721 4,390
Operating expenses:        
Selling, general and administrative expenses 800 772 2,408 2,268
Research and development expenses 254 232 734 664
Royalty expense 16 20 50 59
Amortization expense 139 136 424 408
Intangible asset impairment charges 3 7 3 7
Restructuring charges (credits) 12 5 17 22
Contingent consideration expense (benefit) (4) (13) (78) 23
Litigation-related charges (credits) (12) 4 196 632
Operating expenses 1,208 1,163 3,754 4,083
Operating income (loss) 377 348 967 307
Other income (expense):        
Interest expense (57) (58) (172) (175)
Other, net (11) (33) (89) (44)
Income (loss) before income taxes 309 257 706 88
Income tax expense (benefit) 26 29 (13) (135)
Net income (loss) $ 283 $ 228 $ 719 $ 223
Net income (loss) per common share — basic $ 0.21 $ 0.17 $ 0.53 $ 0.16
Net income (loss) per common share — assuming dilution $ 0.20 $ 0.17 $ 0.52 $ 0.16
Weighted-average shares outstanding        
Basic 1,372.0 1,360.6 1,369.1 1,356.1
Assuming dilution 1,394.1 1,379.7 1,391.8 1,374.9