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Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net sales $ 10,735 $ 9,823 $ 9,048
Cost of products sold 3,116 2,813 2,593
Gross profit 7,620 7,011 6,455
Operating expenses:      
Selling, general and administrative expenses 3,941 3,569 3,294
Research and development expenses 1,174 1,113 997
Royalty expense 65 70 68
Amortization expense 699 599 565
Intangible asset impairment charges 105 35 4
Contingent consideration expense (benefit) (35) (21) (80)
Restructuring charges (credits) 38 36 37
Litigation-related charges (credits) 115 103 285
Operating expenses 6,102 5,504 5,170
Operating income (loss) 1,518 1,506 1,285
Other income (expense):      
Interest expense (473) (241) (229)
Other, net (358) 156 (124)
Income (loss) before income taxes 687 1,422 933
Income tax (benefit) expense (4,013) (249) 828
Net income (loss) $ 4,700 $ 1,671 $ 104
Net income (loss) per common share — basic $ 3.38 $ 1.21 $ 0.08
Net income (loss) per common share — assuming dilution $ 3.33 $ 1.19 $ 0.08
Weighted-average shares outstanding      
Basic 1,391.5 1,381.0 1,370.1
Assuming dilution 1,410.6 1,401.4 1,392.7