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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Net sales $ 3,244 $ 3,077 $ 6,270 $ 5,829
Cost of products sold 1,011 945 1,966 1,839
Gross profit 2,233 2,132 4,304 3,990
Operating expenses:        
Selling, general and administrative expenses 1,165 1,121 2,225 2,139
Research and development expenses 335 298 654 574
Royalty expense 11 12 23 24
Amortization expense 204 180 402 365
Intangible asset impairment charges 7 45 7 45
Contingent consideration net expense (benefit) 36 (85) 48 (91)
Restructuring net charges (credits) 11 3 14 8
Litigation-related net charges (credits) 42 298 42 302
Gain on disposal of businesses and assets 0 (2) 0 (9)
Operating expenses 1,810 1,870 3,415 3,358
Operating income (loss) 423 262 889 632
Other income (expense):        
Interest expense (64) (86) (343) (168)
Other, net (14) (26) (46) 11
Income (loss) before income taxes 345 149 501 474
Income tax expense (benefit) 85 (37) 131 (53)
Net income (loss) 260 186 370 527
Preferred stock dividends (14) (14) (28) (28)
Net income (loss) available to common stockholders $ 246 $ 172 $ 342 $ 500
Net income (loss) per common share — basic $ 0.17 $ 0.12 $ 0.24 $ 0.35
Net income (loss) per common share — assuming dilution $ 0.17 $ 0.12 $ 0.24 $ 0.35
Weighted-average shares outstanding        
Basic 1,429.7 1,421.3 1,428.8 1,420.0
Assuming dilution 1,437.8 1,432.5 1,438.1 1,431.7