Consolidated Statement of Earnings

(dollars and shares in thousands except per share data)

Year Ended December 31	2006		2005			2004
Net Sales	$	22,476,322		$	22,337,808		$	19,680,016
Cost of products sold		9,815,147			10,641,111			8,884,157
Research and development		2,255,271			1,821,175			1,696,753
Acquired in-process and collaborations research and development		2,014,000			17,131			279,006
Selling, general and administrative		6,349,685			5,496,123			4,921,780
Total Operating Cost and Expenses		20,434,103			17,975,540			15,781,696
Operating Earnings		2,042,219			4,362,268			3,898,320
Net interest expense		292,347			153,662			149,087
(Income) from TAP Pharmaceutical Products Inc. joint venture		(475,811	)		(441,388	)		(374,984	)
Net foreign exchange (gain) loss		28,441			21,804			29,059
Other (income) expense, net		(79,128	)		8,270			(30,442	)
Earnings from Continuing Operations Before Taxes		2,276,370			4,619,920			4,125,600
Taxes on Earnings from Continuing Operations		559,615			1,247,855			949,764
Earnings from Continuing Operations		1,716,755			3,372,065			3,175,836
Earnings from Discontinued Operations, net of taxes		—			—			60,015
Net Earnings	$	1,716,755		$	3,372,065		$	3,235,851
Basic Earnings Per Common Share —
Continuing Operations	$	1.12		$	2.17		$	2.03
Discontinued Operations		—			—			0.04
Net Earnings	$	1.12		$	2.17		$	2.07
Diluted Earnings Per Common Share —
Continuing Operations	$	1.12		$	2.16		$	2.02
Discontinued Operations		—			—			0.04
Net Earnings	$	1.12		$	2.16		$	2.06
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share		1,529,848			1,552,457			1,560,557
Dilutive Common Stock Options and Awards		6,876			11,646			10,054
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options and Awards		1,536,724			1,564,103			1,570,611
Outstanding Common Stock Options Having No Dilutive Effect		23,567			22,469			44,005
The accompanying notes to consolidated financial statements are an integral part of this statement.

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