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Consolidated Statement of Earnings
(dollars and shares in thousands except per share data)
| Year Ended December 31 | 2007 | 2006 | 2005 |
| Net Sales | $25,914,238 | $22,476,322 | $22,337,808 |
| Cost of products sold | 11,422,046 | 9,815,147 | 10,641,111 |
| Research and development | 2,505,649 | 2,255,271 | 1,821,175 |
| Acquired in-process and collaborations research and development | — | 2,014,000 | 17,131 |
| Selling, general and administrative | 7,407,998 | 6,349,685 | 5,496,123 |
| Total Operating Cost and Expenses | 21,335,693 | 20,434,103 | 17,975,540 |
| Operating Earnings | 4,578,545 | 2,042,219 | 4,362,268 |
| Interest expense | 593,142 | 416,172 | 241,355 |
| Interest (income) | (136,752) | (123,825) | (87,693) |
| (Income) from TAP Pharmaceutical Products Inc. joint venture | (498,016) | (475,811) | (441,388) |
| Net foreign exchange (gain) loss | 14,997 | 28,441 | 21,804 |
| Other (income) expense, net | 135,526 | (79,128) | 8,270 |
| Earnings Before Taxes | 4,469,648 | 2,276,370 | 4,619,920 |
| Taxes on Earnings | 863,334 | 559,615 | 1,247,855 |
| Net Earnings | $3,606,314 | $1,716,755 | $3,372,065 |
| Basic Earnings Per Common Share | $2.34 | $1.12 | $2.17 |
| Diluted Earnings Per Common Share | $2.31 | $1.12 | $2.16 |
| Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share | 1,543,082 | 1,529,848 | 1,552,457 |
| Dilutive Common Stock Options and Awards | 16,975 | 6,876 | 11,646 |
| Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options and Awards | 1,560,057 | 1,536,724 | 1,564,103 |
| Outstanding Common Stock Options Having No Dilutive Effect | 6,406 | 23,567 | 22,469 |
The accompanying notes to consolidated financial statements are an integral part of this statement.
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