Consolidated Statement of Earnings
(dollars and shares in thousands except per share data)
Year Ended December 31 |
2011 |
2010 |
2009 |
Net Sales |
$38,851,259 |
$35,166,721 |
$30,764,707 |
Cost of products sold |
15,540,580 |
14,665,192 |
13,209,329 |
Research and development |
4,129,414 |
3,724,424 |
2,743,733 |
Acquired in-process and collaborations research and development |
672,500 |
313,200 |
170,000 |
Selling, general and administrative |
12,756,817 |
10,376,324 |
8,405,904 |
Total Operating Cost and Expenses |
33,099,311 |
29,079,140 |
24,528,966 |
Operating Earnings |
5,751,948 |
6,087,581 |
6,235,741 |
Interest expense |
530,141 |
553,135 |
519,656 |
Interest (income) |
(85,196) |
(105,453) |
(137,779) |
Net foreign exchange (gain) loss |
(50,271) |
(10,924) |
35,584 |
Other (income) expense, net |
158,632 |
(62,011) |
(1,375,494) |
Earnings Before Taxes |
5,198,642 |
5,712,834 |
7,193,774 |
Taxes on Earnings |
470,193 |
1,086,662 |
1,447,936 |
Net Earnings |
$4,728,449 |
$4,626,172 |
$5,745,838 |
Basic Earnings Per Common Share |
$3.03 |
$2.98 |
$3.71 |
Diluted Earnings Per Common Share |
$3.01 |
$2.96 |
$3.69 |
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share |
1,557,643 |
1,546,400 |
1,546,983 |
Dilutive Common Stock Options and Awards |
9,746 |
9,622 |
8,143 |
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options and Awards |
1,567,389 |
1,556,022 |
1,555,126 |
Outstanding Common Stock Options Having No Dilutive Effect |
26,789 |
29,403 |
66,189 |
The accompanying notes to consolidated financial statements are an integral part of this statement.
