Financial Summary (All financials)
In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
Revenues | 12,682 | 11,888 | 9,913 | 10,735 | 9,823 | 9,048 | 8,386 | 7,477 |
Revenue growth | 6.7% | 19.9% | -7.7% | 9.3% | 8.6% | 7.9% | 12.2% | 1.3% |
Cost of goods sold | 3,956 | 3,711 | 3,465 | 3,116 | 2,813 | 2,593 | 2,424 | 2,173 |
Gross profit | 8,726 | 8,177 | 6,448 | 7,619 | 7,010 | 6,455 | 5,962 | 5,304 |
Gross margin | 68.8% | 68.8% | 65.0% | 71.0% | 71.4% | 71.3% | 71.1% | 70.9% |
Selling, general and administrative | 4,520 | 4,359 | 3,787 | 3,941 | 3,569 | 3,294 | 3,099 | 2,873 |
Research and development | 1,323 | 1,204 | 1,143 | 1,174 | 1,113 | 997 | 920 | 876 |
EBITA | 2,838 | 2,566 | 1,932 | 2,440 | 2,258 | 2,191 | 1,864 | 1,485 |
EBITA margin | 22.4% | 21.6% | 19.5% | 22.7% | 23.0% | 24.2% | 22.2% | 19.9% |
Amortization of intangibles | 803 | 741 | 789 | 699 | 599 | 565 | 545 | 495 |
EBIT | 2,035 | 1,825 | 1,143 | 1,741 | 1,659 | 1,626 | 1,319 | 990 |
EBIT margin | 16.0% | 15.4% | 11.5% | 16.2% | 16.9% | 18.0% | 15.7% | 13.2% |
Pre-tax income | 1,141 | 1,076 | -79 | 687 | 1,422 | 933 | 177 | -650 |
Income taxes | 443 | 36 | 2 | -4,013 | -249 | 828 | -170 | -411 |
Tax rate | 38.8% | 3.3% | | | | 88.7% | | 63.2% |
Net income | 642 | 985 | -115 | 4,700 | 1,671 | 104 | 347 | -239 |
Net margin | 5.1% | 8.3% | -1.2% | 43.8% | 17.0% | 1.1% | 4.1% | -3.2% |
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Diluted EPS | $0.45 | $0.69 | ($0.08) | $3.33 | $1.19 | $0.07 | $0.25 | ($0.18) |
Shares outstanding (diluted) | 1,440 | 1,434 | 1,417 | 1,411 | 1,401 | 1,393 | 1,377 | 1,341 |
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EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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