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 | 27,281.0 | 27,305.0 | 24,689.0 | 22,449.0 | 22,127.0 | 26,107.0 | 30,390.0 | 32,639.0 |
Revenue growth | -0.1% | 10.6% | 10.0% | 1.5% | -15.2% | -14.1% | -6.9% | 31.1% |
Cost of goods sold | 5,657.0 | 6,601.0 | 4,572.0 | 4,675.0 | 4,853.0 | 4,371.0 | 4,261.0 | 4,006.0 |
Gross profit | 21,624.0 | 20,704.0 | 20,117.0 | 17,774.0 | 17,274.0 | 21,736.0 | 26,129.0 | 28,633.0 |
Gross margin | 79.3% | 75.8% | 81.5% | 79.2% | 78.1% | 83.3% | 86.0% | 87.7% |
Selling, general and administrative | 5,673.0 | 5,246.0 | 5,151.0 | 4,381.0 | 4,056.0 | 3,878.0 | 3,398.0 | 3,426.0 |
Research and development | 4,977.0 | 4,601.0 | 4,927.0 | 4,055.0 | 3,920.0 | 3,734.0 | 5,098.0 | 3,014.0 |
EBITA | 12,774.0 | 12,557.0 | 11,239.0 | 10,487.0 | 10,501.0 | 15,177.0 | 18,614.0 | 23,130.0 |
EBITA margin | 46.8% | 46.0% | 45.5% | 46.7% | 47.5% | 58.1% | 61.3% | 70.9% |
Amortization of intangibles | 1,800.0 | 1,700.0 | 1,200.0 | 1,149.0 | 1,203.0 | 1,053.0 | 981.0 | 937.0 |
EBIT | 10,974.0 | 10,857.0 | 10,039.0 | 9,338.0 | 9,298.0 | 14,124.0 | 17,633.0 | 22,193.0 |
EBIT margin | 40.2% | 39.8% | 40.7% | 41.6% | 42.0% | 54.1% | 58.0% | 68.0% |
Pre-tax income | 5,814.0 | 8,278.0 | 1,669.0 | 5,160.0 | 7,799.0 | 13,529.0 | 17,097.0 | 21,659.0 |
Income taxes | 1,248.0 | 2,077.0 | 1,580.0 | -204.0 | 2,339.0 | 8,885.0 | 3,609.0 | 3,553.0 |
Tax rate | 21.5% | 25.1% | 94.7% | | 30.0% | 65.7% | 21.1% | 16.4% |
Net income | 4,592.0 | 6,225.0 | 123.0 | 5,386.0 | 5,455.0 | 4,628.0 | 13,501.0 | 18,108.0 |
Net margin | 16.8% | 22.8% | 0.5% | 24.0% | 24.7% | 17.7% | 44.4% | 55.5% |
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Diluted EPS | $3.64 | $4.93 | $0.10 | $4.22 | $4.17 | $3.51 | $9.94 | $11.91 |
Shares outstanding (diluted) | 1,262.0 | 1,262.0 | 1,263.0 | 1,277.0 | 1,308.0 | 1,319.0 | 1,358.0 | 1,521.0 |
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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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