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 | 31,471.0 | 29,453.0 | 22,284.0 | 17,911.0 | 17,049.0 | 15,518.8 | 16,882.4 | 14,433.7 |
Revenue growth | 6.9% | 32.2% | 24.4% | 5.1% | 9.9% | -8.1% | 17.0% | 12.2% |
Cost of goods sold | 12,522.0 | 11,501.0 | 9,809.0 | 7,927.0 | 7,544.0 | 6,947.5 | 7,547.8 | 6,662.6 |
Gross profit | 18,949.0 | 17,952.0 | 12,475.0 | 9,984.0 | 9,505.0 | 8,571.3 | 9,334.6 | 7,771.1 |
Gross margin | 60.2% | 61.0% | 56.0% | 55.7% | 55.8% | 55.2% | 55.3% | 53.8% |
Selling, general and administrative | 8,516.0 | 8,198.0 | 6,896.0 | 5,589.0 | 5,391.0 | 5,042.6 | 5,624.3 | 4,747.5 |
Research and development | 1,745.0 | 1,742.0 | 1,348.0 | 1,126.0 | 1,059.0 | 956.4 | 975.1 | 861.4 |
EBITA | 10,172.0 | 8,915.0 | 5,369.0 | 3,894.0 | 3,671.0 | 3,151.3 | 3,318.2 | 2,559.2 |
EBITA margin | 32.3% | 30.3% | 24.1% | 21.7% | 21.5% | 20.3% | 19.7% | 17.7% |
Amortization of intangibles | 1,484.0 | 1,450.0 | 1,138.0 | 625.0 | 616.0 | 579.0 | 583.0 | 397.0 |
EBIT | 8,688.0 | 7,465.0 | 4,231.0 | 3,269.0 | 3,055.0 | 2,572.3 | 2,735.2 | 2,162.2 |
EBIT margin | 27.6% | 25.3% | 19.0% | 18.3% | 17.9% | 16.6% | 16.2% | 15.0% |
Pre-tax income | 8,292.0 | 7,598.0 | 4,495.0 | 3,305.0 | 2,962.0 | 2,543.2 | 2,611.3 | 2,039.4 |
Income taxes | 1,083.0 | 1,251.0 | 849.0 | 873.0 | 556.0 | 371.0 | 457.9 | 292.7 |
Tax rate | 13.1% | 16.5% | 18.9% | 26.4% | 18.8% | 14.6% | 17.5% | 14.4% |
Earnings from continuing ops | 7,103.0 | 6,269.0 | 3,510.0 | 2,351.0 | 2,406.0 | 2,172.2 | 2,153.4 | 1,746.7 |
Earnings from discontinued ops | | | | 589.0 | 245.0 | 319.9 | 400.3 | 1,610.7 |
Net income | 7,103.0 | 6,269.0 | 3,510.0 | 2,940.0 | 2,651.0 | 2,492.1 | 2,553.7 | 3,357.4 |
Net margin | 22.6% | 21.3% | 15.8% | 16.4% | 15.5% | 16.1% | 15.1% | 23.3% |
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Diluted EPS | $9.64 | $8.51 | $4.88 | $3.24 | $3.39 | $3.08 | $3.08 | $2.47 |
Shares outstanding (diluted) | 737.1 | 736.8 | 718.7 | 725.5 | 710.2 | 706.1 | 699.8 | 708.5 |
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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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