Financial Summary (All financials)
In millions, except per share items | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 |
Revenues | 19,485 | 17,640 | 18,479 | 18,313 | 19,179 | 19,621 | 20,111 | 17,908 |
Revenue growth | 10.5% | -4.5% | 0.9% | -4.5% | -2.3% | -2.4% | 12.3% | 48.5% |
Cost of goods sold | 8,878 | 8,418 | 8,698 | 8,633 | 9,274 | 9,328 | 16,508 | 14,767 |
Gross profit | 10,607 | 9,222 | 9,781 | 9,680 | 9,905 | 10,293 | 3,603 | 3,141 |
Gross margin | 54.4% | 52.3% | 52.9% | 52.9% | 51.6% | 52.5% | 17.9% | 17.5% |
Selling, general and administrative | | | | | | | 1,406 | 849 |
General and administrative | 3,328 | 2,982 | 3,057 | 3,004 | 3,085 | 3,124 | | |
EBITA | 3,393 | 2,374 | 2,041 | 2,010 | 1,452 | 2,025 | 1,929 | 1,134 |
EBITA margin | 17.4% | 13.5% | 11.0% | 11.0% | 7.6% | 10.3% | 9.6% | 6.3% |
Amortization of intangibles | 188 | 172 | 188 | 185 | 172 | 152 | 144 | |
EBIT | 3,205 | 2,202 | 1,853 | 1,825 | 1,280 | 1,873 | 1,785 | 1,134 |
EBIT margin | 16.4% | 12.5% | 10.0% | 10.0% | 6.7% | 9.5% | 8.9% | 6.3% |
Pre-tax income | 1,888 | 671 | 320 | 629 | -101 | 248 | 144 | 147 |
Income taxes | 411 | -97 | 160 | 173 | 219 | 67 | 68 | 49 |
Tax rate | 21.8% | | 50.0% | 27.5% | | 27.0% | 47.2% | 33.3% |
Earnings from continuing ops | 915 | 399 | -226 | 101 | -704 | -187 | -142 | 34 |
Earnings from discontinued ops | -1 | | 11 | 3 | | -5 | 2 | -22 |
Net income | 914 | 399 | -215 | 104 | -704 | -192 | -140 | 12 |
Net margin | 4.7% | 2.3% | -1.2% | 0.6% | -3.7% | -1.0% | -0.7% | 0.1% |
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Diluted EPS | $8.43 | $3.75 | ($2.19) | $0.97 | ($7.00) | ($1.88) | ($1.43) | $0.34 |
Shares outstanding (diluted) | 109 | 106 | 103 | 104 | 101 | 99 | 99 | 100 |
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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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