AbbVie 2012 Annual Report Download - page 66

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AbbVie Inc. and Subsidiaries
Combined Statements of Earnings
years ended December 31 (in millions, except per share data) 2012 2011 2010
Net sales $18,380 $17,444 $15,638
Cost of products sold 4,508 4,639 4,293
Selling, general and administrative 4,989 5,894 3,820
Research and development 2,778 2,618 2,495
Acquired in-process research and development 288 673 313
Total operating costs and expenses 12,563 13,824 10,921
Operating earnings 5,817 3,620 4,717
Interest expense, net 84 (20) (28)
Net foreign exchange (gain) loss 17 (30) (30)
Other (income) expense, net (9) 2 (61)
Earnings before income tax 5,725 3,668 4,836
Income tax expense 450 235 658
Net earnings $ 5,275 $ 3,433 $ 4,178
Per share data
Basic and diluted earnings per share(a) $ 3.35 $ 2.18 $ 2.65
(a) On January 1, 2013, Abbott Laboratories distributed 1,577 million shares of AbbVie common
stock. The computation of basic and diluted earnings per common share for all periods through
December 31, 2012 was calculated using the shares distributed on January 1, 2013.
The accompanying notes are an integral part of these combined financial statements.
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