AbbVie 2014 Annual Report Download - page 63
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13NOV201221352027
AbbVie Inc. and Subsidiaries
Consolidated Statements of Earnings
years ended December 31 (in millions, except per share data) 2014 2013 2012
Net sales $19,960 $18,790 $18,380
Cost of products sold 4,426 4,581 4,508
Selling, general and administrative 7,724 5,352 4,989
Research and development 3,297 2,855 2,778
Acquired in-process research and development 352 338 288
Other expense 750 — —
Total operating costs and expenses 16,549 13,126 12,563
Operating earnings 3,411 5,664 5,817
Interest expense, net 391 278 84
Net foreign exchange loss 678 55 17
Other income, net (27) (1) (9)
Earnings before income tax expense 2,369 5,332 5,725
Income tax expense 595 1,204 450
Net earnings $ 1,774 $ 4,128 $ 5,275
Per share data
Basic earnings per share $ 1.11 $ 2.58 $ 3.35
Diluted earnings per share $ 1.10 $ 2.56 $ 3.35
Cash dividends declared per common share $ 1.75 $ 2.00(a) n/a
Weighted-average basic shares outstanding 1,595 1,589 1,577(b)
Weighted-average diluted shares outstanding 1,610 1,604 1,577(b)
(a) On January 4, 2013, a cash dividend of $0.40 per share of common stock was declared from
pre-separation earnings and was recorded as a reduction of additional paid-in capital. Refer to Note 12
for additional information regarding cash dividends declared in 2013.
(b) On January 1, 2013, Abbott Laboratories distributed 1,577 million shares of AbbVie common stock. For
periods prior to the separation, the weighted-average basic and diluted shares outstanding was based
on the number of shares of AbbVie common stock outstanding on the distribution date. Refer to
Note 5 for information regarding the calculation of basic and diluted earnings per common share for
the years ended December 31, 2014 and 2013.
The accompanying notes are an integral part of these consolidated financial statements.
2014 Form 10-K 57