AbbVie 2013 Annual Report Download - page 61

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AbbVie Inc. and Subsidiaries
Consolidated Statements of Earnings
years ended December 31 (in millions, except per share data) 2013 2012 2011
Net sales $18,790 $18,380 $17,444
Cost of products sold 4,581 4,508 4,639
Selling, general and administrative 5,352 4,989 5,894
Research and development 2,855 2,778 2,618
Acquired in-process research and development 338 288 673
Total operating costs and expenses 13,126 12,563 13,824
Operating earnings 5,664 5,817 3,620
Interest expense (income), net 278 84 (20)
Net foreign exchange loss (gain) 55 17 (30)
Other (income) expense, net (1) (9) 2
Earnings before income tax expense 5,332 5,725 3,668
Income tax expense 1,204 450 235
Net earnings $ 4,128 $ 5,275 $ 3,433
Per share data
Basic earnings per share $ 2.58 $ 3.35 $ 2.18
Diluted earnings per share $ 2.56 $ 3.35 $ 2.18
Cash dividends declared per common share(a) $ 2.00 n/a n/a
Weighted-average basic shares outstanding(b) 1,589 1,577 1,577
Weighted-average diluted shares outstanding(b) 1,604 1,577 1,577
(a) On January 4, 2013, the board of directors declared a cash dividend of $0.40 per share of common
stock. This dividend was declared from pre-separation earnings and was recorded as a reduction of
additional paid-in capital. In addition, AbbVie declared regular quarterly cash dividends in 2013
aggregating $1.60 per share of common stock. Refer to Note 11 for 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 4 for information regarding the calculation of basic and diluted
earnings per common share for the year ended December 31, 2013.
The accompanying notes are an integral part of these consolidated financial statements.
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