Johnson and Johnson 2012 Annual Report Download - page 29

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JOHNSON & JOHNSON AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars and Shares in Millions Except Per Share Amounts) (Note 1)
2012 2011 2010
Sales to customers $67,224 65,030 61,587
Cost of products sold 21,658 20,360 18,792
Gross profit 45,566 44,670 42,795
Selling, marketing and administrative expenses 20,869 20,969 19,424
Research and development expense 7,665 7,548 6,844
In-process research and development (Note 5) 1,163 – –
Interest income (64) (91) (107)
Interest expense, net of portion capitalized (Note 4) 532 571 455
Other (income) expense, net 1,626 2,743 (768)
Restructuring (Note 22) – 569 –
Earnings before provision for taxes on income 13,775 12,361 16,947
Provision for taxes on income (Note 8) 3,261 2,689 3,613
Net earnings 10,514 9,672 13,334
Add: Net loss attributable to noncontrolling interest 339 – –
Net earnings attributable to Johnson & Johnson $10,853 9,672 13,334
Net earnings per share attributable to Johnson & Johnson (Notes 1 and 15)
Basic $3.94 3.54 4.85
Diluted $3.86 3.49 4.78
Cash dividends per share $2.40 2.25 2.11
Average shares outstanding (Notes 1 and 15)
Basic 2,753.3 2,736.0 2,751.4
Diluted 2,812.6 2,775.3 2,788.8
See Notes to Consolidated Financial Statements
Johnson & Johnson 2012 Annual Report •21