Financial Summary (All financials)
In millions, except per share items | Dec-31-14 | Dec-31-13 | Dec-31-12 | Dec-31-11 | Dec-31-10 | Dec-31-09 | Dec-31-08 | Dec-31-07 |
Revenues | 2,809 | 2,761 | 2,808 | 4,381 | 4,437 | 4,806 | 5,401 | 4,901 |
Revenue growth | 1.7% | -1.7% | -35.9% | -1.3% | -7.7% | -11.0% | 10.2% | |
Cost of goods sold | 1,098 | 1,045 | 1,082 | 1,791 | 1,895 | 2,249 | 2,601 | 2,268 |
Gross profit | 1,711 | 1,716 | 1,726 | 2,590 | 2,542 | 2,557 | 2,800 | 2,633 |
Gross margin | 60.9% | 62.2% | 61.5% | 59.1% | 57.3% | 53.2% | 51.8% | 53.7% |
Selling, general and administrative | 667 | 634 | 643 | 1,084 | 1,057 | 992 | 1,113 | 1,043 |
Research and development | | | | | | | 309 | 271 |
EBITA | 561 | 586 | 565 | 821 | 409 | 440 | 1,104 | 1,068 |
EBITA margin | 20.0% | 21.2% | 20.1% | 18.7% | 9.2% | 9.2% | 20.4% | 21.8% |
Amortization of intangibles | 136 | 182 | 217 | 432 | | | 472 | 438 |
EBIT | 425 | 404 | 348 | 389 | 409 | 440 | 632 | 630 |
EBIT margin | 15.1% | 14.6% | 12.4% | 8.9% | 9.2% | 9.2% | 11.7% | 12.9% |
Pre-tax income | -265 | 71 | -92 | -182 | -483 | -1,301 | -41 | -63 |
Income taxes | -57 | 26 | -49 | -116 | -69 | -117 | 51 | -3 |
Tax rate | 21.5% | 36.6% | 53.3% | 63.7% | 14.3% | 9.0% | | 4.8% |
Earnings from continuing ops | -382 | -124 | -294 | -291 | -605 | -2,548 | -249 | -199 |
Earnings from discontinued ops | -14 | 17 | -23 | -85 | -156 | 67 | -150 | |
Net income | -396 | -107 | -317 | -376 | -761 | -2,481 | -399 | -199 |
Net margin | -14.1% | -3.9% | -11.3% | -8.6% | -17.2% | -51.6% | -7.4% | -4.1% |
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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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