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Income Statement

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Abbott Laboratories, Consolidated Income Statement

USD $ in millions

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12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net sales 27,390  20,853  20,405  20,247  21,848 
Cost of products sold, excluding amortization of intangible assets (12,337) (9,024) (8,747) (9,218) (10,040)
Amortization of intangible assets (1,975) (550) (601) (555) (791)
Gross profit 13,078  11,279  11,057  10,474  11,017 
Research and development (2,235) (1,422) (1,405) (1,345) (1,452)
Selling, general and administrative (9,117) (6,672) (6,785) (6,530) (6,936)
Operating earnings 1,726  3,185  2,867  2,599  2,629 
Interest expense (904) (431) (163) (150) (157)
Interest income 124  99  105  77  67 
Net loss on extinguishment of debt (18)
Net foreign exchange gain (loss) 34  (495) 93  24  (50)
Other income (expense), net 1,251  (945) 281  (14) 32 
Earnings from continuing operations before taxes 2,231  1,413  3,183  2,518  2,521 
Taxes on earnings from continuing operations (1,878) (350) (577) (797) (138)
Earnings from continuing operations 353  1,063  2,606  1,721  2,383 
Earnings from discontinued operations, net of taxes 124  321  65  563  193 
Gain on sale of discontinued operations, net of taxes 16  1,752 
Net earnings from discontinued operations, net of taxes 124  337  1,817  563  193 
Net earnings 477  1,400  4,423  2,284  2,576 
Source: Abbott Laboratories, Annual Reports
Item Description The company
Net sales Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Abbott Laboratories's net sales increased from 2015 to 2016 and from 2016 to 2017.
Operating earnings The net result for the period of deducting operating expenses from operating revenues. Abbott Laboratories's operating earnings increased from 2015 to 2016 but then declined significantly from 2016 to 2017.
Earnings from continuing operations before taxes Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Abbott Laboratories's earnings from continuing operations before taxes declined from 2015 to 2016 but then slightly increased from 2016 to 2017.
Earnings from continuing operations This represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Abbott Laboratories's earnings from continuing operations declined from 2015 to 2016 and from 2016 to 2017.
Net earnings The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Abbott Laboratories's net earnings declined from 2015 to 2016 and from 2016 to 2017.