| (In thousands except per share amounts) |
First Quarter
2000 |
Second Quarter
2000 |
Third Quarter
2000 |
Fourth Quarter
2000 |
 |
| Net revenue(1) |
$3,206,871 |
$3,040,657 |
$ 3,509,414 |
$ 3,505,812 |
| Gross profit(1) |
2,424,879 |
2,269,615 |
2,664,155 |
2,634,687 |
| Income (loss) from continuing operations(2)(3) |
1,746,009 |
412,734 |
762,100 |
(3,821,883) |
| Diluted earnings (loss) per share from continuing operations(2)(3)(5) |
1.32 |
0.31 |
0.58 |
(2.91) |
| Net income (loss)(2)(3) |
276,362 |
412,734 |
762,100 |
(3,821,883) |
(In thousands except per share amounts) |
First Quarter
1999 |
Second Quarter
1999 |
Third Quarter
1999 |
Fourth Quarter
1999 |
|
| Net revenue |
$2,858,049 |
$2,743,164 |
$ 3,191,040 |
$ 3,088,943 |
| Gross profit |
2,157,743 |
2,007,105 |
2,384,162 |
2,309,630 |
| Income (loss) from continuing operations (3)(4) |
538,140 |
294,334 |
(2,642,435) |
602,718 |
| Diluted earnings (loss) per share from continuing operations
(3)(4)(5) |
0.40 |
0.22 |
(2.02) |
0.46 |
| Net income (loss) (3)(4) |
654,918 |
398,673 |
(2,873,944) |
593,232 |
- (1)
- First, Second and Third Quarters 2000 were restated to reflect
the accounting for Immunex on an equity basis, assuming Immunex
was an equity investment as of January 1, 2000. Excluding alliance
revenue in 2000, gross profit from product sales was $2,388,949,
$2,227,358, $2,615,179 and $2,573,543 for the First, Second, Third
and Fourth Quarters, respectively.
- (2)
- First Quarter 2000 included income of $1,111,097 after-tax and
$0.84 per share-diluted resulting from the receipt of a $1,800,000
termination fee provided for under the merger agreement with Warner-Lambert
Company offset, in part, by certain related expenses.
- (3)
- Fourth Quarter 2000 and Third Quarter 1999 included litigation
charges of $5,375,000 and $3,287,500 after-tax and $4.10 and $2.51
per share-diluted, respectively, in connection with litigation
brought against the Company regarding the use of the diet drugs
Redux or Pondimin.
Fourth Quarter 2000 included:
- Income of $1,414,859 after-tax and $1.08 per share-diluted
related to the Company selling a portion of its investment
in Immunex common stock in a joint public equity offering
with Immunex.
- Goodwill impairment of $341,000 after-tax and $0.26 per
share-diluted related to the goodwill associated with generic
pharmaceuticals and the Solgar consumer health care product
line.
- A special charge of $52,000 after-tax and $0.04 per share-diluted
related to the voluntary ceasing of production and subsequent
voluntary market withdrawal of products containing PPA.
- A special charge of $173,000 after-tax and $0.13 per share-diluted
related to costs associated with certain product discontinuations.
- (4)
- Second Quarter 1999 included a special charge of $53,000 after-tax
and $0.04 per share-diluted related to the suspension of shipments
and the voluntary market withdrawal of RotaShield, the Company's
rotavirus vaccine.
- (5)
- The weighted average common shares outstanding for diluted loss
per share for the Fourth Quarter 2000 and Third Quarter 1999 did
not include common share equivalents, as the effect would have
been antidilutive. In addition, the sum of the 2000 and 1999 diluted
earnings (loss) per share from continuing operations for each
quarter did not equal the full year 2000 and 1999 diluted loss
per share from continuing operations, respectively, for the same
reason.
- (6)
- In the 2000 First Quarter, the Company reflected the Cyanamid
Agricultural Products business, which was sold on June 30, 2000,
as a discontinued operation, and recorded a loss on disposal of
such business of $1,572,993, net of tax charges of $855,248. All
prior periods presented were restated.
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