2008 2007 % Change
REVENUES $ 3,452,692 $ 3,077,449 12.2
Cost of products sold 1,683,654 1,473,474 14.3
Selling and administrative 837,240 790,715 5.9
Research and development 187,561 166,627 12.6
Acquired in-process research and
development - 114,739 NM
TOTAL OPERATING COSTS
AND EXPENSES 2,708,455 2,545,555 6.4
OPERATING INCOME 744,237 531,894 39.9
Interest income 21,534 25,200 (14.5)
Interest expense (18,438) (24,555) (24.9)
Other income, net 1,535 3,505 NM
INCOME FROM CONTINUING OPERATIONS
BEFORE
INCOME TAXES 748,868 536,044 39.7
Income tax provision 202,337 169,454 19.4
INCOME FROM CONTINUING OPERATIONS 546,531 366,590 49.1
INCOME FROM DISCONTINUED OPERATIONS
NET OF INCOME TAX PROVISION OF
$734 AND $11,362, RESPECTIVELY 1,201 18,822 NM
NET INCOME $ 547,732 $ 385,412 42.1
EARNINGS PER SHARE
Basic:
Income from continuing operations $ 2.23 $ 1.49 49.7
Income from discontinued operations $ - $ 0.08 NM
Net income (1) $ 2.24 $ 1.57 42.7
Diluted:
Income from continuing operations $ 2.16 $ 1.44 50.0
Income from discontinued operations $ - $ 0.07 NM
Net income $ 2.16 $ 1.51
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