|
(dollars in millions, except per share data)
| |
% Change from Preceding Year(3) |
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| |
2000 |
1999 |
|
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| Years ended December 31 |
Actual |
Pro Forma (1) |
Actual(2) |
Pro Forma(1) |
1998 |
00/99 |
99/98 |
| |
|
|
|
|
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| Total revenues |
$ 1,736.4 |
$ 1,727.7 |
$ 1,401.0 |
$ 1,401.0 |
$ 1,150.9 |
23% |
22% |
| |
|
|
|
|
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| Product sales |
1,278.3 |
1,278.3 |
1,039.1 |
1,039.1 |
717.8 |
23 |
45 |
| |
|
|
|
|
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| Cost of sales |
364.9 |
272.1 |
285.6 |
192.2 |
138.6 |
42 |
39 |
| |
|
|
|
|
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| Research and development (R&D) expenses |
489.9 |
489.9 |
367.3 |
367.3 |
396.2 |
33 |
(7) |
| |
|
|
|
|
|||
| Marketing, general and administrative expenses |
497.0 |
497.0 |
467.9 |
467.9 |
358.9 |
6 |
30 |
| |
|
|
|
|
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| Special charges(4) |
- |
- |
1,437.7 |
- |
- |
- |
- |
| |
|
|
|
|
|||
| Recurring charges related to redemption(5) |
375.3 |
- |
197.7 |
- |
- |
- |
- |
| |
|
|
|
|
|||
| Cumulative effect of accounting change, net of tax(6) |
(57.8) |
- |
- |
- |
- |
- |
- |
| |
|
|
|
|
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| Net income (loss) |
(74.2) |
319.8 |
(1,157.5) |
246.7 |
181.9 |
30 |
36 |
| |
|
|
|
|
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| Diluted earnings (loss) per share(7) |
(0.14) |
0.60 |
(2.26) |
0.47 |
0.35 |
28 |
34 |
| |
|
|
|
|
|||
| R&D expense as a % of revenues |
- |
28% |
- |
26% |
34% |
- |
- |
| |
|
|
|
|
|||
| Net income as a % of revenues |
- |
19% |
- |
18% |
16% |
- |
- |
| |
|
|
|
|
|||
| Shares used to compute diluted earnings (loss) per share (millions)(7) |
522.2 |
536.1 |
512.9 |
529.5 |
519.5 |
1 |
2 |
| |
|
|
|
|
|||
| Actual shares at year-end (millions)(7) |
525.5 |
525.5 |
516.2 |
516.2 |
508.5 |
2 |
2 |
| |
|
|
|
|
|||
| Stock price at year-end(7) |
$ 81.50 |
- |
$ 67.25 |
- |
$ 19.93 |
21 |
237 |
| |
|
|
|
|
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| No cash dividends were paid. |
|
|
|
|
|
|
|
| |
|
|
|
|
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| Cash, short-term investments and long-term marketable securities |
$ 2,459.4 |
- |
$ 1,957.4 |
- |
$ 1,604.6 |
26 |
22 |
| |
|
|
|
|
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| Property, plant and equipment, net |
752.9 |
- |
730.1 |
- |
700.2 |
3 |
4 |
| |
|
|
|
|
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| Total assets |
6,711.8 |
- |
6,534.8 |
- |
2,855.4 |
3 |
219 |
| |
|
|
|
|
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| Total stockholders' equity |
5,674.2 |
- |
5,269.9 |
- |
2,343.8 |
8 |
215 |
| |
|
|
|
|
|||
| Capital expenditures |
112.7 |
- |
95.0 |
- |
88.1 |
19 |
8 |
| |
|
|
|
|
|||
| Number of employees |
4,459 |
- |
3,883 |
- |
3,389 |
15 |
15 |
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(1) Pro Forma amounts exclude the special charges in 1999 related to the Redemption and legal settlements, recurring charges related to the Redemption in 2000 and 1999, costs in 2000 and 1999 related to the sale of inventory that was written up at the Redemption, and their related tax effects. In addition, Pro Forma excludes the cumulative effect of a change in accounting principle, net of tax, in 2000. See the "Special Charges," "Recurring Charges Related to Redemption," "Cost of Sales," "Income Tax," and "Staff Accounting Bulletin No. 101" discussions in the Financial Review section of this annual report for further information on these charges. (2) Actual 1999 results include the combined New Basis and Old Basis presentation from the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. In addition, we corrected the accounting related to the write up of the valuation allowance pertaining to unrealized gains on certain marketable securities. Refer to "Basis of Presentation and Restatement" in the Notes to Consolidated Financial Statements. (3) Percent change was calculated based on Pro Forma amounts and shares where applicable. (4) Amount includes $1,207.7 million related to the Redemption of our Special Common Stock and $230.0 million related to legal settlements. (5) Amounts primarily relate to the amortization of goodwill and other intangible assets due to the Redemption of our Special Common Stock. (6) We adopted the Securities and Exchange Commission's Staff Accounting Bulletin No. 101 on revenue recognition effective January 1, 2000, and recorded a cumulative effect of a change in accounting principle, net of tax. (7) All share, price per share and per share amounts of Common Stock and Special Common Stock reflect the two-for-one splits of our Common Stock that were effected in October 2000 and November 1999. (8) Graphs are based on Pro Forma amounts.