4Q Revenues: $6.2 billion (+2.8%)
4Q Loss: $476.2 million (earnings were $974.6 million in 4Q2005)
FY Revenues: $22.5 billion (flat)
FY Earnings: $1.7 billion (-49%)
Comments: Adjusting both periods for the amendment of the Boehringer Ingelheim distribution agreement, net sales increased by 14.5% for the quarter and 11.6% for the year. Humira sales were $370 million in the quarter, up 31% and $1.2 billion for the year, up 38%. Depakote sales were $384 million in the quarter, up 15% and $1.2 billion for the year, up 18.5%. In the quarter, earnings exclude after-tax charges of $1.3 billion for acquired in process and collaborations R&D primarily related to the Kos acquisition and $110 million for cost reduction initiatives. For the year, earnings exclude charges of $1.7 billion for acquired in-process and collaborations R&D, $141 million for cost reduction initiatives, $220 million for integration activities primarily related to the Guidant acquisition. R&D spending was $596.2 million in the quarter, up 22% and $2.3 billion for the year, up 24%.