The company reported total revenues of $15.43 billion for the fiscal year ended December 31, 2023, a decrease of $835.8 million (5%) from $16.26 billion in the prior year.

10-KAnnual reportFiled Feb 28, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company reported total revenues of $15.43 billion for the fiscal year ended December 31, 2023, a decrease of $835.8 million (5%) from $16.26 billion in the prior year.
The company said that foreign currency translation reduced net sales by approximately $258.9 million (2%), and that the inclusion of prior-year net sales from divested businesses reduced net sales by approximately $629.5 million (4%). On a constant currency basis, net sales from the remaining business rose approximately $17.0 million. New product sales of approximately $451.3 million offset base business erosion of approximately $434.3 million.
The company said gross profit for the year was $6.44 billion, with a gross margin of 42%. Selling, general and administrative expense rose $471.0 million to $4.65 billion. The company cited a goodwill impairment charge of approximately $580.1 million related to the planned divestiture of the OTC Business as one of the factors behind the increase.
The company said it had cash and cash equivalents of $991.9 million as of December 31, 2023, and that $4.0 billion under its Revolving Facility, which matures in July 2026, was available. As of the same date, there were no borrowings outstanding under the Commercial Paper Program or the Revolving Facility.

Key figures

Fiscal year ended December 31, 2023

Revenue: $15.4B
Operating income: $766M
Net income: $55M
EPS: $0.05
Gross profit: $6.4B
Operating cash flow: $2.8B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual total revenues of $15.43 billion

The company reported total revenues of $15.43 billion for the fiscal year ended December 31, 2023, a decrease of $835.8 million (5%) from $16.26 billion in the prior year.

Source · Based on the MD&A text of the filing

FX and Divestiture Effects, and New Product Sales

The company said that foreign currency translation reduced net sales by approximately $258.9 million (2%), and that the inclusion of prior-year net sales from divested businesses reduced net sales by approximately $629.5 million (4%). On a constant currency basis, net sales from the remaining business rose approximately $17.0 million. New product sales of approximately $451.3 million offset base business erosion of approximately $434.3 million.

Source · Based on the MD&A text of the filing

Gross Profit and SG&A Increase Drivers

The company said gross profit for the year was $6.44 billion, with a gross margin of 42%. Selling, general and administrative expense rose $471.0 million to $4.65 billion. The company cited a goodwill impairment charge of approximately $580.1 million related to the planned divestiture of the OTC Business as one of the factors behind the increase.

Source · Based on the MD&A text of the filing

Liquidity and Borrowing Capacity

The company said it had cash and cash equivalents of $991.9 million as of December 31, 2023, and that $4.0 billion under its Revolving Facility, which matures in July 2026, was available. As of the same date, there were no borrowings outstanding under the Commercial Paper Program or the Revolving Facility.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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