The company said total revenues for the 3 months ended March 31, 2024 were $3.66 billion, down $65.7 million, or 2%, from $3.73 billion in the prior-year period. Net sales were $3.65 billion.

1. 01

   The company said total revenues for the 3 months ended March 31, 2024 were $3.66 billion, down $65.7 million, or 2%, from $3.73 billion in the prior-year period. Net sales were $3.65 billion.

2. 02

   The company cited the unfavorable impact of foreign currency translation of about $77.1 million (2%) and the prior-year net sales of divested businesses that closed between 2023 and 2024, about $45.7 million (1%), as factors behind the decline in net sales. It said constant currency net sales from the remaining business rose about $57.2 million (2%), and that new product sales of about $154.5 million partially offset base business erosion of about $97.3 million.

3. 03

   The company said gross profit for Q1 2024 was $1.50 billion, with a gross margin of 41% ($1.54 billion and 41% in the prior-year period). It said R&D expense was $199.7 million, up $16.8 million, and SG&A expense was $1.02 billion, up $58.6 million.

4. 04

   The company said other income, net was $139.1 million for Q1 2024, compared with $69.9 million in the prior year period, and that it included a gain of $80.8 million on the divestiture of the women's healthcare business. As of March 31, 2024, cash totaled $1.01 billion, and there were no borrowings outstanding under the $4.0 billion Revolving Facility.

Key figures

Quarter ended March 31, 2024

Revenue

$3.7B

Operating income

$204M

EPS

$0.09

Gross profit

$1.5B

Operating cash flow

$615M

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.

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.