The company said total revenues for the quarter ended June 30, 2024 were $3.80 billion, compared with $3.92 billion a year earlier, a decrease of $122.0 million (3%). Net sales were $3.79 billion, down $123.6 million (3%).

1. 01

   The company said total revenues for the quarter ended June 30, 2024 were $3.80 billion, compared with $3.92 billion a year earlier, a decrease of $122.0 million (3%). Net sales were $3.79 billion, down $123.6 million (3%).

2. 02

   The company cited the unfavorable impact of foreign currency translation of approximately $98.9 million (3%) and the exclusion of prior-year net sales from divestitures of approximately $109.2 million (3%) as factors in the decline in quarterly net sales. Excluding these, it said net sales from the remaining business increased by approximately $84.5 million (2%) on a constant currency basis, reflecting an increase of approximately $209.9 million from new product sales and a decrease of approximately $125.4 million from base business erosion.

3. 03

   The company said quarterly gross profit was $1.45 billion and gross margin was 38%, lower than $1.61 billion and 41% a year earlier. It explained that cost of sales included an IPR&D intangible asset impairment charge of $102.0 million, and that adjusted gross margin was about 58% (about 60% in the prior-year quarter).

4. 04

   The company said quarterly SG&A expense was $1.36 billion, an increase of $326.1 million from $1.03 billion a year earlier. It cited a goodwill impairment charge of $321.0 million related to the JANZ reporting unit and higher acquisition and divestiture-related costs of about $41.3 million as the main factors.

Key figures

Quarter ended June 30, 2024

Revenue

$3.8B

Operating income

−$240M

EPS

−$0.27

Gross profit

$1.4B

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.