STRYKER

2017 FORM 10-K

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STRYKER CORPORATION 2017 FORM 10-K Dollar amounts in millions except per share amounts or as otherwise specified. 17 Stryker Corporation and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS 2017 2016 2015 Net sales $ 12,444 $ 11,325 $ 9,946 Cost of sales 4,271 3,830 3,344 Gross profit $ 8,173 $ 7,495 $ 6,602 Research, development and engineering expenses 787 715 625 Selling, general and administrative expenses 4,552 4,137 3,610 Recall charges, net of insurance proceeds 173 158 296 Amortization of intangible assets 371 319 210 Total operating expenses $ 5,883 $ 5,329 $ 4,741 Operating income $ 2,290 $ 2,166 $ 1,861 Other income (expense), net (227) (245) (126) Earnings before income taxes $ 2,063 $ 1,921 $ 1,735 Income taxes 1,043 274 296 Net earnings $ 1,020 $ 1,647 $ 1,439 Net earnings per share of common stock: Basic net earnings per share of common stock $ 2.73 $ 4.40 $ 3.82 Diluted net earnings per share of common stock $ 2.68 $ 4.35 $ 3.78 Weighted-average shares outstanding: Basic 374.0 374.1 376.6 Effect of dilutive employee stock options 6.1 4.4 4.3 Diluted 380.1 378.5 380.9 Anti-dilutive shares excluded from the calculation of dilutive employee stock options were de minimis in all periods. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 2017 2016 2015 Net earnings $ 1,020 $ 1,647 $ 1,439 Other comprehensive income (loss), net of tax Marketable securities (4) — (3) Pension plans (2) (13) 17 Unrealized gains (losses) on designated hedges 4 20 (9) Financial statement translation 210 (129) (390) Total other comprehensive income (loss), net of tax $ 208 $ (122) $ (385) Comprehensive income $ 1,228 $ 1,525 $ 1,054 See accompanying notes to Consolidated Financial Statements.

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