Stock Analysis on Net

Allergan Inc. (NYSE:AGN.)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 19, 2015.

Analysis of Goodwill and Intangible Assets

Microsoft Excel

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Goodwill and Intangible Asset Disclosure

Allergan Inc., balance sheet: goodwill and intangible assets

US$ in thousands

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Developed technology
Customer relationships
Licensing
Trademarks
Technology, related assets
Other
Amortizable intangible assets, gross amount
Accumulated amortization
Amortizable intangible assets, net
In-process research and development
Unamortizable intangible assets
Intangibles
Goodwill
Intangibles and goodwill

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

Item Description The company
Intangibles Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Allergan Inc. intangibles increased from 2012 to 2013 and from 2013 to 2014.
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Allergan Inc. goodwill increased from 2012 to 2013 and from 2013 to 2014.
Intangibles and goodwill Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Allergan Inc. intangibles and goodwill increased from 2012 to 2013 and from 2013 to 2014.

Adjustments to Financial Statements: Removal of Goodwill

Allergan Inc., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Adjustment to Total Assets
Total assets (as reported)
Less: Goodwill
Total assets (adjusted)
Adjustment to Total Allergan, Inc. Stockholders’ Equity
Total Allergan, Inc. stockholders’ equity (as reported)
Less: Goodwill
Total Allergan, Inc. stockholders’ equity (adjusted)

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).


Allergan Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Goodwill (Summary)

Allergan Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Allergan Inc. adjusted total asset turnover ratio deteriorated from 2012 to 2013 and from 2013 to 2014.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Allergan Inc. adjusted financial leverage ratio increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Allergan Inc. adjusted ROE deteriorated from 2012 to 2013 but then improved from 2013 to 2014 not reaching 2012 level.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Allergan Inc. adjusted ROA deteriorated from 2012 to 2013 but then improved from 2013 to 2014 not reaching 2012 level.

Allergan Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Selected Financial Data (US$ in thousands)
Product net sales
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Product net sales
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

2014 Calculations

1 Total asset turnover = Product net sales ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Product net sales ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Allergan Inc. adjusted total asset turnover ratio deteriorated from 2012 to 2013 and from 2013 to 2014.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Selected Financial Data (US$ in thousands)
Total assets
Total Allergan, Inc. stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets
Adjusted total Allergan, Inc. stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

2014 Calculations

1 Financial leverage = Total assets ÷ Total Allergan, Inc. stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Allergan, Inc. stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Allergan Inc. adjusted financial leverage ratio increased from 2012 to 2013 but then decreased significantly from 2013 to 2014.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Allergan, Inc.
Total Allergan, Inc. stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net earnings attributable to Allergan, Inc.
Adjusted total Allergan, Inc. stockholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

2014 Calculations

1 ROE = 100 × Net earnings attributable to Allergan, Inc. ÷ Total Allergan, Inc. stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Net earnings attributable to Allergan, Inc. ÷ Adjusted total Allergan, Inc. stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as net income divided by adjusted shareholders’ equity. Allergan Inc. adjusted ROE deteriorated from 2012 to 2013 but then improved from 2013 to 2014 not reaching 2012 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2014 Dec 31, 2013 Dec 31, 2012 Dec 31, 2011 Dec 31, 2010
As Reported
Selected Financial Data (US$ in thousands)
Net earnings attributable to Allergan, Inc.
Total assets
Profitability Ratio
ROA1
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net earnings attributable to Allergan, Inc.
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31).

2014 Calculations

1 ROA = 100 × Net earnings attributable to Allergan, Inc. ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Net earnings attributable to Allergan, Inc. ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Allergan Inc. adjusted ROA deteriorated from 2012 to 2013 but then improved from 2013 to 2014 not reaching 2012 level.