Stock Analysis on Net
Stock Analysis on Net

Allergan Inc. (NYSE:AGN.)

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

Common-Size Income Statement 
Quarterly Data

Allergan Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012 Dec 31, 2011 Sep 30, 2011 Jun 30, 2011 Mar 31, 2011 Dec 31, 2010 Sep 30, 2010 Jun 30, 2010 Mar 31, 2010
Product net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales, excludes amortization of intangible assets -11.07 -11.54 -12.16 -12.63 -12.33 -12.58 -12.63 -13.95 -12.74 -13.57 -13.75 -14.34 -13.16 -14.35 -13.95 -14.63 -14.17 -14.91 -15.53 -15.39
Amortization of intangible assets -1.46 -1.62 -1.53 -1.72 -1.70 -1.88 -1.84 -2.14 -2.24 -2.39 -2.27 -2.31 -2.31 -2.43 -2.23 -2.59 -2.52 -2.61 -3.03 -3.36
Gross profit 87.47% 86.84% 86.31% 85.65% 85.97% 85.54% 85.54% 83.90% 85.02% 84.04% 83.99% 83.35% 84.52% 83.22% 83.83% 82.77% 83.31% 82.48% 81.44% 81.25%
Other revenues 1.14 1.47 2.02 1.67 1.49 1.98 1.31 1.89 1.64 1.64 1.64 1.92 1.41 1.32 1.20 1.47 1.49 1.36 1.26 4.42
Selling, general and administrative -39.44 -39.91 -39.34 -40.68 -43.11 -38.56 -38.67 -42.22 -37.58 -38.88 -39.84 -42.84 -39.91 -41.07 -40.47 -47.05 -40.89 -43.40 -40.51 -42.85
Research and development -14.05 -16.11 -15.80 -21.56 -16.23 -16.85 -16.90 -17.37 -16.12 -21.08 -15.81 -16.48 -16.37 -16.88 -18.38 -15.78 -15.53 -16.28 -15.23 -20.14
Legal settlement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 -51.17 0.00 0.00
Impairment of intangible assets and related costs 0.00 0.00 0.00 0.00 -0.69 0.00 0.00 0.00 -1.50 0.00 0.00 0.00 0.00 -0.33 -0.24 -1.29 0.00 -30.96 0.00 0.00
Restructuring (charges) reversal -1.94 -10.36 0.08 -1.50 -0.04 -0.04 0.00 -0.30 -0.07 -0.27 -0.06 0.00 0.00 0.01 -0.01 -0.37 0.04 -0.01 -0.01 -0.05
Operating income (loss) 33.18% 21.94% 33.27% 23.59% 27.40% 32.07% 31.27% 25.91% 31.39% 25.45% 29.91% 25.95% 29.65% 26.27% 25.94% 19.76% 28.48% -57.97% 26.95% 22.64%
Interest income 0.08 0.11 0.13 0.11 0.10 0.10 0.13 0.11 0.13 0.14 0.12 0.09 0.09 0.14 0.11 0.18 0.25 0.13 0.10 0.12
Interest expense -0.83 -1.03 -1.08 -0.97 -1.10 -1.27 -1.27 -1.21 -1.00 -1.14 -1.17 -1.16 -1.21 -1.16 -1.09 -1.97 -2.15 -1.71 -1.13 -1.50
Other, net 1.13 2.40 -0.89 -0.40 0.16 -1.01 0.71 -0.61 -0.26 -0.66 0.33 -1.10 -0.79 1.97 -0.39 -0.79 -0.76 -1.50 1.16 -0.27
Non-operating income (expense) 0.38% 1.49% -1.83% -1.25% -0.83% -2.19% -0.43% -1.71% -1.12% -1.67% -0.72% -2.17% -1.90% 0.95% -1.37% -2.58% -2.67% -3.08% 0.13% -1.65%
Earnings (loss) from continuing operations before income taxes 33.56% 23.42% 31.43% 22.33% 26.57% 29.89% 30.84% 24.20% 30.26% 23.78% 29.19% 23.78% 27.75% 27.21% 24.56% 17.18% 25.81% -61.05% 27.08% 20.98%
(Provision) benefit for income taxes -4.83 -5.94 -8.54 -6.37 -7.74 -8.11 -8.40 -5.14 -8.36 -5.77 -9.00 -6.92 -7.52 -8.07 -6.81 -4.50 -5.42 4.95 -7.47 -5.70
Earnings (loss) from continuing operations 28.72% 17.48% 22.90% 15.97% 18.84% 21.78% 22.45% 19.06% 21.90% 18.01% 20.20% 16.86% 20.23% 19.14% 17.75% 12.68% 20.39% -56.10% 19.61% 15.28%
Earnings from discontinued operations, net of applicable income tax 0.00 0.00 0.00 0.00 0.06 0.36 0.46 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Gain (loss) on sale of discontinued operations, net of applicable income tax -0.19 0.02 0.00 -0.04 -0.08 -2.46 0.00 -18.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Discontinued operations -0.19% 0.02% 0.00% -0.04% -0.02% -2.10% 0.46% -18.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net earnings (loss) 28.54% 17.50% 22.90% 15.93% 18.82% 19.68% 22.90% 1.01% 21.90% 18.01% 20.20% 16.86% 20.23% 19.14% 17.75% 12.68% 20.39% -56.10% 19.61% 15.28%
Net earnings attributable to noncontrolling interest -0.10 -0.05 -0.07 -0.04 0.04 -0.07 -0.08 -0.13 -0.07 -0.09 -0.07 -0.04 0.01 -0.09 -0.14 -0.04 0.00 -0.15 -0.11 -0.10
Net earnings (loss) attributable to Allergan, Inc. 28.44% 17.45% 22.83% 15.89% 18.85% 19.62% 22.82% 0.87% 21.84% 17.93% 20.13% 16.83% 20.23% 19.05% 17.61% 12.64% 20.39% -56.25% 19.49% 15.18%

Based on: 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31), 10-K (reporting date: 2010-12-31), 10-Q (reporting date: 2010-09-30), 10-Q (reporting date: 2010-06-30), 10-Q (reporting date: 2010-03-31).

Gross profit margins
Gross profit as a percentage of product net sales showed a generally increasing trend from 2010 to 2014. Beginning at approximately 81.25% in early 2010, it rose steadily and reached around 87.47% by the end of 2014. This improvement reflects enhanced cost management or a favorable sales mix over the periods.
Cost of sales and amortization
The cost of sales, excluding amortization of intangible assets, consistently declined from about -15.39% in early 2010 to approximately -11.07% by late 2014, indicating reduced direct costs relative to net sales. Similarly, amortization of intangible assets showed a downward trend, decreasing from around -3.36% to about -1.46% in the same period, suggesting either lower amortization expenses or changes in asset allocation.
Operating expenses
Selling, general and administrative expenses fluctuated but generally declined from a high of -47.05% in early 2011 to around -39.44% by the end of 2014, indicating efforts to control overhead costs. Research and development expenses showed variability, ranging roughly between -14.05% and -21.56% without a definitive consistent trend, signifying fluctuations in investment focus or project activity levels.
Significant unusual items
Legal settlement and impairment of intangible assets and related costs appeared sporadically, most notably a one-time legal settlement expense around the third quarter of 2010 amounting to over -50%, which caused a marked negative impact on operating income in the same quarter. Other impairment charges were relatively minor and inconsistent.
Operating income and earnings
Operating income as a percentage of product net sales showed strong resilience with a significant fall only during the third quarter of 2010 to nearly -58%, coinciding with large legal settlement and impairment charges. Otherwise, operating income remained positive and mostly stable, fluctuating between roughly 19% and 33%. Earnings from continuing operations exhibited a similar pattern, with a sharp downturn in the same quarter but otherwise moderate growth and stability.
Non-operating income/expense and financing costs
Interest income was modest and relatively stable around 0.1%, whereas interest expense decreased slightly over time from around -1.5% to about -0.83%, reflecting possible debt reduction or improved financing terms. Other net non-operating income and expenses showed fluctuations, with some positive spikes but no clear trend.
Income taxes and net earnings
Income tax provisions were generally negative, typically around -5% to -9%, reflecting tax expenses consistent with earnings levels. Net earnings followed the pattern of operating income and earnings from continuing operations, with a severe dip in the third quarter of 2010 and recovery thereafter. By late 2014, net earnings attributable to Allergan, Inc. improved to approximately 28.44%, marking a strong financial performance relative to product net sales.
Discontinued operations
Discontinued operations had limited and sporadic impact, with minor conflicting gains and losses between 2012 and 2014, generally affecting net earnings marginally but not distorting overall trends.

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