Name: Allergan Inc. (NYSE:AGN.) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Allergan Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Product net sales	7,126,100)	6,197,500)	5,708,800)	5,347,100)	4,819,600)
Cost of sales, excludes amortization of intangible assets	(842,400)	(795,800)	(775,500)	(748,700)	(722,000)
Amortization of intangible assets	(112,400)	(116,700)	(131,300)	(127,600)	(138,000)
Gross profit	6,171,300)	5,285,000)	4,802,000)	4,470,800)	3,959,600)
Other revenues	111,800)	102,900)	97,300)	72,000)	99,800)
Selling, general and administrative	(2,837,200)	(2,519,400)	(2,268,400)	(2,246,600)	(2,017,600)
Research and development	(1,191,600)	(1,042,300)	(989,600)	(902,800)	(804,600)
Legal settlement	—)	—)	—)	—)	(609,200)
Impairment of intangible assets and related costs	—)	(11,400)	(22,300)	(23,700)	(369,100)
Restructuring charges	(245,000)	(5,500)	(5,700)	(4,600)	(300)
Operating income	2,009,300)	1,809,300)	1,613,300)	1,365,100)	258,600)
Interest income	7,700)	6,800)	6,700)	6,900)	7,300)
Interest expense	(69,400)	(75,000)	(63,600)	(71,800)	(78,700)
Other, net	41,700)	(10,300)	(23,100)	(500)	(16,400)
Non-operating income (expense)	(20,000)	(78,500)	(80,000)	(65,400)	(87,800)
Earnings from continuing operations before income taxes	1,989,300)	1,730,800)	1,533,300)	1,299,700)	170,800)
Provision for income taxes	(456,700)	(458,300)	(430,800)	(361,600)	(165,900)
Earnings from continuing operations	1,532,600)	1,272,500)	1,102,500)	938,100)	4,900)
Earnings from discontinued operations, net of applicable income tax	—)	14,100)	—)	—)	—)
Loss on sale of discontinued operations, net of applicable income tax	(3,800)	(297,900)	—)	—)	—)
Discontinued operations	(3,800)	(283,800)	—)	—)	—)
Net earnings	1,528,800)	988,700)	1,102,500)	938,100)	4,900)
Net earnings attributable to noncontrolling interest	(4,600)	(3,600)	(3,700)	(3,600)	(4,300)
Net earnings attributable to Allergan, Inc.	1,524,200)	985,100)	1,098,800)	934,500)	600)

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).

The financial performance between 2010 and 2014 is characterized by consistent top-line growth and a significant expansion in operating profitability, despite various one-time charges and strategic adjustments.

Revenue and Gross Profitability: Product net sales exhibited a steady upward trajectory, increasing from 4,819.6 million US dollars in 2010 to 7,126.1 million US dollars in 2014. This growth was accompanied by an improvement in gross profit margins. Gross profit rose from 3,959.6 million US dollars to 6,171.3 million US dollars over the period, as the growth in cost of sales remained significantly lower than the growth in net sales.
Operating Expenses and Efficiency: Operating expenses showed a consistent increase, particularly in selling, general and administrative (SG&A) costs, which grew from 2,017.6 million US dollars in 2010 to 2,837.2 million US dollars in 2014. Research and development (R&D) investment also trended upward, rising from 804.6 million US dollars to 1,191.6 million US dollars. The company also navigated several non-recurring costs, including a substantial 609.2 million US dollar legal settlement in 2010 and a 245 million US dollar restructuring charge in 2014.
Operating and Net Income Trends: Operating income experienced substantial growth, rising from 258.6 million US dollars in 2010 to 2,009.3 million US dollars in 2014. This growth reflects an increase in operational efficiency and the absorption of fixed costs. Net earnings attributable to Allergan, Inc. followed a similar positive trend, moving from 600 thousand US dollars in 2010 to 1,524.2 million US dollars in 2014, notwithstanding a dip in 2013 caused by a 283.8 million US dollar loss from discontinued operations.
Non-Operating Items and Taxation: Interest expenses remained relatively stable, fluctuating between 63.6 million and 78.7 million US dollars. The provision for income taxes increased in alignment with rising earnings before taxes, although the effective tax burden normalized after the high impact seen in 2010 relative to the low net income of that year.

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