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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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Revenues
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Allergan Inc., consolidated income statement
US$ in thousands
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).
- Product Net Sales
- There is a consistent upward trend in product net sales from 2010 through 2014, rising from approximately $4.82 billion to $7.13 billion. This steady increase indicates growing market demand or successful sales strategies over the period.
- Cost of Sales
- Costs associated with sales, excluding amortization of intangible assets, show a gradual increase each year, rising from about $722 million in 2010 to $842 million in 2014. The growth in costs aligns proportionally with the growth in sales.
- Amortization of Intangible Assets
- Amortization expenses decline slightly over the years, decreasing from $138 million in 2010 to $112 million in 2014, suggesting a reduction in amortizable intangible assets or changes in amortization policies.
- Gross Profit
- Gross profit exhibits a strong upward trajectory, increasing from around $3.96 billion in 2010 to $6.17 billion in 2014. This reflects improved profitability of core operations, driven by higher sales and controlled cost increases.
- Other Revenues
- Other revenues fluctuate within a range of approximately $72 million to $112 million, showing no clear trend but maintaining a relatively stable contribution to total revenues.
- Selling, General and Administrative Expenses
- SG&A expenses steadily rise from about $2.02 billion in 2010 to $2.84 billion in 2014, indicating increased operational or marketing expenditures, likely supporting the sales growth.
- Research and Development Expenses
- R&D spending consistently increases over the years, from approximately $805 million in 2010 to $1.19 billion in 2014, highlighting ongoing investment in innovation and product development.
- Legal Settlement
- A substantial legal settlement expense of $609 million is recorded in 2010, with no subsequent amounts in following years, demonstrating a significant one-time charge impacting that year's financials.
- Impairment of Intangible Assets and Related Costs
- Expenses related to impairment decrease markedly from $369 million in 2010 to near negligible levels by 2013, reflecting possibly improved asset valuations or fewer write-downs.
- Restructuring Charges
- Restructuring costs are minimal between 2010 and 2013 but surge to $245 million in 2014, indicating a significant organizational change or cost-cutting initiative in the latter year.
- Operating Income
- Operating income displays a positive growth trend, increasing from $259 million in 2010 to $2.01 billion in 2014, signifying improved operational efficiency and profitability over time.
- Interest Income and Expense
- Interest income remains relatively flat around $7 million annually, while interest expense declines slightly from $79 million in 2010 to $69 million in 2014, contributing to a modest improvement in net financing costs.
- Other Net Non-operating Items
- Other net items fluctuate with occasional negative values but improve to a positive $42 million in 2014, providing some non-operating income support in that year.
- Non-operating Income (Expense)
- Non-operating expenses recur each year but diminish from $88 million in 2010 to $20 million in 2014, reflecting reduced non-core costs or improved management of ancillary activities.
- Earnings Before Income Taxes
- Income before taxes shows a strong upward pattern, rising from $171 million in 2010 to nearly $1.99 billion in 2014, driven by the improvements in operating results and reduced non-operating losses.
- Provision for Income Taxes
- Income tax expenses increase from $166 million in 2010 to over $456 million in 2014, reflecting higher taxable income.
- Earnings from Continuing Operations
- Profit from continuing operations grows markedly from a minimal $5 million in 2010 to $1.53 billion in 2014, indicating robust and sustained operational profitability.
- Discontinued Operations
- Discontinued operations appear with a significant loss of $284 million in 2013 and a smaller loss of $4 million in 2014, negatively impacting net earnings in those periods.
- Net Earnings
- Net earnings rise substantially from a marginal $5 million in 2010 to $1.53 billion in 2014, despite the large non-recurring legal and restructuring charges earlier in the period, showing a strong rebound and growth in profitability.
- Net Earnings Attributable to Noncontrolling Interest
- Losses attributable to noncontrolling interests remain small and stable, around $3.6 million to $4.6 million annually, having limited effect on overall net income.
- Net Earnings Attributable to Allergan, Inc.
- Attributable net earnings trend upward significantly from $0.6 million in 2010 to $1.52 billion in 2014, mirroring the overall net income growth and indicating enhanced value generation for shareholders.