Income Statement
Quarterly Data

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.

Allergan Inc., consolidated income statement (quarterly data)

US$ in thousands

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	1,889,000)	1,790,700)	1,827,300)	1,619,100)	1,659,600)	1,528,400)	1,577,000)	1,432,500)	1,484,600)	1,391,100)	1,467,400)	1,365,700)	1,382,800)	1,311,100)	1,400,400)	1,252,800)	1,290,100)	1,192,000)	1,231,700)	1,105,800)
Cost of sales, excludes amortization of intangible assets	(209,100)	(206,600)	(222,200)	(204,500)	(204,600)	(192,200)	(199,100)	(199,900)	(189,200)	(188,800)	(201,700)	(195,800)	(182,000)	(188,100)	(195,300)	(183,300)	(182,800)	(177,700)	(191,300)	(170,200)
Amortization of intangible assets	(27,600)	(29,000)	(28,000)	(27,800)	(28,200)	(28,800)	(29,000)	(30,700)	(33,200)	(33,200)	(33,300)	(31,600)	(32,000)	(31,900)	(31,200)	(32,500)	(32,500)	(31,100)	(37,300)	(37,100)
Gross profit	1,652,300)	1,555,100)	1,577,100)	1,386,800)	1,426,800)	1,307,400)	1,348,900)	1,201,900)	1,262,200)	1,169,100)	1,232,400)	1,138,300)	1,168,800)	1,091,100)	1,173,900)	1,037,000)	1,074,800)	983,200)	1,003,100)	898,500)
Other revenues	21,500)	26,400)	36,900)	27,000)	24,800)	30,300)	20,700)	27,100)	24,300)	22,800)	24,000)	26,200)	19,500)	17,300)	16,800)	18,400)	19,200)	16,200)	15,500)	48,900)
Selling, general and administrative	(745,000)	(714,700)	(718,900)	(658,600)	(715,400)	(589,300)	(609,900)	(604,800)	(557,900)	(540,800)	(584,600)	(585,100)	(551,900)	(538,500)	(566,700)	(589,500)	(527,500)	(517,300)	(499,000)	(473,800)
Research and development	(265,400)	(288,500)	(288,700)	(349,000)	(269,400)	(257,600)	(266,500)	(248,800)	(239,300)	(293,300)	(232,000)	(225,000)	(226,400)	(221,300)	(257,400)	(197,700)	(200,300)	(194,000)	(187,600)	(222,700)
Legal settlement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	700)	(609,900)	—)	—)
Impairment of intangible assets and related costs	—)	—)	—)	—)	(11,400)	—)	—)	—)	(22,300)	—)	—)	—)	—)	(4,300)	(3,300)	(16,100)	—)	(369,100)	—)	—)
Restructuring (charges) reversal	(36,700)	(185,500)	1,500)	(24,300)	(600)	(600)	—)	(4,300)	(1,000)	(3,800)	(900)	—)	—)	100)	(100)	(4,600)	500)	(100)	(100)	(600)
Operating income (loss)	626,700)	392,800)	607,900)	381,900)	454,800)	490,200)	493,200)	371,100)	466,000)	354,000)	438,900)	354,400)	410,000)	344,400)	363,200)	247,500)	367,400)	(691,000)	331,900)	250,300)
Interest income	1,500)	2,000)	2,400)	1,800)	1,700)	1,500)	2,000)	1,600)	1,900)	1,900)	1,700)	1,200)	1,300)	1,800)	1,500)	2,300)	3,200)	1,600)	1,200)	1,300)
Interest expense	(15,600)	(18,400)	(19,700)	(15,700)	(18,200)	(19,400)	(20,000)	(17,400)	(14,800)	(15,900)	(17,100)	(15,800)	(16,700)	(15,200)	(15,200)	(24,700)	(27,800)	(20,400)	(13,900)	(16,600)
Other, net	21,300)	43,000)	(16,200)	(6,400)	2,700)	(15,500)	11,200)	(8,700)	(3,800)	(9,200)	4,900)	(15,000)	(10,900)	25,800)	(5,500)	(9,900)	(9,800)	(17,900)	14,300)	(3,000)
Non-operating income (expense)	7,200)	26,600)	(33,500)	(20,300)	(13,800)	(33,400)	(6,800)	(24,500)	(16,700)	(23,200)	(10,500)	(29,600)	(26,300)	12,400)	(19,200)	(32,300)	(34,400)	(36,700)	1,600)	(18,300)
Earnings (loss) from continuing operations before income taxes	633,900)	419,400)	574,400)	361,600)	441,000)	456,800)	486,400)	346,600)	449,300)	330,800)	428,400)	324,800)	383,700)	356,800)	344,000)	215,200)	333,000)	(727,700)	333,500)	232,000)
(Provision) benefit for income taxes	(91,300)	(106,300)	(156,000)	(103,100)	(128,400)	(123,900)	(132,400)	(73,600)	(124,100)	(80,200)	(132,000)	(94,500)	(104,000)	(105,800)	(95,400)	(56,400)	(69,900)	59,000)	(92,000)	(63,000)
Earnings (loss) from continuing operations	542,600)	313,100)	418,400)	258,500)	312,600)	332,900)	354,000)	273,000)	325,200)	250,600)	296,400)	230,300)	279,700)	251,000)	248,600)	158,800)	263,100)	(668,700)	241,500)	169,000)
Earnings from discontinued operations, net of applicable income tax	—)	—)	—)	—)	1,000)	5,500)	7,200)	400)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Gain (loss) on sale of discontinued operations, net of applicable income tax	(3,500)	300)	—)	(600)	(1,300)	(37,600)	—)	(259,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Discontinued operations	(3,500)	300)	—)	(600)	(300)	(32,100)	7,200)	(258,600)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings (loss)	539,100)	313,400)	418,400)	257,900)	312,300)	300,800)	361,200)	14,400)	325,200)	250,600)	296,400)	230,300)	279,700)	251,000)	248,600)	158,800)	263,100)	(668,700)	241,500)	169,000)
Net earnings attributable to noncontrolling interest	(1,900)	(900)	(1,200)	(600)	600)	(1,000)	(1,300)	(1,900)	(1,000)	(1,200)	(1,000)	(500)	100)	(1,200)	(2,000)	(500)	—)	(1,800)	(1,400)	(1,100)
Net earnings (loss) attributable to Allergan, Inc.	537,200)	312,500)	417,200)	257,300)	312,900)	299,800)	359,900)	12,500)	324,200)	249,400)	295,400)	229,800)	279,800)	249,800)	246,600)	158,300)	263,100)	(670,500)	240,100)	167,900)

The financial data reveals notable trends and fluctuations over the analyzed periods.

Product Net Sales: Product net sales demonstrate a general upward trajectory from approximately 1,105,800 thousand US dollars in March 2010 to roughly 1,889,000 thousand US dollars by December 2014. Despite minor quarterly fluctuations, the overall growth indicates strengthening revenue generation.
Cost of Sales (Excluding Amortization of Intangible Assets): The cost of sales gradually increases aligned with net sales, rising from around -170,200 thousand US dollars in early 2010 to approximately -209,100 thousand US dollars by the end of 2014. This suggests a relatively consistent cost structure relative to sales volumes.
Amortization of Intangible Assets: Amortization expenses remain fairly stable over the entire period, fluctuating within a narrow range around -30,000 thousand US dollars per quarter, with a slight overall decreasing trend toward the end of 2014.
Gross Profit: Gross profit consistently increases, mirroring sales growth, starting at about 898,500 thousand US dollars in early 2010 and reaching above 1,652,300 thousand US dollars by the final quarter of 2014, reflecting improved profitability at the gross level.
Other Revenues: Other revenues show some volatility, generally ranging between approximately 15,500 to 36,900 thousand US dollars, with peaks occurring sporadically, particularly in the later years.
Selling, General and Administrative Expenses: SG&A expenses exhibit an increasing trend, rising from about -473,800 thousand US dollars in March 2010 to around -745,000 thousand US dollars by December 2014. This increase may suggest higher operational or marketing investments concurrent with revenue growth.
Research and Development: R&D expenditures fluctuate but generally increase over time, with notable spikes in June 2011 and March 2014 quarters, reaching peaks near -349,000 thousand US dollars. This reflects ongoing or intensified investment in product development.
Significant Non-Recurring Items: Two major extraordinary items impact the 2010 and 2011 results: a legal settlement expense of -609,900 thousand US dollars in September 2010 and impairment charges that peak at -369,100 thousand US dollars in the same quarter. Restructuring charges/payouts are present intermittently, with a significant surge to -185,500 thousand US dollars in September 2014, indicating periodic organizational restructuring costs.
Operating Income (Loss): Operating income shows a volatile pattern with a significant loss (-691,000 thousand US dollars) recorded in the third quarter of 2010, associated with the aforementioned legal and impairment costs. Excluding that quarter, operating income generally trends upward, peaking at 626,700 thousand US dollars in December 2014.
Interest Income and Expense: Interest income remains modest and stable, generally around 1,200 to 2,400 thousand US dollars. Interest expense shows minor fluctuations but tends to remain between -13,900 and -27,800 thousand US dollars per quarter, indicating consistent financing costs.
Other, Net and Non-Operating Income (Expense): Other net income or losses exhibit variability, including some positive and negative spikes, while non-operating income/expense is mostly negative but becomes somewhat positive in late 2014, suggesting occasional gains or recoveries outside core operations.
Earnings Before Income Taxes: These earnings are highly impacted by the 2010 third-quarter loss but otherwise trend positively, increasing from 232,000 thousand US dollars in early 2010 to 633,900 thousand US dollars by the end of 2014. This reflects improved profitability prior to tax considerations.
Income Taxes: Tax provisions vary widely, with some quarters reflecting benefits (positive tax amounts) likely due to losses or adjustments. Generally, tax expenses increase in line with rising earnings, reaching magnitudes around -156,000 thousand US dollars in some quarters.
Earnings from Continuing Operations: These earnings align broadly with pre-tax earnings, except for periods of tax benefits. After a severe dip into negative territory in Q3 2010 (-668,700 thousand US dollars), earnings from continuing operations gradually recover and grow, peaking at about 542,600 thousand US dollars by the end of 2014.
Discontinued Operations: From 2012 onwards, there are notable impacts on net earnings from discontinued operations, including a sharp loss of around -258,600 thousand US dollars in the third quarter of 2012 and smaller positive and negative fluctuations subsequently. These line items contribute to the volatility in overall net earnings during this period.
Net Earnings: Net earnings reflect the combined impact of continuing and discontinued operations. Aside from the considerable loss in Q3 2010 linked to legal and impairment charges, net earnings generally improve over time, from 169,000 thousand US dollars at the start of the period to over 537,200 thousand US dollars by the last quarter examined.
Net Earnings Attributable to Noncontrolling Interests: Amounts attributable to noncontrolling interests remain relatively small, fluctuating below ±2,000 thousand US dollars and exhibiting no clear trend.
Net Earnings Attributable to Allergan, Inc.: Net earnings attributable to the parent company closely follow overall net earnings, showing recovery after 2010 losses and substantial growth through the end of 2014, confirming enhanced profitability for the core business.

In summary, the company experienced a challenging period in 2010 due to significant extraordinary charges leading to a large quarterly loss. Following this, financial performance steadily improved with growing sales, rising gross profit, and increasing operating income. The growth was accompanied by heightened selling and R&D expenses, reflecting increased investment in operations and development. The impact of discontinued operations introduced some volatility from 2012 onward. Overall, the financial trends suggest a trajectory of recovery and expansion during the analyzed timeframe.

Download chart

Allergan Inc. (NYSE:AGN.)

Income Statement Quarterly Data

Income Statement
Quarterly Data