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

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 trajectory from March 2010 through December 2014 is characterized by consistent revenue growth and significant volatility in net earnings due to non-recurring legal and structural charges. Product net sales exhibited a steady upward trend, increasing from $1,105.8 million in the first quarter of 2010 to $1,889.0 million by the final quarter of 2014.

Gross Profitability and Margin Trends: Gross profit expanded in alignment with sales growth, rising from $898.5 million in March 2010 to $1,652.3 million in December 2014. The cost of sales remained relatively stable as a percentage of revenue, maintaining a high gross margin throughout the period. While the cost of sales rose from $170.2 million to $209.1 million over the five-year span, the growth rate of revenue significantly outpaced the growth rate of direct production costs.
Operating Expense Analysis: Selling, general, and administrative (SG&A) expenses showed a marked increase, climbing from $473.8 million in March 2010 to $745.0 million in December 2014. Research and development (R&D) spending also trended upward, moving from $222.7 million to $265.4 million, with a notable peak of $349.0 million in March 2014. These trends indicate a strategic increase in both commercialization efforts and pipeline investment.
Impact of Non-Recurring Items: Operating results were heavily influenced by several one-time events. In September 2010, a legal settlement of $609.9 million and an impairment of intangible assets of $369.1 million resulted in a quarterly operating loss of $691.0 million. Additionally, March 2013 was impacted by a loss on the sale of discontinued operations totaling $259.0 million. Conversely, September 2014 benefited from a restructuring reversal of $185.5 million, which significantly bolstered operating income for that quarter.
Net Earnings and Bottom Line Performance: Net earnings attributable to Allergan, Inc. were highly volatile in the early part of the period, reaching a low of negative $670.5 million in September 2010. However, a recovery phase followed, with earnings stabilizing and then growing. By the end of 2014, the company achieved a peak quarterly net earning of $537.2 million in December, reflecting improved operational efficiency and the absence of major legal headwinds compared to the 2010 period.

Overall, the period reflects a company transitioning from a phase of significant legal and asset write-downs to a phase of scaled growth and increased profitability. The expansion of the top line and the recovery of operating income suggest a strengthening market position, despite the increasing costs associated with administrative and research activities.

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Allergan Inc. (NYSE:AGN.)

Income StatementQuarterly Data

Income Statement
Quarterly Data