Allergan Inc., current enterprise value calculation

Current share price (P)	$231.12
No. shares of common stock outstanding	300,237,694
US$ in thousands
Common equity (market value)¹	69,390,936)
Add: Preferred stock, $.01 par value; none issued (per books)	—)
Add: Noncontrolling interest (per books)	10,000)
Total equity	69,400,936)
Add: Notes payable (per books)	72,100)
Add: Convertible notes (per books)	—)
Add: Long-term debt, excluding current maturities (per books)	2,085,300)
Total equity and debt	71,558,336)
Less: Cash and equivalents	4,911,400)
Less: Short-term investments	55,000)
Enterprise value (EV)	66,591,936)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 231.12 × 300,237,694

Allergan Inc., EV calculation

	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011	Dec 31, 2010
Share price^1, 2	$231.12	$125.54	$107.05	$88.82	$72.90
No. shares of common stock outstanding¹	300,237,694	298,467,649	298,083,478	304,442,771	305,677,123
US$ in thousands
Common equity (market value)³	69,390,936)	37,469,629)	31,909,836)	27,040,607)	22,283,862)
Add: Preferred stock, $.01 par value; none issued (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	10,000)	6,300)	25,500)	22,800)	23,400)
Total equity	69,400,936)	37,475,929)	31,935,336)	27,063,407)	22,307,262)
Add: Notes payable (book value)	72,100)	55,600)	48,800)	83,900)	28,100)
Add: Convertible notes (book value)	—)	—)	—)	—)	642,500)
Add: Long-term debt, excluding current maturities (book value)	2,085,300)	2,098,300)	1,512,400)	1,515,400)	1,534,200)
Total equity and debt	71,558,336)	39,629,829)	33,496,536)	28,662,707)	24,512,062)
Less: Cash and equivalents	4,911,400)	3,046,100)	2,701,800)	2,406,100)	1,991,200)
Less: Short-term investments	55,000)	603,000)	260,600)	179,900)	749,100)
Enterprise value (EV)	66,591,936)	35,980,729)	30,534,136)	26,076,707)	21,771,762)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Allergan Inc. Annual Report.

³ 2014 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 231.12 × 300,237,694

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Allergan Inc. EV increased from 2012 to 2013 and from 2013 to 2014.

Allergan Inc. (NYSE:AGN.)

Enterprise Value (EV)