Stock Analysis on Net
Stock Analysis on Net

Allergan PLC (NYSE:AGN)

This company has been moved to the archive! The financial data has not been updated since May 7, 2020.

Common-Size Balance Sheet: Assets

Allergan PLC, common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Cash and cash equivalents 2.64 0.86 1.54 1.34 0.81
Short-term investments 3.60 1.01 2.38 6.25 0.01
Teva shares 0.00 0.00 1.54 2.67 0.00
Marketable securities 3.60% 1.01% 3.91% 8.92% 0.01%
Accounts receivable, net 3.37 2.82 2.45 1.96 1.77
Inventories 1.20 0.83 0.76 0.56 0.74
Current assets held for sale 0.00 0.03 0.00 0.00 2.61
Prepaid taxes 0.46 0.40 0.58 0.74 0.18
Prepaid insurance 0.01 0.02 0.02 0.02 0.02
Contingent income 0.09 0.07 0.07 0.07 0.01
Sales and marketing 0.07 0.04 0.03 0.03 0.03
Other 0.30 0.28 0.25 0.20 0.18
Prepaid expenses and other current assets 0.94% 0.80% 0.95% 1.07% 0.41%
Current assets 11.75% 6.36% 9.61% 13.84% 6.34%
Property, plant and equipment, net 2.03 1.76 1.51 1.25 1.16
Right of use asset, operating leases 0.52 0.00 0.00 0.00 0.00
Deferred executive compensation investments 0.09 0.09 0.09 0.09 0.09
Equity method investments 0.01 0.01 0.01 0.01 0.01
Cost method investments 0.00 0.00 0.00 0.01 0.01
Other long-term investments 0.07 0.04 0.05 0.05 0.06
Taxes receivable 0.04 1.65 0.03 0.03 0.03
Contingent income 0.05 0.07 0.00 0.00 0.00
Other assets 0.16 0.08 0.04 0.03 0.23
Investments and other assets 0.43% 1.94% 0.23% 0.22% 0.43%
Non current assets held for sale 0.03 0.87 0.07 0.02 7.76
Deferred tax assets 0.61 1.05 0.27 0.18 0.04
Product rights and other intangibles 40.01 42.93 46.18 48.55 50.01
Goodwill 44.61 45.11 42.13 35.94 34.27
Non current assets 88.25% 93.64% 90.39% 86.16% 93.66%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).

The asset structure is characterized by a heavy concentration in non-current assets, which consistently represent between 86% and 94% of total assets. The balance sheet is dominated by intangible assets and goodwill, reflecting a business model centered on intellectual property and strategic acquisitions.

Intangible Assets and Goodwill
A significant structural shift is observed between 2015 and 2019. Product rights and other intangibles declined steadily from 50.01% to 40.01% of total assets. Conversely, goodwill increased from 34.27% in 2015 to 44.61% in 2019. This pattern suggests the ongoing amortization of existing intangible assets and a transition toward a higher proportion of unidentifiable assets resulting from acquisitions.
Liquidity and Current Asset Trends
Current assets exhibit volatility, fluctuating from a low of 6.34% in 2015 to a peak of 13.84% in 2016, ending at 11.75% in 2019. Cash and cash equivalents remained relatively low, though they reached a five-year high of 2.64% in 2019. Marketable securities showed a sharp spike in 2016 (8.92%) before normalizing to 3.60% by 2019.
Working Capital Components
Accounts receivable, net, demonstrate a consistent upward trend, increasing from 1.77% of total assets in 2015 to 3.37% in 2019. Inventories remained a small portion of the asset base, though a gradual increase from 0.74% to 1.20% is noted over the period. Prepaid expenses and other current assets remained relatively stable, generally fluctuating around 1% of total assets.
Fixed and Other Non-Current Assets
Property, plant, and equipment, net, represent a minimal portion of the total asset base but show a steady growth trajectory, rising from 1.16% in 2015 to 2.03% in 2019. Non-current assets held for sale experienced a sharp reduction from 7.76% in 2015 to 0.03% by 2019, indicating the completion of divestiture activities initiated in the early part of the period.

Overall, the financial position is defined by an asset-light approach to physical infrastructure and a heavy reliance on acquired intangible value. The steady growth in accounts receivable alongside the shift from specific product rights to goodwill indicates a maturing acquisition portfolio and evolving credit dynamics.

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