Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Allergan PLC, common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
- Cost of sales
- The cost of sales as a percentage of net revenues decreased markedly from -39.81% in March 2015 to a low near -11.68% in mid-2018, suggesting improved cost efficiency over this period. However, from mid-2018 onwards, it gradually increased again to -17.29% by March 2020, indicating a rising cost burden relative to revenues towards the end of the period.
- Gross profit
- Gross profit margins showed a significant upward trend from 60.19% in March 2015, rising sharply to about 88.32% by June 2018. After this peak, the gross profit margin experienced a slight decline, ending at approximately 82.71% in March 2020. Overall, the company maintained strong gross profitability through most of this timeframe.
- Research and Development (R&D)
- The R&D expense ratio was quite volatile, peaking dramatically at -30.83% in September 2015, but otherwise generally fluctuated between around -7% to -23%. This indicates periods of heavy investment or write-offs in R&D, with no clear sustained trend of increase or decrease.
- Selling and Marketing Expenses
- Selling and marketing expenses as a percentage of revenues remained relatively stable, fluctuating mostly between -17% and -26%. The variations suggest ongoing adjustments in marketing spending but no significant trend upwards or downwards over the full period.
- General and Administrative Expenses
- General and administrative costs showed some volatility with notable spikes, including a jump to -21.09% in March 2015 and a large spike to -26.98% in September 2019. This variability implies episodic increases in overhead or restructuring costs but generally stayed within a range of about -7% to -14% in other quarters.
- Amortization
- Amortization expenses were consistently significant, ranging from around -30.74% to -53.74% of net revenues early on, with some reduction to a range nearer -34% to -40% in the later periods. This reflects a sustained high level of intangible asset amortization throughout the timeframe.
- Goodwill Impairments
- Goodwill impairments were recorded in latter periods, notably -69.64% in June 2019 and -68.58% in September 2019, indicating severe one-time write-downs of goodwill assets with material negative impact on earnings during those quarters.
- In-process R&D Impairments
- This item was sporadic with various impairments recorded at times (up to -17.55%) but with inconsistent timing, suggesting irregular write-offs of ongoing R&D projects or asset impairments.
- Asset Sales and Impairments, Net
- Generally minor negative values were noted, except for extreme outliers such as -96.05% in September 2017 and -63.37% in December 2018. These indicate significant losses or write-offs on asset sales or impairments during specific quarters.
- Operating Income (Loss)
- Operating income margins fluctuated greatly with negative results in nearly all quarters, including extreme losses such as -131.97% in December 2018 and -99.7% in September 2017. The operating income showed considerable volatility without signs of consistent profitability.
- Interest Income and Expense
- Interest income remained low and relatively stable, under 1% of revenues throughout. Interest expense showed a downward trend from -12.81% in December 2015 to about -4.41% by December 2019, indicating reduced borrowing cost impact over time.
- Other Income (Expense), Net
- Two entries were noted with wide fluctuations and some significant negative spikes (e.g., -61.22% in March 2017), reflecting volatile miscellaneous income/expense impacts that contributed to earnings instability.
- Income Before Taxes and Noncontrolling Interest
- This measure showed frequent steep losses, including exceptionally large negative percentages such as -138.48% in September 2017 and -137.08% in December 2018, demonstrating highly unstable pre-tax profit performance.
- Provision (Benefit) for Income Taxes
- Tax provisions were irregular, with large positive values in some quarters (up to 90.57%) and negative or near zero in others. This indicates fluctuating tax charges consistent with volatile profitability and perhaps tax adjustments or credits.
- Net Income (Loss) from Continuing Operations
- Net income margins mirrored the overall earnings volatility with large losses in many quarters (e.g., -105.3% in December 2018 and -97.86% in September 2017) and occasional positive rebounds. This reflects ongoing challenges in achieving sustained net profitability.
- Income from Discontinued Operations
- Discontinued operations showed highly irregular and extreme swings, including very high positive spikes such as 430.73% in September 2016, followed by zero or negative values. This indicates one-off gains or losses related to divestitures affecting net income unpredictably.
- Net Income (Loss) Attributable to Shareholders
- Attributable earnings exhibited the same volatility as net income overall, with quarter-to-quarter swings between large positive and negative margins, highlighting substantial earnings instability affecting shareholders' returns.
- Dividends on Preferred Shares
- Preferred dividends relative to net revenues decreased slightly over time from around -0.91% in early 2015 to lower levels by mid-2018, suggesting some reduction in dividend obligations on preferred shares during the period.
- Summary
- The company’s financial data over the observed periods portray a business facing significant volatility across most key profitability metrics. Gross margin trends improved notably until 2018 before declining slightly. Operating and net incomes were frequently negative with abrupt losses tied to goodwill impairments, asset write-downs, and discontinued operations. Expense categories showed occasional large spikes, indicating episodic costs or impairments. Interest expenses declined, reflecting possibly reduced debt burdens. Overall, the data suggest periods of operational challenges, major asset revaluations, and inconsistent earnings performance.