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 PLC, consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
Net revenues	3,604,400)	4,351,000)	4,050,700)	4,090,100)	3,597,100)	4,079,700)	3,911,400)	4,124,200)	3,672,100)	4,326,100)	4,034,300)	4,007,400)	3,572,900)	3,864,300)	3,622,200)	3,684,800)	3,399,300)	2,664,500)	4,088,900)	5,755,000)	2,562,600)
Cost of sales, excludes amortization and impairment of acquired intangibles including product rights	(623,100)	(704,000)	(639,000)	(652,300)	(497,800)	(590,000)	(596,800)	(481,800)	(522,800)	(580,900)	(586,500)	(550,200)	(450,400)	(479,700)	(462,200)	(441,500)	(477,400)	(417,300)	(1,242,900)	(2,130,100)	(1,020,100)
Gross profit	2,981,300)	3,647,000)	3,411,700)	3,437,800)	3,099,300)	3,489,700)	3,314,600)	3,642,400)	3,149,300)	3,745,200)	3,447,800)	3,457,200)	3,122,500)	3,384,600)	3,160,000)	3,243,300)	2,921,900)	2,247,200)	2,846,000)	3,624,900)	1,542,500)
Research and development	(430,000)	(452,500)	(474,500)	(450,000)	(435,000)	(678,100)	(424,200)	(689,200)	(474,700)	(408,200)	(442,600)	(489,400)	(759,900)	(913,300)	(622,800)	(636,500)	(403,100)	(325,400)	(1,260,500)	(454,900)	(317,700)
Selling and marketing	(972,100)	(883,000)	(901,400)	(873,300)	(804,000)	(841,600)	(755,600)	(853,400)	(800,000)	(877,700)	(832,800)	(935,200)	(869,100)	(836,800)	(796,000)	(866,800)	(766,800)	(641,600)	(721,800)	(981,000)	(569,600)
General and administrative	(401,300)	(756,600)	(1,092,700)	(324,200)	(308,300)	(352,000)	(289,200)	(334,100)	(295,900)	(389,100)	(336,900)	(459,800)	(316,100)	(440,000)	(361,200)	(343,200)	(329,500)	(393,500)	(351,400)	(480,200)	(540,500)
Amortization	(1,416,400)	(1,517,500)	(1,537,700)	(1,402,000)	(1,399,400)	(1,569,100)	(1,588,500)	(1,697,100)	(1,697,600)	(1,922,200)	(1,781,000)	(1,757,900)	(1,736,000)	(1,638,500)	(1,609,100)	(1,633,100)	(1,589,700)	(1,431,900)	(1,560,200)	(1,673,500)	(787,800)
Goodwill impairments	(913,000)	—)	—)	(1,085,800)	(2,467,000)	(2,841,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
In-process research and development impairments	—)	—)	—)	(436,000)	—)	(6,600)	—)	(276,000)	(522,000)	(207,000)	(202,000)	(703,300)	(340,000)	(427,000)	(42,000)	(268,900)	(6,000)	(14,000)	(300,000)	(197,600)	—)
Asset sales and impairments, net	(148,100)	(314,000)	(2,000)	(129,400)	5,200)	(2,585,300)	400)	(259,600)	(13,100)	(31,500)	(3,874,800)	(14,000)	(7,400)	(29,000)	4,700)	17,600)	1,700)	(271,200)	4,400)	(600)	(4,600)
Operating income (loss)	(1,299,600)	(276,600)	(596,600)	(1,262,900)	(2,309,200)	(5,384,100)	257,500)	(467,000)	(654,000)	(90,500)	(4,022,300)	(902,400)	(906,000)	(900,000)	(266,400)	(487,600)	(171,500)	(830,400)	(1,343,500)	(162,900)	(677,700)
Interest income	21,200)	25,300)	20,500)	9,700)	21,300)	11,600)	10,000)	6,300)	17,300)	14,700)	11,100)	16,600)	25,300)	46,400)	18,100)	2,500)	2,900)	3,200)	3,800)	2,600)	1,800)
Interest expense	(184,500)	(191,900)	(193,900)	(195,400)	(201,800)	(210,200)	(220,400)	(230,000)	(250,600)	(263,300)	(265,200)	(277,400)	(289,700)	(292,700)	(324,300)	(345,800)	(332,800)	(341,300)	(340,200)	(339,900)	(171,900)
Other income (expense), net	(24,900)	21,200)	2,500)	(4,700)	13,800)	(9,900)	130,000)	215,400)	(78,800)	(70,700)	(1,310,300)	(133,500)	(1,922,800)	35,000)	33,600)	150,100)	500)	12,600)	200)	(48,700)	(197,900)
Other income (expense), net	(188,200)	(145,400)	(170,900)	(190,400)	(166,700)	(208,500)	(80,400)	(8,300)	(312,100)	(319,300)	(1,564,400)	(394,300)	(2,187,200)	(211,300)	(272,600)	(193,200)	(329,400)	(325,500)	(336,200)	(386,000)	(368,000)
Income (loss) before income taxes and noncontrolling interest	(1,487,800)	(422,000)	(767,500)	(1,453,300)	(2,475,900)	(5,592,600)	177,100)	(475,300)	(966,100)	(409,800)	(5,586,700)	(1,296,700)	(3,093,200)	(1,111,300)	(539,000)	(680,800)	(500,900)	(1,155,900)	(1,679,700)	(548,900)	(1,045,700)
(Provision) benefit for income taxes	1,866,800)	104,700)	(18,100)	(301,600)	68,600)	1,296,700)	(213,400)	5,200)	682,200)	3,918,300)	1,638,800)	581,200)	532,100)	1,071,200)	158,900)	258,200)	408,700)	170,700)	824,900)	307,300)	259,000)
Net income (loss) from continuing operations, net of tax	379,000)	(317,300)	(785,600)	(1,754,900)	(2,407,300)	(4,295,900)	(36,300)	(470,100)	(283,900)	3,508,500)	(3,947,900)	(715,500)	(2,561,100)	(40,100)	(380,100)	(422,600)	(92,200)	(985,200)	(854,800)	(241,600)	(786,700)
Income (loss) from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	(385,300)	(6,100)	(8,400)	(3,100)	41,300)	15,601,900)	(77,300)	348,600)	355,900)	6,157,400)	—)	274,400)
Net income (loss)	379,000)	(317,300)	(785,600)	(1,754,900)	(2,407,300)	(4,295,900)	(36,300)	(470,100)	(283,900)	3,123,200)	(3,954,000)	(723,900)	(2,564,200)	1,200)	15,221,800)	(499,900)	256,400)	(629,300)	5,302,600)	(241,600)	(512,300)
(Income) loss attributable to noncontrolling interest	(1,000)	100)	(1,200)	(4,100)	(700)	(4,000)	(1,600)	(2,400)	(2,200)	(1,900)	(1,700)	(2,000)	(1,000)	(1,800)	(1,800)	(1,800)	(700)	(1,600)	(1,400)	(1,500)	300)
Net income (loss) attributable to shareholders	378,000)	(317,200)	(786,800)	(1,759,000)	(2,408,000)	(4,299,900)	(37,900)	(472,500)	(286,100)	3,121,300)	(3,955,700)	(725,900)	(2,565,200)	(600)	15,220,000)	(501,700)	255,700)	(630,900)	5,301,200)	(243,100)	(512,000)
Dividends on preferred shares	—)	—)	—)	—)	—)	—)	—)	—)	(46,400)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(69,600)	(23,200)
Net income (loss) attributable to ordinary shareholders	378,000)	(317,200)	(786,800)	(1,759,000)	(2,408,000)	(4,299,900)	(37,900)	(472,500)	(332,500)	3,051,700)	(4,025,300)	(795,500)	(2,634,800)	(70,200)	15,150,400)	(571,300)	186,100)	(700,500)	5,231,600)	(312,700)	(535,200)

Net Revenues: Net revenues experienced significant fluctuations over the reported periods. There was a notable peak in the second quarter of 2015 at approximately 5.76 billion USD, followed by a decline in late 2015. From 2016 through to early 2020, revenues generally remained within a range of 3.6 to 4.3 billion USD, with occasional quarter-to-quarter variability but no consistent trending direction. The first quarter of 2020 showed a decline to around 3.6 billion USD.
Cost of Sales: Costs of sales, excluding amortization and impairment, followed a pattern roughly proportional to revenue changes but with less extreme variation. Costs peaked in the middle quarters of 2015, consistent with revenue spikes, but tended to stabilize somewhat thereafter. Throughout 2016 to 2020, costs remained broadly aligned with revenue but showed sporadic increases in some quarters, notably late 2019 and early 2020.
Gross Profit: Gross profit mirrored revenue trends, with highest gross profit levels generally occurring during quarters with elevated revenues. The gross margin showed some volatility but no clear upward or downward long term trajectory. Periods with lower revenues resulted in corresponding diminution of gross profits, notably noticeable in Q1 2020 where gross profit dropped to approximately 3 billion USD, the lowest level in the observed timeframe.
Research and Development: R&D expenses exhibited substantial quarterly volatility without a consistent trend. Early quarters in 2015 and late 2016 saw spikes in spending. Most quarters showed expenditures ranging from approximately 400 to 900 million USD, suggesting ongoing substantial investment in innovation without a clear increase or decrease over the several years observed.
Selling and Marketing: Selling and marketing costs remained fairly stable throughout the quarters, oscillating mainly between 700 million and 900 million USD. There were no pronounced trends upward or downward, indicating relatively consistent marketing investment irrespective of revenue volatility.
General and Administrative Expenses: General and administrative expenses fluctuated across the quarters with no clear trend. Values generally ranged from 300 to 750 million USD, although an outlier occurred in Q3 2019 with a sharp increase over 1 billion USD, potentially representing a one-time event or restructuring cost. Most other quarters maintained expenses at a moderate level relative to other operating costs.
Amortization: Amortization expenses were consistently high and relatively stable, typically around 1.4 to 1.9 billion USD per quarter. There was no distinct increasing or decreasing pattern, indicating steady levels of intangible asset amortization over time.
Impairments and Asset Sales: Goodwill impairments appeared mainly in the latter half of 2018 and throughout 2019, reaching significant amounts (e.g., over 2 billion USD in some quarters). In-process R&D impairments were also sporadically recorded, with noticeable large impairments in multiple quarters. Asset sales and impairments showed irregular but occasionally very large negative impacts (especially a very large impairment recorded in Q3 2017). These impairments contributed significantly to operating losses in affected quarters.
Operating Income (Loss): Operating income displayed significant volatility with several quarters recording losses exceeding 1 billion USD, notably including large losses in late 2017, throughout 2018, and in several 2019 quarters. A few positive results were observed, such as in Q4 2018 with a positive 257 million USD, but overall operating results were predominantly negative, reflecting the combined effects of impairments, amortization, and other operating expenses.
Interest Income and Expense: Interest income remained relatively low and stable over the period, generally under 50 million USD per quarter. Interest expense showed a gradual decrease over the years, declining from around 340 million USD per quarter in 2015 to approximately 185 million USD by early 2020, suggesting possible debt reduction or refinancing at lower rates.
Other Income (Expense), Net: Other income/expense presented considerable fluctuation with some quarters showing large negative values, especially from 2017 through 2019 (e.g., exceeding negative 2 billion USD in some quarters), indicating occasional significant non-operating losses or charges. Positive spikes occurred sporadically, but overall the pattern was highly variable and contributed to the volatility of pre-tax income.
Income Before Income Taxes and Noncontrolling Interest: Pre-tax income consistently showed losses with several quarters experiencing reductions exceeding 1 billion USD. The worst pre-tax losses often coincided with large impairments and operating losses. Few quarters, such as Q4 2018 and Q1 2018, showed positive pre-tax results, but these were exceptions.
Provision (Benefit) for Income Taxes: The tax provision fluctuated widely, with quarters showing significant tax benefits sometimes exceeding 3 billion USD, corresponding to periods of high losses and impairments. Some quarters displayed modest tax expenses or benefits near zero, reflecting variable tax impacts parallel to operating results.
Net Income (Loss) from Continuing Operations, Net of Tax: Net income from continuing operations exhibited large volatility, including multi-billion-dollar losses in numerous quarters, particularly from late 2017 to early 2020. Certain quarters, e.g., Q4 2017 and Q3 2015, recorded significant positive net income resulting from unusual gains or items. Generally, however, net results were negative and closely mirrored operating and impairment trends.
Income from Discontinued Operations: Income from discontinued operations was irregular, with extremely large positive gains in some quarters (e.g., Q3 2015 and Q3 2016), suggestive of significant divestiture activities or one-time gains. In other quarters, this income was either negligible or negative, reflecting sporadic impacts from discontinued lines or assets.
Net Income Attributable to Shareholders: Net income attributable to shareholders was highly volatile, largely driven by the erratic nature of discontinued operations and continuing operations. Large net gains were recorded in some quarters (notably Q3 2016 with over 15 billion USD), interspersed with substantial losses in multiple other periods. Overall, the pattern was largely inconsistent and strongly influenced by one-time gains and impairments throughout the timeframe analyzed.

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Allergan PLC (NYSE:AGN)

Income Statement Quarterly Data

Income Statement
Quarterly Data