Selected Financial Data
since 2005
Income Statement
Allergan PLC, selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net revenues | Operating income (loss) | Net income (loss) attributable to shareholders |
|---|---|---|---|
| Dec 31, 2019 | 16,088,900) | (4,445,300) | (5,271,000) |
| Dec 31, 2018 | 15,787,400) | (6,247,600) | (5,096,400) |
| Dec 31, 2017 | 15,940,700) | (5,921,200) | (4,125,500) |
| Dec 31, 2016 | 14,570,600) | (1,825,500) | 14,973,400) |
| Dec 31, 2015 | 15,071,000) | (3,014,500) | 3,915,200) |
| Dec 31, 2014 | 13,062,300) | (1,267,700) | (1,630,500) |
| Dec 31, 2013 | 8,677,600) | (423,200) | (750,400) |
| Dec 31, 2012 | 5,914,900) | 320,800) | 97,300) |
| Dec 31, 2011 | 4,584,400) | 536,200) | 260,900) |
| Dec 31, 2010 | 3,566,900) | 305,400) | 184,400) |
| Dec 31, 2009 | 2,793,000) | 383,900) | 222,000) |
| Dec 31, 2008 | 2,535,501) | 358,128) | 238,379) |
| Dec 31, 2007 | 2,496,651) | 255,660) | 141,030) |
| Dec 31, 2006 | 1,979,244) | (422,096) | (445,005) |
| Dec 31, 2005 | 1,646,203) | 218,512) | 138,233) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Net Revenues
- Over the period analyzed, net revenues exhibit a generally strong upward trend. Starting at approximately 1.65 billion USD in 2005, the revenues increased consistently almost every year, reaching a peak of about 15.97 billion USD in 2017. Following 2017, the net revenues stabilized with minor fluctuations, ending near 16.09 billion USD in 2019. This sustained growth reflects a significant expansion in sales or market presence over the 15-year span.
- Operating Income (Loss)
- The operating income shows considerable volatility compared to net revenues. Initially, in 2005, the company reported a positive operating income of around 218.5 million USD; however, in 2006 a substantial operating loss of about 422.1 million USD was recorded. From 2007 to 2012, operating income recovered intermittently, reaching positive values but with wide swings, including peaks at 536.2 million USD in 2011 and dips such as a loss of 423.2 million USD in 2013. Starting in 2013, the company experienced extended periods of operating losses, with significant negative results, including a peak loss of roughly 6 billion USD in 2017, followed by slightly reduced losses toward 2019. This pattern indicates challenges in managing operating expenses or operational inefficiencies despite increasing revenues.
- Net Income (Loss) Attributable to Shareholders
- Net income attributable to shareholders closely mirrors the volatility of operating income but shows some distinct divergences. The company recorded positive net income in the early years, with a notable increase to 3.92 billion USD in 2015 and a substantial peak in 2016 at nearly 15 billion USD. These spikes contrast sharply with the preceding and following years, where large net losses were reported, including a loss exceeding 750 million USD in 2013 and continuing losses through 2019, peaking at over 5 billion USD in 2019. This fluctuation suggests episodic extraordinary gains or losses, non-operating income effects, or significant one-time items influencing net profitability.
- Summary of Insights
- The data indicates that while the company successfully grew its revenue base over the 15-year period, it struggled with consistent profitability at the operating and net income levels. The persistent operating losses from 2013 onward, despite stable or growing revenues, suggest structural or operational challenges. The large positive net income in 2015 and 2016 amidst otherwise negative periods implies the occurrence of significant non-recurring gains during these years. Overall, the financial picture points to a company with strong sales growth but facing ongoing profitability issues potentially related to high costs, restructuring, or other extraordinary expenses.
Balance Sheet: Assets
Allergan PLC, selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2019 | 11,126,700) | 94,699,100) |
| Dec 31, 2018 | 6,475,400) | 101,787,600) |
| Dec 31, 2017 | 11,376,700) | 118,341,900) |
| Dec 31, 2016 | 17,857,900) | 128,986,300) |
| Dec 31, 2015 | 8,615,400) | 135,840,700) |
| Dec 31, 2014 | 6,881,700) | 52,529,100) |
| Dec 31, 2013 | 4,434,700) | 22,725,900) |
| Dec 31, 2012 | 3,879,700) | 14,103,500) |
| Dec 31, 2011 | 2,569,700) | 6,698,300) |
| Dec 31, 2010 | 1,799,400) | 5,827,300) |
| Dec 31, 2009 | 1,771,000) | 5,992,200) |
| Dec 31, 2008 | 1,458,417) | 3,677,887) |
| Dec 31, 2007 | 1,173,776) | 3,472,027) |
| Dec 31, 2006 | 1,261,676) | 3,760,577) |
| Dec 31, 2005 | 1,360,430) | 3,080,033) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current Assets Trend
- Current assets demonstrated a fluctuating pattern over the period. Initially, there was a slight decline from 1,360,430 thousand USD in 2005 to 1,173,776 thousand USD in 2007. Following this reduction, current assets exhibited a growth trend, peaking significantly at 17,857,900 thousand USD in 2016. After this peak, a sharp decline was observed in 2018, with current assets falling to 6,475,400 thousand USD, followed by a recovery to 11,126,700 thousand USD by the end of 2019. The overall trend suggests substantial volatility with a significant spike around the mid-2010s.
- Total Assets Trend
- Total assets consistently increased from 3,080,033 thousand USD in 2005 to a peak of 135,840,700 thousand USD in 2015. This growth was marked by steady increments and a substantial jump between 2011 and 2015. However, post-2015, total assets began a downward trajectory, decreasing each year to 94,699,100 thousand USD by the end of 2019. This indicates a period of rapid asset accumulation followed by a phase of contraction.
- Comparison and Insights
- The data illustrate a pronounced expansion in both current and total assets leading up to the mid-2010s, with total assets showing a more dramatic increase relative to current assets. The peak year for both asset categories was around 2015-2016, followed by a downturn. The volatility in current assets, particularly the sharp decline after 2016 and subsequent partial recovery by 2019, suggests possible shifts in asset composition or liquidity management strategies. The decline in total assets from 2015 onwards may reflect divestments, asset write-downs, or other strategic financial adjustments. Overall, the patterns suggest aggressive growth followed by consolidation or restructuring in the latter part of the observed period.
Balance Sheet: Liabilities and Stockholders’ Equity
Allergan PLC, selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt and capital leases | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2019 | 11,070,700) | 36,502,700) | 22,649,000) | 58,173,600) |
| Dec 31, 2018 | 5,727,900) | 36,656,600) | 23,797,700) | 65,114,100) |
| Dec 31, 2017 | 9,848,100) | 44,504,800) | 30,075,300) | 73,821,100) |
| Dec 31, 2016 | 7,874,700) | 52,785,800) | 32,768,700) | 76,192,700) |
| Dec 31, 2015 | 8,328,300) | 59,251,400) | 42,726,200) | 76,591,400) |
| Dec 31, 2014 | 5,018,600) | 24,193,600) | 15,543,700) | 28,331,100) |
| Dec 31, 2013 | 3,294,900) | 13,188,800) | 9,052,000) | 9,532,100) |
| Dec 31, 2012 | 2,710,600) | 10,247,100) | 6,433,300) | 3,833,800) |
| Dec 31, 2011 | 1,839,500) | 3,135,800) | 1,033,000) | 3,563,600) |
| Dec 31, 2010 | 820,700) | 2,544,700) | 1,016,100) | 3,281,700) |
| Dec 31, 2009 | 1,052,400) | 2,969,100) | 1,457,800) | 3,023,100) |
| Dec 31, 2008 | 481,995) | 1,569,302) | 877,893) | 2,108,585) |
| Dec 31, 2007 | 444,927) | 1,622,562) | 905,649) | 1,849,465) |
| Dec 31, 2006 | 689,929) | 2,080,189) | 1,231,204) | 1,680,388) |
| Dec 31, 2005 | 245,670) | 975,792) | 587,935) | 2,104,241) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial data reveals several notable trends regarding liabilities, debt, and shareholders' equity over the analyzed periods.
- Current Liabilities
- Current liabilities display a generally upward trend from 2005 to 2019, with fluctuations during the timeline. The amount increased substantially from approximately $246 million in 2005 to over $11 billion in 2019. Noteworthy are significant jumps around 2011 to 2013, peaking near $9.8 billion in 2013, before fluctuating and ending the period at the highest level recorded, indicating growing short-term obligations over the years.
- Total Liabilities
- Total liabilities follow a similar upward trajectory with increasing magnitude. Starting from around $976 million in 2005, total liabilities rose sharply, especially after 2011, culminating in nearly $37 billion by 2019. This trend demonstrates marked growth in the company's overall financial obligations, reflecting potentially increased borrowing or accrued expenses.
- Total Debt and Capital Leases
- The total debt and capital leases category shows significant fluctuations, initially decreasing between 2005 and 2007, then rising sharply through 2009. A pronounced peak occurs around 2014 with debt levels exceeding $42 billion, followed by a steady decline through 2019 to approximately $22.6 billion. The peak indicates a period of heavy leveraging, and the subsequent reduction suggests efforts to deleverage or restructure debt.
- Shareholders' Equity
- Shareholders’ equity generally exhibits a positive growth trend throughout the period, starting at approximately $2.1 billion in 2005 and increasing dramatically after 2012. A major inflection point occurs in 2013, with equity surpassing $9.5 billion, eventually reaching a peak near $76.6 billion in 2015. Post-2015, equity shows a slight downward correction, settling around $58 billion by 2019. This growth suggests strong capital generation or equity financing activities during the middle years, with some consolidation later.
Overall, the data indicate substantial growth in both liabilities and shareholders' equity, with total debt reaching a peak mid-period before declining. The increasing scale of financial figures suggests company expansion or acquisition activity, along with significant shifts in capital structure management over time.
Cash Flow Statement
Allergan PLC, selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2019 | 7,238,700) | (2,858,800) | (2,766,100) |
| Dec 31, 2018 | 5,640,100) | 3,098,500) | (9,680,100) |
| Dec 31, 2017 | 5,873,400) | (878,000) | (4,923,600) |
| Dec 31, 2016 | 1,425,300) | 24,333,300) | (25,122,100) |
| Dec 31, 2015 | 4,530,000) | (37,120,900) | 33,443,400) |
| Dec 31, 2014 | 2,243,000) | (5,370,600) | 3,017,500) |
| Dec 31, 2013 | 1,213,500) | (275,300) | (867,300) |
| Dec 31, 2012 | 665,800) | (5,749,000) | 5,189,600) |
| Dec 31, 2011 | 632,000) | (719,000) | 16,400) |
| Dec 31, 2010 | 571,000) | (74,100) | (411,300) |
| Dec 31, 2009 | 376,800) | (1,036,100) | 353,100) |
| Dec 31, 2008 | 416,554) | (93,357) | (20,173) |
| Dec 31, 2007 | 427,178) | (64,292) | (312,503) |
| Dec 31, 2006 | 471,365) | (1,419,419) | 634,774) |
| Dec 31, 2005 | 325,503) | 116,355) | (273,060) |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of cash flow activities over the period reveals distinct and noteworthy trends in operational, investing, and financing activities.
- Net cash provided by operating activities
- This metric demonstrates an overall upward trajectory with significant growth, particularly from 2012 onwards. Starting at approximately 325 million USD in 2005, operating cash inflows rose steadily, experiencing a marked increase in 2013 and peaking above 7.2 billion USD in 2019. This trend indicates strengthening core business operations and enhanced cash generation capabilities over the time frame examined.
- Net cash (used in) provided by investing activities
- Investing cash flows show considerable volatility with large fluctuations in both positive and negative directions. In the initial years, the figures oscillate around smaller negative and positive values, but from 2012, there are extreme cash outflows, most notably a significant outflow near 37.1 billion USD in 2015. Intermittent positive spikes are recorded, such as in 2016 with a notable inflow exceeding 24.3 billion USD. These patterns suggest substantial capital expenditures or acquisitions, followed by asset divestitures or returns on investments at varying intervals.
- Net cash provided by (used in) financing activities
- Financing cash flows are characterized by pronounced volatility and lack of a consistent directional trend. Early years display negative values, turning sharply positive in 2006 and again from 2012 but with abrupt reversals. Exceptional values occur particularly in 2015 with an inflow exceeding 33.4 billion USD, followed by large outflows in subsequent years peaking at over 9.6 billion USD in 2018. These swings likely reflect active capital management strategies including debt issuance or repayments, equity financing transactions, and dividend distributions.
In summary, the operating cash generation exhibits robust growth and stability, indicative of solid underlying business performance. Investing activities entail significant, irregular cash movements indicative of large-scale strategic investments and divestments. Financing activities reflect aggressive and fluctuating capital structure maneuvers. The interplay of these cash flows highlights a dynamic financial management approach responsive to evolving corporate financing and investment needs.
Per Share Data
Allergan PLC, selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2019 | -16.02 | -16.02 | 2.96 |
| Dec 31, 2018 | -15.26 | -15.26 | 2.88 |
| Dec 31, 2017 | -13.19 | -13.19 | 2.80 |
| Dec 31, 2016 | 38.18 | 38.18 | 0.00 |
| Dec 31, 2015 | 10.01 | 10.01 | 0.00 |
| Dec 31, 2014 | -7.42 | -7.42 | 0.00 |
| Dec 31, 2013 | -5.27 | -5.27 | 0.00 |
| Dec 31, 2012 | 0.77 | 0.76 | 0.00 |
| Dec 31, 2011 | 2.10 | 2.06 | 0.00 |
| Dec 31, 2010 | 1.51 | 1.48 | 0.00 |
| Dec 31, 2009 | 2.11 | 1.96 | 0.00 |
| Dec 31, 2008 | 2.32 | 2.09 | 0.00 |
| Dec 31, 2007 | 1.38 | 1.27 | 0.00 |
| Dec 31, 2006 | -4.37 | -4.37 | 0.00 |
| Dec 31, 2005 | 1.32 | 1.21 | 0.00 |
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), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis covers key earnings and dividend metrics over a fifteen-year period. The earnings per share (EPS) data, both basic and diluted, exhibit significant volatility and some notable fluctuations over time.
- Basic and Diluted Earnings per Share (EPS)
-
Both basic and diluted EPS follow almost identical patterns throughout the period considered, reflecting consistent calculation standards.
From 2005 to 2007, EPS showed positive values, rising from 1.32 US$ in 2005 to 1.38 US$ in 2007 after a sharp negative dip to -4.37 US$ in 2006. This was followed by a generally positive trend until 2011, peaking at approximately 2.1 US$ in 2011.
Starting in 2012, EPS became more volatile and predominantly negative. A sharp decline was observed in 2013 and 2014, reaching lows around -5.27 US$ and -7.42 US$ respectively. This was succeeded by an extraordinary rebound in 2015 and 2016, with EPS peaking sharply at 10.01 US$ and then dramatically increasing to 38.18 US$ in 2016, representing the highest earnings within the entire timeframe.
Following this peak, EPS again turned negative, with consistent losses recorded from 2017 through 2019, declining from -13.19 US$ to -16.02 US$. This downward trend suggests financial difficulties or significant negative impacts on profitability in recent years.
- Dividend per Share
-
Dividend distributions were absent or unreported for most of the period until 2017. From 2017 onwards, dividends per share increased moderately and steadily, from 2.80 US$ in 2017 to 2.96 US$ in 2019. This indicates a resumption or initiation of shareholder returns despite the volatile earnings figures.
In summary, earnings per share experienced substantial fluctuations, with extended periods of both losses and gains. The remarkable spike in 2016 is a significant outlier within the overall trend. Dividend payments, while not consistently paid during earlier years, show a modest upward trend in the final years, implying a cautious but positive approach towards returning value to shareholders in the face of earnings volatility.