DUBLIN, Nov. 5, 2019 /PRNewswire/ -- Allergan plc
(NYSE: AGN) today reported its third quarter 2019 financial results
including GAAP net revenues of $4.05
billion, a 3.6 percent increase from the prior year
quarter.
THIRD QUARTER 2019 FINANCIAL RESULTS
(unaudited; $ in millions, except per share
amounts)
|
|
Q3 '19
|
|
|
Q3 '18
|
|
|
Q3 '19 v
Q3 '18
|
|
|
Nine
Months
Ended
September
30, 2019
|
|
|
Nine
Months
Ended
September
30, 2018
|
|
|
2019 v
2018
|
|
Total Net
Revenues
|
|
$
|
4,050.7
|
|
|
$
|
3,911.4
|
|
|
|
3.6
|
%
|
|
$
|
11,737.9
|
|
|
$
|
11,707.7
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) /
Income
|
|
$
|
(596.6)
|
|
|
$
|
257.5
|
|
|
|
(331.7)
|
%
|
|
$
|
(4,168.7)
|
|
|
$
|
(863.5)
|
|
|
|
(382.8)
|
%
|
Diluted
EPS
|
|
$
|
(2.40)
|
|
|
$
|
(0.11)
|
|
|
|
(2081.8)
|
%
|
|
$
|
(15.04)
|
|
|
$
|
(2.50)
|
|
|
|
(501.6)
|
%
|
SG&A
Expense
|
|
$
|
1,994.1
|
|
|
$
|
1,044.8
|
|
|
|
90.9
|
%
|
|
$
|
4,303.9
|
|
|
$
|
3,328.2
|
|
|
|
29.3
|
%
|
R&D
Expense
|
|
$
|
474.5
|
|
|
$
|
424.2
|
|
|
|
11.9
|
%
|
|
$
|
1,359.5
|
|
|
$
|
1,588.1
|
|
|
|
(14.4)
|
%
|
Tax Rate
|
|
|
(2.4)
|
%
|
|
|
120.5
|
%
|
|
|
(122.9)
|
%
|
|
|
(5.3)
|
%
|
|
|
37.5
|
%
|
|
|
(42.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Revenues
|
|
$
|
4,025.7
|
|
|
$
|
3,911.4
|
|
|
|
2.9
|
%
|
|
$
|
11,712.9
|
|
|
$
|
11,682.7
|
|
|
|
0.3
|
%
|
Non-GAAP Operating
Income
|
|
$
|
1,759.3
|
|
|
$
|
1,905.1
|
|
|
|
(7.7)
|
%
|
|
$
|
5,235.2
|
|
|
$
|
5,638.0
|
|
|
|
(7.1)
|
%
|
Non-GAAP Performance
Net Income Per Share
|
|
$
|
4.25
|
|
|
$
|
4.25
|
|
|
|
0.0
|
%
|
|
$
|
12.43
|
|
|
$
|
12.41
|
|
|
|
0.2
|
%
|
Non-GAAP Adjusted
EBITDA
|
|
$
|
1,864.9
|
|
|
$
|
2,007.7
|
|
|
|
(7.1)
|
%
|
|
$
|
5,554.3
|
|
|
$
|
5,963.6
|
|
|
|
(6.9)
|
%
|
Non-GAAP SG&A
Expense
|
|
$
|
1,179.4
|
|
|
$
|
1,031.4
|
|
|
|
14.3
|
%
|
|
$
|
3,438.4
|
|
|
$
|
3,214.5
|
|
|
|
7.0
|
%
|
Non-GAAP R&D
Expense
|
|
$
|
448.9
|
|
|
$
|
393.7
|
|
|
|
14.0
|
%
|
|
$
|
1,293.8
|
|
|
$
|
1,138.4
|
|
|
|
13.7
|
%
|
Non-GAAP Tax
Rate
|
|
|
11.2
|
%
|
|
|
14.2
|
%
|
|
|
(3.0)
|
%
|
|
|
12.3
|
%
|
|
|
14.2
|
%
|
|
|
(1.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive Commentary
"The third quarter 2019 results demonstrate our commitment
to continued strong operational performance. The core business has
grown and has been bolstered by significant pipeline progress, with
three new molecular entities currently under regulatory review,"
said Brent Saunders, Chairman and
CEO of Allergan. "VRAYLAR®, BOTOX® Cosmetic,
JUVÉDERM®, BOTOX® Therapeutic,
OZURDEX® and Lo LOESTRIN® continue to lead
the way, with VRAYLAR® growing 70 percent and U.S.
BOTOX® Cosmetic growing 10 percent in the third quarter
from the prior year."
Third Quarter 2019 Results
GAAP operating loss in the third quarter of 2019 was
$596.6 million compared to GAAP
operating income of $257.5 million in
the prior year quarter. Non-GAAP operating income in the third
quarter of 2019 was $1.76 billion, a
decrease of 7.7 percent versus the prior year quarter, partially
impacted by divestitures, products that lost or are at risk of
losing exclusivity and an increase in operating expenses. GAAP cash
flow from operations for the third quarter of 2019 totaled
$2.92 billion. Cash flow from
operations in the third quarter includes a one-time tax refund of
$1.6 billion of capital gains taxes
previously paid and attributable to tax losses recorded in
prior periods.
Operating Expenses
Total GAAP Selling, General and Administrative (SG&A)
Expense was $1.99 billion for the
third quarter of 2019, compared to $1.04
billion in the prior year quarter. Total non-GAAP SG&A
expense was $1.18 billion for the
third quarter of 2019, an increase of 14.3 percent from the prior
year quarter, primarily related to an increase in spending to
support key products and new product launches. GAAP R&D
investment for the third quarter of 2019 was $474.5 million, compared to $424.2 million in the third quarter of 2018.
Non-GAAP R&D investment for the third quarter of 2019 was
$448.9 million, an increase of 14.0
percent compared to the prior year quarter, due to increased direct
project spend to support pipeline advancement and new product
launches.
Amortization, Tax and Capitalization
Amortization expense for the third quarter of 2019 was
$1.54 billion, compared to
$1.59 billion in the third quarter of
2018. The Company's GAAP tax rate was -2.4 percent in the third
quarter of 2019. The Company's non-GAAP adjusted tax rate was 11.2
percent in the third quarter of 2019. As of September 30, 2019, Allergan had cash and
marketable securities of $4.56
billion and outstanding indebtedness of $22.5 billion.
Operating Charges and Impairments
Allergan recorded a pre-tax charge of $750 million in the three months ended
September 30, 2019 related to a
settlement reached in principle by subsidiaries Forest
Laboratories, LLC, Forest Laboratories, Inc. and Forest
Laboratories Holdings Ltd. with direct purchasers of Namenda,
resolving the class action litigation filed by that class of
purchasers in the U.S. District Court for the Southern District of
New York. The Company excludes
operating charges, asset sales and impairments, net and in-process
research and development impairments from its Non-GAAP performance
net income attributable to shareholders as well as Adjusted EBITDA
and Non-GAAP Operating Income.
THIRD QUARTER 2019 BUSINESS SEGMENT
RESULTS
U.S. Specialized Therapeutics
U.S. Specialized Therapeutics net revenues were
$1.67 billion in the third quarter of
2019, a decrease of 2.1 percent versus the prior year quarter.
Demand growth in BOTOX® and JUVÉDERM®
Collection was offset by a decline in sales of
CoolSculpting® compared
to the prior year quarter and the divestiture of the
Company's Medical Dermatology business on September 20, 2018. Segment gross margin for the
third quarter of 2019 was 91.0 percent. Segment contribution for
the third quarter of 2019 was $1.08
billion.
Medical Aesthetics
- Facial Aesthetics
-
- BOTOX® Cosmetic net revenues in the third
quarter of 2019 were $237.6 million,
an increase of 10.0 percent from the prior year
quarter.
- JUVÉDERM® Collection (defined as
JUVÉDERM®, VOLUMA® and other fillers) net
revenues in the third quarter of 2019 were $134.8 million, an increase of 6.0 percent versus
the prior year quarter.
- Regenerative Medicine
-
- ALLODERM® net
revenues in the third quarter of 2019 were $95.0 million, a decrease of 10.2 percent versus
the prior year quarter.
- Body Contouring
-
- CoolSculpting® net
revenues (including both
CoolSculpting®
Systems/Applicators and Consumables) in the
third quarter of 2019 were $53.0
million, a decrease of 37.6 percent from the
prior year quarter.
Neurosciences & Urology
- BOTOX® Therapeutic net revenues in the third
quarter of 2019 were $431.6 million,
an increase of 5.9 percent versus the prior year
quarter.
Eye Care
- RESTASIS® net revenues in the third quarter of
2019 were $286.8 million, a decrease
of 3.8 percent versus the prior year quarter.
- ALPHAGAN®/COMBIGAN® net revenues in
the third quarter of 2019 were $90.9
million, a decrease of 4.7 percent versus the
prior year quarter.
- OZURDEX® net revenues in the third quarter of
2019 were $33.7 million, an increase
of 17.8 percent versus the prior year quarter.
U.S. General Medicine
U.S. General Medicine net revenues in the third quarter of
2019 were $1.52 billion, an increase
of 9.9 percent versus the prior year quarter. Demand growth in
VRAYLAR®, VIIBRYD® and Lo
LOESTRIN® was partially offset by lower revenues from
products that lost exclusivity. Segment gross margin for the third
quarter of 2019 was 83.9 percent. Segment contribution for the
third quarter of 2019 was $967.2
million.
Central Nervous System
- VRAYLAR® net revenues were $234.6 million in the third quarter of 2019, an
increase of 70.0 percent from the prior year quarter.
- VIIBRYD®/FETZIMA® net revenues in
the third quarter of 2019 were $105.1
million, an increase of 18.8 percent from the prior year
quarter.
Gastrointestinal, Women's Health & Diversified
Brands
- LINZESS® net revenues in the third quarter of
2019 were $214.7 million, an increase
of 4.8 percent versus the prior year quarter.
- Lo LOESTRIN® net revenues in the third quarter
of 2019 were $161.4 million, an
increase of 14.1 percent versus the prior year quarter.
- BYSTOLIC®/BYVALSON® net revenues in
the third quarter of 2019 were $152.2
million, an increase of 0.7 percent from the prior year
quarter.
International
International net revenues in the third quarter of 2019
were $835.1 million, an increase of
5.0 percent versus the prior year quarter excluding foreign
exchange impact. Growth in Facial Aesthetics and BOTOX®
Therapeutic was partially offset by declines in textured breast
implants. OZURDEX® growth was primarily related to a
2018 recall of OZURDEX® in certain international
markets. Segment gross margin for the third quarter of 2019 was
82.7 percent. Segment contribution was $437.6 million.
Facial Aesthetics
- BOTOX® Cosmetic net revenues in the third
quarter of 2019 were $165.6 million,
an increase of 5.8 percent versus the prior year quarter excluding
foreign exchange impact.
- JUVÉDERM® Collection net revenues in the third
quarter of 2019 were $144.7 million,
an increase of 7.3 percent versus the prior year quarter excluding
foreign exchange impact.
Eye Care
- LUMIGAN®/GANFORT® net revenues in
the third quarter of 2019 were $89.7
million, a decrease of 1.4 percent versus the prior year
quarter excluding foreign exchange impact.
- OZURDEX® net revenues in the third quarter of
2019 were $63.8 million, an increase
of 159.3 percent versus the prior year quarter excluding foreign
exchange impact.
Botox® Therapeutic
- BOTOX® Therapeutic net revenues in the third
quarter of 2019 were $93.9 million,
an increase of 5.3 percent versus the prior year quarter excluding
foreign exchange impact.
PIPELINE UPDATE
Allergan R&D continues to advance its pipeline. During
the third quarter of 2019, the Company's key clinical
developments included:
- The U.S. Food and Drug Administration (FDA) approved
Allergan's supplemental Biologics License Application (sBLA) to
expand the BOTOX® (onabotulinumtoxinA) label for
the treatment of pediatric patients ages two years and older with
lower limb spasticity, excluding spasticity caused by cerebral
palsy. This marks the 14th approved indication for
BOTOX® and BOTOX® Cosmetic combined in the
U.S., and the 11th BOTOX® therapeutic indication. The
FDA approved BOTOX® (onabotulinumtoxinA) for
pediatric upper limb spasticity in the second quarter of
2019.
- The FDA accepted a Biologics License Application (BLA)
for Abicipar pegol, a novel, investigational DARPin®
therapy, in patients with neovascular (wet) age-related macular
degeneration (nAMD). The FDA is expected to take action on the BLA
mid-2020, with launch expected to follow. The European Medicines
Agency (EMA) is also reviewing a Marketing Authorisation
Application (MAA) for Abicipar in patients with nAMD. A decision
from the European Commission is expected in the second half of
2020.
- Allergan received FDA approval for the use of Juvéderm
VOLUMA® XC, a hyaluronic acid gel dermal filler, with a
TSK STERiGLIDE™ cannula for cheek augmentation to correct
age-related volume deficit in the mid-face in adults over
21.
- Allergan dosed the first patient in a Phase 2b clinical trial of botulinum neurotoxin
serotype E (BoNT/E) EB-001 for the treatment of glabellar frown
lines.
- Allergan completed enrollment of Part 1 of the Phase 3
AURORA NASH study in adults with stages 2/3 liver
fibrosis.
In addition to third quarter 2019 pipeline developments
and the anticipated launch of abicipar listed above, Allergan
expects three additional significant launches in the next twelve
months:
- Allergan anticipates a regulatory decision from the FDA
in December 2019 for the Company's
New Drug Application (NDA) for ubrogepant, an oral CGRP receptor
antagonist for the acute treatment of migraine. Launch is expected
to follow in the first half of 2020.
- Allergan expects to launch CoolTone™, a body contouring
device that uses magnetic muscle stimulation, or MMS technology, to
strengthen, tone and firm the muscles of the abdomen, buttocks and
thighs, in the fourth quarter of 2019, following FDA clearance in
the second quarter of 2019.
- FDA action is expected in the first half of 2020 on
Allergan's NDA for Bimatoprost Sustained-Release, a biodegradable
implant for the reduction of intraocular pressure in patients with
open-angle glaucoma or ocular hypertension. Launch is expected to
follow in the first half of 2020.
UPDATE ON PROPOSED ABBVIE TRANSACTION
On October 14, 2019,
Allergan shareholders voted to approve the proposed acquisition of
Allergan by AbbVie. Additionally, both companies received a Request
for Additional Information and Documentary Material (Second
Request) from the U.S. Federal Trade Commission. Allergan and
AbbVie continue to expect to close the transaction in early 2020,
subject to customary closing conditions and regulatory
approvals.
FULL YEAR 2019 GUIDANCE
|
Previous Guidance
|
|
Current Guidance
|
|
Twelve Months Ending December 31,
2019
|
|
Twelve Months Ending December 31,
2019
|
|
GAAP
|
NON-GAAP
|
|
GAAP
|
NON-GAAP
|
|
|
|
|
|
|
Total Net Revenues
|
~$15.425 -
$15.625
billion
|
~$15.400 -
$15.600
billion
|
|
~$15.625 -
$15.825
billion
|
~$15.600 -
$15.800
billion
|
Gross Margin (as a % of
revenues)
|
~85.0% -
85.5%
|
~85.0% -
85.5%
|
|
~85.0%
|
~85.0%
|
SG&A Expense
|
~$4.5 - $4.6
billion
|
~$4.4 - $4.5
billion
|
|
~$5.4
billion
|
~$4.5
billion
|
R&D Expense
|
~$1.8 - $1.9
billion
|
~$1.6 - $1.7
billion
|
|
~$1.8
billion
|
~$1.75
billion
|
Net Interest Expense/Other Income
(Expense)
|
~ $775.0
million
|
~ $800.0
million
|
|
~ $725.0
million
|
~ $750.0
million
|
Tax Rate
|
~ (5.0)%
|
~13.0%
|
|
~ (4.5)%
|
~12.0% -
12.5%
|
Net Income / (Loss) Per
Share1
|
>
($12.03)
|
>
$16.55
|
|
>
($14.98)
|
>
$16.55
|
Average 2019 Share
Count2
|
~ 329.0
million
|
~ 332.0
million
|
|
~ 329.0
million
|
~ 332.0
million
|
Cash Flow from Operations
|
$5.0 - $5.5
billion
|
n.a.
|
|
$6.0 - $6.5
billion
|
n.a.
|
|
|
|
|
|
|
(1) GAAP represents EPS for ordinary shareholders.
GAAP income per share includes the impact of amortization of
approximately $5.9 billion. Non-GAAP represents performance net
income per share.
|
(2) GAAP EPS shares do not include dilution of shares
when earnings are a net loss. As such, the dilution impact of
outstanding equity awards is not included in the forecasted
shares.
|
(3) The non-GAAP performance net income per share
guidance for the twelve months ending December 31, 2019 of
>$16.55 represents a "profit
forecast"
for the purposes of the Irish Takeover
Rules. Please see page 7 of this press release for further
information in relation to the basis of preparation of, assumptions
behind and reports prepared in relation to that profit
forecast.
|
ADDITIONAL THIRD QUARTER DETAILS
Due to the proposed acquisition of Allergan by AbbVie,
Allergan is not hosting a conference call to discuss its third
quarter results. For additional materials related to
Allergan's third quarter results, please visit
Allergan's Investor Relations website at
https://www.allergan.com/investors/events-presentations.
Allergan Contacts:
|
|
Investors:
|
|
Manisha Narasimhan,
PhD
|
(862)
261-7162
|
|
|
Media:
|
|
Lisa
Brown
|
(862)
261-7320
|
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a global pharmaceutical
leader focused on developing, manufacturing and commercializing
branded pharmaceutical, device, biologic, surgical and regenerative
medicine products for patients around the world. Allergan markets a
portfolio of leading brands and best-in-class products primarily
focused on four key therapeutic areas including medical aesthetics,
eye care, central nervous system and gastroenterology.
As part of its approach to delivering innovation for better
patient care, Allergan has built one of the broadest pharmaceutical
and device research and development pipelines in the
industry.
With colleagues and commercial operations located in
approximately 100 countries, Allergan is committed to working with
physicians, healthcare providers and patients to deliver innovative
and meaningful treatments that help people around the world live
longer, healthier lives every day.
For more information, visit Allergan's website
at www.Allergan.com.
Forward-Looking Statement
Statements contained in this press release that refer to
future events or other non-historical facts are forward-looking
statements that reflect Allergan's current perspective on existing
trends and information as of the date of this release. Actual
results may differ materially from Allergan's current expectations
depending upon a number of factors affecting Allergan's business.
These factors include, among others, the difficulty of predicting
the timing or outcome of FDA approvals or actions, if any; the
impact of competitive products and pricing; market acceptance of
and continued demand for Allergan's products; the impact of
uncertainty around timing of generic entry related to key products,
including RESTASIS®, on our
financial results; risks associated with divestitures,
acquisitions, mergers and joint ventures; risks related to
impairments; uncertainty associated with financial projections,
projected debt reduction, projected cost reductions, projected
synergies, restructurings, increased costs, and adverse tax
consequences; difficulties or delays in manufacturing;
risks related to the proposed transaction between AbbVie and
Allergan, such as, but not limited to, failure to complete the
possible transaction, failure to realize the expected benefits of
the possible transaction, and general economic and business
conditions affecting the combined company following the
consummation of the possible transaction; and other
risks and uncertainties detailed in Allergan's periodic public
filings with the Securities and Exchange Commission, including but
not limited to Allergan's Annual Report on Form 10-K for the year
ended December 31,
2018 and Allergan's Quarterly Report on
Form 10-Q for the period ended June 30,
2019. Except as expressly required by law, Allergan
disclaims any intent or obligation to update these forward-looking
statements.
Statements Required by the Irish Takeover
Rules
The non-GAAP performance net income per share guidance for
the twelve months ending December 31,
2019 of >$16.55 represents
a "profit forecast" for the purposes of the Irish Takeover Rules
(the "Allergan Profit Forecast"). The basis of preparation of the
Allergan Profit Forecast and the principal assumptions upon which
the Allergan Profit Forecast is based are set out on pages 213 to
215 of the proxy statement sent to Allergan shareholders on or
around September 16, 2019, a copy of
which is available on Allergan's website, www.allergan.com. The
reports on the Allergan Profit Forecast, as required by Rule 28.3
of the Irish Takeover Rules, have been prepared by (i)
PricewaterhouseCoopers Ireland and (ii) J.P. Morgan Securities LLC.
Copies of those reports have previously been mailed to Allergan
shareholders with the above-mentioned proxy statement and are also
available on Allergan's website, www.allergan.com.
Except as described immediately above, no statement in
this press release is intended to constitute a profit forecast for
any period, nor should any statements be interpreted to mean that
earnings or earnings per share will necessarily be greater or
lesser than those for the relevant preceding financial periods for
Allergan. No statement in this press release constitutes an asset
valuation.
The directors of Allergan accept responsibility for the
information contained in this press release. To the best of the
knowledge and belief of the directors of Allergan (who have taken
all reasonable care to ensure that such is the case), the
information contained in this press release is in accordance with
the facts and does not omit anything likely to affect the import of
such information.
Any holder of 1% or more of any class of relevant
securities of Allergan may have disclosure obligations under Rule
8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules
2013.
The following
presents Allergan plc's statement of operations for the three and
nine months ended September 30, 2019 and 2018:
|
Table 1
|
|
|
|
ALLERGAN PLC
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Unaudited; in millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
Net
revenues
|
|
$
|
4,050.7
|
|
|
$
|
3,911.4
|
|
|
$
|
11,737.9
|
|
|
$
|
11,707.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
(excludes amortization and impairment of acquired
intangibles including product rights)
|
|
|
639.0
|
|
|
|
596.8
|
|
|
|
1,789.1
|
|
|
|
1,601.4
|
|
|
|
Research and
development
|
|
|
474.5
|
|
|
|
424.2
|
|
|
|
1,359.5
|
|
|
|
1,588.1
|
|
|
|
Selling, general and
administrative
|
|
|
1,994.1
|
|
|
|
1,044.8
|
|
|
|
4,303.9
|
|
|
|
3,328.2
|
|
|
|
Amortization
|
|
|
1,537.7
|
|
|
|
1,588.5
|
|
|
|
4,339.1
|
|
|
|
4,983.2
|
|
|
|
In-process research
and development impairments
|
|
|
-
|
|
|
|
-
|
|
|
|
436.0
|
|
|
|
798.0
|
|
|
|
Goodwill and other
asset impairments / sales, net
|
|
|
2.0
|
|
|
|
(0.4)
|
|
|
|
3,679.0
|
|
|
|
272.3
|
|
|
|
Total operating
expenses
|
|
|
4,647.3
|
|
|
|
3,653.9
|
|
|
|
15,906.6
|
|
|
|
12,571.2
|
|
|
|
Operating (loss) /
income
|
|
|
(596.6)
|
|
|
|
257.5
|
|
|
|
(4,168.7)
|
|
|
|
(863.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
20.5
|
|
|
|
10.0
|
|
|
|
51.5
|
|
|
|
33.6
|
|
|
|
Interest
(expense)
|
|
|
(193.9)
|
|
|
|
(220.4)
|
|
|
|
(591.1)
|
|
|
|
(701.0)
|
|
|
|
Other income
(expense), net
|
|
|
2.5
|
|
|
|
130.0
|
|
|
|
11.6
|
|
|
|
266.6
|
|
|
|
Total other income
(expense), net
|
|
|
(170.9)
|
|
|
|
(80.4)
|
|
|
|
(528.0)
|
|
|
|
(400.8)
|
|
|
|
(Loss) / income
before income taxes and noncontrolling interest
|
|
|
(767.5)
|
|
|
|
177.1
|
|
|
|
(4,696.7)
|
|
|
|
(1,264.3)
|
|
|
|
Provision / (benefit)
for income taxes
|
|
|
18.1
|
|
|
|
213.4
|
|
|
|
251.1
|
|
|
|
(474.0)
|
|
|
|
Net (loss)
|
|
|
(785.6)
|
|
|
|
(36.3)
|
|
|
|
(4,947.8)
|
|
|
|
(790.3)
|
|
|
|
(Income) attributable
to noncontrolling interest
|
|
|
(1.2)
|
|
|
|
(1.6)
|
|
|
|
(6.0)
|
|
|
|
(6.2)
|
|
|
|
Net (loss)
attributable to shareholders
|
|
|
(786.8)
|
|
|
|
(37.9)
|
|
|
|
(4,953.8)
|
|
|
|
(796.5)
|
|
|
|
Dividends on
preferred shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
46.4
|
|
|
|
Net (loss)
attributable to ordinary shareholders
|
|
$
|
(786.8)
|
|
|
$
|
(37.9)
|
|
|
$
|
(4,953.8)
|
|
|
$
|
(842.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) per share
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) per share
- basic
|
|
$
|
(2.40)
|
|
|
$
|
(0.11)
|
|
|
$
|
(15.04)
|
|
|
$
|
(2.50)
|
|
|
|
Net (loss) per share
- diluted
|
|
|
(2.40)
|
|
|
|
(0.11)
|
|
|
|
(15.04)
|
|
|
|
(2.50)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
328.0
|
|
|
|
339.0
|
|
|
|
329.3
|
|
|
|
337.6
|
|
|
|
Diluted
|
|
|
328.0
|
|
|
|
339.0
|
|
|
|
329.3
|
|
|
|
337.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products globally, within the U.S., and international for the three
and nine months ended September 30, 2019 and 2018.
|
|
Table
2
|
|
ALLERGAN PLC
|
|
NET REVENUES TOP GLOBAL
PRODUCTS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2019
|
|
|
Three Months Ended September 30,
2018
|
|
|
Movement
|
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Total
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Total
|
|
|
Total
Change
|
|
|
Total
Change
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
|
|
$
|
669.2
|
|
|
$
|
-
|
|
|
$
|
259.5
|
|
|
$
|
-
|
|
|
$
|
928.7
|
|
|
$
|
623.4
|
|
|
$
|
-
|
|
|
$
|
256.3
|
|
|
$
|
-
|
|
|
$
|
879.7
|
|
|
$
|
49.0
|
|
|
|
5.6
|
%
|
Juvederm®
Collection
|
|
|
134.8
|
|
|
|
-
|
|
|
|
144.7
|
|
|
|
-
|
|
|
|
279.5
|
|
|
|
127.2
|
|
|
|
-
|
|
|
|
138.6
|
|
|
|
-
|
|
|
|
265.8
|
|
|
|
13.7
|
|
|
|
5.2
|
%
|
Restasis®
|
|
|
286.8
|
|
|
|
-
|
|
|
|
9.2
|
|
|
|
-
|
|
|
|
296.0
|
|
|
|
298.0
|
|
|
|
-
|
|
|
|
13.6
|
|
|
|
-
|
|
|
|
311.6
|
|
|
|
(15.6)
|
|
|
|
(5.0)
|
%
|
Linzess®/Constella®
|
|
|
-
|
|
|
|
214.7
|
|
|
|
6.7
|
|
|
|
-
|
|
|
|
221.4
|
|
|
|
-
|
|
|
|
204.8
|
|
|
|
5.7
|
|
|
|
-
|
|
|
|
210.5
|
|
|
|
10.9
|
|
|
|
5.2
|
%
|
Vraylar®
|
|
|
-
|
|
|
|
234.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
234.6
|
|
|
|
-
|
|
|
|
138.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
138.0
|
|
|
|
96.6
|
|
|
|
70.0
|
%
|
Lumigan®/Ganfort®
|
|
|
67.5
|
|
|
|
-
|
|
|
|
89.7
|
|
|
|
-
|
|
|
|
157.2
|
|
|
|
78.0
|
|
|
|
-
|
|
|
|
94.8
|
|
|
|
-
|
|
|
|
172.8
|
|
|
|
(15.6)
|
|
|
|
(9.0)
|
%
|
Lo
Loestrin®
|
|
|
-
|
|
|
|
161.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
161.4
|
|
|
|
-
|
|
|
|
141.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
141.5
|
|
|
|
19.9
|
|
|
|
14.1
|
%
|
Bystolic®
/Byvalson®
|
|
|
-
|
|
|
|
152.2
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
152.8
|
|
|
|
-
|
|
|
|
151.2
|
|
|
|
0.5
|
|
|
|
-
|
|
|
|
151.7
|
|
|
|
1.1
|
|
|
|
0.7
|
%
|
Alphagan®/Combigan®
|
|
|
90.9
|
|
|
|
-
|
|
|
|
40.4
|
|
|
|
-
|
|
|
|
131.3
|
|
|
|
95.4
|
|
|
|
-
|
|
|
|
40.5
|
|
|
|
-
|
|
|
|
135.9
|
|
|
|
(4.6)
|
|
|
|
(3.4)
|
%
|
Eye Drops
|
|
|
62.0
|
|
|
|
-
|
|
|
|
63.8
|
|
|
|
-
|
|
|
|
125.8
|
|
|
|
54.8
|
|
|
|
-
|
|
|
|
66.8
|
|
|
|
-
|
|
|
|
121.6
|
|
|
|
4.2
|
|
|
|
3.5
|
%
|
Viibryd®/Fetzima®
|
|
|
-
|
|
|
|
105.1
|
|
|
|
3.0
|
|
|
|
-
|
|
|
|
108.1
|
|
|
|
-
|
|
|
|
88.5
|
|
|
|
1.8
|
|
|
|
-
|
|
|
|
90.3
|
|
|
|
17.8
|
|
|
|
19.7
|
%
|
Ozurdex ®
|
|
|
33.7
|
|
|
|
-
|
|
|
|
63.8
|
|
|
|
-
|
|
|
|
97.5
|
|
|
|
28.6
|
|
|
|
-
|
|
|
|
25.8
|
|
|
|
-
|
|
|
|
54.4
|
|
|
|
43.1
|
|
|
|
79.2
|
%
|
Alloderm®
|
|
|
95.0
|
|
|
|
-
|
|
|
|
2.1
|
|
|
|
-
|
|
|
|
97.1
|
|
|
|
105.8
|
|
|
|
-
|
|
|
|
1.0
|
|
|
|
-
|
|
|
|
106.8
|
|
|
|
(9.7)
|
|
|
|
(9.1)
|
%
|
Coolsculpting®
Consumables
|
|
|
40.4
|
|
|
|
-
|
|
|
|
21.6
|
|
|
|
-
|
|
|
|
62.0
|
|
|
|
55.5
|
|
|
|
-
|
|
|
|
14.2
|
|
|
|
-
|
|
|
|
69.7
|
|
|
|
(7.7)
|
|
|
|
(11.0)
|
%
|
Zenpep®
|
|
|
-
|
|
|
|
74.2
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
74.9
|
|
|
|
-
|
|
|
|
62.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
62.1
|
|
|
|
12.8
|
|
|
|
20.6
|
%
|
Breast
Implants
|
|
|
58.5
|
|
|
|
-
|
|
|
|
5.7
|
|
|
|
-
|
|
|
|
64.2
|
|
|
|
58.2
|
|
|
|
-
|
|
|
|
35.6
|
|
|
|
-
|
|
|
|
93.8
|
|
|
|
(29.6)
|
|
|
|
(31.6)
|
%
|
Carafate ® /Sulcrate
®
|
|
|
-
|
|
|
|
55.1
|
|
|
|
0.8
|
|
|
|
-
|
|
|
|
55.9
|
|
|
|
-
|
|
|
|
53.4
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
54.1
|
|
|
|
1.8
|
|
|
|
3.3
|
%
|
Armour
Thyroid
|
|
|
-
|
|
|
|
54.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
54.4
|
|
|
|
-
|
|
|
|
48.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
48.0
|
|
|
|
6.4
|
|
|
|
13.3
|
%
|
Viberzi®
|
|
|
-
|
|
|
|
50.1
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
50.7
|
|
|
|
-
|
|
|
|
46.8
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
47.1
|
|
|
|
3.6
|
|
|
|
7.6
|
%
|
Skin Care
|
|
|
36.1
|
|
|
|
-
|
|
|
|
4.0
|
|
|
|
-
|
|
|
|
40.1
|
|
|
|
32.2
|
|
|
|
-
|
|
|
|
3.7
|
|
|
|
-
|
|
|
|
35.9
|
|
|
|
4.2
|
|
|
|
11.7
|
%
|
Teflaro®
|
|
|
-
|
|
|
|
38.4
|
|
|
|
2.1
|
|
|
|
-
|
|
|
|
40.5
|
|
|
|
-
|
|
|
|
33.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
33.4
|
|
|
|
7.1
|
|
|
|
21.3
|
%
|
Saphris®
|
|
|
-
|
|
|
|
34.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
34.5
|
|
|
|
-
|
|
|
|
36.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36.4
|
|
|
|
(1.9)
|
|
|
|
(5.2)
|
%
|
Asacol®/Delzicol®
|
|
|
-
|
|
|
|
11.9
|
|
|
|
7.2
|
|
|
|
-
|
|
|
|
19.1
|
|
|
|
-
|
|
|
|
32.1
|
|
|
|
10.9
|
|
|
|
-
|
|
|
|
43.0
|
|
|
|
(23.9)
|
|
|
|
(55.6)
|
%
|
Avycaz®
|
|
|
-
|
|
|
|
29.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
29.6
|
|
|
|
-
|
|
|
|
24.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24.7
|
|
|
|
4.9
|
|
|
|
19.8
|
%
|
Coolsculpting® Systems
& Add On
Applicators
|
|
|
12.6
|
|
|
|
-
|
|
|
|
11.4
|
|
|
|
-
|
|
|
|
24.0
|
|
|
|
29.4
|
|
|
|
-
|
|
|
|
8.3
|
|
|
|
-
|
|
|
|
37.7
|
|
|
|
(13.7)
|
|
|
|
(36.3)
|
%
|
Namzaric®
|
|
|
-
|
|
|
|
22.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.4
|
|
|
|
-
|
|
|
|
28.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28.0
|
|
|
|
(5.6)
|
|
|
|
(20.0)
|
%
|
Savella®
|
|
|
-
|
|
|
|
24.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24.0
|
|
|
|
-
|
|
|
|
22.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.4
|
|
|
|
1.6
|
|
|
|
7.1
|
%
|
Dalvance®
|
|
|
-
|
|
|
|
23.2
|
|
|
|
1.4
|
|
|
|
-
|
|
|
|
24.6
|
|
|
|
-
|
|
|
|
9.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9.2
|
|
|
|
15.4
|
|
|
|
167.4
|
%
|
Liletta®
|
|
|
-
|
|
|
|
19.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19.9
|
|
|
|
-
|
|
|
|
12.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
12.7
|
|
|
|
7.2
|
|
|
|
56.7
|
%
|
Canasa®/Salofalk®
|
|
|
-
|
|
|
|
5.8
|
|
|
|
4.4
|
|
|
|
-
|
|
|
|
10.2
|
|
|
|
-
|
|
|
|
46.8
|
|
|
|
4.4
|
|
|
|
-
|
|
|
|
51.2
|
|
|
|
(41.0)
|
|
|
|
(80.1)
|
%
|
Rapaflo®
|
|
|
5.2
|
|
|
|
-
|
|
|
|
1.5
|
|
|
|
-
|
|
|
|
6.7
|
|
|
|
20.5
|
|
|
|
-
|
|
|
|
1.8
|
|
|
|
-
|
|
|
|
22.3
|
|
|
|
(15.6)
|
|
|
|
(70.0)
|
%
|
Kybella®
/Belkyra®
|
|
|
5.3
|
|
|
|
-
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
5.6
|
|
|
|
5.2
|
|
|
|
-
|
|
|
|
1.6
|
|
|
|
-
|
|
|
|
6.8
|
|
|
|
(1.2)
|
|
|
|
(17.6)
|
%
|
Namenda®
|
|
|
-
|
|
|
|
4.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4.0
|
|
|
|
-
|
|
|
|
16.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
16.3
|
|
|
|
(12.3)
|
|
|
|
(75.5)
|
%
|
Aczone®
|
|
|
3.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3.4
|
|
|
|
17.4
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
17.5
|
|
|
|
(14.1)
|
|
|
|
(80.6)
|
%
|
Other Products
Revenues
|
|
|
69.4
|
|
|
|
203.1
|
|
|
|
89.9
|
|
|
|
26.2
|
|
|
|
388.6
|
|
|
|
76.6
|
|
|
|
185.0
|
|
|
|
94.6
|
|
|
|
2.3
|
|
|
|
358.5
|
|
|
|
30.1
|
|
|
|
8.4
|
%
|
Total Net Revenues
|
|
$
|
1,670.8
|
|
|
$
|
1,518.6
|
|
|
$
|
835.1
|
|
|
$
|
26.2
|
|
|
|
4,050.7
|
|
|
$
|
1,706.2
|
|
|
$
|
1,381.3
|
|
|
$
|
821.6
|
|
|
$
|
2.3
|
|
|
|
3,911.4
|
|
|
$
|
139.3
|
|
|
|
3.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Botox® is comprised of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
Therapeutics
|
|
|
431.6
|
|
|
|
-
|
|
|
|
93.9
|
|
|
|
-
|
|
|
|
525.5
|
|
|
|
407.4
|
|
|
|
-
|
|
|
|
92.9
|
|
|
|
-
|
|
|
|
500.3
|
|
|
|
25.2
|
|
|
|
5.0
|
%
|
Botox®
Cosmetics
|
|
|
237.6
|
|
|
|
-
|
|
|
|
165.6
|
|
|
|
-
|
|
|
|
403.2
|
|
|
|
216.0
|
|
|
|
-
|
|
|
|
163.4
|
|
|
|
-
|
|
|
|
379.4
|
|
|
|
23.8
|
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2019
|
|
|
Nine Months Ended September 30,
2018
|
|
|
Movement
|
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Total
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Total
|
|
|
Total
Change
|
|
|
Total
Change
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
|
|
$
|
1,995.7
|
|
|
$
|
-
|
|
|
$
|
775.4
|
|
|
$
|
-
|
|
|
$
|
2,771.1
|
|
|
$
|
1,854.4
|
|
|
$
|
-
|
|
|
$
|
777.1
|
|
|
$
|
-
|
|
|
$
|
2,631.5
|
|
|
$
|
139.6
|
|
|
|
5.3
|
%
|
Juvederm®
Collection
|
|
|
421.1
|
|
|
|
-
|
|
|
|
475.2
|
|
|
|
-
|
|
|
|
896.3
|
|
|
|
389.8
|
|
|
|
-
|
|
|
|
440.8
|
|
|
|
-
|
|
|
|
830.6
|
|
|
|
65.7
|
|
|
|
7.9
|
%
|
Restasis®
|
|
|
829.4
|
|
|
|
-
|
|
|
|
31.5
|
|
|
|
-
|
|
|
|
860.9
|
|
|
|
872.0
|
|
|
|
-
|
|
|
|
47.9
|
|
|
|
-
|
|
|
|
919.9
|
|
|
|
(59.0)
|
|
|
|
(6.4)
|
%
|
Linzess®/Constella®
|
|
|
-
|
|
|
|
572.0
|
|
|
|
17.0
|
|
|
|
-
|
|
|
|
589.0
|
|
|
|
-
|
|
|
|
555.9
|
|
|
|
17.7
|
|
|
|
-
|
|
|
|
573.6
|
|
|
|
15.4
|
|
|
|
2.7
|
%
|
Vraylar®
|
|
|
-
|
|
|
|
574.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
574.4
|
|
|
|
-
|
|
|
|
336.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
336.6
|
|
|
|
237.8
|
|
|
|
70.6
|
%
|
Lumigan®/Ganfort®
|
|
|
187.3
|
|
|
|
-
|
|
|
|
265.2
|
|
|
|
-
|
|
|
|
452.5
|
|
|
|
217.8
|
|
|
|
-
|
|
|
|
295.7
|
|
|
|
-
|
|
|
|
513.5
|
|
|
|
(61.0)
|
|
|
|
(11.9)
|
%
|
Lo
Loestrin®
|
|
|
-
|
|
|
|
432.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
432.7
|
|
|
|
-
|
|
|
|
383.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
383.9
|
|
|
|
48.8
|
|
|
|
12.7
|
%
|
Bystolic®
/Byvalson®
|
|
|
-
|
|
|
|
431.0
|
|
|
|
1.5
|
|
|
|
-
|
|
|
|
432.5
|
|
|
|
-
|
|
|
|
432.1
|
|
|
|
1.6
|
|
|
|
-
|
|
|
|
433.7
|
|
|
|
(1.2)
|
|
|
|
(0.3)
|
%
|
Alphagan®/Combigan®
|
|
|
265.5
|
|
|
|
-
|
|
|
|
118.9
|
|
|
|
-
|
|
|
|
384.4
|
|
|
|
277.7
|
|
|
|
-
|
|
|
|
129.3
|
|
|
|
-
|
|
|
|
407.0
|
|
|
|
(22.6)
|
|
|
|
(5.6)
|
%
|
Eye Drops
|
|
|
169.2
|
|
|
|
-
|
|
|
|
176.5
|
|
|
|
-
|
|
|
|
345.7
|
|
|
|
154.8
|
|
|
|
-
|
|
|
|
208.0
|
|
|
|
-
|
|
|
|
362.8
|
|
|
|
(17.1)
|
|
|
|
(4.7)
|
%
|
Viibryd®/Fetzima®
|
|
|
-
|
|
|
|
297.9
|
|
|
|
7.8
|
|
|
|
-
|
|
|
|
305.7
|
|
|
|
-
|
|
|
|
246.9
|
|
|
|
4.9
|
|
|
|
-
|
|
|
|
251.8
|
|
|
|
53.9
|
|
|
|
21.4
|
%
|
Ozurdex ®
|
|
|
93.9
|
|
|
|
-
|
|
|
|
207.9
|
|
|
|
-
|
|
|
|
301.8
|
|
|
|
81.7
|
|
|
|
-
|
|
|
|
158.1
|
|
|
|
-
|
|
|
|
239.8
|
|
|
|
62.0
|
|
|
|
25.9
|
%
|
Alloderm®
|
|
|
291.2
|
|
|
|
-
|
|
|
|
5.9
|
|
|
|
-
|
|
|
|
297.1
|
|
|
|
312.4
|
|
|
|
-
|
|
|
|
5.5
|
|
|
|
-
|
|
|
|
317.9
|
|
|
|
(20.8)
|
|
|
|
(6.5)
|
%
|
Coolsculpting®
Consumables
|
|
|
148.9
|
|
|
|
-
|
|
|
|
59.7
|
|
|
|
-
|
|
|
|
208.6
|
|
|
|
180.8
|
|
|
|
-
|
|
|
|
40.8
|
|
|
|
-
|
|
|
|
221.6
|
|
|
|
(13.0)
|
|
|
|
(5.9)
|
%
|
Zenpep®
|
|
|
-
|
|
|
|
207.2
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
207.9
|
|
|
|
-
|
|
|
|
170.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
170.5
|
|
|
|
37.4
|
|
|
|
21.9
|
%
|
Breast
Implants
|
|
|
187.3
|
|
|
|
-
|
|
|
|
(14.5)
|
|
|
|
-
|
|
|
|
172.8
|
|
|
|
194.8
|
|
|
|
-
|
|
|
|
119.6
|
|
|
|
-
|
|
|
|
314.4
|
|
|
|
(141.6)
|
|
|
|
(45.0)
|
%
|
Carafate ® /Sulcrate
®
|
|
|
-
|
|
|
|
165.6
|
|
|
|
2.1
|
|
|
|
-
|
|
|
|
167.7
|
|
|
|
-
|
|
|
|
163.7
|
|
|
|
2.1
|
|
|
|
-
|
|
|
|
165.8
|
|
|
|
1.9
|
|
|
|
1.1
|
%
|
Armour
Thyroid
|
|
|
-
|
|
|
|
161.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
161.1
|
|
|
|
-
|
|
|
|
145.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
145.4
|
|
|
|
15.7
|
|
|
|
10.8
|
%
|
Viberzi®
|
|
|
-
|
|
|
|
138.1
|
|
|
|
1.2
|
|
|
|
-
|
|
|
|
139.3
|
|
|
|
-
|
|
|
|
127.6
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
128.3
|
|
|
|
11.0
|
|
|
|
8.6
|
%
|
Skin Care
|
|
|
113.4
|
|
|
|
-
|
|
|
|
10.4
|
|
|
|
-
|
|
|
|
123.8
|
|
|
|
98.4
|
|
|
|
-
|
|
|
|
11.6
|
|
|
|
-
|
|
|
|
110.0
|
|
|
|
13.8
|
|
|
|
12.5
|
%
|
Teflaro®
|
|
|
-
|
|
|
|
108.9
|
|
|
|
2.3
|
|
|
|
-
|
|
|
|
111.2
|
|
|
|
-
|
|
|
|
98.0
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
98.6
|
|
|
|
12.6
|
|
|
|
12.8
|
%
|
Saphris®
|
|
|
-
|
|
|
|
99.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
99.0
|
|
|
|
-
|
|
|
|
102.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
102.9
|
|
|
|
(3.9)
|
|
|
|
(3.8)
|
%
|
Asacol®/Delzicol®
|
|
|
-
|
|
|
|
68.2
|
|
|
|
27.2
|
|
|
|
-
|
|
|
|
95.4
|
|
|
|
-
|
|
|
|
102.9
|
|
|
|
35.0
|
|
|
|
-
|
|
|
|
137.9
|
|
|
|
(42.5)
|
|
|
|
(30.8)
|
%
|
Avycaz®
|
|
|
-
|
|
|
|
86.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
86.0
|
|
|
|
-
|
|
|
|
70.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
70.0
|
|
|
|
16.0
|
|
|
|
22.9
|
%
|
Coolsculpting® Systems
& Add On
Applicators
|
|
|
45.9
|
|
|
|
-
|
|
|
|
33.6
|
|
|
|
-
|
|
|
|
79.5
|
|
|
|
99.5
|
|
|
|
-
|
|
|
|
21.8
|
|
|
|
-
|
|
|
|
121.3
|
|
|
|
(41.8)
|
|
|
|
(34.5)
|
%
|
Namzaric®
|
|
|
-
|
|
|
|
68.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
68.4
|
|
|
|
-
|
|
|
|
93.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
93.2
|
|
|
|
(24.8)
|
|
|
|
(26.6)
|
%
|
Savella®
|
|
|
-
|
|
|
|
67.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
67.0
|
|
|
|
-
|
|
|
|
61.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
61.4
|
|
|
|
5.6
|
|
|
|
9.1
|
%
|
Dalvance®
|
|
|
-
|
|
|
|
55.5
|
|
|
|
3.6
|
|
|
|
-
|
|
|
|
59.1
|
|
|
|
-
|
|
|
|
38.8
|
|
|
|
1.3
|
|
|
|
-
|
|
|
|
40.1
|
|
|
|
19.0
|
|
|
|
47.4
|
%
|
Liletta®
|
|
|
-
|
|
|
|
56.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
56.6
|
|
|
|
-
|
|
|
|
36.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36.3
|
|
|
|
20.3
|
|
|
|
55.9
|
%
|
Canasa®/Salofalk®
|
|
|
-
|
|
|
|
24.0
|
|
|
|
12.1
|
|
|
|
-
|
|
|
|
36.1
|
|
|
|
-
|
|
|
|
130.4
|
|
|
|
13.1
|
|
|
|
-
|
|
|
|
143.5
|
|
|
|
(107.4)
|
|
|
|
(74.8)
|
%
|
Rapaflo®
|
|
|
21.5
|
|
|
|
-
|
|
|
|
3.5
|
|
|
|
-
|
|
|
|
25.0
|
|
|
|
63.0
|
|
|
|
-
|
|
|
|
4.6
|
|
|
|
-
|
|
|
|
67.6
|
|
|
|
(42.6)
|
|
|
|
(63.0)
|
%
|
Kybella®
/Belkyra®
|
|
|
21.1
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
23.6
|
|
|
|
24.6
|
|
|
|
-
|
|
|
|
5.3
|
|
|
|
-
|
|
|
|
29.9
|
|
|
|
(6.3)
|
|
|
|
(21.1)
|
%
|
Namenda®
|
|
|
-
|
|
|
|
19.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
19.6
|
|
|
|
-
|
|
|
|
60.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
60.3
|
|
|
|
(40.7)
|
|
|
|
(67.5)
|
%
|
Aczone®
|
|
|
6.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6.8
|
|
|
|
54.5
|
|
|
|
-
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
54.8
|
|
|
|
(48.0)
|
|
|
|
(87.6)
|
%
|
Other Products
Revenues
|
|
|
200.6
|
|
|
|
591.0
|
|
|
|
257.1
|
|
|
|
30.6
|
|
|
|
1,079.3
|
|
|
|
235.3
|
|
|
|
568.2
|
|
|
|
291.1
|
|
|
|
36.7
|
|
|
|
1,131.3
|
|
|
|
(52.0)
|
|
|
|
(4.6)
|
%
|
Total Net Revenues
|
|
$
|
4,998.8
|
|
|
$
|
4,224.2
|
|
|
$
|
2,484.3
|
|
|
$
|
30.6
|
|
|
|
11,737.9
|
|
|
$
|
5,111.5
|
|
|
$
|
3,925.0
|
|
|
$
|
2,634.5
|
|
|
$
|
36.7
|
|
|
|
11,707.7
|
|
|
$
|
30.2
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Botox® is comprised of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
Therapeutics
|
|
|
1,276.2
|
|
|
|
-
|
|
|
|
286.6
|
|
|
|
-
|
|
|
|
1,562.8
|
|
|
|
1,205.2
|
|
|
|
-
|
|
|
|
293.7
|
|
|
|
-
|
|
|
|
1,498.9
|
|
|
|
63.9
|
|
|
|
4.3
|
%
|
Botox®
Cosmetics
|
|
|
719.5
|
|
|
|
-
|
|
|
|
488.8
|
|
|
|
-
|
|
|
|
1,208.3
|
|
|
|
649.2
|
|
|
|
-
|
|
|
|
483.4
|
|
|
|
-
|
|
|
|
1,132.6
|
|
|
|
75.7
|
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents Allergan plc's Condensed Consolidated Balance Sheets as of
September 30, 2019 and December 31, 2018.
|
|
Table 3
|
|
ALLERGAN PLC
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited; in millions)
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,237.5
|
|
|
$
|
880.4
|
|
Marketable
securities
|
|
|
3,318.4
|
|
|
|
1,026.9
|
|
Accounts receivable,
net
|
|
|
3,012.3
|
|
|
|
2,868.1
|
|
Inventories
|
|
|
1,083.1
|
|
|
|
846.9
|
|
Prepaid expenses and
other current assets
|
|
|
942.3
|
|
|
|
819.1
|
|
Assets held for
sale
|
|
|
32.5
|
|
|
|
916.2
|
|
Property, plant and
equipment, net
|
|
|
1,857.0
|
|
|
|
1,787.0
|
|
Investments and other
assets
|
|
|
855.3
|
|
|
|
3,034.3
|
|
Right of use asset -
operating leases
|
|
|
478.2
|
|
|
|
-
|
|
Product rights and
other intangibles
|
|
|
39,526.8
|
|
|
|
43,695.4
|
|
Goodwill
|
|
|
42,065.5
|
|
|
|
45,913.3
|
|
Total
assets
|
|
$
|
94,408.9
|
|
|
$
|
101,787.6
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$
|
5,781.1
|
|
|
$
|
4,859.6
|
|
Lease
liability
|
|
|
555.8
|
|
|
$
|
-
|
|
Current and long-term
debt and capital leases
|
|
|
22,525.2
|
|
|
|
23,797.7
|
|
Deferred income taxes
and other liabilities
|
|
|
7,048.6
|
|
|
|
7,999.3
|
|
Total
equity
|
|
|
58,498.2
|
|
|
|
65,131.0
|
|
Total liabilities and
equity
|
|
$
|
94,408.9
|
|
|
$
|
101,787.6
|
|
The following table
presents Allergan plc's Condensed Consolidated Statements of Cash
Flows for the three and nine months ended September 30, 2019 and
2018.
|
|
Table 4
|
|
ALLERGAN PLC
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
|
|
|
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Cash Flows From Operating
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) /
income
|
|
$
|
(785.6)
|
|
|
$
|
(36.3)
|
|
|
$
|
(4,947.8)
|
|
|
$
|
(790.3)
|
|
Reconciliation to net
cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
54.4
|
|
|
|
44.5
|
|
|
|
150.6
|
|
|
|
149.7
|
|
Amortization
|
|
|
1,537.7
|
|
|
|
1,588.5
|
|
|
|
4,339.1
|
|
|
|
4,983.2
|
|
Provision for
inventory reserve
|
|
|
44.4
|
|
|
|
29.5
|
|
|
|
127.8
|
|
|
|
74.9
|
|
Share-based
compensation
|
|
|
49.9
|
|
|
|
57.8
|
|
|
|
161.7
|
|
|
|
185.2
|
|
Deferred income tax
benefit
|
|
|
(198.9)
|
|
|
|
(3.2)
|
|
|
|
(365.3)
|
|
|
|
(1,362.8)
|
|
In-process research
and development impairments
|
|
|
-
|
|
|
|
-
|
|
|
|
436.0
|
|
|
|
798.0
|
|
Loss on asset sales
and impairments, net
|
|
|
2.0
|
|
|
|
(0.4)
|
|
|
|
3,679.0
|
|
|
|
272.3
|
|
Gain on forward sale
of Teva shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(60.9)
|
|
Gain on sale of
businesses
|
|
|
-
|
|
|
|
(129.6)
|
|
|
|
-
|
|
|
|
(182.6)
|
|
Non-cash
extinguishment of debt
|
|
|
-
|
|
|
|
13.4
|
|
|
|
0.2
|
|
|
|
17.4
|
|
Cash charge related to
extinguishment of debt
|
|
|
-
|
|
|
|
(5.1)
|
|
|
|
-
|
|
|
|
(18.2)
|
|
Amortization of
deferred financing costs
|
|
|
4.2
|
|
|
|
5.5
|
|
|
|
13.3
|
|
|
|
17.4
|
|
Non-cash lease
expense
|
|
|
25.5
|
|
|
|
-
|
|
|
|
93.5
|
|
|
|
-
|
|
Contingent
consideration adjustments, including accretion
|
|
|
2.7
|
|
|
|
(11.3)
|
|
|
|
49.5
|
|
|
|
(113.1)
|
|
Other, net
|
|
|
17.0
|
|
|
|
0.8
|
|
|
|
(2.3)
|
|
|
|
0.5
|
|
Changes in assets and
liabilities (net of effects of acquisitions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease / (increase)
in accounts receivable, net
|
|
|
36.0
|
|
|
|
(73.3)
|
|
|
|
(184.6)
|
|
|
|
17.0
|
|
Decrease / (increase)
in inventories
|
|
|
(149.6)
|
|
|
|
(22.9)
|
|
|
|
(328.9)
|
|
|
|
(136.2)
|
|
Decrease / (increase)
in prepaid expenses and other current assets
|
|
|
(60.1)
|
|
|
|
(44.7)
|
|
|
|
(36.2)
|
|
|
|
(5.4)
|
|
Increase / (decrease)
in accounts payable and accrued expenses
|
|
|
713.3
|
|
|
|
(5.7)
|
|
|
|
874.9
|
|
|
|
(46.1)
|
|
Increase / (decrease)
in income and other taxes payable
|
|
|
1,682.9
|
|
|
|
50.1
|
|
|
|
1,638.7
|
|
|
|
415.5
|
|
Increase / (decrease)
in other assets and liabilities
|
|
|
(51.7)
|
|
|
|
(14.6)
|
|
|
|
(130.8)
|
|
|
|
(74.0)
|
|
Net cash provided by
operating activities
|
|
|
2,924.1
|
|
|
|
1,443.0
|
|
|
|
5,568.4
|
|
|
|
4,141.5
|
|
Cash Flows From Investing
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
property, plant and equipment
|
|
|
(101.0)
|
|
|
|
(58.6)
|
|
|
|
(253.3)
|
|
|
|
(165.1)
|
|
Additions to product
rights and other intangibles
|
|
|
-
|
|
|
|
-
|
|
|
|
(46.0)
|
|
|
|
-
|
|
Additions to
investments
|
|
|
(2,999.8)
|
|
|
|
(0.5)
|
|
|
|
(3,738.0)
|
|
|
|
(1,456.4)
|
|
Proceeds from sale of
investments and other assets
|
|
|
4.7
|
|
|
|
550.0
|
|
|
|
1,466.7
|
|
|
|
6,201.3
|
|
Payments to settle
Teva related matters
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(466.0)
|
|
Proceeds from sales
of property, plant and equipment
|
|
|
0.8
|
|
|
|
13.1
|
|
|
|
18.5
|
|
|
|
24.6
|
|
Acquisitions of
businesses, net of cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
(80.6)
|
|
|
|
-
|
|
Net cash (used in) /
provided by investing activities
|
|
|
(3,095.3)
|
|
|
|
504.0
|
|
|
|
(2,632.7)
|
|
|
|
4,138.4
|
|
Cash Flows From Financing
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
borrowings on long-term indebtedness, including credit
facility
|
|
|
-
|
|
|
|
8.2
|
|
|
|
3.3
|
|
|
|
717.2
|
|
Proceeds from Forward
Sale of Teva securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
465.5
|
|
Payments on debt,
including capital lease obligations
|
|
|
(5.8)
|
|
|
|
(1,762.2)
|
|
|
|
(1,044.9)
|
|
|
|
(7,115.9)
|
|
Proceeds from stock
plans
|
|
|
21.4
|
|
|
|
29.0
|
|
|
|
45.0
|
|
|
|
98.2
|
|
Other financing,
including contingent consideration
|
|
|
(2.2)
|
|
|
|
(11.1)
|
|
|
|
(6.3)
|
|
|
|
(21.7)
|
|
Payments to settle
Teva related matters
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(234.0)
|
|
Repurchase of
ordinary shares
|
|
|
(0.8)
|
|
|
|
(451.4)
|
|
|
|
(834.3)
|
|
|
|
(2,023.5)
|
|
Dividends
|
|
|
(242.6)
|
|
|
|
(244.4)
|
|
|
|
(731.4)
|
|
|
|
(808.1)
|
|
Net cash (used in)
financing activities
|
|
|
(230.0)
|
|
|
|
(2,431.9)
|
|
|
|
(2,568.6)
|
|
|
|
(8,922.3)
|
|
Effect of currency
exchange rate changes on cash
and cash
equivalents
|
|
|
(12.7)
|
|
|
|
(1.9)
|
|
|
|
(10.0)
|
|
|
|
13.1
|
|
Net increase /
(decrease) in cash and cash equivalents
|
|
|
(413.9)
|
|
|
|
(486.8)
|
|
|
|
357.1
|
|
|
|
(629.3)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
1,651.4
|
|
|
|
1,674.7
|
|
|
|
880.4
|
|
|
|
1,817.2
|
|
Cash and cash
equivalents at end of period
|
|
$
|
1,237.5
|
|
|
$
|
1,187.9
|
|
|
$
|
1,237.5
|
|
|
$
|
1,187.9
|
|
Non-GAAP performance
net income per share is used by management as one of the primary
metrics in evaluating the Company's performance. We believe
that Non-GAAP performance net income per share enhances the
comparability of our results between periods and provides
additional information and transparency to investors on adjustments
and other items that are not indicative of the Company's current
and future operating performance. These are the financial
measures used by our management team to evaluate our operating
performance and make day to day operating decisions. We
define non-GAAP adjustments to the reported GAAP measures as GAAP
results adjusted for the following net of tax: (i) amortization
expenses, (ii) global supply chain and operational excellence
initiatives or other restructurings of a similar nature, (iii)
acquisition, divestiture, integration and licensing charges, (iv)
accretion and fair market value adjustments on contingent
liabilities, (v) impairment/asset sales and related costs,
including the exclusion of discontinued operations, (vi) legal
settlements and (vii) other unusual charges or expenses.
Non-GAAP performance net income per share is not, and should not be
viewed as, a substitute for reported GAAP continuing operations
loss per share. The Company has consistently excluded
amortization of all intangible assets, including the product rights
that generate a significant portion of our ongoing revenue. The
Company's total accumulated amortization, including impairments of
currently marketed products, related to our intangible assets as of
September 30, 2019 and December 31, 2018 was $37.7 billion and
$32.9 billion, respectively, and is expected to continue to be a
material non-GAAP adjustment. The following table presents
Allergan plc's GAAP to Non-GAAP adjustments for the three and nine
months ended September 30, 2019 and 2018:
|
|
Table 5
|
|
ALLERGAN PLC
|
|
GAAP TO NON-GAAP ADJUSTMENTS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2019
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research &
Development
|
|
|
Selling &
Marketing
|
|
|
General &
Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
4,050.7
|
|
|
$
|
639.0
|
|
|
$
|
474.5
|
|
|
$
|
901.4
|
|
|
$
|
1,092.7
|
|
|
$
|
1,537.7
|
|
|
$
|
2.0
|
|
|
$
|
(173.4)
|
|
|
$
|
2.5
|
|
|
$
|
18.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
|
|
(0.6)
|
|
|
|
(0.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(1.1)
|
|
|
|
0.8
|
|
|
|
(3.5)
|
|
|
|
(6.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
(0.7)
|
|
|
|
(1.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
the AbbVie transaction
|
|
|
-
|
|
|
|
(0.5)
|
|
|
|
(1.9)
|
|
|
|
(18.7)
|
|
|
|
(32.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RetroSense
Therapeutics, LLC
|
|
|
-
|
|
|
|
-
|
|
|
|
(20.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(2.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
(0.4)
|
|
|
|
(2.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5.4)
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(747.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestone component
of ongoing intellectual property
agreement
|
|
|
(25.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2.8)
|
|
|
|
(1,537.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
307.7
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(147.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
4,025.7
|
|
|
$
|
636.9
|
|
|
$
|
448.9
|
|
|
$
|
877.9
|
|
|
$
|
301.5
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(178.8)
|
|
|
$
|
2.5
|
|
|
$
|
178.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2018
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research &
Development
|
|
|
Selling &
Marketing
|
|
|
General &
Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
3,911.4
|
|
|
$
|
596.8
|
|
|
$
|
424.2
|
|
|
$
|
755.6
|
|
|
$
|
289.2
|
|
|
$
|
1,588.5
|
|
|
$
|
(0.4)
|
|
|
$
|
(210.4)
|
|
|
$
|
130.0
|
|
|
$
|
213.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
(0.6)
|
|
|
|
(1.2)
|
|
|
|
(0.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(6.6)
|
|
|
|
(0.9)
|
|
|
|
(1.3)
|
|
|
|
(1.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
|
|
(0.3)
|
|
|
|
(8.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Merck &
Co.
|
|
|
-
|
|
|
|
-
|
|
|
|
(30.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Editas Medicine,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(15.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(5.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
(10.0)
|
|
|
|
21.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5.5)
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on the sale of
divestiture
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(129.6)
|
|
|
|
-
|
|
Loss on bond
repurchases
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
7.5
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
-
|
|
|
|
0.2
|
|
|
|
(1,588.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3.9)
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
94.2
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(67.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
3,911.4
|
|
|
$
|
579.6
|
|
|
$
|
393.7
|
|
|
$
|
752.8
|
|
|
$
|
278.6
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(215.9)
|
|
|
$
|
4.0
|
|
|
$
|
240.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP income
tax expense is determined based on our pre-tax income, adjusted for
non-GAAP items on a jurisdiction by jurisdiction basis. The
non-GAAP effective tax rate in the three months ended September 30,
2019 was impacted by U.S. income taxed at rates higher than the
Irish statutory rate, partially offset by income earned in
jurisdictions with tax rates lower than the Irish statutory
rate.
The non-GAAP
effective tax rate for the three months ended September 30, 2019
excludes a net discrete tax detriment of $147.8 million related to
a change in a valuation allowance partially offset by changes in
the applicable tax rates on certain temporary
differences.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2019
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research &
Development
|
|
|
Selling &
Marketing
|
|
|
General &
Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
11,737.9
|
|
|
$
|
1,789.1
|
|
|
$
|
1,359.5
|
|
|
$
|
2,578.7
|
|
|
$
|
1,725.2
|
|
|
$
|
4,339.1
|
|
|
$
|
4,115.0
|
|
|
$
|
(539.6)
|
|
|
$
|
11.6
|
|
|
$
|
251.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(0.7)
|
|
|
|
(0.9)
|
|
|
|
(2.2)
|
|
|
|
(0.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(6.0)
|
|
|
|
0.8
|
|
|
|
(2.6)
|
|
|
|
(8.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
0.1
|
|
|
|
(0.5)
|
|
|
|
(0.8)
|
|
|
|
(10.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
the AbbVie transaction
|
|
|
-
|
|
|
|
(0.5)
|
|
|
|
(1.9)
|
|
|
|
(18.7)
|
|
|
|
(52.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Akarna Therapeutics,
Ltd
|
|
|
-
|
|
|
|
-
|
|
|
|
(10.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
RetroSense
Therapeutics, LLC
|
|
|
-
|
|
|
|
-
|
|
|
|
(20.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(26.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
(42.4)
|
|
|
|
(7.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(16.4)
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
goodwill
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,552.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Anti-Infectives
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(129.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
IPR&D products acquired in the Allergan
Acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(182.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
IPR&D products acquired in the Vitae
Acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(78.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
IPR&D products acquired in the Tobira
Acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(176.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(765.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestone component
of ongoing intellectual property
agreement
|
|
|
(25.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
(0.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3.0)
|
|
|
|
(4,339.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
782.4
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(457.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
11,712.9
|
|
|
$
|
1,739.5
|
|
|
$
|
1,293.8
|
|
|
$
|
2,554.4
|
|
|
$
|
884.0
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(556.0)
|
|
|
$
|
11.3
|
|
|
$
|
576.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2018
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research &
Development
|
|
|
Selling &
Marketing
|
|
|
General &
Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
11,707.7
|
|
|
$
|
1,601.4
|
|
|
$
|
1,588.1
|
|
|
$
|
2,409.0
|
|
|
$
|
919.2
|
|
|
$
|
4,983.2
|
|
|
$
|
1,070.3
|
|
|
$
|
(667.4)
|
|
|
$
|
266.6
|
|
|
$
|
(474.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(1.8)
|
|
|
|
(4.2)
|
|
|
|
(7.2)
|
|
|
|
(2.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.7)
|
|
|
|
(0.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(28.5)
|
|
|
|
(1.8)
|
|
|
|
(18.5)
|
|
|
|
(5.6)
|
|
|
|
-
|
|
|
|
(13.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
(1.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
(0.2)
|
|
|
|
(0.8)
|
|
|
|
(1.0)
|
|
|
|
(33.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Elastagen Pty
Ltd
|
|
|
-
|
|
|
|
-
|
|
|
|
(96.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
AstraZeneca
plc
|
|
|
-
|
|
|
|
-
|
|
|
|
(90.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Merck &
Co.
|
|
|
-
|
|
|
|
-
|
|
|
|
(115.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Chase Pharmaceuticals
Corporation
|
|
|
-
|
|
|
|
-
|
|
|
|
(75.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Repros Therapeutics,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(33.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Editas Medicine,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(15.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(16.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
115.4
|
|
|
|
(2.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(15.7)
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
IPR&D products acquired in the Allergan
Acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(236.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
IPR&D products acquired in the Vitae
Acquisition
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(40.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of assets
held for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(252.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of RORgt
IPR&D product
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(522.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(6.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on Teva
securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(60.6)
|
|
|
|
-
|
|
Milestone component
of ongoing intellectual property
agreement
|
|
|
(25.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Gain on the sale of
divestiture
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(182.6)
|
|
|
|
-
|
|
Gain on bond
repurchases
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1.7)
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(40.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
(1.1)
|
|
|
|
(4,983.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(3.7)
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
847.3
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
334.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
11,682.7
|
|
|
$
|
1,684.8
|
|
|
$
|
1,138.4
|
|
|
$
|
2,381.6
|
|
|
$
|
832.9
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(683.1)
|
|
|
$
|
18.0
|
|
|
$
|
707.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The non-GAAP income
tax expense is determined based on our pre-tax income, adjusted for
non-GAAP items on a jurisdiction by jurisdiction basis. The
non-GAAP effective tax rate in the nine months ended September 30,
2019 was impacted by U.S. income taxed at rates higher than the
Irish statutory rate, partially offset by income earned in
jurisdictions with tax rates lower than the Irish statutory
rate.
The non-GAAP
effective tax rate for the nine months ended September 30, 2019
excludes a net discrete tax detriment of $457.0 million related to
a change in a valuation allowance and uncertain tax positions
offset by the tax effects of intangible asset impairments, U.S.
capital losses and changes in the applicable tax rates on certain
temporary differences.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents a reconciliation of Allergan plc's reported net income /
(loss) from continuing operations attributable to shareholders and
diluted earnings per share to non-GAAP performance net income and
non-GAAP performance net income per share for the three and nine
months ended September 30, 2019 and 2018:
|
|
Table 6
|
|
ALLERGAN PLC
|
|
|
|
|
|
|
|
RECONCILIATION TABLE
|
|
|
|
|
|
|
|
(Unaudited; in millions except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Performance net income
calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss) from
continuing operations attributable to
shareholders
|
|
$
|
(786.8)
|
|
|
$
|
(37.9)
|
|
|
$
|
(4,953.8)
|
|
|
$
|
(796.5)
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
1,537.7
|
|
|
|
1,588.5
|
|
|
|
4,339.1
|
|
|
|
4,983.2
|
|
Acquisition,
divestiture and licensing (income) /
charges
|
|
|
51.7
|
|
|
|
(77.7)
|
|
|
|
107.6
|
|
|
|
235.8
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
2.7
|
|
|
|
(11.4)
|
|
|
|
49.5
|
|
|
|
(113.2)
|
|
Goodwill and other
impairments and asset sales, net
and related costs
|
|
|
2.0
|
|
|
|
(0.4)
|
|
|
|
4,115.0
|
|
|
|
1,070.3
|
|
Other
|
|
|
-
|
|
|
|
7.5
|
|
|
|
-
|
|
|
|
(26.7)
|
|
Non-acquisition
restructurings, including Global Supply
Chain initiatives
|
|
|
10.1
|
|
|
|
10.1
|
|
|
|
16.3
|
|
|
|
54.4
|
|
Legal
settlements
|
|
|
747.5
|
|
|
|
1.1
|
|
|
|
765.7
|
|
|
|
40.4
|
|
Income taxes on items
above and other discrete
income tax adjustments
|
|
|
(159.9)
|
|
|
|
(26.6)
|
|
|
|
(325.4)
|
|
|
|
(1,181.3)
|
|
Non-GAAP performance
net income attributable to
shareholders
|
|
$
|
1,405.0
|
|
|
$
|
1,453.2
|
|
|
$
|
4,114.0
|
|
|
$
|
4,266.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) /
income per share from continuing
operations attributable to shareholders- GAAP
|
|
$
|
(2.40)
|
|
|
$
|
(0.11)
|
|
|
$
|
(15.04)
|
|
|
$
|
(2.36)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP performance
net income per share attributable
to shareholders
|
|
$
|
4.25
|
|
|
$
|
4.25
|
|
|
$
|
12.43
|
|
|
$
|
12.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
ordinary shares outstanding
|
|
|
328.0
|
|
|
|
339.0
|
|
|
|
329.3
|
|
|
|
337.6
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive
shares
|
|
|
2.2
|
|
|
|
2.7
|
|
|
|
1.8
|
|
|
|
6.2
|
|
Diluted weighted
average ordinary shares outstanding
|
|
|
330.2
|
|
|
|
341.7
|
|
|
|
331.1
|
|
|
|
343.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We define adjusted
EBITDA as an amount equal to consolidated net income / (loss) from
continuing operations attributable to shareholders for such period
adjusted for the following: (i) interest expense, (ii) interest
income, (iii) (benefit) for income taxes, (iv) depreciation and
amortization expenses, (v) stock-based compensation expense, (vi)
asset impairment charges and losses / (gains) and expenses
associated with the sale of assets, including the exclusion of
discontinued operations, (vii) business restructuring charges
associated with Allergan's global supply chain and operational
excellence initiatives or other restructurings of a similar nature,
(viii) costs and charges associated with the acquisition and
divestitures of businesses and assets including, but not limited
to, milestone payments, integration charges, other charges
associated with the revaluation of assets or liabilities and
charges associated with the revaluation of acquisition related
contingent liabilities that are based in whole or in part on future
estimated cash flows, (ix) litigation charges and settlements and
(x) other unusual charges or expenses. We define non-GAAP adjusted
operating income as adjusted EBITDA including depreciation and
certain stock-based compensation charges and excluding dividend
income and fair value accounting results included within other
income (expense), net.
The following table
presents a reconciliation of Allergan plc's reported net income /
(loss) from continuing operations attributable to shareholders for
the three and nine months ended September 30, 2019 and 2018 to
adjusted EBITDA and non-GAAP operating income:
|
|
Table 7
|
|
ALLERGAN PLC
|
|
|
|
|
|
|
|
ADJUSTED EBITDA and NON-GAAP OPERATING INCOME,
RECONCILIATION TABLE
|
|
|
|
|
|
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss) from
continuing operations attributable to
shareholders
|
|
$
|
(786.8)
|
|
|
$
|
(37.9)
|
|
|
$
|
(4,953.8)
|
|
|
$
|
(796.5)
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
193.9
|
|
|
|
220.4
|
|
|
|
591.1
|
|
|
|
701.0
|
|
Interest
income
|
|
|
(20.5)
|
|
|
|
(10.0)
|
|
|
|
(51.5)
|
|
|
|
(33.6)
|
|
Provision / (benefit)
for income taxes
|
|
|
18.1
|
|
|
|
213.4
|
|
|
|
251.1
|
|
|
|
(474.0)
|
|
Depreciation
|
|
|
54.4
|
|
|
|
44.5
|
|
|
|
150.6
|
|
|
|
149.7
|
|
Amortization
|
|
|
1,537.7
|
|
|
|
1,588.5
|
|
|
|
4,339.1
|
|
|
|
4,983.2
|
|
EBITDA
|
|
$
|
996.8
|
|
|
$
|
2,018.9
|
|
|
$
|
326.6
|
|
|
$
|
4,529.8
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition,
divestiture and licensing charges
|
|
|
55.9
|
|
|
|
(74.7)
|
|
|
|
119.5
|
|
|
|
227.6
|
|
Goodwill and other
impairments and asset sales, net and
related costs
|
|
|
2.0
|
|
|
|
(0.4)
|
|
|
|
4,115.0
|
|
|
|
1,070.3
|
|
Other
|
|
|
-
|
|
|
|
7.5
|
|
|
|
-
|
|
|
|
(26.7)
|
|
Non-acquisition
restructurings, including Global Supply Chain
initiatives, excluding depreciation
|
|
|
10.1
|
|
|
|
8.9
|
|
|
|
16.3
|
|
|
|
50.2
|
|
Legal
settlements
|
|
|
747.5
|
|
|
|
1.1
|
|
|
|
765.7
|
|
|
|
40.4
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
2.7
|
|
|
|
(11.4)
|
|
|
|
49.5
|
|
|
|
(113.2)
|
|
Share-based
compensation including cash settlements
|
|
|
49.9
|
|
|
|
57.8
|
|
|
|
161.7
|
|
|
|
185.2
|
|
Adjusted
EBITDA
|
|
$
|
1,864.9
|
|
|
$
|
2,007.7
|
|
|
$
|
5,554.3
|
|
|
$
|
5,963.6
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
(54.4)
|
|
|
|
(43.3)
|
|
|
|
(150.6)
|
|
|
|
(145.5)
|
|
Other income (expense)
related to fair value accounting
|
|
|
(2.5)
|
|
|
|
(4.0)
|
|
|
|
(11.3)
|
|
|
|
(18.8)
|
|
Share-based
compensation not related to restructuring
charges and purchase accounting impact on stock-based
compensation for acquired awards
|
|
|
(48.7)
|
|
|
|
(55.3)
|
|
|
|
(157.2)
|
|
|
|
(161.3)
|
|
Non-GAAP Operating
Income
|
|
$
|
1,759.3
|
|
|
$
|
1,905.1
|
|
|
$
|
5,235.2
|
|
|
$
|
5,638.0
|
|
The following table
details Allergan plc's segment contribution reconciled to the
non-GAAP contribution for the same financial statement line items
for the three and nine months ended September 30, 2019 and
2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
|
|
ALLERGAN PLC
|
|
Segment Contribution to Non-GAAP Allergan plc
Contribution
|
|
(Unaudited; $ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2019
|
|
|
Three Months Ended September 30,
2018
|
|
|
US Specialized
Therapeutics
Segment
|
|
|
US General
Medicine Segment
|
|
|
International
Segment
|
|
|
Corporate
|
|
|
Total
|
|
|
US Specialized
Therapeutics
Segment
|
|
|
US General
Medicine Segment
|
|
|
International
Segment
|
|
|
Corporate
|
|
|
Total
|
|
Net
revenues
|
$
|
1,670.8
|
|
|
$
|
1,518.6
|
|
|
$
|
835.1
|
|
|
$
|
1.2
|
|
|
$
|
4,025.7
|
|
|
$
|
1,706.2
|
|
|
$
|
1,381.3
|
|
|
$
|
821.6
|
|
|
$
|
2.3
|
|
|
$
|
3,911.4
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
151.1
|
|
|
|
245.2
|
|
|
|
144.6
|
|
|
|
96.0
|
|
|
|
636.9
|
|
|
|
143.0
|
|
|
|
219.6
|
|
|
|
130.7
|
|
|
|
86.3
|
|
|
|
579.6
|
|
Selling and
marketing
|
|
389.5
|
|
|
|
261.2
|
|
|
|
226.9
|
|
|
|
0.3
|
|
|
|
877.9
|
|
|
|
313.7
|
|
|
|
233.2
|
|
|
|
206.0
|
|
|
|
(0.1)
|
|
|
|
752.8
|
|
General and
administrative
|
|
50.1
|
|
|
|
45.0
|
|
|
|
26.0
|
|
|
|
180.4
|
|
|
|
301.5
|
|
|
|
47.3
|
|
|
|
37.7
|
|
|
|
35.1
|
|
|
|
158.5
|
|
|
|
278.6
|
|
Segment
contribution
|
$
|
1,080.1
|
|
|
$
|
967.2
|
|
|
$
|
437.6
|
|
|
$
|
(275.5)
|
|
|
$
|
2,209.4
|
|
|
$
|
1,202.2
|
|
|
$
|
890.8
|
|
|
$
|
449.8
|
|
|
$
|
(242.4)
|
|
|
$
|
2,300.4
|
|
Segment
margin
|
|
64.6
|
%
|
|
|
63.7
|
%
|
|
|
52.4
|
%
|
|
n.m.
|
|
|
|
54.9
|
%
|
|
|
70.5
|
%
|
|
|
64.5
|
%
|
|
|
54.7
|
%
|
|
n.m.
|
|
|
|
58.8
|
%
|
Segment gross
margin(2)
|
|
91.0
|
%
|
|
|
83.9
|
%
|
|
|
82.7
|
%
|
|
n.m.
|
|
|
|
84.2
|
%
|
|
|
91.6
|
%
|
|
|
84.1
|
%
|
|
|
84.1
|
%
|
|
n.m.
|
|
|
|
85.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes amortization and impairment of acquired
intangibles including product rights.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2019
|
|
|
Nine Months Ended September 30,
2018
|
|
|
US Specialized
Therapeutics
Segment
|
|
|
US General
Medicine Segment
|
|
|
International
Segment
|
|
|
Corporate
|
|
|
Total
|
|
|
US Specialized
Therapeutics
Segment
|
|
|
US General
Medicine Segment
|
|
|
International
Segment
|
|
|
Corporate
|
|
|
Total
|
|
Net
revenues
|
$
|
4,998.8
|
|
|
$
|
4,224.2
|
|
|
$
|
2,484.3
|
|
|
$
|
5.6
|
|
|
$
|
11,712.9
|
|
|
$
|
5,111.5
|
|
|
$
|
3,925.0
|
|
|
$
|
2,634.5
|
|
|
$
|
11.7
|
|
|
$
|
11,682.7
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
422.2
|
|
|
|
667.0
|
|
|
|
399.9
|
|
|
|
250.4
|
|
|
|
1,739.5
|
|
|
|
425.9
|
|
|
|
604.0
|
|
|
|
391.0
|
|
|
|
263.9
|
|
|
|
1,684.8
|
|
Selling and
marketing
|
|
1,114.3
|
|
|
|
721.8
|
|
|
|
718.1
|
|
|
|
0.2
|
|
|
|
2,554.4
|
|
|
|
970.2
|
|
|
|
713.5
|
|
|
|
697.9
|
|
|
|
-
|
|
|
|
2,381.6
|
|
General and
administrative
|
|
142.3
|
|
|
|
119.2
|
|
|
|
80.1
|
|
|
|
542.4
|
|
|
|
884.0
|
|
|
|
145.6
|
|
|
|
111.3
|
|
|
|
100.4
|
|
|
|
475.6
|
|
|
|
832.9
|
|
Segment
contribution
|
$
|
3,320.0
|
|
|
$
|
2,716.2
|
|
|
$
|
1,286.2
|
|
|
$
|
(787.4)
|
|
|
$
|
6,535.0
|
|
|
$
|
3,569.8
|
|
|
$
|
2,496.2
|
|
|
$
|
1,445.2
|
|
|
$
|
(727.8)
|
|
|
$
|
6,783.4
|
|
Segment
margin
|
|
66.4
|
%
|
|
|
64.3
|
%
|
|
|
51.8
|
%
|
|
n.m.
|
|
|
|
55.8
|
%
|
|
|
69.8
|
%
|
|
|
63.6
|
%
|
|
|
54.9
|
%
|
|
n.m.
|
|
|
|
58.1
|
%
|
Segment gross
margin(2)
|
|
91.6
|
%
|
|
|
84.2
|
%
|
|
|
83.9
|
%
|
|
n.m.
|
|
|
|
85.1
|
%
|
|
|
91.7
|
%
|
|
|
84.6
|
%
|
|
|
85.2
|
%
|
|
n.m.
|
|
|
|
85.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes amortization and impairment of acquired
intangibles including product rights.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products within the US Specialized Therapeutics segment for the
three and nine months ended September 30, 2019 and 2018.
|
|
Table 9
|
|
ALLERGAN PLC
|
|
US Specialized Therapeutics Product
Revenue
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
558.3
|
|
|
$
|
570.3
|
|
|
$
|
(12.0)
|
|
|
|
(2.1)
|
%
|
Restasis®
|
|
|
286.8
|
|
|
|
298.0
|
|
|
|
(11.2)
|
|
|
|
(3.8)
|
%
|
Alphagan®/Combigan®
|
|
|
90.9
|
|
|
|
95.4
|
|
|
|
(4.5)
|
|
|
|
(4.7)
|
%
|
Lumigan®/Ganfort®
|
|
|
67.5
|
|
|
|
78.0
|
|
|
|
(10.5)
|
|
|
|
(13.5)
|
%
|
Ozurdex®
|
|
|
33.7
|
|
|
|
28.6
|
|
|
|
5.1
|
|
|
|
17.8
|
%
|
Eye Drops
|
|
|
62.0
|
|
|
|
54.8
|
|
|
|
7.2
|
|
|
|
13.1
|
%
|
Other Eye
Care
|
|
|
17.4
|
|
|
|
15.5
|
|
|
|
1.9
|
|
|
|
12.3
|
%
|
Total Medical Aesthetics
|
|
|
646.1
|
|
|
|
657.1
|
|
|
|
(11.0)
|
|
|
|
(1.7)
|
%
|
Facial Aesthetics
|
|
|
377.7
|
|
|
|
348.4
|
|
|
|
29.3
|
|
|
|
8.4
|
%
|
Botox®Cosmetics
|
|
|
237.6
|
|
|
|
216.0
|
|
|
|
21.6
|
|
|
|
10.0
|
%
|
Juvederm®Collection
|
|
|
134.8
|
|
|
|
127.2
|
|
|
|
7.6
|
|
|
|
6.0
|
%
|
Kybella®
|
|
|
5.3
|
|
|
|
5.2
|
|
|
|
0.1
|
|
|
|
1.9
|
%
|
Plastic Surgery
|
|
|
58.5
|
|
|
|
58.2
|
|
|
|
0.3
|
|
|
|
0.5
|
%
|
Breast
Implants
|
|
|
58.5
|
|
|
|
58.2
|
|
|
|
0.3
|
|
|
|
0.5
|
%
|
Regenerative Medicine
|
|
|
120.8
|
|
|
|
133.4
|
|
|
|
(12.6)
|
|
|
|
(9.4)
|
%
|
Alloderm®
|
|
|
95.0
|
|
|
|
105.8
|
|
|
|
(10.8)
|
|
|
|
(10.2)
|
%
|
Other Regenerative
Medicine
|
|
|
25.8
|
|
|
|
27.6
|
|
|
|
(1.8)
|
|
|
|
(6.5)
|
%
|
Body Contouring
|
|
|
53.0
|
|
|
|
84.9
|
|
|
|
(31.9)
|
|
|
|
(37.6)
|
%
|
Coolsculpting®Systems
& Add On
Applicators
|
|
|
12.6
|
|
|
|
29.4
|
|
|
|
(16.8)
|
|
|
|
(57.1)
|
%
|
Coolsculpting®Consumables
|
|
|
40.4
|
|
|
|
55.5
|
|
|
|
(15.1)
|
|
|
|
(27.2)
|
%
|
Skin Care(3)
|
|
|
36.1
|
|
|
|
32.2
|
|
|
|
3.9
|
|
|
|
12.1
|
%
|
Total Medical Dermatology
|
|
|
15.6
|
|
|
|
35.1
|
|
|
|
(19.5)
|
|
|
|
(55.6)
|
%
|
Aczone®
|
|
|
3.4
|
|
|
|
17.4
|
|
|
|
(14.0)
|
|
|
|
(80.5)
|
%
|
Other Medical
Dermatology(4)
|
|
|
12.2
|
|
|
|
17.7
|
|
|
|
(5.5)
|
|
|
|
(31.1)
|
%
|
Total Neuroscience &
Urology
|
|
|
436.8
|
|
|
|
427.9
|
|
|
|
8.9
|
|
|
|
2.1
|
%
|
Botox®Therapeutics
|
|
|
431.6
|
|
|
|
407.4
|
|
|
|
24.2
|
|
|
|
5.9
|
%
|
Rapaflo®
|
|
|
5.2
|
|
|
|
20.5
|
|
|
|
(15.3)
|
|
|
|
(74.6)
|
%
|
Other Revenues
|
|
|
14.0
|
|
|
|
15.8
|
|
|
|
(1.8)
|
|
|
|
(11.4)
|
%
|
Net Revenues
|
|
$
|
1,670.8
|
|
|
$
|
1,706.2
|
|
|
$
|
(35.4)
|
|
|
|
(2.1)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
151.1
|
|
|
|
143.0
|
|
|
|
8.1
|
|
|
|
5.7
|
%
|
Selling and
marketing
|
|
|
389.5
|
|
|
|
313.7
|
|
|
|
75.8
|
|
|
|
24.2
|
%
|
General and
administrative
|
|
|
50.1
|
|
|
|
47.3
|
|
|
|
2.8
|
|
|
|
5.9
|
%
|
Segment
contribution
|
|
$
|
1,080.1
|
|
|
$
|
1,202.2
|
|
|
$
|
(122.1)
|
|
|
|
(10.2)
|
%
|
Segment
margin
|
|
|
64.6
|
%
|
|
|
70.5
|
%
|
|
|
|
|
|
|
(5.9)
|
%
|
Segment gross
margin(2)
|
|
|
91.0
|
%
|
|
|
91.6
|
%
|
|
|
|
|
|
|
(0.6)
|
%
|
(1) Excludes amortization and impairment of
acquired intangibles including product rights, as well as indirect
cost of sales not attributable to segment
results.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
(3) Includes SkinMedica® and
Latisse®.
|
|
(4) Includes Tazorac® sales
of $9.3 million which were previously disclosed separately in the
three months ended September 30, 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
1,595.4
|
|
|
$
|
1,648.4
|
|
|
$
|
(53.0)
|
|
|
|
(3.2)
|
%
|
Restasis®
|
|
|
829.4
|
|
|
|
872.0
|
|
|
|
(42.6)
|
|
|
|
(4.9)
|
%
|
Alphagan®/Combigan®
|
|
|
265.5
|
|
|
|
277.7
|
|
|
|
(12.2)
|
|
|
|
(4.4)
|
%
|
Lumigan®/Ganfort®
|
|
|
187.3
|
|
|
|
217.8
|
|
|
|
(30.5)
|
|
|
|
(14.0)
|
%
|
Ozurdex®
|
|
|
93.9
|
|
|
|
81.7
|
|
|
|
12.2
|
|
|
|
14.9
|
%
|
Eye Drops
|
|
|
169.2
|
|
|
|
154.8
|
|
|
|
14.4
|
|
|
|
9.3
|
%
|
Other Eye
Care
|
|
|
50.1
|
|
|
|
44.4
|
|
|
|
5.7
|
|
|
|
12.8
|
%
|
Total Medical Aesthetics
|
|
|
2,029.8
|
|
|
|
2,036.3
|
|
|
|
(6.5)
|
|
|
|
(0.3)
|
%
|
Facial Aesthetics
|
|
|
1,161.7
|
|
|
|
1,063.6
|
|
|
|
98.1
|
|
|
|
9.2
|
%
|
Botox®Cosmetics
|
|
|
719.5
|
|
|
|
649.2
|
|
|
|
70.3
|
|
|
|
10.8
|
%
|
Juvederm®Collection
|
|
|
421.1
|
|
|
|
389.8
|
|
|
|
31.3
|
|
|
|
8.0
|
%
|
Kybella®
|
|
|
21.1
|
|
|
|
24.6
|
|
|
|
(3.5)
|
|
|
|
(14.2)
|
%
|
Plastic Surgery
|
|
|
187.3
|
|
|
|
194.8
|
|
|
|
(7.5)
|
|
|
|
(3.9)
|
%
|
Breast
Implants
|
|
|
187.3
|
|
|
|
194.8
|
|
|
|
(7.5)
|
|
|
|
(3.9)
|
%
|
Regenerative Medicine
|
|
|
372.6
|
|
|
|
399.2
|
|
|
|
(26.6)
|
|
|
|
(6.7)
|
%
|
Alloderm®
|
|
|
291.2
|
|
|
|
312.4
|
|
|
|
(21.2)
|
|
|
|
(6.8)
|
%
|
Other Regenerative
Medicine
|
|
|
81.4
|
|
|
|
86.8
|
|
|
|
(5.4)
|
|
|
|
(6.2)
|
%
|
Body Contouring
|
|
|
194.8
|
|
|
|
280.3
|
|
|
|
(85.5)
|
|
|
|
(30.5)
|
%
|
Coolsculpting®Systems
& Add On
Applicators
|
|
|
45.9
|
|
|
|
99.5
|
|
|
|
(53.6)
|
|
|
|
(53.9)
|
%
|
Coolsculpting®Consumables
|
|
|
148.9
|
|
|
|
180.8
|
|
|
|
(31.9)
|
|
|
|
(17.6)
|
%
|
Skin Care(3)
|
|
|
113.4
|
|
|
|
98.4
|
|
|
|
15.0
|
|
|
|
15.2
|
%
|
Total Medical Dermatology
|
|
|
31.0
|
|
|
|
111.0
|
|
|
|
(80.0)
|
|
|
|
(72.1)
|
%
|
Aczone®
|
|
|
6.8
|
|
|
|
54.5
|
|
|
|
(47.7)
|
|
|
|
(87.5)
|
%
|
Other Medical
Dermatology(4)
|
|
|
24.2
|
|
|
|
56.5
|
|
|
|
(32.3)
|
|
|
|
(57.2)
|
%
|
Total Neuroscience &
Urology
|
|
|
1,297.7
|
|
|
|
1,268.2
|
|
|
|
29.5
|
|
|
|
2.3
|
%
|
Botox®Therapeutics
|
|
|
1,276.2
|
|
|
|
1,205.2
|
|
|
|
71.0
|
|
|
|
5.9
|
%
|
Rapaflo®
|
|
|
21.5
|
|
|
|
63.0
|
|
|
|
(41.5)
|
|
|
|
(65.9)
|
%
|
Other Revenues
|
|
|
44.9
|
|
|
|
47.6
|
|
|
|
(2.7)
|
|
|
|
(5.7)
|
%
|
Net Revenues
|
|
$
|
4,998.8
|
|
|
$
|
5,111.5
|
|
|
$
|
(112.7)
|
|
|
|
(2.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
422.2
|
|
|
|
425.9
|
|
|
|
(3.7)
|
|
|
|
(0.9)
|
%
|
Selling and
marketing
|
|
|
1,114.3
|
|
|
|
970.2
|
|
|
|
144.1
|
|
|
|
14.9
|
%
|
General and
administrative
|
|
|
142.3
|
|
|
|
145.6
|
|
|
|
(3.3)
|
|
|
|
(2.3)
|
%
|
Segment
contribution
|
|
$
|
3,320.0
|
|
|
$
|
3,569.8
|
|
|
$
|
(249.8)
|
|
|
|
(7.0)
|
%
|
Segment
margin
|
|
|
66.4
|
%
|
|
|
69.8
|
%
|
|
|
|
|
|
|
(3.4)
|
%
|
Segment gross
margin(2)
|
|
|
91.6
|
%
|
|
|
91.7
|
%
|
|
|
|
|
|
|
(0.1)
|
%
|
(1) Excludes amortization and impairment of
acquired intangibles including product rights, as well as indirect
cost of sales not attributable to segment
results.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
(3) Includes SkinMedica® and
Latisse®.
|
|
(4) Includes Tazorac® sales
of $25.1 million which were previously disclosed separately in the
six months ended September 30, 2018.
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products within the US General Medicine segment for the three and
nine months ended September 30, 2019 and 2018.
|
|
Table 10
|
|
ALLERGAN PLC
|
|
US General Medicine Product
Revenue
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Central Nervous System
(CNS)
|
|
$
|
400.6
|
|
|
$
|
307.2
|
|
|
$
|
93.4
|
|
|
|
30.4
|
%
|
Vraylar®
|
|
|
234.6
|
|
|
|
138.0
|
|
|
|
96.6
|
|
|
|
70.0
|
%
|
Viibryd®/Fetzima®
|
|
|
105.1
|
|
|
|
88.5
|
|
|
|
16.6
|
|
|
|
18.8
|
%
|
Saphris®
|
|
|
34.5
|
|
|
|
36.4
|
|
|
|
(1.9)
|
|
|
|
(5.2)
|
%
|
Namzaric®
|
|
|
22.4
|
|
|
|
28.0
|
|
|
|
(5.6)
|
|
|
|
(20.0)
|
%
|
Namenda
®(3)
|
|
|
4.0
|
|
|
|
16.3
|
|
|
|
(12.3)
|
|
|
|
(75.5)
|
%
|
Total Gastrointestinal (GI)
|
|
|
422.7
|
|
|
|
453.3
|
|
|
|
(30.6)
|
|
|
|
(6.8)
|
%
|
Linzess®
|
|
|
214.7
|
|
|
|
204.8
|
|
|
|
9.9
|
|
|
|
4.8
|
%
|
Zenpep®
|
|
|
74.2
|
|
|
|
62.1
|
|
|
|
12.1
|
|
|
|
19.5
|
%
|
Carafate®/Sulcrate®
|
|
|
55.1
|
|
|
|
53.4
|
|
|
|
1.7
|
|
|
|
3.2
|
%
|
Viberzi®
|
|
|
50.1
|
|
|
|
46.8
|
|
|
|
3.3
|
|
|
|
7.1
|
%
|
Asacol®/Delzicol®
|
|
|
11.9
|
|
|
|
32.1
|
|
|
|
(20.2)
|
|
|
|
(62.9)
|
%
|
Canasa®/Salofalk®
|
|
|
5.8
|
|
|
|
46.8
|
|
|
|
(41.0)
|
|
|
|
(87.6)
|
%
|
Other GI
|
|
|
10.9
|
|
|
|
7.3
|
|
|
|
3.6
|
|
|
|
49.3
|
%
|
Total Women's Health
|
|
|
235.9
|
|
|
|
213.1
|
|
|
|
22.8
|
|
|
|
10.7
|
%
|
Lo
Loestrin®
|
|
|
161.4
|
|
|
|
141.5
|
|
|
|
19.9
|
|
|
|
14.1
|
%
|
Liletta®
|
|
|
19.9
|
|
|
|
12.7
|
|
|
|
7.2
|
|
|
|
56.7
|
%
|
Other Women's
Health(4)(5)
|
|
|
54.6
|
|
|
|
58.9
|
|
|
|
(4.3)
|
|
|
|
(7.3)
|
%
|
Total Anti-Infectives
|
|
|
99.8
|
|
|
|
74.2
|
|
|
|
25.6
|
|
|
|
34.5
|
%
|
Teflaro®
|
|
|
38.4
|
|
|
|
33.4
|
|
|
|
5.0
|
|
|
|
15.0
|
%
|
Avycaz®
|
|
|
29.6
|
|
|
|
24.7
|
|
|
|
4.9
|
|
|
|
19.8
|
%
|
Dalvance®
|
|
|
23.2
|
|
|
|
9.2
|
|
|
|
14.0
|
|
|
|
152.2
|
%
|
Other
Anti-Infectives
|
|
|
8.6
|
|
|
|
6.9
|
|
|
|
1.7
|
|
|
|
24.6
|
%
|
Diversified Brands
|
|
|
305.6
|
|
|
|
296.1
|
|
|
|
9.5
|
|
|
|
3.2
|
%
|
Bystolic®/Byvalson®
|
|
|
152.2
|
|
|
|
151.2
|
|
|
|
1.0
|
|
|
|
0.7
|
%
|
Armour
Thyroid
|
|
|
54.4
|
|
|
|
48.0
|
|
|
|
6.4
|
|
|
|
13.3
|
%
|
Savella®
|
|
|
24.0
|
|
|
|
22.4
|
|
|
|
1.6
|
|
|
|
7.1
|
%
|
Other Diversified
Brands(6)(7)
|
|
|
75.0
|
|
|
|
74.5
|
|
|
|
0.5
|
|
|
|
0.7
|
%
|
Other Revenues
|
|
|
54.0
|
|
|
|
37.4
|
|
|
|
16.6
|
|
|
|
44.4
|
%
|
Net revenues
|
|
$
|
1,518.6
|
|
|
$
|
1,381.3
|
|
|
$
|
137.3
|
|
|
|
9.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
245.2
|
|
|
|
219.6
|
|
|
|
25.6
|
|
|
|
11.7
|
%
|
Selling and
marketing
|
|
|
261.2
|
|
|
|
233.2
|
|
|
|
28.0
|
|
|
|
12.0
|
%
|
General and
administrative
|
|
|
45.0
|
|
|
|
37.7
|
|
|
|
7.3
|
|
|
|
19.4
|
%
|
Segment
contribution
|
|
$
|
967.2
|
|
|
$
|
890.8
|
|
|
$
|
76.4
|
|
|
|
8.6
|
%
|
Segment
margin
|
|
|
63.7
|
%
|
|
|
64.5
|
%
|
|
|
|
|
|
|
(0.8)
|
%
|
Segment gross
margin(2)
|
|
|
83.9
|
%
|
|
|
84.1
|
%
|
|
|
|
|
|
|
(0.2)
|
%
|
(1) Excludes amortization and impairment of acquired
intangibles including product rights, as well as indirect cost of
sales not attributable to segment results.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
(3) Includes Namenda XR® and
Namenda®
IR.
|
|
(4) Includes Estrace® Cream
sales of $14.8 million which were previously disclosed separately
in the three months ended September 30,
2018
|
|
(5) Includes Minastrin® 24
sales of $0.6 million which were previously disclosed separately in
the three months ended September 30, 2018
|
|
(6) Includes Lexapro® sales
of $15.6 million which were previously disclosed separately in the
three months ended September 30, 2018
|
|
(7) Includes PacPharma sales of $2.5 million which
were previously disclosed separately in the three months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Central Nervous System
(CNS)
|
|
$
|
1,059.3
|
|
|
$
|
839.9
|
|
|
$
|
219.4
|
|
|
|
26.1
|
%
|
Vraylar®
|
|
|
574.4
|
|
|
|
336.6
|
|
|
|
237.8
|
|
|
|
70.6
|
%
|
Viibryd®/Fetzima®
|
|
|
297.9
|
|
|
|
246.9
|
|
|
|
51.0
|
|
|
|
20.7
|
%
|
Saphris®
|
|
|
99.0
|
|
|
|
102.9
|
|
|
|
(3.9)
|
|
|
|
(3.8)
|
%
|
Namzaric®
|
|
|
68.4
|
|
|
|
93.2
|
|
|
|
(24.8)
|
|
|
|
(26.6)
|
%
|
Namenda
®(3)
|
|
|
19.6
|
|
|
|
60.3
|
|
|
|
(40.7)
|
|
|
|
(67.5)
|
%
|
Total Gastrointestinal (GI)
|
|
|
1,200.1
|
|
|
|
1,273.9
|
|
|
|
(73.8)
|
|
|
|
(5.8)
|
%
|
Linzess®
|
|
|
572.0
|
|
|
|
555.9
|
|
|
|
16.1
|
|
|
|
2.9
|
%
|
Zenpep®
|
|
|
207.2
|
|
|
|
170.5
|
|
|
|
36.7
|
|
|
|
21.5
|
%
|
Carafate®/Sulcrate®
|
|
|
165.6
|
|
|
|
163.7
|
|
|
|
1.9
|
|
|
|
1.2
|
%
|
Viberzi®
|
|
|
138.1
|
|
|
|
127.6
|
|
|
|
10.5
|
|
|
|
8.2
|
%
|
Asacol®/Delzicol®
|
|
|
68.2
|
|
|
|
102.9
|
|
|
|
(34.7)
|
|
|
|
(33.7)
|
%
|
Canasa®/Salofalk®
|
|
|
24.0
|
|
|
|
130.4
|
|
|
|
(106.4)
|
|
|
|
(81.6)
|
%
|
Other GI
|
|
|
25.0
|
|
|
|
22.9
|
|
|
|
2.1
|
|
|
|
9.2
|
%
|
Total Women's Health
|
|
|
662.9
|
|
|
|
572.9
|
|
|
|
90.0
|
|
|
|
15.7
|
%
|
Lo
Loestrin®
|
|
|
432.7
|
|
|
|
383.9
|
|
|
|
48.8
|
|
|
|
12.7
|
%
|
Liletta®
|
|
|
56.6
|
|
|
|
36.3
|
|
|
|
20.3
|
|
|
|
55.9
|
%
|
Other Women's
Health(4)(5)
|
|
|
173.6
|
|
|
|
152.7
|
|
|
|
20.9
|
|
|
|
13.7
|
%
|
Total Anti-Infectives
|
|
|
272.8
|
|
|
|
225.6
|
|
|
|
47.2
|
|
|
|
20.9
|
%
|
Teflaro®
|
|
|
108.9
|
|
|
|
98.0
|
|
|
|
10.9
|
|
|
|
11.1
|
%
|
Avycaz®
|
|
|
86.0
|
|
|
|
70.0
|
|
|
|
16.0
|
|
|
|
22.9
|
%
|
Dalvance®
|
|
|
55.5
|
|
|
|
38.8
|
|
|
|
16.7
|
|
|
|
43.0
|
%
|
Other
Anti-Infectives
|
|
|
22.4
|
|
|
|
18.8
|
|
|
|
3.6
|
|
|
|
19.1
|
%
|
Diversified Brands
|
|
|
882.5
|
|
|
|
855.9
|
|
|
|
26.6
|
|
|
|
3.1
|
%
|
Bystolic®/Byvalson®
|
|
|
431.0
|
|
|
|
432.1
|
|
|
|
(1.1)
|
|
|
|
(0.3)
|
%
|
Armour
Thyroid
|
|
|
161.1
|
|
|
|
145.4
|
|
|
|
15.7
|
|
|
|
10.8
|
%
|
Savella®
|
|
|
67.0
|
|
|
|
61.4
|
|
|
|
5.6
|
|
|
|
9.1
|
%
|
Other Diversified
Brands(6)(7)
|
|
|
223.4
|
|
|
|
217.0
|
|
|
|
6.4
|
|
|
|
2.9
|
%
|
Other Revenues
|
|
|
146.6
|
|
|
|
156.8
|
|
|
|
(10.2)
|
|
|
|
(6.5)
|
%
|
Net revenues
|
|
$
|
4,224.2
|
|
|
$
|
3,925.0
|
|
|
$
|
299.2
|
|
|
|
7.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
667.0
|
|
|
|
604.0
|
|
|
|
63.0
|
|
|
|
10.4
|
%
|
Selling and
marketing
|
|
|
721.8
|
|
|
|
713.5
|
|
|
|
8.3
|
|
|
|
1.2
|
%
|
General and
administrative
|
|
|
119.2
|
|
|
|
111.3
|
|
|
|
7.9
|
|
|
|
7.1
|
%
|
Segment
contribution
|
|
$
|
2,716.2
|
|
|
$
|
2,496.2
|
|
|
$
|
220.0
|
|
|
|
8.8
|
%
|
Segment
margin
|
|
|
64.3
|
%
|
|
|
63.6
|
%
|
|
|
|
|
|
|
0.7
|
%
|
Segment gross
margin(2)
|
|
|
84.2
|
%
|
|
|
84.6
|
%
|
|
|
|
|
|
|
(0.4)
|
%
|
(1) Excludes amortization and impairment of acquired
intangibles including product rights, as well as indirect cost of
sales not attributable to segment results.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
(3) Includes Namenda XR® and
Namenda®
IR.
|
|
(4) Includes Estrace® Cream
sales of $34.3 million which were previously disclosed separately
in the nine months ended September 30, 2018
|
|
(5) Includes Minastrin® 24
sales of $6.6 million which were previously disclosed separately in
the nine months ended September 30, 2018
|
|
(6) Includes Lexapro® sales
of $44.8 million which were previously disclosed separately in the
nine months ended September 30, 2018
|
|
(7) Includes PacPharma sales of $10.6 million which
were previously disclosed separately in the nine months ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products within the International segment for the three and nine
months ended September 30, 2019 and 2018.
|
|
Table 11
|
|
ALLERGAN PLC
|
|
International Product Revenue
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
312.9
|
|
|
$
|
289.0
|
|
|
$
|
23.9
|
|
|
|
8.3
|
%
|
Lumigan®/Ganfort®
|
|
|
89.7
|
|
|
|
94.8
|
|
|
|
(5.1)
|
|
|
|
(5.4)
|
%
|
Alphagan®/Combigan®
|
|
|
40.4
|
|
|
|
40.5
|
|
|
|
(0.1)
|
|
|
|
(0.2)
|
%
|
Ozurdex®
|
|
|
63.8
|
|
|
|
25.8
|
|
|
|
38.0
|
|
|
|
147.3
|
%
|
Eye
Drops(3)
|
|
|
63.8
|
|
|
|
66.8
|
|
|
|
(3.0)
|
|
|
|
(4.5)
|
%
|
Restasis®
|
|
|
9.2
|
|
|
|
13.6
|
|
|
|
(4.4)
|
|
|
|
(32.4)
|
%
|
Other Eye
Care
|
|
|
46.0
|
|
|
|
47.5
|
|
|
|
(1.5)
|
|
|
|
(3.2)
|
%
|
Total Medical Aesthetics
|
|
|
357.9
|
|
|
|
369.0
|
|
|
|
(11.1)
|
|
|
|
(3.0)
|
%
|
Facial Aesthetics
|
|
|
310.6
|
|
|
|
303.6
|
|
|
|
7.0
|
|
|
|
2.3
|
%
|
Botox®Cosmetics
|
|
|
165.6
|
|
|
|
163.4
|
|
|
|
2.2
|
|
|
|
1.3
|
%
|
Juvederm®Collection
|
|
|
144.7
|
|
|
|
138.6
|
|
|
|
6.1
|
|
|
|
4.4
|
%
|
Belkyra®(Kybella®)
|
|
|
0.3
|
|
|
|
1.6
|
|
|
|
(1.3)
|
|
|
|
(81.3)
|
%
|
Plastic Surgery
|
|
|
6.0
|
|
|
|
35.9
|
|
|
|
(29.9)
|
|
|
|
(83.3)
|
%
|
Breast
Implants
|
|
|
5.7
|
|
|
|
35.6
|
|
|
|
(29.9)
|
|
|
|
(84.0)
|
%
|
Other Plastic
Surgery
|
|
|
0.3
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
0.0
|
%
|
Regenerative Medicine
|
|
|
4.3
|
|
|
|
3.3
|
|
|
|
1.0
|
|
|
|
30.3
|
%
|
Alloderm®
|
|
|
2.1
|
|
|
|
1.0
|
|
|
|
1.1
|
|
|
|
110.0
|
%
|
Other Regenerative
Medicine
|
|
|
2.2
|
|
|
|
2.3
|
|
|
|
(0.1)
|
|
|
|
(4.3)
|
%
|
Body Contouring
|
|
|
33.0
|
|
|
|
22.5
|
|
|
|
10.5
|
|
|
|
46.7
|
%
|
Coolsculpting®Systems
& Add On
Applicators
|
|
|
11.4
|
|
|
|
8.3
|
|
|
|
3.1
|
|
|
|
37.3
|
%
|
Coolsculpting®Consumables
|
|
|
21.6
|
|
|
|
14.2
|
|
|
|
7.4
|
|
|
|
52.1
|
%
|
Skin Care
|
|
|
4.0
|
|
|
|
3.7
|
|
|
|
0.3
|
|
|
|
8.1
|
%
|
Botox® Therapeutics and Other
|
|
|
146.5
|
|
|
|
145.1
|
|
|
|
1.4
|
|
|
|
1.0
|
%
|
Botox®Therapeutics
|
|
|
93.9
|
|
|
|
92.9
|
|
|
|
1.0
|
|
|
|
1.1
|
%
|
Asacol®/Delzicol®
|
|
|
7.2
|
|
|
|
10.9
|
|
|
|
(3.7)
|
|
|
|
(33.9)
|
%
|
Constella®
|
|
|
6.7
|
|
|
|
5.7
|
|
|
|
1.0
|
|
|
|
17.5
|
%
|
Other
Products
|
|
|
38.7
|
|
|
|
35.6
|
|
|
|
3.1
|
|
|
|
8.7
|
%
|
Other Revenues
|
|
|
17.8
|
|
|
|
18.5
|
|
|
|
(0.7)
|
|
|
|
(3.8)
|
%
|
Net revenues
|
|
$
|
835.1
|
|
|
$
|
821.6
|
|
|
$
|
13.5
|
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
144.6
|
|
|
|
130.7
|
|
|
|
13.9
|
|
|
|
10.6
|
%
|
Selling and
marketing
|
|
|
226.9
|
|
|
|
206.0
|
|
|
|
20.9
|
|
|
|
10.1
|
%
|
General and
administrative
|
|
|
26.0
|
|
|
|
35.1
|
|
|
|
(9.1)
|
|
|
|
(25.9)
|
%
|
Segment
contribution
|
|
$
|
437.6
|
|
|
$
|
449.8
|
|
|
$
|
(12.2)
|
|
|
|
(2.7)
|
%
|
Segment
margin
|
|
|
52.4
|
%
|
|
|
54.7
|
%
|
|
|
|
|
|
|
(2.3)
|
%
|
Segment gross
margin(2)
|
|
|
82.7
|
%
|
|
|
84.1
|
%
|
|
|
|
|
|
|
(1.4)
|
%
|
(1) Excludes amortization and impairment of
acquired intangibles including product rights, as well as indirect
cost of sales not attributable to segment
results.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
(3) Includes Optive® sales
of $27.1 million which were previously disclosed separately in the
three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
931.7
|
|
|
$
|
986.4
|
|
|
$
|
(54.7)
|
|
|
|
(5.5)
|
%
|
Lumigan®/Ganfort®
|
|
|
265.2
|
|
|
|
295.7
|
|
|
|
(30.5)
|
|
|
|
(10.3)
|
%
|
Alphagan®/Combigan®
|
|
|
118.9
|
|
|
|
129.3
|
|
|
|
(10.4)
|
|
|
|
(8.0)
|
%
|
Ozurdex®
|
|
|
207.9
|
|
|
|
158.1
|
|
|
|
49.8
|
|
|
|
31.5
|
%
|
Eye
Drops(3)
|
|
|
176.5
|
|
|
|
208.0
|
|
|
|
(31.5)
|
|
|
|
(15.1)
|
%
|
Restasis®
|
|
|
31.5
|
|
|
|
47.9
|
|
|
|
(16.4)
|
|
|
|
(34.2)
|
%
|
Other Eye
Care
|
|
|
131.7
|
|
|
|
147.4
|
|
|
|
(15.7)
|
|
|
|
(10.7)
|
%
|
Total Medical Aesthetics
|
|
|
1,067.9
|
|
|
|
1,137.3
|
|
|
|
(69.4)
|
|
|
|
(6.1)
|
%
|
Facial Aesthetics
|
|
|
966.5
|
|
|
|
929.5
|
|
|
|
37.0
|
|
|
|
4.0
|
%
|
Botox®Cosmetics
|
|
|
488.8
|
|
|
|
483.4
|
|
|
|
5.4
|
|
|
|
1.1
|
%
|
Juvederm®Collection
|
|
|
475.2
|
|
|
|
440.8
|
|
|
|
34.4
|
|
|
|
7.8
|
%
|
Belkyra®(Kybella®)
|
|
|
2.5
|
|
|
|
5.3
|
|
|
|
(2.8)
|
|
|
|
(52.8)
|
%
|
Plastic Surgery
|
|
|
(13.5)
|
|
|
|
120.7
|
|
|
|
(134.2)
|
|
|
|
(111.2)
|
%
|
Breast
Implants
|
|
|
(14.5)
|
|
|
|
119.6
|
|
|
|
(134.1)
|
|
|
|
(112.1)
|
%
|
Other Plastic
Surgery
|
|
|
1.0
|
|
|
|
1.1
|
|
|
|
(0.1)
|
|
|
|
(9.1)
|
%
|
Regenerative Medicine
|
|
|
11.2
|
|
|
|
12.9
|
|
|
|
(1.7)
|
|
|
|
(13.2)
|
%
|
Alloderm®
|
|
|
5.9
|
|
|
|
5.5
|
|
|
|
0.4
|
|
|
|
7.3
|
%
|
Other Regenerative
Medicine
|
|
|
5.3
|
|
|
|
7.4
|
|
|
|
(2.1)
|
|
|
|
(28.4)
|
%
|
Body Contouring
|
|
|
93.3
|
|
|
|
62.6
|
|
|
|
30.7
|
|
|
|
49.0
|
%
|
Coolsculpting®Systems
& Add On
Applicators
|
|
|
33.6
|
|
|
|
21.8
|
|
|
|
11.8
|
|
|
|
54.1
|
%
|
Coolsculpting®Consumables
|
|
|
59.7
|
|
|
|
40.8
|
|
|
|
18.9
|
|
|
|
46.3
|
%
|
Skin Care
|
|
|
10.4
|
|
|
|
11.6
|
|
|
|
(1.2)
|
|
|
|
(10.3)
|
%
|
Botox® Therapeutics and Other
|
|
|
434.2
|
|
|
|
461.4
|
|
|
|
(27.2)
|
|
|
|
(5.9)
|
%
|
Botox®Therapeutics
|
|
|
286.6
|
|
|
|
293.7
|
|
|
|
(7.1)
|
|
|
|
(2.4)
|
%
|
Asacol®/Delzicol®
|
|
|
27.2
|
|
|
|
35.0
|
|
|
|
(7.8)
|
|
|
|
(22.3)
|
%
|
Constella®
|
|
|
17.0
|
|
|
|
17.7
|
|
|
|
(0.7)
|
|
|
|
(4.0)
|
%
|
Other
Products
|
|
|
103.4
|
|
|
|
115.0
|
|
|
|
(11.6)
|
|
|
|
(10.1)
|
%
|
Other Revenues
|
|
|
50.5
|
|
|
|
49.4
|
|
|
|
1.1
|
|
|
|
2.2
|
%
|
Net revenues
|
|
$
|
2,484.3
|
|
|
$
|
2,634.5
|
|
|
$
|
(150.2)
|
|
|
|
(5.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
399.9
|
|
|
|
391.0
|
|
|
|
8.9
|
|
|
|
2.3
|
%
|
Selling and
marketing
|
|
|
718.1
|
|
|
|
697.9
|
|
|
|
20.2
|
|
|
|
2.9
|
%
|
General and
administrative
|
|
|
80.1
|
|
|
|
100.4
|
|
|
|
(20.3)
|
|
|
|
(20.2)
|
%
|
Segment
contribution
|
|
$
|
1,286.2
|
|
|
$
|
1,445.2
|
|
|
$
|
(159.0)
|
|
|
|
(11.0)
|
%
|
Segment
margin
|
|
|
51.8
|
%
|
|
|
54.9
|
%
|
|
|
|
|
|
|
(3.1)
|
%
|
Segment gross
margin(2)
|
|
|
83.9
|
%
|
|
|
85.2
|
%
|
|
|
|
|
|
|
(1.3)
|
%
|
(1) Excludes amortization and impairment of
acquired intangibles including product rights, as well as indirect
cost of sales not attributable to segment
results.
|
|
(2) Defined as net revenues less segment related cost
of sales as a percentage of net revenues.
|
|
(3) Includes Optive® sales
of $85.6 million which were previously disclosed separately in the
nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
provides a reconciliation of anticipated GAAP loss / income from
continuing operations to non-GAAP performance net income
attributable to shareholders for the twelve months ending December
31, 2019:
|
|
|
Table 12
|
|
|
Twelve months ending
December 31, 2019
|
(in millions, except per share
information)
|
|
LOW
|
GAAP income/(loss)
from continuing operations attributable to shareholders
|
|
$
|
(4,928.0)
|
Adjusted
for:
|
|
|
|
Amortization
|
|
|
5,870.0
|
Acquisition,
divestiture, licensing and other non-recurring charges
|
|
|
166.0
|
Accretion and
fair-value adjustments to contingent consideration
|
|
|
58.0
|
Impairment/asset sales
and related costs
|
|
|
4,115.0
|
Non-acquisition
restructurings, including Global Supply Chain
initiatives
|
|
|
16.0
|
Legal
settlements
|
|
|
765.0
|
Income taxes on items
above and other discrete income tax
adjustments
|
|
|
(567.0)
|
Non-GAAP performance
net income attributable to shareholders
|
|
|
5,495.0
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
Diluted (loss) /
income per share from continuing operations attributable to
shareholders- GAAP
|
|
$
|
(14.98)
|
|
|
|
|
Non-GAAP performance
diluted net income per share attributable to
shareholders
|
|
$
|
16.55
|
|
|
|
|
Basic weighted average
ordinary shares outstanding
|
|
|
329.0
|
Effect of dilutive
securities:
|
|
|
|
Dilutive
shares
|
|
|
3.0
|
Diluted weighted
average ordinary shares outstanding
|
|
|
332.0
|
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SOURCE Allergan plc