DUBLIN,
Feb. 10, 2020 /PRNewswire/
-- Allergan plc (NYSE: AGN) today reported its full-year and
fourth quarter 2019 financial results including full-year 2019 GAAP
net revenues of $16.1 billion, a 1.9
percent increase from 2018. Fourth quarter 2019 GAAP net revenues
were $4.35 billion, a 6.6 percent
increase from the prior year quarter.
FOURTH QUARTER AND FULL-YEAR 2019 FINANCIAL
RESULTS
(unaudited; $ in millions, except per share
amounts)
|
|
Q4 '19
|
|
|
Q4 '18
|
|
|
Q4 '19 v Q4
'18
|
|
|
Year Ended December 31, 2019
|
|
|
Year Ended December 31, 2018
|
|
|
2019 v 2018
|
|
Total Net
Revenues
|
|
$
|
4,351.0
|
|
|
$
|
4,079.7
|
|
|
|
6.6
|
%
|
|
$
|
16,088.9
|
|
|
$
|
15,787.4
|
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
(Loss)
|
|
$
|
(276.6)
|
|
|
$
|
(5,384.1)
|
|
|
|
94.9
|
%
|
|
$
|
(4,445.3)
|
|
|
$
|
(6,247.6)
|
|
|
|
28.8
|
%
|
Diluted
EPS
|
|
$
|
(0.97)
|
|
|
$
|
(12.83)
|
|
|
|
92.4
|
%
|
|
$
|
(16.02)
|
|
|
$
|
(15.26)
|
|
|
|
(5.0)
|
%
|
SG&A
Expense
|
|
$
|
1,639.6
|
|
|
$
|
1,193.6
|
|
|
|
37.4
|
%
|
|
$
|
5,943.5
|
|
|
$
|
4,521.8
|
|
|
|
31.4
|
%
|
R&D
Expense
|
|
$
|
452.5
|
|
|
$
|
678.1
|
|
|
|
(33.3)
|
%
|
|
$
|
1,812.0
|
|
|
$
|
2,266.2
|
|
|
|
(20.0)
|
%
|
Tax Rate
|
|
|
24.8
|
%
|
|
|
23.2
|
%
|
|
|
1.6
|
%
|
|
|
(2.9)
|
%
|
|
|
25.8
|
%
|
|
|
(28.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Net
Revenues
|
|
$
|
4,351.0
|
|
|
$
|
4,079.7
|
|
|
|
6.6
|
%
|
|
$
|
16,063.9
|
|
|
$
|
15,762.4
|
|
|
|
1.9
|
%
|
Non-GAAP Operating
Income
|
|
$
|
2,079.3
|
|
|
$
|
1,917.8
|
|
|
|
8.4
|
%
|
|
$
|
7,314.5
|
|
|
$
|
7,555.8
|
|
|
|
(3.2)
|
%
|
Non-GAAP Performance
Net Income Per Share
|
|
$
|
5.22
|
|
|
$
|
4.29
|
|
|
|
21.7
|
%
|
|
$
|
17.64
|
|
|
$
|
16.69
|
|
|
|
5.7
|
%
|
Non-GAAP Adjusted
EBITDA
|
|
$
|
2,205.8
|
|
|
$
|
1,990.5
|
|
|
|
10.8
|
%
|
|
$
|
7,760.1
|
|
|
$
|
7,954.1
|
|
|
|
(2.4)
|
%
|
Non-GAAP SG&A
Expense
|
|
$
|
1,162.2
|
|
|
$
|
1,140.4
|
|
|
|
1.9
|
%
|
|
$
|
4,600.6
|
|
|
$
|
4,354.9
|
|
|
|
5.6
|
%
|
Non-GAAP R&D
Expense
|
|
$
|
414.8
|
|
|
$
|
436.1
|
|
|
|
(4.9)
|
%
|
|
$
|
1,708.6
|
|
|
$
|
1,574.5
|
|
|
|
8.5
|
%
|
Non-GAAP Tax
Rate
|
|
|
10.3
|
%
|
|
|
14.3
|
%
|
|
|
(4.0)
|
%
|
|
|
11.7
|
%
|
|
|
14.2
|
%
|
|
|
(2.5)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Executive Commentary
"I am proud of Allergan's colleagues who achieved many
important milestones in 2019 that will make a difference to
patients for years to come. They achieved FDA approval of
UBRELVY™, a first-in-class oral treatment for
migraine; two new approvals for BOTOX® for pediatric
spasticity; approval for VRAYLAR® for bipolar
depression; and filings for two new eye care drugs -
Bimatoprost SR for glaucoma and
Abicipar for Age-related Macular Degeneration,"
said Brent Saunders, Chairman and
CEO of Allergan. "Our colleagues also grew our core
business1 by 7.1 percent in
2019 and by 11.0 percent in the fourth quarter (excluding
exchange), creating strong momentum for 2020 and our proposed
combination with AbbVie."
Full-Year 2019 Financial Results
GAAP operating loss in 2019 was $4.45 billion compared with $6.25 billion in 2018. Non-GAAP operating income,
which excludes the impact of impairments, amortization and other
items, was $7.31 billion in 2019
compared to $7.56 billion in 2018.
GAAP cash flow from operations for the full year of 2019 totaled
$7.24 billion. Cash flow from
operations for the full year of 2019 includes a one-time
$1.6 billion refund of taxes
previously paid on capital gains. The tax refund was accrued in a
prior period and the cash was received in the third quarter of
2019.
Fourth Quarter 2019 Financial Results
GAAP operating loss in the fourth quarter of 2019 was
$276.6 million. Non-GAAP operating
income in the fourth quarter of 2019 was $2.08 billion, an increase of 8.4 percent versus
the prior year quarter. GAAP cash flow from operations for the
fourth quarter of 2019 totaled $1.67
billion.
Operating Expenses
Total GAAP Selling, General and Administrative (SG&A)
Expense was $1.64 billion for the
fourth quarter of 2019, compared to $1.19
billion in the prior year quarter. Total non-GAAP SG&A
expense was $1.16 billion for the
fourth quarter of 2019, an increase of 1.9 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 fourth quarter of 2019 was $452.5 million, compared to $678.1 million in the fourth quarter of 2018.
Non-GAAP R&D investment for the fourth quarter of 2019 was
$414.8 million, a decrease of 4.9
percent compared to the prior year quarter.
Amortization, Tax and Capitalization
Amortization expense for the fourth quarter of 2019 was
$1.52 billion, compared to
$1.57 billion in the fourth quarter
of 2018. The Company's GAAP tax rate was 24.8 percent in the fourth
quarter of 2019. The Company's non-GAAP adjusted tax rate was 10.3
percent in the fourth quarter of 2019. As of December 31, 2019, Allergan had cash and
marketable securities of $5.91
billion and outstanding indebtedness of $22.6 billion.
Operating Charges and Impairments
Allergan recorded a pre-tax charge of $302.5 million in the three months ended
December 31, 2019 related to
settlements reached in principle by subsidiaries Warner Chilcott and Watson with direct and
indirect purchasers of LOESTRIN® 24 Fe and
MINASTRIN® 24 Fe, resolving class action litigations
pending in the U.S. District Court for the District of Rhode Island. Additionally, Allergan recorded
a pre-tax charge of $78.8 million in
the three months ended December 31,
2019 related to settlements reached in principle by its
Allergan Inc. subsidiary with a putative plaintiff class of direct
purchasers of RESTASIS®, as well as a group of
pharmaceutical retailers, in the previously disclosed direct
purchaser class action antitrust litigation pending in the U.S.
District Court for the Eastern District of New York. Also in the fourth quarter of 2019,
Allergan recorded a $314.0 million
GAAP intangible asset impairment related to CARAFATE®
due to the entry of a generic competitor. 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.
1 Core business = Promoted Brands & Brands
with Ongoing Exclusivity + Other Product Revenues & Other
Revenues (See Table 12)
FOURTH QUARTER 2019 BUSINESS SEGMENT
RESULTS
U.S. Specialized Therapeutics
U.S. Specialized Therapeutics net revenues were
$1.82 billion in the fourth quarter
of 2019, an increase of 0.7 percent versus the prior year quarter.
Demand growth in BOTOX® Therapeutic, BOTOX®
Cosmetic, ALLODERM®
and JUVÉDERM® Collection was offset by a decline
in sales of
CoolSculpting® and lower
RESTASIS® revenues compared to the prior
year quarter. Segment gross margin for the fourth
quarter of 2019 was 91.4 percent. Segment contribution for the
fourth quarter of 2019 was $1.24
billion.
Medical Aesthetics
- Facial Aesthetics
-
- BOTOX® Cosmetic net revenues in the fourth
quarter of 2019 were $271.8 million,
an increase of 5.3 percent from the prior year quarter. For
full-year 2019, BOTOX® Cosmetic net revenues were
$991.3 million, an increase of 9.3
percent from 2018.
- JUVÉDERM® Collection (defined as
JUVÉDERM®, VOLUMA® and other fillers) net
revenues in the fourth quarter of 2019 were $166.4 million, an increase of 5.1 percent versus
the prior year quarter. For full-year 2019, JUVÉDERM®
Collection net revenues were $587.5
million, an increase of 7.2 percent from 2018.
- Regenerative Medicine
-
- ALLODERM® net
revenues in the fourth quarter of 2019 were $104.7 million, an increase of 10.3 percent
versus the prior year quarter.
- Body Contouring
-
- CoolSculpting® net
revenues (including both
CoolSculpting®
Systems/Applicators and Consumables) in the
fourth quarter of 2019 were $53.3
million, a decrease of 34.4 percent from the
prior year quarter.
- CoolTone™ received regulatory clearance in
the U.S. in 2019 and full launch began in January 2020.
Neurosciences & Urology
- BOTOX® Therapeutic net revenues in the fourth
quarter of 2019 were $463.0 million,
an increase of 6.9 percent versus the prior year
quarter.
Eye Care
- RESTASIS® net revenues in the fourth quarter
of 2019 were $309.0 million, a
decrease of 4.9 percent versus the prior year quarter.
- ALPHAGAN®/COMBIGAN® net revenues in
the fourth quarter of 2019 were $94.5
million, a decrease of 3.3 percent versus the
prior year quarter.
- OZURDEX® net revenues in the fourth quarter of
2019 were $31.6 million, an increase
of 7.8 percent versus the prior year quarter.
U.S. General Medicine
U.S. General Medicine net revenues in the fourth quarter
of 2019 were $1.61 billion, an
increase of 15.2 percent versus the prior year quarter. Demand
growth in VRAYLAR®, LINZESS®,
VIIBRYD® and Lo LOESTRIN® was partially
offset by lower revenues from products that lost exclusivity.
Segment gross margin for the fourth quarter of 2019 was 82.1
percent. Segment contribution for the fourth quarter of 2019 was
$1.03 billion.
Central Nervous System
- VRAYLAR® net revenues were $283.1 million in the fourth quarter of 2019, an
increase of 88.1 percent from the prior year quarter. For
full-year 2019, VRAYLAR® net revenues were $857.5 million, an increase of 76.0 percent from
2018.
- VIIBRYD®/FETZIMA® net revenues in
the fourth quarter of 2019 were $114.2
million, an increase of 19.6 percent from the prior year
quarter.
Gastrointestinal, Women's Health & Diversified
Brands
- LINZESS® net revenues in the fourth quarter of
2019 were $231.2 million, an increase
of 12.7 percent versus the prior year quarter.
- Lo LOESTRIN® net revenues in the fourth
quarter of 2019 were $156.2 million,
an increase of 8.6 percent versus the prior year
quarter.
- BYSTOLIC®/BYVALSON® net revenues in
the fourth quarter of 2019 were $169.6
million, an increase of 11.8 percent from the prior year
quarter.
International
International net revenues in the fourth quarter of 2019
were $917.7 million, an increase of
8.1 percent versus the prior year quarter excluding foreign
exchange impact, partly due to growth in Facial Aesthetics,
BOTOX® Therapeutic and OZURDEX®. Segment
gross margin for the fourth quarter of 2019 was 83.8 percent.
Segment contribution was $515.8
million.
Facial Aesthetics
- BOTOX® Cosmetic net revenues in the fourth
quarter of 2019 were $182.9 million,
an increase of 19.8 percent versus the prior year quarter excluding
foreign exchange impact. For full-year 2019,
BOTOX® Cosmetic net revenues were $671.7 million, an increase of 11.2 percent from
2018 excluding foreign exchange impact.
- JUVÉDERM® Collection net revenues in the
fourth quarter of 2019 were $180.9
million, an increase of 5.7 percent versus the prior year
quarter excluding foreign exchange impact. For full-year 2019,
JUVÉDERM® Collection net revenues were $656.1 million, an increase of 12.1 percent from
2018 excluding foreign exchange impact.
Eye Care
- LUMIGAN®/GANFORT® net revenues in
the fourth quarter of 2019 were $95.6
million, an increase of 1.4 percent versus the prior year
quarter excluding foreign exchange impact.
- OZURDEX® net revenues in the fourth quarter of
2019 were $66.7 million, an increase
of 132.8 percent versus the prior year quarter excluding foreign
exchange impact. OZURDEX® growth was primarily related
to a return to full stock in 2019 following a 2018 recall of
OZURDEX® in certain international markets.
Botox® Therapeutic
- BOTOX® Therapeutic net revenues in the fourth
quarter of 2019 were $102.5 million,
an increase of 8.9 percent versus the prior year quarter excluding
foreign exchange impact.
PIPELINE UPDATE
Allergan R&D continues to advance its pipeline. During
the fourth quarter of 2019, the Company's key clinical developments
included:
- Allergan received approval from the U.S. Food and Drug
Administration (FDA) for the Company's New Drug Application (NDA)
for UBRELVY™ (ubrogepant) for the acute treatment of migraine with
or without aura in adults. UBRELVY™ is a first-in-class oral CGRP
receptor antagonist (gepant) for the treatment of migraine attacks
once they start. Launch began in January
2020.
- Allergan announced the FDA has granted Qualified
Infectious Disease Product (QIDP) Designation and Fast Track
Designation for ATM-AVI (aztreonam and avibactam) for the treatment
of antibiotic-resistant gram-negative infections including
complicated intra-abdominal infections (cIAI), complicated urinary
tract infections (cUTI) and hospital-acquired bacterial pneumonia
(HABP)/ventilator-associated bacterial pneumonia (VABP). ATM-AVI is
an investigational, fixed-dose, intravenous combination antibiotic
being developed jointly with Pfizer.
- The 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.
In addition to fourth quarter 2019 pipeline developments
listed above, Allergan expects two additional significant launches
in the next twelve months:
- 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.
- The FDA is currently reviewing 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 in 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.
UPDATE ON PROPOSED ABBVIE TRANSACTION
On January 10, 2020, AbbVie
and Allergan received conditional approval from the European
Commission for AbbVie's proposed acquisition of Allergan, subject
to the approved divestiture of brazikumab (IL-23 inhibitor) and
other conditions.
On January 27, 2020,
Allergan announced that it entered into definitive agreements to
divest brazikumab and ZENPEP® (pancrelipase) in
conjunction with the ongoing regulatory approval process for the
proposed transaction.
AstraZeneca will acquire brazikumab, currently in Phase
2b/3 development for Crohn's Disease
and in Phase 2 development for ulcerative colitis, including global
development and commercial rights.
Nestle will acquire and take full operational ownership of
ZENPEP® upon closing the transaction with customary
transition support from Allergan. ZENPEP® is a
treatment, which is available in the
United States, for exocrine pancreatic insufficiency due to
cystic fibrosis and other conditions. Nestle also will be acquiring
Viokace, another pancreatic enzyme preparation, as part of the same
transaction.
The closings of the divestitures of brazikumab and
ZENPEP® are contingent upon receipt of U.S. Federal
Trade Commission and European Commission approval, closing of
AbbVie's pending acquisition of Allergan and the satisfaction of
other customary closing conditions.
Allergan expects the close of the pending
AbbVie transaction around the end of the first quarter 2020,
subject to receipt of required regulatory approvals and other
closing conditions.
Due to the pending transaction, Allergan is not hosting a
conference call to discuss its fourth quarter and full-year 2019
results.
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 September 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
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
twelve months ended December 31, 2019 and 2018:
|
Table 1
|
|
|
|
ALLERGAN PLC
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
|
(Unaudited; in millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
Net
revenues
|
|
$
|
4,351.0
|
|
|
$
|
4,079.7
|
|
|
$
|
16,088.9
|
|
|
$
|
15,787.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
(excludes amortization and impairment of acquired
intangibles including product rights)
|
|
|
704.0
|
|
|
|
590.0
|
|
|
|
2,493.1
|
|
|
|
2,191.4
|
|
|
|
Research and
development
|
|
|
452.5
|
|
|
|
678.1
|
|
|
|
1,812.0
|
|
|
|
2,266.2
|
|
|
|
Selling, general and
administrative
|
|
|
1,639.6
|
|
|
|
1,193.6
|
|
|
|
5,943.5
|
|
|
|
4,521.8
|
|
|
|
Amortization
|
|
|
1,517.5
|
|
|
|
1,569.1
|
|
|
|
5,856.6
|
|
|
|
6,552.3
|
|
|
|
In-process research
and development impairments
|
|
|
-
|
|
|
|
6.6
|
|
|
|
436.0
|
|
|
|
804.6
|
|
|
|
Goodwill and other
asset impairments / sales, net
|
|
|
314.0
|
|
|
|
5,426.4
|
|
|
|
3,993.0
|
|
|
|
5,698.7
|
|
|
|
Total operating
expenses
|
|
|
4,627.6
|
|
|
|
9,463.8
|
|
|
|
20,534.2
|
|
|
|
22,035.0
|
|
|
|
Operating
(loss)
|
|
|
(276.6)
|
|
|
|
(5,384.1)
|
|
|
|
(4,445.3)
|
|
|
|
(6,247.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
25.3
|
|
|
|
11.6
|
|
|
|
76.8
|
|
|
|
45.2
|
|
|
|
Interest
(expense)
|
|
|
(191.9)
|
|
|
|
(210.2)
|
|
|
|
(783.0)
|
|
|
|
(911.2)
|
|
|
|
Other income
(expense), net
|
|
|
21.2
|
|
|
|
(9.9)
|
|
|
|
32.8
|
|
|
|
256.7
|
|
|
|
Total other income
(expense), net
|
|
|
(145.4)
|
|
|
|
(208.5)
|
|
|
|
(673.4)
|
|
|
|
(609.3)
|
|
|
|
(Loss) before income
taxes and noncontrolling interest
|
|
|
(422.0)
|
|
|
|
(5,592.6)
|
|
|
|
(5,118.7)
|
|
|
|
(6,856.9)
|
|
|
|
(Benefit) / provision
for income taxes
|
|
|
(104.7)
|
|
|
|
(1,296.7)
|
|
|
|
146.4
|
|
|
|
(1,770.7)
|
|
|
|
Net (loss)
|
|
|
(317.3)
|
|
|
|
(4,295.9)
|
|
|
|
(5,265.1)
|
|
|
|
(5,086.2)
|
|
|
|
Loss / (income)
attributable to noncontrolling interest
|
|
|
0.1
|
|
|
|
(4.0)
|
|
|
|
(5.9)
|
|
|
|
(10.2)
|
|
|
|
Net (loss)
attributable to shareholders
|
|
|
(317.2)
|
|
|
|
(4,299.9)
|
|
|
|
(5,271.0)
|
|
|
|
(5,096.4)
|
|
|
|
Dividends on
preferred shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
46.4
|
|
|
|
Net (loss)
attributable to ordinary shareholders
|
|
$
|
(317.2)
|
|
|
$
|
(4,299.9)
|
|
|
$
|
(5,271.0)
|
|
|
$
|
(5,142.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) per share
attributable to ordinary shareholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) per share
- basic
|
|
$
|
(0.97)
|
|
|
$
|
(12.83)
|
|
|
$
|
(16.02)
|
|
|
$
|
(15.26)
|
|
|
|
Net (loss) per share
- diluted
|
|
|
(0.97)
|
|
|
|
(12.83)
|
|
|
|
(16.02)
|
|
|
|
(15.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
328.4
|
|
|
|
335.1
|
|
|
|
329.0
|
|
|
|
337.0
|
|
|
|
Diluted
|
|
|
328.4
|
|
|
|
335.1
|
|
|
|
329.0
|
|
|
|
337.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products globally, within the U.S., and international for the three
and twelve months ended December 31, 2019 and 2018.
|
|
Table
2
|
|
ALLERGAN PLC
|
|
NET REVENUES TOP GLOBAL
PRODUCTS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2019
|
|
|
Three Months Ended December 31,
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®
|
|
$
|
734.8
|
|
|
$
|
-
|
|
|
$
|
285.4
|
|
|
$
|
-
|
|
|
$
|
1,020.2
|
|
|
$
|
691.4
|
|
|
$
|
-
|
|
|
$
|
254.5
|
|
|
$
|
-
|
|
|
$
|
945.9
|
|
|
$
|
74.3
|
|
|
|
7.9
|
%
|
Restasis®
|
|
|
309.0
|
|
|
|
-
|
|
|
|
18.7
|
|
|
|
-
|
|
|
|
327.7
|
|
|
|
325.0
|
|
|
|
-
|
|
|
|
16.6
|
|
|
|
-
|
|
|
|
341.6
|
|
|
|
(13.9)
|
|
|
|
(4.1)
|
%
|
Juvederm®
Collection
|
|
|
166.4
|
|
|
|
-
|
|
|
|
180.9
|
|
|
|
-
|
|
|
|
347.3
|
|
|
|
158.4
|
|
|
|
-
|
|
|
|
174.0
|
|
|
|
-
|
|
|
|
332.4
|
|
|
|
14.9
|
|
|
|
4.5
|
%
|
Lumigan®/Ganfort®
|
|
|
81.9
|
|
|
|
-
|
|
|
|
95.6
|
|
|
|
-
|
|
|
|
177.5
|
|
|
|
74.0
|
|
|
|
-
|
|
|
|
96.9
|
|
|
|
-
|
|
|
|
170.9
|
|
|
|
6.6
|
|
|
|
3.9
|
%
|
Linzess®/Constella®
|
|
|
-
|
|
|
|
231.2
|
|
|
|
6.8
|
|
|
|
-
|
|
|
|
238.0
|
|
|
|
-
|
|
|
|
205.2
|
|
|
|
6.4
|
|
|
|
-
|
|
|
|
211.6
|
|
|
|
26.4
|
|
|
|
12.5
|
%
|
Bystolic®/Byvalson®
|
|
|
-
|
|
|
|
169.6
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
170.2
|
|
|
|
-
|
|
|
|
151.7
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
152.1
|
|
|
|
18.1
|
|
|
|
11.9
|
%
|
Alphagan®/Combigan®
|
|
|
94.5
|
|
|
|
-
|
|
|
|
43.1
|
|
|
|
-
|
|
|
|
137.6
|
|
|
|
97.7
|
|
|
|
-
|
|
|
|
46.7
|
|
|
|
-
|
|
|
|
144.4
|
|
|
|
(6.8)
|
|
|
|
(4.7)
|
%
|
Lo
Loestrin®
|
|
|
-
|
|
|
|
156.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
156.2
|
|
|
|
-
|
|
|
|
143.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
143.8
|
|
|
|
12.4
|
|
|
|
8.6
|
%
|
Breast
Implants
|
|
|
67.1
|
|
|
|
-
|
|
|
|
15.1
|
|
|
|
-
|
|
|
|
82.2
|
|
|
|
68.2
|
|
|
|
-
|
|
|
|
10.5
|
|
|
|
-
|
|
|
|
78.7
|
|
|
|
3.5
|
|
|
|
4.4
|
%
|
Viibryd®/Fetzima®
|
|
|
-
|
|
|
|
114.2
|
|
|
|
3.6
|
|
|
|
-
|
|
|
|
117.8
|
|
|
|
-
|
|
|
|
95.5
|
|
|
|
2.3
|
|
|
|
-
|
|
|
|
97.8
|
|
|
|
20.0
|
|
|
|
20.4
|
%
|
Eye Drops
|
|
|
61.2
|
|
|
|
-
|
|
|
|
59.3
|
|
|
|
-
|
|
|
|
120.5
|
|
|
|
47.9
|
|
|
|
-
|
|
|
|
71.7
|
|
|
|
-
|
|
|
|
119.6
|
|
|
|
0.9
|
|
|
|
0.8
|
%
|
Asacol®/Delzicol®
|
|
|
-
|
|
|
|
8.5
|
|
|
|
8.9
|
|
|
|
-
|
|
|
|
17.4
|
|
|
|
-
|
|
|
|
27.9
|
|
|
|
10.7
|
|
|
|
-
|
|
|
|
38.6
|
|
|
|
(21.2)
|
|
|
|
(54.9)
|
%
|
Coolsculpting®
Consumables
|
|
|
36.4
|
|
|
|
-
|
|
|
|
16.6
|
|
|
|
-
|
|
|
|
53.0
|
|
|
|
54.5
|
|
|
|
-
|
|
|
|
23.4
|
|
|
|
-
|
|
|
|
77.9
|
|
|
|
(24.9)
|
|
|
|
(32.0)
|
%
|
Coolsculpting® Systems
& Add On
Applicators
|
|
|
16.9
|
|
|
|
-
|
|
|
|
8.8
|
|
|
|
-
|
|
|
|
25.7
|
|
|
|
26.8
|
|
|
|
-
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
48.3
|
|
|
|
(22.6)
|
|
|
|
(46.8)
|
%
|
Ozurdex®
|
|
|
31.6
|
|
|
|
-
|
|
|
|
66.7
|
|
|
|
-
|
|
|
|
98.3
|
|
|
|
29.3
|
|
|
|
-
|
|
|
|
29.6
|
|
|
|
-
|
|
|
|
58.9
|
|
|
|
39.4
|
|
|
|
66.9
|
%
|
Carafate®/Sulcrate®
|
|
|
-
|
|
|
|
46.9
|
|
|
|
0.9
|
|
|
|
-
|
|
|
|
47.8
|
|
|
|
-
|
|
|
|
54.1
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
54.8
|
|
|
|
(7.0)
|
|
|
|
(12.8)
|
%
|
Aczone®
|
|
|
2.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.7
|
|
|
|
1.8
|
|
|
n.m.
|
|
Zenpep®
|
|
|
-
|
|
|
|
80.8
|
|
|
|
0.5
|
|
|
|
-
|
|
|
|
81.3
|
|
|
|
-
|
|
|
|
66.8
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
67.2
|
|
|
|
14.1
|
|
|
|
21.0
|
%
|
Canasa®/Salofalk®
|
|
|
-
|
|
|
|
7.5
|
|
|
|
4.7
|
|
|
|
-
|
|
|
|
12.2
|
|
|
|
-
|
|
|
|
38.8
|
|
|
|
4.5
|
|
|
|
-
|
|
|
|
43.3
|
|
|
|
(31.1)
|
|
|
|
(71.8)
|
%
|
Vraylar®
|
|
|
-
|
|
|
|
283.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
283.1
|
|
|
|
-
|
|
|
|
150.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
150.5
|
|
|
|
132.6
|
|
|
|
88.1
|
%
|
Saphris®
|
|
|
-
|
|
|
|
36.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36.3
|
|
|
|
-
|
|
|
|
36.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36.8
|
|
|
|
(0.5)
|
|
|
|
(1.4)
|
%
|
Viberzi®
|
|
|
-
|
|
|
|
49.8
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
50.2
|
|
|
|
-
|
|
|
|
48.9
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
49.5
|
|
|
|
0.7
|
|
|
|
1.4
|
%
|
Teflaro®
|
|
|
-
|
|
|
|
38.1
|
|
|
|
3.7
|
|
|
|
-
|
|
|
|
41.8
|
|
|
|
-
|
|
|
|
30.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30.0
|
|
|
|
11.8
|
|
|
|
39.3
|
%
|
Namzaric®
|
|
|
-
|
|
|
|
20.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20.2
|
|
|
|
-
|
|
|
|
22.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.6
|
|
|
|
(2.4)
|
|
|
|
(10.6)
|
%
|
Rapaflo®
|
|
|
2.0
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
4.5
|
|
|
|
18.9
|
|
|
|
-
|
|
|
|
1.8
|
|
|
|
-
|
|
|
|
20.7
|
|
|
|
(16.2)
|
|
|
|
(78.3)
|
%
|
Skin Care
|
|
|
44.6
|
|
|
|
-
|
|
|
|
4.2
|
|
|
|
-
|
|
|
|
48.8
|
|
|
|
40.4
|
|
|
|
-
|
|
|
|
3.6
|
|
|
|
-
|
|
|
|
44.0
|
|
|
|
4.8
|
|
|
|
10.9
|
%
|
Kybella®/Belkyra®
|
|
|
6.3
|
|
|
|
-
|
|
|
|
0.8
|
|
|
|
-
|
|
|
|
7.1
|
|
|
|
7.2
|
|
|
|
-
|
|
|
|
1.0
|
|
|
|
-
|
|
|
|
8.2
|
|
|
|
(1.1)
|
|
|
|
(13.4)
|
%
|
Alloderm®
|
|
|
104.7
|
|
|
|
-
|
|
|
|
2.0
|
|
|
|
-
|
|
|
|
106.7
|
|
|
|
94.9
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
97.4
|
|
|
|
9.3
|
|
|
|
9.5
|
%
|
Dalvance®
|
|
|
-
|
|
|
|
26.4
|
|
|
|
2.4
|
|
|
|
-
|
|
|
|
28.8
|
|
|
|
-
|
|
|
|
17.3
|
|
|
|
1.0
|
|
|
|
-
|
|
|
|
18.3
|
|
|
|
10.5
|
|
|
|
57.4
|
%
|
Avycaz®
|
|
|
-
|
|
|
|
30.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30.7
|
|
|
|
-
|
|
|
|
24.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24.6
|
|
|
|
6.1
|
|
|
|
24.8
|
%
|
Liletta®
|
|
|
-
|
|
|
|
22.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.5
|
|
|
|
-
|
|
|
|
14.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14.6
|
|
|
|
7.9
|
|
|
|
54.1
|
%
|
Namenda®
|
|
|
-
|
|
|
|
3.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3.2
|
|
|
|
-
|
|
|
|
10.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10.7
|
|
|
|
(7.5)
|
|
|
|
(70.1)
|
%
|
Armour
Thyroid
|
|
|
-
|
|
|
|
57.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
57.4
|
|
|
|
-
|
|
|
|
53.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
53.4
|
|
|
|
4.0
|
|
|
|
7.5
|
%
|
Savella®
|
|
|
-
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
23.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23.6
|
|
|
|
(2.1)
|
|
|
|
(8.9)
|
%
|
Other Products
Revenues
|
|
|
61.3
|
|
|
|
206.6
|
|
|
|
85.5
|
|
|
|
1.4
|
|
|
|
354.8
|
|
|
|
73.6
|
|
|
|
181.1
|
|
|
|
88.8
|
|
|
|
2.8
|
|
|
|
346.3
|
|
|
|
8.5
|
|
|
|
2.5
|
%
|
Total Net Revenues
|
|
$
|
1,821.2
|
|
|
$
|
1,610.7
|
|
|
$
|
917.7
|
|
|
$
|
1.4
|
|
|
|
4,351.0
|
|
|
$
|
1,808.8
|
|
|
$
|
1,397.9
|
|
|
$
|
870.2
|
|
|
$
|
2.8
|
|
|
|
4,079.7
|
|
|
$
|
271.3
|
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Botox® is comprised of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
Therapeutics
|
|
|
463.0
|
|
|
|
-
|
|
|
|
102.5
|
|
|
|
-
|
|
|
|
565.5
|
|
|
|
433.3
|
|
|
|
-
|
|
|
|
96.7
|
|
|
|
-
|
|
|
|
530.0
|
|
|
|
35.5
|
|
|
|
6.7
|
%
|
Botox® Cosmetics
|
|
|
271.8
|
|
|
|
-
|
|
|
|
182.9
|
|
|
|
-
|
|
|
|
454.7
|
|
|
|
258.1
|
|
|
|
-
|
|
|
|
157.8
|
|
|
|
-
|
|
|
|
415.9
|
|
|
|
38.8
|
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2019
|
|
|
Twelve Months Ended December 31,
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®
|
|
$
|
2,730.5
|
|
|
$
|
-
|
|
|
$
|
1,060.8
|
|
|
$
|
-
|
|
|
$
|
3,791.3
|
|
|
$
|
2,545.8
|
|
|
$
|
-
|
|
|
$
|
1,031.6
|
|
|
$
|
-
|
|
|
$
|
3,577.4
|
|
|
$
|
213.9
|
|
|
|
6.0
|
%
|
Restasis®
|
|
|
1,138.4
|
|
|
|
-
|
|
|
|
50.2
|
|
|
|
-
|
|
|
|
1,188.6
|
|
|
|
1,197.0
|
|
|
|
-
|
|
|
|
64.5
|
|
|
|
-
|
|
|
|
1,261.5
|
|
|
|
(72.9)
|
|
|
|
(5.8)
|
%
|
Juvederm®
Collection
|
|
|
587.5
|
|
|
|
-
|
|
|
|
656.1
|
|
|
|
-
|
|
|
|
1,243.6
|
|
|
|
548.2
|
|
|
|
-
|
|
|
|
614.8
|
|
|
|
-
|
|
|
|
1,163.0
|
|
|
|
80.6
|
|
|
|
6.9
|
%
|
Lumigan®/Ganfort®
|
|
|
269.2
|
|
|
|
-
|
|
|
|
360.8
|
|
|
|
-
|
|
|
|
630.0
|
|
|
|
291.8
|
|
|
|
-
|
|
|
|
392.6
|
|
|
|
-
|
|
|
|
684.4
|
|
|
|
(54.4)
|
|
|
|
(7.9)
|
%
|
Linzess®/Constella®
|
|
|
-
|
|
|
|
803.2
|
|
|
|
23.8
|
|
|
|
-
|
|
|
|
827.0
|
|
|
|
-
|
|
|
|
761.1
|
|
|
|
24.1
|
|
|
|
-
|
|
|
|
785.2
|
|
|
|
41.8
|
|
|
|
5.3
|
%
|
Bystolic®/Byvalson®
|
|
|
-
|
|
|
|
600.6
|
|
|
|
2.1
|
|
|
|
-
|
|
|
|
602.7
|
|
|
|
-
|
|
|
|
583.8
|
|
|
|
2.0
|
|
|
|
-
|
|
|
|
585.8
|
|
|
|
16.9
|
|
|
|
2.9
|
%
|
Alphagan®/Combigan®
|
|
|
360.0
|
|
|
|
-
|
|
|
|
162.0
|
|
|
|
-
|
|
|
|
522.0
|
|
|
|
375.4
|
|
|
|
-
|
|
|
|
176.0
|
|
|
|
-
|
|
|
|
551.4
|
|
|
|
(29.4)
|
|
|
|
(5.3)
|
%
|
Lo
Loestrin®
|
|
|
-
|
|
|
|
588.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
588.9
|
|
|
|
-
|
|
|
|
527.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
527.7
|
|
|
|
61.2
|
|
|
|
11.6
|
%
|
Breast
Implants
|
|
|
254.4
|
|
|
|
-
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
255.0
|
|
|
|
263.0
|
|
|
|
-
|
|
|
|
130.1
|
|
|
|
-
|
|
|
|
393.1
|
|
|
|
(138.1)
|
|
|
|
(35.1)
|
%
|
Viibryd®/Fetzima®
|
|
|
-
|
|
|
|
412.1
|
|
|
|
11.4
|
|
|
|
-
|
|
|
|
423.5
|
|
|
|
-
|
|
|
|
342.4
|
|
|
|
7.2
|
|
|
|
-
|
|
|
|
349.6
|
|
|
|
73.9
|
|
|
|
21.1
|
%
|
Eye Drops
|
|
|
230.4
|
|
|
|
-
|
|
|
|
235.8
|
|
|
|
-
|
|
|
|
466.2
|
|
|
|
202.7
|
|
|
|
-
|
|
|
|
279.7
|
|
|
|
-
|
|
|
|
482.4
|
|
|
|
(16.2)
|
|
|
|
(3.4)
|
%
|
Asacol®/Delzicol®
|
|
|
-
|
|
|
|
76.7
|
|
|
|
36.1
|
|
|
|
-
|
|
|
|
112.8
|
|
|
|
-
|
|
|
|
130.8
|
|
|
|
45.7
|
|
|
|
-
|
|
|
|
176.5
|
|
|
|
(63.7)
|
|
|
|
(36.1)
|
%
|
Coolsculpting®
Consumables
|
|
|
185.3
|
|
|
|
-
|
|
|
|
76.3
|
|
|
|
-
|
|
|
|
261.6
|
|
|
|
235.3
|
|
|
|
-
|
|
|
|
64.2
|
|
|
|
-
|
|
|
|
299.5
|
|
|
|
(37.9)
|
|
|
|
(12.7)
|
%
|
Coolsculpting® Systems
& Add On
Applicators
|
|
|
62.8
|
|
|
|
-
|
|
|
|
42.4
|
|
|
|
-
|
|
|
|
105.2
|
|
|
|
126.3
|
|
|
|
-
|
|
|
|
43.3
|
|
|
|
-
|
|
|
|
169.6
|
|
|
|
(64.4)
|
|
|
|
(38.0)
|
%
|
Alloderm®
|
|
|
395.9
|
|
|
|
-
|
|
|
|
7.9
|
|
|
|
-
|
|
|
|
403.8
|
|
|
|
407.3
|
|
|
|
-
|
|
|
|
8.0
|
|
|
|
-
|
|
|
|
415.3
|
|
|
|
(11.5)
|
|
|
|
(2.8)
|
%
|
Ozurdex®
|
|
|
125.5
|
|
|
|
-
|
|
|
|
274.6
|
|
|
|
-
|
|
|
|
400.1
|
|
|
|
111.0
|
|
|
|
-
|
|
|
|
187.7
|
|
|
|
-
|
|
|
|
298.7
|
|
|
|
101.4
|
|
|
|
33.9
|
%
|
Carafate®/Sulcrate®
|
|
|
-
|
|
|
|
212.5
|
|
|
|
3.0
|
|
|
|
-
|
|
|
|
215.5
|
|
|
|
-
|
|
|
|
217.8
|
|
|
|
2.8
|
|
|
|
-
|
|
|
|
220.6
|
|
|
|
(5.1)
|
|
|
|
(2.3)
|
%
|
Aczone®
|
|
|
9.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9.3
|
|
|
|
55.1
|
|
|
|
-
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
55.5
|
|
|
|
(46.2)
|
|
|
|
(83.2)
|
%
|
Zenpep®
|
|
|
-
|
|
|
|
288.0
|
|
|
|
1.2
|
|
|
|
-
|
|
|
|
289.2
|
|
|
|
-
|
|
|
|
237.3
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
237.7
|
|
|
|
51.5
|
|
|
|
21.7
|
%
|
Canasa®/Salofalk®
|
|
|
-
|
|
|
|
31.5
|
|
|
|
16.8
|
|
|
|
-
|
|
|
|
48.3
|
|
|
|
-
|
|
|
|
169.2
|
|
|
|
17.6
|
|
|
|
-
|
|
|
|
186.8
|
|
|
|
(138.5)
|
|
|
|
(74.1)
|
%
|
Vraylar®
|
|
|
-
|
|
|
|
857.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
857.5
|
|
|
|
-
|
|
|
|
487.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
487.1
|
|
|
|
370.4
|
|
|
|
76.0
|
%
|
Saphris®
|
|
|
-
|
|
|
|
135.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
135.3
|
|
|
|
-
|
|
|
|
139.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
139.7
|
|
|
|
(4.4)
|
|
|
|
(3.1)
|
%
|
Viberzi®
|
|
|
-
|
|
|
|
187.9
|
|
|
|
1.6
|
|
|
|
-
|
|
|
|
189.5
|
|
|
|
-
|
|
|
|
176.5
|
|
|
|
1.3
|
|
|
|
-
|
|
|
|
177.8
|
|
|
|
11.7
|
|
|
|
6.6
|
%
|
Teflaro®
|
|
|
-
|
|
|
|
147.0
|
|
|
|
6.0
|
|
|
|
-
|
|
|
|
153.0
|
|
|
|
-
|
|
|
|
128.0
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
128.3
|
|
|
|
24.7
|
|
|
|
19.3
|
%
|
Namzaric®
|
|
|
-
|
|
|
|
88.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
88.6
|
|
|
|
-
|
|
|
|
115.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
115.8
|
|
|
|
(27.2)
|
|
|
|
(23.5)
|
%
|
Rapaflo®
|
|
|
23.5
|
|
|
|
-
|
|
|
|
6.0
|
|
|
|
-
|
|
|
|
29.5
|
|
|
|
81.9
|
|
|
|
-
|
|
|
|
6.4
|
|
|
|
-
|
|
|
|
88.3
|
|
|
|
(58.8)
|
|
|
|
(66.6)
|
%
|
Skin Care
|
|
|
158.0
|
|
|
|
-
|
|
|
|
14.6
|
|
|
|
-
|
|
|
|
172.6
|
|
|
|
138.8
|
|
|
|
-
|
|
|
|
15.2
|
|
|
|
-
|
|
|
|
154.0
|
|
|
|
18.6
|
|
|
|
12.1
|
%
|
Kybella®/Belkyra®
|
|
|
27.4
|
|
|
|
-
|
|
|
|
3.3
|
|
|
|
-
|
|
|
|
30.7
|
|
|
|
31.8
|
|
|
|
-
|
|
|
|
6.3
|
|
|
|
-
|
|
|
|
38.1
|
|
|
|
(7.4)
|
|
|
|
(19.4)
|
%
|
Dalvance®
|
|
|
-
|
|
|
|
81.9
|
|
|
|
6.0
|
|
|
|
-
|
|
|
|
87.9
|
|
|
|
-
|
|
|
|
56.1
|
|
|
|
2.3
|
|
|
|
-
|
|
|
|
58.4
|
|
|
|
29.5
|
|
|
|
50.5
|
%
|
Avycaz®
|
|
|
-
|
|
|
|
116.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
116.7
|
|
|
|
-
|
|
|
|
94.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
94.6
|
|
|
|
22.1
|
|
|
|
23.4
|
%
|
Liletta®
|
|
|
-
|
|
|
|
79.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
79.1
|
|
|
|
-
|
|
|
|
50.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50.9
|
|
|
|
28.2
|
|
|
|
55.4
|
%
|
Namenda®
|
|
|
-
|
|
|
|
22.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.8
|
|
|
|
-
|
|
|
|
71.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
71.0
|
|
|
|
(48.2)
|
|
|
|
(67.9)
|
%
|
Armour
Thyroid
|
|
|
-
|
|
|
|
218.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
218.5
|
|
|
|
-
|
|
|
|
198.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
198.8
|
|
|
|
19.7
|
|
|
|
9.9
|
%
|
Savella®
|
|
|
-
|
|
|
|
88.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
88.5
|
|
|
|
-
|
|
|
|
85.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
85.0
|
|
|
|
3.5
|
|
|
|
4.1
|
%
|
Other Products
Revenues
|
|
|
261.9
|
|
|
|
797.6
|
|
|
|
342.6
|
|
|
|
32.0
|
|
|
|
1,434.1
|
|
|
|
308.9
|
|
|
|
749.3
|
|
|
|
380.2
|
|
|
|
39.5
|
|
|
|
1,477.9
|
|
|
|
(43.8)
|
|
|
|
(3.0)
|
%
|
Total Net Revenues
|
|
$
|
6,820.0
|
|
|
$
|
5,834.9
|
|
|
$
|
3,402.0
|
|
|
$
|
32.0
|
|
|
|
16,088.9
|
|
|
$
|
6,920.3
|
|
|
$
|
5,322.9
|
|
|
$
|
3,504.7
|
|
|
$
|
39.5
|
|
|
|
15,787.4
|
|
|
$
|
301.5
|
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Botox® is comprised of the
following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
Therapeutics
|
|
|
1,739.2
|
|
|
|
-
|
|
|
|
389.1
|
|
|
|
-
|
|
|
|
2,128.3
|
|
|
|
1,638.5
|
|
|
|
-
|
|
|
|
390.4
|
|
|
|
-
|
|
|
|
2,028.9
|
|
|
|
99.4
|
|
|
|
4.9
|
%
|
Botox®
Cosmetics
|
|
|
991.3
|
|
|
|
-
|
|
|
|
671.7
|
|
|
|
-
|
|
|
|
1,663.0
|
|
|
|
907.3
|
|
|
|
-
|
|
|
|
641.2
|
|
|
|
-
|
|
|
|
1,548.5
|
|
|
|
114.5
|
|
|
|
7.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
presents Allergan plc's Condensed Consolidated Balance Sheets as of
December 31, 2019 and December 31, 2018.
|
|
Table 3
|
|
ALLERGAN PLC
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(Unaudited; in millions)
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
2,503.3
|
|
|
$
|
880.4
|
|
Marketable
securities
|
|
|
3,411.6
|
|
|
|
1,026.9
|
|
Accounts receivable,
net
|
|
|
3,192.3
|
|
|
|
2,868.1
|
|
Inventories
|
|
|
1,133.1
|
|
|
|
846.9
|
|
Prepaid expenses and
other current assets
|
|
|
886.4
|
|
|
|
819.1
|
|
Assets held for
sale
|
|
|
31.7
|
|
|
|
916.2
|
|
Property, plant and
equipment, net
|
|
|
1,926.5
|
|
|
|
1,787.0
|
|
Investments and other
assets
|
|
|
984.9
|
|
|
|
3,034.3
|
|
Right of use asset -
operating leases
|
|
|
490.4
|
|
|
|
-
|
|
Product rights and
other intangibles
|
|
|
37,890.6
|
|
|
|
43,695.4
|
|
Goodwill
|
|
|
42,248.3
|
|
|
|
45,913.3
|
|
Total
assets
|
|
$
|
94,699.1
|
|
|
$
|
101,787.6
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$
|
6,413.8
|
|
|
$
|
4,859.6
|
|
Lease
liability
|
|
|
570.5
|
|
|
$
|
-
|
|
Current and long-term
debt and capital leases
|
|
|
22,649.0
|
|
|
|
23,797.7
|
|
Deferred income taxes
and other liabilities
|
|
|
6,869.4
|
|
|
|
7,999.3
|
|
Total
equity
|
|
|
58,196.4
|
|
|
|
65,131.0
|
|
Total liabilities and
equity
|
|
$
|
94,699.1
|
|
|
$
|
101,787.6
|
|
The following table
presents Allergan plc's Condensed Consolidated Statements of Cash
Flows for the three and twelve months ended December 31, 2019 and
2018.
|
|
Table 4
|
|
ALLERGAN PLC
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
|
|
|
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Twelve Months Ended December
31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Cash Flows From Operating
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
|
|
$
|
(317.3)
|
|
|
$
|
(4,295.9)
|
|
|
$
|
(5,265.1)
|
|
|
$
|
(5,086.2)
|
|
Reconciliation to net
cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
53.9
|
|
|
|
46.6
|
|
|
|
204.5
|
|
|
|
196.3
|
|
Amortization
|
|
|
1,517.5
|
|
|
|
1,569.1
|
|
|
|
5,856.6
|
|
|
|
6,552.3
|
|
Provision for
inventory reserve
|
|
|
32.4
|
|
|
|
21.5
|
|
|
|
160.2
|
|
|
|
96.4
|
|
Share-based
compensation
|
|
|
52.6
|
|
|
|
54.6
|
|
|
|
214.3
|
|
|
|
239.8
|
|
Deferred income tax
benefit
|
|
|
(295.6)
|
|
|
|
107.1
|
|
|
|
(660.9)
|
|
|
|
(1,255.7)
|
|
In-process research
and development impairments
|
|
|
-
|
|
|
|
6.6
|
|
|
|
436.0
|
|
|
|
804.6
|
|
Loss on asset sales
and impairments, net
|
|
|
314.0
|
|
|
|
5,426.4
|
|
|
|
3,993.0
|
|
|
|
5,698.7
|
|
Gain on forward sale
of Teva shares
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(60.9)
|
|
Gain on sale of
businesses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(182.6)
|
|
Non-cash
extinguishment of debt
|
|
|
-
|
|
|
|
12.6
|
|
|
|
0.2
|
|
|
|
30.0
|
|
Cash charge related to
extinguishment of debt
|
|
|
-
|
|
|
|
(27.4)
|
|
|
|
-
|
|
|
|
(45.6)
|
|
Amortization of
deferred financing costs
|
|
|
4.2
|
|
|
|
5.2
|
|
|
|
17.5
|
|
|
|
22.6
|
|
Non-cash lease
expense
|
|
|
37.4
|
|
|
|
-
|
|
|
|
130.9
|
|
|
|
-
|
|
Contingent
consideration adjustments, including accretion
|
|
|
4.6
|
|
|
|
6.6
|
|
|
|
54.1
|
|
|
|
(106.5)
|
|
Other, net
|
|
|
(3.2)
|
|
|
|
28.5
|
|
|
|
(5.5)
|
|
|
|
29.0
|
|
Changes in assets and
liabilities (net of effects of acquisitions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease / (increase)
in accounts receivable, net
|
|
|
(174.2)
|
|
|
|
(54.0)
|
|
|
|
(358.8)
|
|
|
|
(37.0)
|
|
Decrease / (increase)
in inventories
|
|
|
(64.5)
|
|
|
|
(9.5)
|
|
|
|
(393.4)
|
|
|
|
(145.7)
|
|
Decrease / (increase)
in prepaid expenses and other current assets
|
|
|
(41.9)
|
|
|
|
9.7
|
|
|
|
(78.1)
|
|
|
|
4.3
|
|
Increase / (decrease)
in accounts payable and accrued expenses
|
|
|
559.5
|
|
|
|
197.7
|
|
|
|
1,434.4
|
|
|
|
151.6
|
|
Increase / (decrease)
in income and other taxes payable
|
|
|
59.2
|
|
|
|
(1,607.1)
|
|
|
|
1,697.9
|
|
|
|
(1,191.6)
|
|
Increase / (decrease)
in other assets and liabilities
|
|
|
(68.3)
|
|
|
|
0.3
|
|
|
|
(199.1)
|
|
|
|
(73.7)
|
|
Net cash provided by
operating activities
|
|
|
1,670.3
|
|
|
|
1,498.6
|
|
|
|
7,238.7
|
|
|
|
5,640.1
|
|
Cash Flows From Investing
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
property, plant and equipment
|
|
|
(121.9)
|
|
|
|
(88.4)
|
|
|
|
(375.2)
|
|
|
|
(253.5)
|
|
Additions to product
rights and other intangibles
|
|
|
(12.3)
|
|
|
|
-
|
|
|
|
(58.3)
|
|
|
|
-
|
|
Additions to
investments
|
|
|
(200.0)
|
|
|
|
(1,015.3)
|
|
|
|
(3,938.0)
|
|
|
|
(2,471.7)
|
|
Proceeds from sale of
investments and other assets
|
|
|
102.9
|
|
|
|
58.0
|
|
|
|
1,569.6
|
|
|
|
6,259.3
|
|
Payments to settle
Teva related matters
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(466.0)
|
|
Proceeds from sales
of property, plant and equipment
|
|
|
5.2
|
|
|
|
5.8
|
|
|
|
23.7
|
|
|
|
30.4
|
|
Acquisitions of
businesses, net of cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
(80.6)
|
|
|
|
-
|
|
Net cash (used in) /
provided by investing activities
|
|
|
(226.1)
|
|
|
|
(1,039.9)
|
|
|
|
(2,858.8)
|
|
|
|
3,098.5
|
|
Cash Flows From Financing
Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from
borrowings on long-term indebtedness, including credit
facility
|
|
|
8.6
|
|
|
|
1,939.8
|
|
|
|
11.9
|
|
|
|
2,657.0
|
|
Proceeds from Forward
Sale of Teva securities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
465.5
|
|
Debt issuance and
other financing costs
|
|
|
-
|
|
|
|
(10.4)
|
|
|
|
-
|
|
|
|
(10.4)
|
|
Payments on debt,
including capital lease obligations
|
|
|
-
|
|
|
|
(1,688.6)
|
|
|
|
(1,044.9)
|
|
|
|
(8,804.5)
|
|
Proceeds from stock
plans
|
|
|
46.2
|
|
|
|
4.2
|
|
|
|
91.2
|
|
|
|
102.4
|
|
Other financing,
including contingent consideration
|
|
|
(3.0)
|
|
|
|
(9.2)
|
|
|
|
(9.3)
|
|
|
|
(30.9)
|
|
Payments to settle
Teva related matters
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(234.0)
|
|
Repurchase of
ordinary shares
|
|
|
(6.3)
|
|
|
|
(751.9)
|
|
|
|
(840.6)
|
|
|
|
(2,775.4)
|
|
Dividends
|
|
|
(243.0)
|
|
|
|
(241.7)
|
|
|
|
(974.4)
|
|
|
|
(1,049.8)
|
|
Net cash (used in)
financing activities
|
|
|
(197.5)
|
|
|
|
(757.8)
|
|
|
|
(2,766.1)
|
|
|
|
(9,680.1)
|
|
Effect of currency
exchange rate changes on cash
and cash
equivalents
|
|
|
19.1
|
|
|
|
(8.4)
|
|
|
|
9.1
|
|
|
|
4.7
|
|
Net increase /
(decrease) in cash and cash equivalents
|
|
|
1,265.8
|
|
|
|
(307.5)
|
|
|
|
1,622.9
|
|
|
|
(936.8)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
1,237.5
|
|
|
|
1,187.9
|
|
|
|
880.4
|
|
|
|
1,817.2
|
|
Cash and cash
equivalents at end of period
|
|
$
|
2,503.3
|
|
|
$
|
880.4
|
|
|
$
|
2,503.3
|
|
|
$
|
880.4
|
|
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
December 31, 2019 and December 31, 2018 was $39.6 billion and $32.3
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 twelve months
ended December 31, 2019 and 2018:
|
|
Table 5
|
|
ALLERGAN PLC
|
|
GAAP TO NON-GAAP ADJUSTMENTS
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2019
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research &
Development
|
|
|
Selling &
Marketing
|
|
|
General &
Administrative
|
|
|
Amortization
|
|
|
Asset sales & Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
4,351.0
|
|
|
$
|
704.0
|
|
|
$
|
452.5
|
|
|
$
|
883.0
|
|
|
$
|
756.6
|
|
|
$
|
1,517.5
|
|
|
$
|
314.0
|
|
|
$
|
(166.6)
|
|
|
$
|
21.2
|
|
|
$
|
(104.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
-
|
|
|
|
(2.3)
|
|
|
|
0.1
|
|
|
|
(1.4)
|
|
|
|
4.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
(4.9)
|
|
|
|
(0.7)
|
|
|
|
(13.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
the AbbVie transaction
|
|
|
-
|
|
|
|
(4.1)
|
|
|
|
(3.1)
|
|
|
|
(31.2)
|
|
|
|
(34.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(27.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
(2.2)
|
|
|
|
(2.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Carafate intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(314.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5.8)
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(401.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
-
|
|
|
|
1.8
|
|
|
|
(1,517.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
239.9
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
63.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
4,351.0
|
|
|
$
|
694.8
|
|
|
$
|
414.8
|
|
|
$
|
849.1
|
|
|
$
|
313.1
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(172.4)
|
|
|
$
|
21.2
|
|
|
$
|
198.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2018
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research & Development
|
|
|
Selling & Marketing
|
|
|
General & Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
4,079.7
|
|
|
$
|
590.0
|
|
|
$
|
678.1
|
|
|
$
|
841.6
|
|
|
$
|
352.0
|
|
|
$
|
1,569.1
|
|
|
$
|
5,433.0
|
|
|
$
|
(198.6)
|
|
|
$
|
(9.9)
|
|
|
$
|
(1,296.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
(0.6)
|
|
|
|
(1.4)
|
|
|
|
(0.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.6)
|
|
|
|
-
|
|
|
|
(2.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(5.2)
|
|
|
|
(0.1)
|
|
|
|
(20.3)
|
|
|
|
0.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
0.5
|
|
|
|
-
|
|
|
|
0.2
|
|
|
|
(1.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
(0.1)
|
|
|
|
0.2
|
|
|
|
-
|
|
|
|
(10.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonti,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(196.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Editas Medicine,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(25.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(16.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
(3.7)
|
|
|
|
(2.9)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5.5)
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Kybella® intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,643.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
TrueTear® intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(187.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
goodwill
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,841.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Anti-Infectives held for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(771.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
25.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of assets
held for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(14.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Loss on bond
repurchases
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(13.9)
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(16.4)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
(0.9)
|
|
|
|
(1,569.1)
|
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
|
|
(2.0)
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
658.8
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
879.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
4,079.7
|
|
|
$
|
581.3
|
|
|
$
|
436.1
|
|
|
$
|
820.1
|
|
|
$
|
320.3
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(204.2)
|
|
|
$
|
(25.8)
|
|
|
$
|
241.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31,
2019 was impacted by income earned in jurisdictions with tax rates
lower than the Irish statutory rate, partially offset by U.S.
income taxed at rates higher than the Irish statutory
rate.
The non-GAAP
effective tax rate for the three months ended December 31, 2019
excludes a net discrete tax benefit of $63.2 million related to a
change in valuation allowance and the tax effects of integration
activities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
Twelve Months Ended December 31,
2019
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research &
Development
|
|
|
Selling &
Marketing
|
|
|
General &
Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
16,088.9
|
|
|
$
|
2,493.1
|
|
|
$
|
1,812.0
|
|
|
$
|
3,461.7
|
|
|
$
|
2,481.8
|
|
|
$
|
5,856.6
|
|
|
$
|
4,429.0
|
|
|
$
|
(706.2)
|
|
|
$
|
32.8
|
|
|
$
|
146.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(0.9)
|
|
|
|
(1.1)
|
|
|
|
(2.8)
|
|
|
|
(0.9)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(8.3)
|
|
|
|
0.9
|
|
|
|
(4.0)
|
|
|
|
(4.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
(0.2)
|
|
|
|
(5.4)
|
|
|
|
(1.5)
|
|
|
|
(23.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
the AbbVie transaction
|
|
|
-
|
|
|
|
(4.6)
|
|
|
|
(5.0)
|
|
|
|
(49.9)
|
|
|
|
(86.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestones and
upfront expenses for asset acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Akarna Therapeutics,
Ltd
|
|
|
-
|
|
|
|
-
|
|
|
|
(10.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
RetroSense
Therapeutics, LLC
|
|
|
-
|
|
|
|
-
|
|
|
|
(20.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(53.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
(44.6)
|
|
|
|
(9.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(22.2)
|
|
|
|
-
|
|
|
|
-
|
|
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)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Carafate intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(314.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,167.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Milestone component
of ongoing intellectual property
agreement
|
|
|
(25.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
(0.2)
|
|
|
|
(0.1)
|
|
|
|
-
|
|
|
|
(1.2)
|
|
|
|
(5,856.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,022.5
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(394.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
16,063.9
|
|
|
$
|
2,434.3
|
|
|
$
|
1,708.6
|
|
|
$
|
3,403.5
|
|
|
$
|
1,197.1
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(728.4)
|
|
|
$
|
32.5
|
|
|
$
|
774.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2018
|
|
|
|
Net
Revenue
|
|
|
COGS
|
|
|
Research & Development
|
|
|
Selling & Marketing
|
|
|
General & Administrative
|
|
|
Amortization
|
|
|
Asset sales &
Impairments,
net
|
|
|
Interest
expense,
net
|
|
|
Other
income
(expense)
|
|
|
Income
taxes
|
|
GAAP
|
|
$
|
15,787.4
|
|
|
$
|
2,191.4
|
|
|
$
|
2,266.2
|
|
|
$
|
3,250.6
|
|
|
$
|
1,271.2
|
|
|
$
|
6,552.3
|
|
|
$
|
6,503.3
|
|
|
$
|
(866.0)
|
|
|
$
|
256.7
|
|
|
$
|
(1,770.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase accounting
impact on stock-based compensation for
acquired awards
|
|
|
-
|
|
|
|
(2.1)
|
|
|
|
(4.8)
|
|
|
|
(8.6)
|
|
|
|
(2.9)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Severance due to
integration of acquired entities
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.6)
|
|
|
|
(0.7)
|
|
|
|
(3.3)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-acquisition
related severance and restructuring
|
|
|
-
|
|
|
|
(33.7)
|
|
|
|
(1.9)
|
|
|
|
(38.8)
|
|
|
|
(5.4)
|
|
|
|
-
|
|
|
|
(13.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Costs associated with
disposed businesses
|
|
|
-
|
|
|
|
(1.0)
|
|
|
|
-
|
|
|
|
0.2
|
|
|
|
(4.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Integration charges
of acquired businesses
|
|
|
-
|
|
|
|
(0.3)
|
|
|
|
(0.6)
|
|
|
|
(1.0)
|
|
|
|
(43.5)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
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)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Bonti,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(196.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Editas Medicine,
Inc.
|
|
|
-
|
|
|
|
-
|
|
|
|
(40.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
|
|
|
-
|
|
|
|
-
|
|
|
|
(33.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
-
|
|
|
|
111.7
|
|
|
|
(5.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Non-cash amortization
of debt premium recognized in
purchase accounting
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(21.2)
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Kybella® intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,643.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
TrueTear® intangible asset
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(187.6)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
goodwill
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,841.1)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of
Anti-Infectives held for sale
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(771.7)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
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
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(266.2)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Impairment of RORgt
IPR&D product
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(522.0)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Asset sales and
impairments, other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
18.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
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
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(15.6)
|
|
|
|
-
|
|
Litigation settlement
related charges
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(56.8)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Other
adjustments
|
|
|
-
|
|
|
|
0.1
|
|
|
|
0.2
|
|
|
|
-
|
|
|
|
(2.0)
|
|
|
|
(6,552.3)
|
|
|
|
0.3
|
|
|
|
(0.1)
|
|
|
|
(5.7)
|
|
|
|
-
|
|
Income taxes on
pre-tax adjustments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,506.1
|
|
Discrete income tax
events
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1,213.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted
|
|
$
|
15,762.4
|
|
|
$
|
2,266.1
|
|
|
$
|
1,574.5
|
|
|
$
|
3,201.7
|
|
|
$
|
1,153.2
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
(887.3)
|
|
|
$
|
(7.8)
|
|
|
$
|
949.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 twelve months ended December 31,
2019 was impacted by income earned in jurisdictions with tax rates
lower than the Irish statutory rate, partially offset by U.S.
income taxed at rates higher than the Irish statutory
rate.
The non-GAAP
effective tax rate for the twelve months ended December 31, 2019
excludes a net discrete tax detriment of $394.0 million related to
a change in valuation allowance partially offset by the tax impacts
of 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) 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 twelve months ended December 31,
2019 and 2018:
|
|
Table 6
|
|
ALLERGAN PLC
|
|
|
|
|
|
|
|
RECONCILIATION TABLE
|
|
|
|
|
|
|
|
(Unaudited; in millions except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP Performance net income
calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss)
attributable to ordinary shareholders
|
|
$
|
(317.2)
|
|
|
$
|
(4,299.9)
|
|
|
$
|
(5,271.0)
|
|
|
$
|
(5,096.4)
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization
|
|
|
1,517.5
|
|
|
|
1,569.1
|
|
|
|
5,856.6
|
|
|
|
6,552.3
|
|
Acquisition,
divestiture and licensing (income) /
charges
|
|
|
112.9
|
|
|
|
249.9
|
|
|
|
220.5
|
|
|
|
485.7
|
|
Accretion and
fair-value adjustments to contingent
consideration
|
|
|
4.6
|
|
|
|
6.6
|
|
|
|
54.1
|
|
|
|
(106.6)
|
|
Goodwill and other
impairments and asset sales, net
and related costs
|
|
|
314.0
|
|
|
|
5,433.0
|
|
|
|
4,429.0
|
|
|
|
6,503.3
|
|
Other
|
|
|
-
|
|
|
|
(15.9)
|
|
|
|
-
|
|
|
|
(42.6)
|
|
Non-acquisition
restructurings, including Global Supply
Chain initiatives
|
|
|
(0.6)
|
|
|
|
25.4
|
|
|
|
15.7
|
|
|
|
79.8
|
|
Legal
settlements
|
|
|
401.6
|
|
|
|
16.4
|
|
|
|
1,167.3
|
|
|
|
56.8
|
|
Income taxes on items
above and other discrete
income tax adjustments
|
|
|
(303.1)
|
|
|
|
(1,538.6)
|
|
|
|
(628.5)
|
|
|
|
(2,719.9)
|
|
Non-GAAP performance
net income attributable to
shareholders
|
|
$
|
1,729.7
|
|
|
$
|
1,446.0
|
|
|
$
|
5,843.7
|
|
|
$
|
5,712.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) per
share from continuing operations
attributable to shareholders- GAAP
|
|
$
|
(0.97)
|
|
|
$
|
(12.83)
|
|
|
$
|
(16.02)
|
|
|
$
|
(15.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP performance
net income per share attributable
to shareholders
|
|
$
|
5.22
|
|
|
$
|
4.29
|
|
|
$
|
17.64
|
|
|
$
|
16.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average
ordinary shares outstanding
|
|
|
328.4
|
|
|
|
335.1
|
|
|
|
329.0
|
|
|
|
337.0
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dilutive
shares
|
|
|
2.9
|
|
|
|
2.3
|
|
|
|
2.2
|
|
|
|
5.2
|
|
Diluted weighted
average ordinary shares outstanding
|
|
|
331.3
|
|
|
|
337.4
|
|
|
|
331.2
|
|
|
|
342.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We define adjusted
EBITDA as an amount equal to consolidated net income / (loss)
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) attributable to shareholders for the three and twelve months
ended December 31, 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
|
|
|
Twelve Months Ended
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss)
attributable to ordinary shareholders
|
|
$
|
(317.2)
|
|
|
$
|
(4,299.9)
|
|
|
$
|
(5,271.0)
|
|
|
$
|
(5,096.4)
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
191.9
|
|
|
|
210.2
|
|
|
|
783.0
|
|
|
|
911.2
|
|
|
Interest
income
|
|
|
(25.3)
|
|
|
|
(11.6)
|
|
|
|
(76.8)
|
|
|
|
(45.2)
|
|
|
Provision / (benefit)
for income taxes
|
|
|
(104.7)
|
|
|
|
(1,296.7)
|
|
|
|
146.4
|
|
|
|
(1,770.7)
|
|
|
Depreciation
|
|
|
53.9
|
|
|
|
46.6
|
|
|
|
204.5
|
|
|
|
196.3
|
|
|
Amortization
|
|
|
1,517.5
|
|
|
|
1,569.1
|
|
|
|
5,856.6
|
|
|
|
6,552.3
|
|
|
EBITDA
|
|
$
|
1,316.1
|
|
|
$
|
(3,782.3)
|
|
|
$
|
1,642.7
|
|
|
$
|
747.5
|
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition,
divestiture and licensing charges
|
|
|
117.5
|
|
|
|
252.7
|
|
|
|
237.0
|
|
|
|
480.3
|
|
|
Goodwill and other
impairments and asset sales, net and
related costs
|
|
|
314.0
|
|
|
|
5,433.0
|
|
|
|
4,429.0
|
|
|
|
6,503.3
|
|
|
Other
|
|
|
-
|
|
|
|
(15.9)
|
|
|
|
-
|
|
|
|
(42.6)
|
|
|
Non-acquisition
restructurings, including Global Supply Chain
initiatives, excluding depreciation
|
|
|
(0.6)
|
|
|
|
25.4
|
|
|
|
15.7
|
|
|
|
75.6
|
|
|
Legal
settlements
|
|
|
401.6
|
|
|
|
16.4
|
|
|
|
1,167.3
|
|
|
|
56.8
|
|
|
Accretion and
fair-value adjustments to contingent consideration
|
|
|
4.6
|
|
|
|
6.6
|
|
|
|
54.1
|
|
|
|
(106.6)
|
|
|
Share-based
compensation including cash settlements
|
|
|
52.6
|
|
|
|
54.6
|
|
|
|
214.3
|
|
|
|
239.8
|
|
|
Adjusted
EBITDA
|
|
$
|
2,205.8
|
|
|
$
|
1,990.5
|
|
|
$
|
7,760.1
|
|
|
$
|
7,954.1
|
|
|
Adjusted
for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
(53.9)
|
|
|
|
(46.6)
|
|
|
|
(204.5)
|
|
|
|
(192.1)
|
|
|
Other income (expense)
related to fair value accounting
|
|
|
(21.2)
|
|
|
|
25.8
|
|
|
|
(32.5)
|
|
|
|
7.0
|
|
|
Share-based
compensation not related to restructuring
charges and purchase accounting impact on stock-based
compensation for acquired awards
|
|
|
(51.4)
|
|
|
|
(51.9)
|
|
|
|
(208.6)
|
|
|
|
(213.2)
|
|
|
Non-GAAP Operating
Income
|
|
$
|
2,079.3
|
|
|
$
|
1,917.8
|
|
|
$
|
7,314.5
|
|
|
$
|
7,555.8
|
|
|
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 twelve months ended December 31, 2019 and
2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 8
|
|
ALLERGAN PLC
|
|
Segment Contribution to Non-GAAP Allergan plc
Contribution
|
|
(Unaudited; $ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
2019
|
|
|
Three Months Ended December 31,
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
|
$
|
1,821.2
|
|
|
$
|
1,610.7
|
|
|
$
|
917.7
|
|
|
$
|
1.4
|
|
|
$
|
4,351.0
|
|
|
$
|
1,808.8
|
|
|
$
|
1,397.9
|
|
|
$
|
870.2
|
|
|
$
|
2.8
|
|
|
$
|
4,079.7
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
156.0
|
|
|
|
287.8
|
|
|
|
148.4
|
|
|
|
102.6
|
|
|
|
694.8
|
|
|
|
139.3
|
|
|
|
195.1
|
|
|
|
146.1
|
|
|
|
100.8
|
|
|
|
581.3
|
|
Selling and
marketing
|
|
376.1
|
|
|
|
256.4
|
|
|
|
216.6
|
|
|
|
-
|
|
|
|
849.1
|
|
|
|
378.1
|
|
|
|
211.1
|
|
|
|
230.8
|
|
|
|
0.1
|
|
|
|
820.1
|
|
General and
administrative
|
|
47.8
|
|
|
|
41.5
|
|
|
|
36.9
|
|
|
|
186.9
|
|
|
|
313.1
|
|
|
|
59.7
|
|
|
|
45.1
|
|
|
|
41.3
|
|
|
|
174.2
|
|
|
|
320.3
|
|
Segment
contribution
|
$
|
1,241.3
|
|
|
$
|
1,025.0
|
|
|
$
|
515.8
|
|
|
$
|
(288.1)
|
|
|
$
|
2,494.0
|
|
|
$
|
1,231.7
|
|
|
$
|
946.6
|
|
|
$
|
452.0
|
|
|
$
|
(272.3)
|
|
|
$
|
2,358.0
|
|
Segment
margin
|
|
68.2
|
%
|
|
|
63.6
|
%
|
|
|
56.2
|
%
|
|
n.m.
|
|
|
|
57.3
|
%
|
|
|
68.1
|
%
|
|
|
67.7
|
%
|
|
|
51.9
|
%
|
|
n.m.
|
|
|
|
57.8
|
%
|
Segment gross
margin(2)
|
|
91.4
|
%
|
|
|
82.1
|
%
|
|
|
83.8
|
%
|
|
n.m.
|
|
|
|
84.0
|
%
|
|
|
92.3
|
%
|
|
|
86.0
|
%
|
|
|
83.2
|
%
|
|
n.m.
|
|
|
|
85.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31,
2019
|
|
|
Twelve Months Ended December 31,
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
|
$
|
6,820.0
|
|
|
$
|
5,834.9
|
|
|
$
|
3,402.0
|
|
|
$
|
7.0
|
|
|
$
|
16,063.9
|
|
|
$
|
6,920.3
|
|
|
$
|
5,322.9
|
|
|
$
|
3,504.7
|
|
|
$
|
14.5
|
|
|
$
|
15,762.4
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
578.2
|
|
|
|
954.8
|
|
|
|
548.3
|
|
|
|
353.0
|
|
|
|
2,434.3
|
|
|
|
565.2
|
|
|
|
799.1
|
|
|
|
537.1
|
|
|
|
364.7
|
|
|
|
2,266.1
|
|
Selling and
marketing
|
|
1,490.4
|
|
|
|
978.2
|
|
|
|
934.7
|
|
|
|
0.2
|
|
|
|
3,403.5
|
|
|
|
1,348.3
|
|
|
|
924.6
|
|
|
|
928.7
|
|
|
|
0.1
|
|
|
|
3,201.7
|
|
General and
administrative
|
|
190.1
|
|
|
|
160.7
|
|
|
|
117.0
|
|
|
|
729.3
|
|
|
|
1,197.1
|
|
|
|
205.3
|
|
|
|
156.4
|
|
|
|
141.7
|
|
|
|
649.8
|
|
|
|
1,153.2
|
|
Segment
contribution
|
$
|
4,561.3
|
|
|
$
|
3,741.2
|
|
|
$
|
1,802.0
|
|
|
$
|
(1,075.5)
|
|
|
$
|
9,029.0
|
|
|
$
|
4,801.5
|
|
|
$
|
3,442.8
|
|
|
$
|
1,897.2
|
|
|
$
|
(1,000.1)
|
|
|
$
|
9,141.4
|
|
Segment
margin
|
|
66.9
|
%
|
|
|
64.1
|
%
|
|
|
53.0
|
%
|
|
n.m.
|
|
|
|
56.2
|
%
|
|
|
69.4
|
%
|
|
|
64.7
|
%
|
|
|
54.1
|
%
|
|
n.m.
|
|
|
|
58.0
|
%
|
Segment gross
margin(2)
|
|
91.5
|
%
|
|
|
83.6
|
%
|
|
|
83.9
|
%
|
|
n.m.
|
|
|
|
84.8
|
%
|
|
|
91.8
|
%
|
|
|
85.0
|
%
|
|
|
84.7
|
%
|
|
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 twelve months ended December 31, 2019 and
2018.
|
|
Table 9
|
|
ALLERGAN PLC
|
|
US Specialized Therapeutics Product
Revenue
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
587.0
|
|
|
$
|
587.3
|
|
|
$
|
(0.3)
|
|
|
|
(0.1)
|
%
|
Restasis®
|
|
|
309.0
|
|
|
|
325.0
|
|
|
|
(16.0)
|
|
|
|
(4.9)
|
%
|
Alphagan®/Combigan®
|
|
|
94.5
|
|
|
|
97.7
|
|
|
|
(3.2)
|
|
|
|
(3.3)
|
%
|
Lumigan®/Ganfort®
|
|
|
81.9
|
|
|
|
74.0
|
|
|
|
7.9
|
|
|
|
10.7
|
%
|
Ozurdex®
|
|
|
31.6
|
|
|
|
29.3
|
|
|
|
2.3
|
|
|
|
7.8
|
%
|
Eye Drops
|
|
|
61.2
|
|
|
|
47.9
|
|
|
|
13.3
|
|
|
|
27.8
|
%
|
Other Eye
Care
|
|
|
8.8
|
|
|
|
13.4
|
|
|
|
(4.6)
|
|
|
|
(34.3)
|
%
|
Total Medical Aesthetics
|
|
|
742.2
|
|
|
|
738.3
|
|
|
|
3.9
|
|
|
|
0.5
|
%
|
Facial Aesthetics
|
|
|
444.5
|
|
|
|
423.7
|
|
|
|
20.8
|
|
|
|
4.9
|
%
|
Botox®
Cosmetics
|
|
|
271.8
|
|
|
|
258.1
|
|
|
|
13.7
|
|
|
|
5.3
|
%
|
Juvederm®
Collection
|
|
|
166.4
|
|
|
|
158.4
|
|
|
|
8.0
|
|
|
|
5.1
|
%
|
Kybella®
|
|
|
6.3
|
|
|
|
7.2
|
|
|
|
(0.9)
|
|
|
|
(12.5)
|
%
|
Plastic Surgery
|
|
|
67.1
|
|
|
|
68.2
|
|
|
|
(1.1)
|
|
|
|
(1.6)
|
%
|
Breast
Implants
|
|
|
67.1
|
|
|
|
68.2
|
|
|
|
(1.1)
|
|
|
|
(1.6)
|
%
|
Regenerative Medicine
|
|
|
132.7
|
|
|
|
124.7
|
|
|
|
8.0
|
|
|
|
6.4
|
%
|
Alloderm®
|
|
|
104.7
|
|
|
|
94.9
|
|
|
|
9.8
|
|
|
|
10.3
|
%
|
Other Regenerative
Medicine
|
|
|
28.0
|
|
|
|
29.8
|
|
|
|
(1.8)
|
|
|
|
(6.0)
|
%
|
Body Contouring
|
|
|
53.3
|
|
|
|
81.3
|
|
|
|
(28.0)
|
|
|
|
(34.4)
|
%
|
Coolsculpting®
Systems & Add On
Applicators
|
|
|
16.9
|
|
|
|
26.8
|
|
|
|
(9.9)
|
|
|
|
(36.9)
|
%
|
Coolsculpting®
Consumables
|
|
|
36.4
|
|
|
|
54.5
|
|
|
|
(18.1)
|
|
|
|
(33.2)
|
%
|
Skin Care(3)
|
|
|
44.6
|
|
|
|
40.4
|
|
|
|
4.2
|
|
|
|
10.4
|
%
|
Total Medical Dermatology
|
|
|
13.0
|
|
|
|
4.5
|
|
|
|
8.5
|
|
|
|
188.9
|
%
|
Aczone®
|
|
|
2.5
|
|
|
|
0.6
|
|
|
|
1.9
|
|
|
n.m.
|
|
Other Medical
Dermatology(4)
|
|
|
10.5
|
|
|
|
3.9
|
|
|
|
6.6
|
|
|
|
169.2
|
%
|
Total Neuroscience &
Urology
|
|
|
465.0
|
|
|
|
452.2
|
|
|
|
12.8
|
|
|
|
2.8
|
%
|
Botox®
Therapeutics
|
|
|
463.0
|
|
|
|
433.3
|
|
|
|
29.7
|
|
|
|
6.9
|
%
|
Rapaflo®
|
|
|
2.0
|
|
|
|
18.9
|
|
|
|
(16.9)
|
|
|
|
(89.4)
|
%
|
Other Revenues
|
|
|
14.0
|
|
|
|
26.5
|
|
|
|
(12.5)
|
|
|
|
(47.2)
|
%
|
Net Revenues
|
|
$
|
1,821.2
|
|
|
$
|
1,808.8
|
|
|
$
|
12.4
|
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
156.0
|
|
|
|
139.3
|
|
|
|
16.7
|
|
|
|
12.0
|
%
|
Selling and
marketing
|
|
|
376.1
|
|
|
|
378.1
|
|
|
|
(2.0)
|
|
|
|
(0.5)
|
%
|
General and
administrative
|
|
|
47.8
|
|
|
|
59.7
|
|
|
|
(11.9)
|
|
|
|
(19.9)
|
%
|
Segment
contribution
|
|
$
|
1,241.3
|
|
|
$
|
1,231.7
|
|
|
$
|
9.6
|
|
|
|
0.8
|
%
|
Segment
margin
|
|
|
68.2
|
%
|
|
|
68.1
|
%
|
|
|
|
|
|
|
0.1
|
%
|
Segment gross
margin(2)
|
|
|
91.4
|
%
|
|
|
92.3
|
%
|
|
|
|
|
|
|
(0.9)
|
%
|
(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 $0.3 million which were previously disclosed separately in the
three months ended December 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December
31,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
2,182.4
|
|
|
$
|
2,235.7
|
|
|
$
|
(53.3)
|
|
|
|
(2.4)
|
%
|
Restasis®
|
|
|
1,138.4
|
|
|
|
1,197.0
|
|
|
|
(58.6)
|
|
|
|
(4.9)
|
%
|
Alphagan®/Combigan®
|
|
|
360.0
|
|
|
|
375.4
|
|
|
|
(15.4)
|
|
|
|
(4.1)
|
%
|
Lumigan®/Ganfort®
|
|
|
269.2
|
|
|
|
291.8
|
|
|
|
(22.6)
|
|
|
|
(7.7)
|
%
|
Ozurdex®
|
|
|
125.5
|
|
|
|
111.0
|
|
|
|
14.5
|
|
|
|
13.1
|
%
|
Eye Drops
|
|
|
230.4
|
|
|
|
202.7
|
|
|
|
27.7
|
|
|
|
13.7
|
%
|
Other Eye
Care
|
|
|
58.9
|
|
|
|
57.8
|
|
|
|
1.1
|
|
|
|
1.9
|
%
|
Total Medical Aesthetics
|
|
|
2,772.0
|
|
|
|
2,774.6
|
|
|
|
(2.6)
|
|
|
|
(0.1)
|
%
|
Facial Aesthetics
|
|
|
1,606.2
|
|
|
|
1,487.3
|
|
|
|
118.9
|
|
|
|
8.0
|
%
|
Botox®
Cosmetics
|
|
|
991.3
|
|
|
|
907.3
|
|
|
|
84.0
|
|
|
|
9.3
|
%
|
Juvederm®
Collection
|
|
|
587.5
|
|
|
|
548.2
|
|
|
|
39.3
|
|
|
|
7.2
|
%
|
Kybella®
|
|
|
27.4
|
|
|
|
31.8
|
|
|
|
(4.4)
|
|
|
|
(13.8)
|
%
|
Plastic Surgery
|
|
|
254.4
|
|
|
|
263.0
|
|
|
|
(8.6)
|
|
|
|
(3.3)
|
%
|
Breast
Implants
|
|
|
254.4
|
|
|
|
263.0
|
|
|
|
(8.6)
|
|
|
|
(3.3)
|
%
|
Regenerative Medicine
|
|
|
505.3
|
|
|
|
523.9
|
|
|
|
(18.6)
|
|
|
|
(3.6)
|
%
|
Alloderm®
|
|
|
395.9
|
|
|
|
407.3
|
|
|
|
(11.4)
|
|
|
|
(2.8)
|
%
|
Other Regenerative
Medicine
|
|
|
109.4
|
|
|
|
116.6
|
|
|
|
(7.2)
|
|
|
|
(6.2)
|
%
|
Body Contouring
|
|
|
248.1
|
|
|
|
361.6
|
|
|
|
(113.5)
|
|
|
|
(31.4)
|
%
|
Coolsculpting®
Systems & Add On
Applicators
|
|
|
62.8
|
|
|
|
126.3
|
|
|
|
(63.5)
|
|
|
|
(50.3)
|
%
|
Coolsculpting®
Consumables
|
|
|
185.3
|
|
|
|
235.3
|
|
|
|
(50.0)
|
|
|
|
(21.2)
|
%
|
Skin Care(3)
|
|
|
158.0
|
|
|
|
138.8
|
|
|
|
19.2
|
|
|
|
13.8
|
%
|
Total Medical Dermatology
|
|
|
44.0
|
|
|
|
115.5
|
|
|
|
(71.5)
|
|
|
|
(61.9)
|
%
|
Aczone®
|
|
|
9.3
|
|
|
|
55.1
|
|
|
|
(45.8)
|
|
|
|
(83.1)
|
%
|
Other Medical
Dermatology(4)
|
|
|
34.7
|
|
|
|
60.4
|
|
|
|
(25.7)
|
|
|
|
(42.5)
|
%
|
Total Neuroscience &
Urology
|
|
|
1,762.7
|
|
|
|
1,720.4
|
|
|
|
42.3
|
|
|
|
2.5
|
%
|
Botox®
Therapeutics
|
|
|
1,739.2
|
|
|
|
1,638.5
|
|
|
|
100.7
|
|
|
|
6.1
|
%
|
Rapaflo®
|
|
|
23.5
|
|
|
|
81.9
|
|
|
|
(58.4)
|
|
|
|
(71.3)
|
%
|
Other Revenues
|
|
|
58.9
|
|
|
|
74.1
|
|
|
|
(15.2)
|
|
|
|
(20.5)
|
%
|
Net Revenues
|
|
$
|
6,820.0
|
|
|
$
|
6,920.3
|
|
|
$
|
(100.3)
|
|
|
|
(1.4)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
578.2
|
|
|
|
565.2
|
|
|
|
13.0
|
|
|
|
2.3
|
%
|
Selling and
marketing
|
|
|
1,490.4
|
|
|
|
1,348.3
|
|
|
|
142.1
|
|
|
|
10.5
|
%
|
General and
administrative
|
|
|
190.1
|
|
|
|
205.3
|
|
|
|
(15.2)
|
|
|
|
(7.4)
|
%
|
Segment
contribution
|
|
$
|
4,561.3
|
|
|
$
|
4,801.5
|
|
|
$
|
(240.2)
|
|
|
|
(5.0)
|
%
|
Segment
margin
|
|
|
66.9
|
%
|
|
|
69.4
|
%
|
|
|
|
|
|
|
(2.5)
|
%
|
Segment gross
margin(2)
|
|
|
91.5
|
%
|
|
|
91.8
|
%
|
|
|
|
|
|
|
(0.3)
|
%
|
(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 SkinMedica® and
Latisse®.
|
|
(4) Includes Tazorac® sales
of $25.4 million which were previously disclosed separately in the
twelve months ended December 31, 2018.
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products within the US General Medicine segment for the three and
twelve months ended December 31, 2019 and 2018.
|
|
Table 10
|
|
ALLERGAN PLC
|
|
US General Medicine Product
Revenue
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Central Nervous System
(CNS)
|
|
$
|
457.0
|
|
|
$
|
316.1
|
|
|
$
|
140.9
|
|
|
|
44.6
|
%
|
Vraylar®
|
|
|
283.1
|
|
|
|
150.5
|
|
|
|
132.6
|
|
|
|
88.1
|
%
|
Viibryd®/Fetzima®
|
|
|
114.2
|
|
|
|
95.5
|
|
|
|
18.7
|
|
|
|
19.6
|
%
|
Saphris®
|
|
|
36.3
|
|
|
|
36.8
|
|
|
|
(0.5)
|
|
|
|
(1.4)
|
%
|
Namzaric®
|
|
|
20.2
|
|
|
|
22.6
|
|
|
|
(2.4)
|
|
|
|
(10.6)
|
%
|
Namenda
®(3)
|
|
|
3.2
|
|
|
|
10.7
|
|
|
|
(7.5)
|
|
|
|
(70.1)
|
%
|
Total Gastrointestinal (GI)
|
|
|
434.1
|
|
|
|
449.8
|
|
|
|
(15.7)
|
|
|
|
(3.5)
|
%
|
Linzess®
|
|
|
231.2
|
|
|
|
205.2
|
|
|
|
26.0
|
|
|
|
12.7
|
%
|
Zenpep®
|
|
|
80.8
|
|
|
|
66.8
|
|
|
|
14.0
|
|
|
|
21.0
|
%
|
Carafate®/Sulcrate®
|
|
|
46.9
|
|
|
|
54.1
|
|
|
|
(7.2)
|
|
|
|
(13.3)
|
%
|
Viberzi®
|
|
|
49.8
|
|
|
|
48.9
|
|
|
|
0.9
|
|
|
|
1.8
|
%
|
Asacol®/Delzicol®
|
|
|
8.5
|
|
|
|
27.9
|
|
|
|
(19.4)
|
|
|
|
(69.5)
|
%
|
Canasa®/Salofalk®
|
|
|
7.5
|
|
|
|
38.8
|
|
|
|
(31.3)
|
|
|
|
(80.7)
|
%
|
Other GI
|
|
|
9.4
|
|
|
|
8.1
|
|
|
|
1.3
|
|
|
|
16.0
|
%
|
Total Women's Health
|
|
|
232.8
|
|
|
|
213.9
|
|
|
|
18.9
|
|
|
|
8.8
|
%
|
Lo
Loestrin®
|
|
|
156.2
|
|
|
|
143.8
|
|
|
|
12.4
|
|
|
|
8.6
|
%
|
Liletta®
|
|
|
22.5
|
|
|
|
14.6
|
|
|
|
7.9
|
|
|
|
54.1
|
%
|
Other Women's
Health(4)(5)
|
|
|
54.1
|
|
|
|
55.5
|
|
|
|
(1.4)
|
|
|
|
(2.5)
|
%
|
Total Anti-Infectives
|
|
|
104.3
|
|
|
|
78.8
|
|
|
|
25.5
|
|
|
|
32.4
|
%
|
Teflaro®
|
|
|
38.1
|
|
|
|
30.0
|
|
|
|
8.1
|
|
|
|
27.0
|
%
|
Avycaz®
|
|
|
30.7
|
|
|
|
24.6
|
|
|
|
6.1
|
|
|
|
24.8
|
%
|
Dalvance®
|
|
|
26.4
|
|
|
|
17.3
|
|
|
|
9.1
|
|
|
|
52.6
|
%
|
Other
Anti-Infectives
|
|
|
9.1
|
|
|
|
6.9
|
|
|
|
2.2
|
|
|
|
31.9
|
%
|
Diversified Brands
|
|
|
320.3
|
|
|
|
300.1
|
|
|
|
20.2
|
|
|
|
6.7
|
%
|
Bystolic®/Byvalson®
|
|
|
169.6
|
|
|
|
151.7
|
|
|
|
17.9
|
|
|
|
11.8
|
%
|
Armour
Thyroid
|
|
|
57.4
|
|
|
|
53.4
|
|
|
|
4.0
|
|
|
|
7.5
|
%
|
Savella®
|
|
|
21.5
|
|
|
|
23.6
|
|
|
|
(2.1)
|
|
|
|
(8.9)
|
%
|
Other Diversified
Brands
|
|
|
71.8
|
|
|
|
71.4
|
|
|
|
0.4
|
|
|
|
0.6
|
%
|
Other Revenues
|
|
|
62.2
|
|
|
|
39.2
|
|
|
|
23.0
|
|
|
|
58.7
|
%
|
Net revenues
|
|
$
|
1,610.7
|
|
|
$
|
1,397.9
|
|
|
$
|
212.8
|
|
|
|
15.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
287.8
|
|
|
|
195.1
|
|
|
|
92.7
|
|
|
|
47.5
|
%
|
Selling and
marketing
|
|
|
256.4
|
|
|
|
211.1
|
|
|
|
45.3
|
|
|
|
21.5
|
%
|
General and
administrative
|
|
|
41.5
|
|
|
|
45.1
|
|
|
|
(3.6)
|
|
|
|
(8.0)
|
%
|
Segment
contribution
|
|
$
|
1,025.0
|
|
|
$
|
946.6
|
|
|
$
|
78.4
|
|
|
|
8.3
|
%
|
Segment
margin
|
|
|
63.6
|
%
|
|
|
67.7
|
%
|
|
|
|
|
|
|
(4.1)
|
%
|
Segment gross
margin(2)
|
|
|
82.1
|
%
|
|
|
86.0
|
%
|
|
|
|
|
|
|
(3.9)
|
%
|
(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 $14.7 million which were previously disclosed separately
in the three months ended December 31, 2018
|
|
(5) Includes Minastrin® 24
sales of $2.9 million which were previously disclosed separately in
the three months ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December
31,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Central Nervous System
(CNS)
|
|
$
|
1,516.3
|
|
|
$
|
1,156.0
|
|
|
$
|
360.3
|
|
|
|
31.2
|
%
|
Vraylar®
|
|
|
857.5
|
|
|
|
487.1
|
|
|
|
370.4
|
|
|
|
76.0
|
%
|
Viibryd®/Fetzima®
|
|
|
412.1
|
|
|
|
342.4
|
|
|
|
69.7
|
|
|
|
20.4
|
%
|
Saphris®
|
|
|
135.3
|
|
|
|
139.7
|
|
|
|
(4.4)
|
|
|
|
(3.1)
|
%
|
Namzaric®
|
|
|
88.6
|
|
|
|
115.8
|
|
|
|
(27.2)
|
|
|
|
(23.5)
|
%
|
Namenda
®(3)
|
|
|
22.8
|
|
|
|
71.0
|
|
|
|
(48.2)
|
|
|
|
(67.9)
|
%
|
Total Gastrointestinal (GI)
|
|
|
1,634.2
|
|
|
|
1,723.7
|
|
|
|
(89.5)
|
|
|
|
(5.2)
|
%
|
Linzess®
|
|
|
803.2
|
|
|
|
761.1
|
|
|
|
42.1
|
|
|
|
5.5
|
%
|
Zenpep®
|
|
|
288.0
|
|
|
|
237.3
|
|
|
|
50.7
|
|
|
|
21.4
|
%
|
Carafate®/Sulcrate®
|
|
|
212.5
|
|
|
|
217.8
|
|
|
|
(5.3)
|
|
|
|
(2.4)
|
%
|
Viberzi®
|
|
|
187.9
|
|
|
|
176.5
|
|
|
|
11.4
|
|
|
|
6.5
|
%
|
Asacol®/Delzicol®
|
|
|
76.7
|
|
|
|
130.8
|
|
|
|
(54.1)
|
|
|
|
(41.4)
|
%
|
Canasa®/Salofalk®
|
|
|
31.5
|
|
|
|
169.2
|
|
|
|
(137.7)
|
|
|
|
(81.4)
|
%
|
Other GI
|
|
|
34.4
|
|
|
|
31.0
|
|
|
|
3.4
|
|
|
|
11.0
|
%
|
Total Women's Health
|
|
|
895.7
|
|
|
|
786.8
|
|
|
|
108.9
|
|
|
|
13.8
|
%
|
Lo
Loestrin®
|
|
|
588.9
|
|
|
|
527.7
|
|
|
|
61.2
|
|
|
|
11.6
|
%
|
Liletta®
|
|
|
79.1
|
|
|
|
50.9
|
|
|
|
28.2
|
|
|
|
55.4
|
%
|
Other Women's
Health(4)(5)
|
|
|
227.7
|
|
|
|
208.2
|
|
|
|
19.5
|
|
|
|
9.4
|
%
|
Total Anti-Infectives
|
|
|
377.1
|
|
|
|
304.4
|
|
|
|
72.7
|
|
|
|
23.9
|
%
|
Teflaro®
|
|
|
147.0
|
|
|
|
128.0
|
|
|
|
19.0
|
|
|
|
14.8
|
%
|
Avycaz®
|
|
|
116.7
|
|
|
|
94.6
|
|
|
|
22.1
|
|
|
|
23.4
|
%
|
Dalvance®
|
|
|
81.9
|
|
|
|
56.1
|
|
|
|
25.8
|
|
|
|
46.0
|
%
|
Other
Anti-Infectives
|
|
|
31.5
|
|
|
|
25.7
|
|
|
|
5.8
|
|
|
|
22.6
|
%
|
Diversified Brands
|
|
|
1,202.8
|
|
|
|
1,156.0
|
|
|
|
46.8
|
|
|
|
4.0
|
%
|
Bystolic®/Byvalson®
|
|
|
600.6
|
|
|
|
583.8
|
|
|
|
16.8
|
|
|
|
2.9
|
%
|
Armour
Thyroid
|
|
|
218.5
|
|
|
|
198.8
|
|
|
|
19.7
|
|
|
|
9.9
|
%
|
Savella®
|
|
|
88.5
|
|
|
|
85.0
|
|
|
|
3.5
|
|
|
|
4.1
|
%
|
Other Diversified
Brands
|
|
|
295.2
|
|
|
|
288.4
|
|
|
|
6.8
|
|
|
|
2.4
|
%
|
Other Revenues
|
|
|
208.8
|
|
|
|
196.0
|
|
|
|
12.8
|
|
|
|
6.5
|
%
|
Net revenues
|
|
$
|
5,834.9
|
|
|
$
|
5,322.9
|
|
|
$
|
512.0
|
|
|
|
9.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
954.8
|
|
|
|
799.1
|
|
|
|
155.7
|
|
|
|
19.5
|
%
|
Selling and
marketing
|
|
|
978.2
|
|
|
|
924.6
|
|
|
|
53.6
|
|
|
|
5.8
|
%
|
General and
administrative
|
|
|
160.7
|
|
|
|
156.4
|
|
|
|
4.3
|
|
|
|
2.7
|
%
|
Segment
contribution
|
|
$
|
3,741.2
|
|
|
$
|
3,442.8
|
|
|
$
|
298.4
|
|
|
|
8.7
|
%
|
Segment
margin
|
|
|
64.1
|
%
|
|
|
64.7
|
%
|
|
|
|
|
|
|
(0.6)
|
%
|
Segment gross
margin(2)
|
|
|
83.6
|
%
|
|
|
85.0
|
%
|
|
|
|
|
|
|
(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 Namenda XR® and
Namenda®
IR.
|
|
(4) Includes Estrace® Cream
sales of $49.0 million which were previously disclosed separately
in the twelve months ended December 31,
2018
|
|
(5) Includes Minastrin® 24
sales of $9.5 million which were previously disclosed separately in
the twelve months ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
details Allergan plc's product revenue for significant promoted
products within the International segment for the three and twelve
months ended December 31, 2019 and 2018.
|
|
Table 11
|
|
ALLERGAN PLC
|
|
International Product Revenue
|
|
(Unaudited; in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
319.4
|
|
|
$
|
308.2
|
|
|
$
|
11.2
|
|
|
|
3.6
|
%
|
Lumigan®/Ganfort®
|
|
|
95.6
|
|
|
|
96.9
|
|
|
|
(1.3)
|
|
|
|
(1.3)
|
%
|
Alphagan®/Combigan®
|
|
|
43.1
|
|
|
|
46.7
|
|
|
|
(3.6)
|
|
|
|
(7.7)
|
%
|
Ozurdex®
|
|
|
66.7
|
|
|
|
29.6
|
|
|
|
37.1
|
|
|
|
125.3
|
%
|
Eye Drops
|
|
|
59.3
|
|
|
|
71.7
|
|
|
|
(12.4)
|
|
|
|
(17.3)
|
%
|
Restasis®
|
|
|
18.7
|
|
|
|
16.6
|
|
|
|
2.1
|
|
|
|
12.7
|
%
|
Other Eye
Care
|
|
|
36.0
|
|
|
|
46.7
|
|
|
|
(10.7)
|
|
|
|
(22.9)
|
%
|
Total Medical Aesthetics
|
|
|
412.9
|
|
|
|
396.0
|
|
|
|
16.9
|
|
|
|
4.3
|
%
|
Facial Aesthetics
|
|
|
364.6
|
|
|
|
332.8
|
|
|
|
31.8
|
|
|
|
9.6
|
%
|
Botox®
Cosmetics
|
|
|
182.9
|
|
|
|
157.8
|
|
|
|
25.1
|
|
|
|
15.9
|
%
|
Juvederm®
Collection
|
|
|
180.9
|
|
|
|
174.0
|
|
|
|
6.9
|
|
|
|
4.0
|
%
|
Belkyra®
(Kybella®)
|
|
|
0.8
|
|
|
|
1.0
|
|
|
|
(0.2)
|
|
|
|
(20.0)
|
%
|
Plastic Surgery
|
|
|
15.3
|
|
|
|
10.8
|
|
|
|
4.5
|
|
|
|
41.7
|
%
|
Breast
Implants
|
|
|
15.1
|
|
|
|
10.5
|
|
|
|
4.6
|
|
|
|
43.8
|
%
|
Other Plastic
Surgery
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
(0.1)
|
|
|
|
(33.3)
|
%
|
Regenerative Medicine
|
|
|
3.4
|
|
|
|
3.9
|
|
|
|
(0.5)
|
|
|
|
(12.8)
|
%
|
Alloderm®
|
|
|
2.0
|
|
|
|
2.5
|
|
|
|
(0.5)
|
|
|
|
(20.0)
|
%
|
Other Regenerative
Medicine
|
|
|
1.4
|
|
|
|
1.4
|
|
|
|
0.0
|
|
|
|
0.0
|
%
|
Body Contouring
|
|
|
25.4
|
|
|
|
44.9
|
|
|
|
(19.5)
|
|
|
|
(43.4)
|
%
|
Coolsculpting®
Systems & Add On
Applicators
|
|
|
8.8
|
|
|
|
21.5
|
|
|
|
(12.7)
|
|
|
|
(59.1)
|
%
|
Coolsculpting®
Consumables
|
|
|
16.6
|
|
|
|
23.4
|
|
|
|
(6.8)
|
|
|
|
(29.1)
|
%
|
Skin Care
|
|
|
4.2
|
|
|
|
3.6
|
|
|
|
0.6
|
|
|
|
16.7
|
%
|
Botox® Therapeutics and Other
|
|
|
168.8
|
|
|
|
150.1
|
|
|
|
18.7
|
|
|
|
12.5
|
%
|
Botox®
Therapeutics
|
|
|
102.5
|
|
|
|
96.7
|
|
|
|
5.8
|
|
|
|
6.0
|
%
|
Asacol®/Delzicol®
|
|
|
8.9
|
|
|
|
10.7
|
|
|
|
(1.8)
|
|
|
|
(16.8)
|
%
|
Constella®
|
|
|
6.8
|
|
|
|
6.4
|
|
|
|
0.4
|
|
|
|
6.3
|
%
|
Other
Products
|
|
|
50.6
|
|
|
|
36.3
|
|
|
|
14.3
|
|
|
|
39.4
|
%
|
Other Revenues
|
|
|
16.6
|
|
|
|
15.9
|
|
|
|
0.7
|
|
|
|
4.4
|
%
|
Net revenues
|
|
$
|
917.7
|
|
|
$
|
870.2
|
|
|
$
|
47.5
|
|
|
|
5.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
148.4
|
|
|
|
146.1
|
|
|
|
2.3
|
|
|
|
1.6
|
%
|
Selling and
marketing
|
|
|
216.6
|
|
|
|
230.8
|
|
|
|
(14.2)
|
|
|
|
(6.2)
|
%
|
General and
administrative
|
|
|
36.9
|
|
|
|
41.3
|
|
|
|
(4.4)
|
|
|
|
(10.7)
|
%
|
Segment
contribution
|
|
$
|
515.8
|
|
|
$
|
452.0
|
|
|
$
|
63.8
|
|
|
|
14.1
|
%
|
Segment
margin
|
|
|
56.2
|
%
|
|
|
51.9
|
%
|
|
|
|
|
|
|
4.3
|
%
|
Segment gross
margin(2)
|
|
|
83.8
|
%
|
|
|
83.2
|
%
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December
31,
|
|
|
Change
|
|
|
|
2019
|
|
|
2018
|
|
|
Dollars
|
|
|
%
|
|
Total Eye Care
|
|
$
|
1,251.1
|
|
|
$
|
1,294.6
|
|
|
$
|
(43.5)
|
|
|
|
(3.4)
|
%
|
Lumigan®/Ganfort®
|
|
|
360.8
|
|
|
|
392.6
|
|
|
|
(31.8)
|
|
|
|
(8.1)
|
%
|
Alphagan®/Combigan®
|
|
|
162.0
|
|
|
|
176.0
|
|
|
|
(14.0)
|
|
|
|
(8.0)
|
%
|
Ozurdex®
|
|
|
274.6
|
|
|
|
187.7
|
|
|
|
86.9
|
|
|
|
46.3
|
%
|
Eye Drops
|
|
|
235.8
|
|
|
|
279.7
|
|
|
|
(43.9)
|
|
|
|
(15.7)
|
%
|
Restasis®
|
|
|
50.2
|
|
|
|
64.5
|
|
|
|
(14.3)
|
|
|
|
(22.2)
|
%
|
Other Eye
Care
|
|
|
167.7
|
|
|
|
194.1
|
|
|
|
(26.4)
|
|
|
|
(13.6)
|
%
|
Total Medical Aesthetics
|
|
|
1,480.8
|
|
|
|
1,533.3
|
|
|
|
(52.5)
|
|
|
|
(3.4)
|
%
|
Facial Aesthetics
|
|
|
1,331.1
|
|
|
|
1,262.3
|
|
|
|
68.8
|
|
|
|
5.5
|
%
|
Botox®
Cosmetics
|
|
|
671.7
|
|
|
|
641.2
|
|
|
|
30.5
|
|
|
|
4.8
|
%
|
Juvederm®
Collection
|
|
|
656.1
|
|
|
|
614.8
|
|
|
|
41.3
|
|
|
|
6.7
|
%
|
Belkyra®
(Kybella®)
|
|
|
3.3
|
|
|
|
6.3
|
|
|
|
(3.0)
|
|
|
|
(47.6)
|
%
|
Plastic Surgery
|
|
|
1.8
|
|
|
|
131.5
|
|
|
|
(129.7)
|
|
|
|
(98.6)
|
%
|
Breast
Implants
|
|
|
0.6
|
|
|
|
130.1
|
|
|
|
(129.5)
|
|
|
|
(99.5)
|
%
|
Other Plastic
Surgery
|
|
|
1.2
|
|
|
|
1.4
|
|
|
|
(0.2)
|
|
|
|
(14.3)
|
%
|
Regenerative Medicine
|
|
|
14.6
|
|
|
|
16.8
|
|
|
|
(2.2)
|
|
|
|
(13.1)
|
%
|
Alloderm®
|
|
|
7.9
|
|
|
|
8.0
|
|
|
|
(0.1)
|
|
|
|
(1.3)
|
%
|
Other Regenerative
Medicine
|
|
|
6.7
|
|
|
|
8.8
|
|
|
|
(2.1)
|
|
|
|
(23.9)
|
%
|
Body Contouring
|
|
|
118.7
|
|
|
|
107.5
|
|
|
|
11.2
|
|
|
|
10.4
|
%
|
Coolsculpting®Systems
& Add On
Applicators
|
|
|
42.4
|
|
|
|
43.3
|
|
|
|
(0.9)
|
|
|
|
(2.1)
|
%
|
Coolsculpting®
Consumables
|
|
|
76.3
|
|
|
|
64.2
|
|
|
|
12.1
|
|
|
|
18.8
|
%
|
Skin Care
|
|
|
14.6
|
|
|
|
15.2
|
|
|
|
(0.6)
|
|
|
|
(3.9)
|
%
|
Botox® Therapeutics and Other
|
|
|
603.0
|
|
|
|
611.5
|
|
|
|
(8.5)
|
|
|
|
(1.4)
|
%
|
Botox®
Therapeutics
|
|
|
389.1
|
|
|
|
390.4
|
|
|
|
(1.3)
|
|
|
|
(0.3)
|
%
|
Asacol®/Delzicol®
|
|
|
36.1
|
|
|
|
45.7
|
|
|
|
(9.6)
|
|
|
|
(21.0)
|
%
|
Constella®
|
|
|
23.8
|
|
|
|
24.1
|
|
|
|
(0.3)
|
|
|
|
(1.2)
|
%
|
Other
Products
|
|
|
154.0
|
|
|
|
151.3
|
|
|
|
2.7
|
|
|
|
1.8
|
%
|
Other Revenues
|
|
|
67.1
|
|
|
|
65.3
|
|
|
|
1.8
|
|
|
|
2.8
|
%
|
Net revenues
|
|
$
|
3,402.0
|
|
|
$
|
3,504.7
|
|
|
$
|
(102.7)
|
|
|
|
(2.9)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(1)
|
|
|
548.3
|
|
|
|
537.1
|
|
|
|
11.2
|
|
|
|
2.1
|
%
|
Selling and
marketing
|
|
|
934.7
|
|
|
|
928.7
|
|
|
|
6.0
|
|
|
|
0.6
|
%
|
General and
administrative
|
|
|
117.0
|
|
|
|
141.7
|
|
|
|
(24.7)
|
|
|
|
(17.4)
|
%
|
Segment
contribution
|
|
$
|
1,802.0
|
|
|
$
|
1,897.2
|
|
|
$
|
(95.2)
|
|
|
|
(5.0)
|
%
|
Segment
margin
|
|
|
53.0
|
%
|
|
|
54.1
|
%
|
|
|
|
|
|
|
(1.1)
|
%
|
Segment gross
margin(2)
|
|
|
83.9
|
%
|
|
|
84.7
|
%
|
|
|
|
|
|
|
(0.8)
|
%
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table
details Allergan plc's non-GAAP product revenues for the three and
twelve months ended December 31, 2019 and 2018.
|
|
ALLERGAN
PLC
|
|
NON GAAP NET
REVENUES TOP GLOBAL PRODUCTS
|
|
(Unaudited; in
millions)
|
Table
12
|
|
|
Three Months Ended
December 31, 2019
|
|
|
Three Months Ended
December 31, 2018
|
|
|
Movement
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Total
|
|
|
US Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Total
|
|
|
Global
Change
|
|
|
Global Change
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
|
$
|
734.8
|
|
|
$
|
-
|
|
|
$
|
285.4
|
|
|
$
|
-
|
|
|
|
1,020.2
|
|
|
$
|
691.4
|
|
|
$
|
-
|
|
|
$
|
254.5
|
|
|
$
|
-
|
|
|
$
|
945.9
|
|
|
$
|
74.3
|
|
|
|
7.9
|
%
|
Juvederm®
Collection
|
|
166.4
|
|
|
|
-
|
|
|
|
180.9
|
|
|
|
-
|
|
|
|
347.3
|
|
|
|
158.4
|
|
|
|
-
|
|
|
|
174.0
|
|
|
|
-
|
|
|
|
332.4
|
|
|
|
14.9
|
|
|
|
4.5
|
%
|
Linzess®/Constella®
|
|
-
|
|
|
|
231.2
|
|
|
|
6.8
|
|
|
|
-
|
|
|
|
238.0
|
|
|
|
-
|
|
|
|
205.2
|
|
|
|
6.4
|
|
|
|
-
|
|
|
|
211.6
|
|
|
|
26.4
|
|
|
|
12.5
|
%
|
Lumigan®/Ganfort®
|
|
81.9
|
|
|
|
-
|
|
|
|
95.6
|
|
|
|
-
|
|
|
|
177.5
|
|
|
|
74.0
|
|
|
|
-
|
|
|
|
96.9
|
|
|
|
-
|
|
|
|
170.9
|
|
|
|
6.6
|
|
|
|
3.9
|
%
|
Bystolic® /Byvalson®
|
|
-
|
|
|
|
169.6
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
170.2
|
|
|
|
-
|
|
|
|
151.7
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
152.1
|
|
|
|
18.1
|
|
|
|
11.9
|
%
|
Alphagan®/Combigan®
|
|
94.5
|
|
|
|
-
|
|
|
|
43.1
|
|
|
|
-
|
|
|
|
137.6
|
|
|
|
97.7
|
|
|
|
-
|
|
|
|
46.7
|
|
|
|
-
|
|
|
|
144.4
|
|
|
|
(6.8)
|
|
|
|
(4.7)
|
%
|
Eye Drops
|
|
61.2
|
|
|
|
-
|
|
|
|
59.3
|
|
|
|
-
|
|
|
|
120.5
|
|
|
|
47.9
|
|
|
|
-
|
|
|
|
71.7
|
|
|
|
-
|
|
|
|
119.6
|
|
|
|
0.9
|
|
|
|
0.8
|
%
|
Lo
Loestrin®
|
|
-
|
|
|
|
156.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
156.2
|
|
|
|
-
|
|
|
|
143.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
143.8
|
|
|
|
12.4
|
|
|
|
8.6
|
%
|
Breast
Implants
|
|
67.1
|
|
|
|
-
|
|
|
|
15.1
|
|
|
|
-
|
|
|
|
82.2
|
|
|
|
68.2
|
|
|
|
-
|
|
|
|
10.5
|
|
|
|
-
|
|
|
|
78.7
|
|
|
|
3.5
|
|
|
|
4.4
|
%
|
Viibryd®/Fetzima®
|
|
-
|
|
|
|
114.2
|
|
|
|
3.6
|
|
|
|
-
|
|
|
|
117.8
|
|
|
|
-
|
|
|
|
95.5
|
|
|
|
2.3
|
|
|
|
-
|
|
|
|
97.8
|
|
|
|
20.0
|
|
|
|
20.4
|
%
|
Alloderm®
|
|
104.7
|
|
|
|
-
|
|
|
|
2.0
|
|
|
|
-
|
|
|
|
106.7
|
|
|
|
94.9
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
97.4
|
|
|
|
9.3
|
|
|
|
9.5
|
%
|
Vraylar®
|
|
-
|
|
|
|
283.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
283.1
|
|
|
|
-
|
|
|
|
150.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
150.5
|
|
|
|
132.6
|
|
|
|
88.1
|
%
|
Coolsculpting®
Consumables
|
|
36.4
|
|
|
|
-
|
|
|
|
16.6
|
|
|
|
-
|
|
|
|
53.0
|
|
|
|
54.5
|
|
|
|
-
|
|
|
|
23.4
|
|
|
|
-
|
|
|
|
77.9
|
|
|
|
(24.9)
|
|
|
|
(32.0)
|
%
|
Ozurdex
®
|
|
31.6
|
|
|
|
-
|
|
|
|
66.7
|
|
|
|
-
|
|
|
|
98.3
|
|
|
|
29.3
|
|
|
|
-
|
|
|
|
29.6
|
|
|
|
-
|
|
|
|
58.9
|
|
|
|
39.4
|
|
|
|
66.9
|
%
|
Carafate
® /Sulcrate ®
|
|
-
|
|
|
|
46.9
|
|
|
|
0.9
|
|
|
|
-
|
|
|
|
47.8
|
|
|
|
-
|
|
|
|
54.1
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
54.8
|
|
|
|
(7.0)
|
|
|
|
(12.8)
|
%
|
Zenpep®
|
|
-
|
|
|
|
80.8
|
|
|
|
0.5
|
|
|
|
-
|
|
|
|
81.3
|
|
|
|
-
|
|
|
|
66.8
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
67.2
|
|
|
|
14.1
|
|
|
|
21.0
|
%
|
Coolsculpting® Systems
& Add On Applicators
|
|
16.9
|
|
|
|
-
|
|
|
|
8.8
|
|
|
|
-
|
|
|
|
25.7
|
|
|
|
26.8
|
|
|
|
-
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
48.3
|
|
|
|
(22.6)
|
|
|
|
(46.8)
|
%
|
Viberzi®
|
|
-
|
|
|
|
49.8
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
50.2
|
|
|
|
-
|
|
|
|
48.9
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
49.5
|
|
|
|
0.7
|
|
|
|
1.4
|
%
|
Namzaric®
|
|
-
|
|
|
|
20.2
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20.2
|
|
|
|
-
|
|
|
|
22.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.6
|
|
|
|
(2.4)
|
|
|
|
(10.6)
|
%
|
Teflaro®
|
|
-
|
|
|
|
38.1
|
|
|
|
3.7
|
|
|
|
-
|
|
|
|
41.8
|
|
|
|
-
|
|
|
|
30.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30.0
|
|
|
|
11.8
|
|
|
|
39.3
|
%
|
Dalvance®
|
|
-
|
|
|
|
26.4
|
|
|
|
2.4
|
|
|
|
-
|
|
|
|
28.8
|
|
|
|
-
|
|
|
|
17.3
|
|
|
|
1.0
|
|
|
|
-
|
|
|
|
18.3
|
|
|
|
10.5
|
|
|
|
57.4
|
%
|
Avycaz®
|
|
-
|
|
|
|
30.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
30.7
|
|
|
|
-
|
|
|
|
24.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
24.6
|
|
|
|
6.1
|
|
|
|
24.8
|
%
|
Kybella® /Belkyra®
|
|
6.3
|
|
|
|
-
|
|
|
|
0.8
|
|
|
|
-
|
|
|
|
7.1
|
|
|
|
7.2
|
|
|
|
-
|
|
|
|
1.0
|
|
|
|
-
|
|
|
|
8.2
|
|
|
|
(1.1)
|
|
|
|
(13.4)
|
%
|
Other Regenerative
Medicine
|
|
28.0
|
|
|
|
-
|
|
|
|
1.4
|
|
|
|
-
|
|
|
|
29.4
|
|
|
|
29.8
|
|
|
|
-
|
|
|
|
1.4
|
|
|
|
-
|
|
|
|
31.2
|
|
|
|
(1.8)
|
|
|
|
(5.8)
|
%
|
Other Promoted
Products
|
|
1.7
|
|
|
|
-
|
|
|
|
(4.9)
|
|
|
|
-
|
|
|
|
(3.2)
|
|
|
|
5.6
|
|
|
|
-
|
|
|
|
5.1
|
|
|
|
-
|
|
|
|
10.7
|
|
|
|
(13.9)
|
|
|
|
(129.9)
|
%
|
Total Promoted
Brands & Brands with Ongoing Exclusivity
|
|
1,431.5
|
|
|
|
1,247.2
|
|
|
|
789.7
|
|
|
|
-
|
|
|
|
3,468.4
|
|
|
|
1,385.7
|
|
|
|
1,011.0
|
|
|
|
750.6
|
|
|
|
-
|
|
|
|
3,147.3
|
|
|
|
321.1
|
|
|
|
10.2
|
%
|
Restasis®
|
|
309.0
|
|
|
|
-
|
|
|
|
18.7
|
|
|
|
-
|
|
|
|
327.7
|
|
|
|
325.0
|
|
|
|
-
|
|
|
|
16.6
|
|
|
|
-
|
|
|
|
341.6
|
|
|
|
(13.9)
|
|
|
|
(4.1)
|
%
|
Asacol®/Delzicol®
|
|
-
|
|
|
|
8.5
|
|
|
|
8.9
|
|
|
|
-
|
|
|
|
17.4
|
|
|
|
-
|
|
|
|
27.9
|
|
|
|
10.7
|
|
|
|
-
|
|
|
|
38.6
|
|
|
|
(21.2)
|
|
|
|
(54.9)
|
%
|
Rapaflo®
|
|
2.0
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
-
|
|
|
|
4.5
|
|
|
|
18.9
|
|
|
|
-
|
|
|
|
1.8
|
|
|
|
-
|
|
|
|
20.7
|
|
|
|
(16.2)
|
|
|
|
(78.3)
|
%
|
Canasa®/Salofalk®
|
|
-
|
|
|
|
7.5
|
|
|
|
4.7
|
|
|
|
-
|
|
|
|
12.2
|
|
|
|
-
|
|
|
|
38.8
|
|
|
|
4.5
|
|
|
|
-
|
|
|
|
43.3
|
|
|
|
(31.1)
|
|
|
|
(71.8)
|
%
|
Saphris
|
|
-
|
|
|
|
36.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36.3
|
|
|
|
-
|
|
|
|
36.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
36.8
|
|
|
|
(0.5)
|
|
|
|
(1.4)
|
%
|
Other LOE/
Risk
|
|
-
|
|
|
|
10.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10.7
|
|
|
|
-
|
|
|
|
28.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
28.3
|
|
|
|
(17.6)
|
|
|
|
(62.2)
|
%
|
Total
LOE/Risk
|
|
311.0
|
|
|
|
63.0
|
|
|
|
34.8
|
|
|
|
-
|
|
|
|
408.8
|
|
|
|
343.9
|
|
|
|
131.8
|
|
|
|
33.6
|
|
|
|
-
|
|
|
|
509.3
|
|
|
|
(100.5)
|
|
|
|
(19.7)
|
%
|
Aczone®
|
|
2.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2.5
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.7
|
|
|
|
1.8
|
|
|
|
257.1
|
%
|
Other
Divested
|
|
10.5
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
10.6
|
|
|
|
4.0
|
|
|
5.2
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
9.3
|
|
|
|
1.3
|
|
|
|
14.0
|
%
|
Total
Divested
|
|
13.0
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
13.1
|
|
|
|
4.6
|
|
|
|
5.2
|
|
|
|
0.2
|
|
|
|
-
|
|
|
|
10.0
|
|
|
|
3.1
|
|
|
|
31.0
|
%
|
Total Brands facing
LOE Risk/Divested
|
|
324.0
|
|
|
|
63.0
|
|
|
|
34.9
|
|
|
|
-
|
|
|
|
421.9
|
|
|
|
348.5
|
|
|
|
137.0
|
|
|
|
33.8
|
|
|
|
-
|
|
|
|
519.3
|
|
|
|
(97.4)
|
|
|
|
(18.8)
|
%
|
Skincare
|
|
44.6
|
|
|
|
-
|
|
|
|
4.2
|
|
|
|
-
|
|
|
|
48.8
|
|
|
|
40.4
|
|
|
|
-
|
|
|
|
3.6
|
|
|
|
-
|
|
|
|
44.0
|
|
|
|
4.8
|
|
|
|
10.9
|
%
|
Liletta®
|
|
-
|
|
|
|
22.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
22.5
|
|
|
|
-
|
|
|
|
14.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14.6
|
|
|
|
7.9
|
|
|
|
54.1
|
%
|
Armour
Thyroid
|
|
-
|
|
|
|
57.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
57.4
|
|
|
|
-
|
|
|
|
53.4
|
|
|
|
-
|
|
|
|
-
|
|
|
|
53.4
|
|
|
|
4.0
|
|
|
|
7.5
|
%
|
Savella®
|
|
-
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
23.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
23.6
|
|
|
|
(2.1)
|
|
|
|
(8.9)
|
%
|
Other Products
Revenues
|
|
21.1
|
|
|
|
199.1
|
|
|
|
88.9
|
|
|
|
1.4
|
|
|
|
310.5
|
|
|
|
34.2
|
|
|
|
158.3
|
|
|
|
82.2
|
|
|
|
2.8
|
|
|
|
277.5
|
|
|
|
33.0
|
|
|
|
11.9
|
%
|
Total
Other
|
|
65.7
|
|
|
|
300.5
|
|
|
|
93.1
|
|
|
|
1.4
|
|
|
|
460.7
|
|
|
|
74.6
|
|
|
|
249.9
|
|
|
|
85.8
|
|
|
|
2.8
|
|
|
|
413.1
|
|
|
|
47.6
|
|
|
|
11.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net
Revenues
|
$
|
1,821.2
|
|
|
$
|
1,610.7
|
|
|
$
|
917.7
|
|
|
$
|
1.4
|
|
|
|
4,351.0
|
|
|
$
|
1,808.8
|
|
|
$
|
1,397.9
|
|
|
$
|
870.2
|
|
|
$
|
2.8
|
|
|
|
4,079.7
|
|
|
$
|
271.3
|
|
|
|
6.6
|
%
|
|
Twelve Months
Ended December 31, 2019
|
|
|
Twelve Months
Ended December 31, 2018
|
|
|
Movement
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Global
|
|
|
US
Specialized
Therapeutics
|
|
|
US
General
Medicine
|
|
|
International
|
|
|
Corporate
|
|
|
Global
|
|
|
Global
Change
|
|
|
Global
Change
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Botox®
|
$
|
2,730.5
|
|
|
$
|
-
|
|
|
$
|
1,060.8
|
|
|
$
|
-
|
|
|
$
|
3,791.3
|
|
|
$
|
2,545.8
|
|
|
$
|
-
|
|
|
$
|
1,031.6
|
|
|
$
|
-
|
|
|
$
|
3,577.4
|
|
|
$
|
213.9
|
|
|
|
6.0
|
%
|
Juvederm®
Collection
|
|
587.5
|
|
|
|
-
|
|
|
|
656.1
|
|
|
|
-
|
|
|
|
1,243.6
|
|
|
|
548.2
|
|
|
|
-
|
|
|
|
614.8
|
|
|
|
-
|
|
|
|
1,163.0
|
|
|
|
80.6
|
|
|
|
6.9
|
%
|
Linzess®/Constella®
|
|
-
|
|
|
|
803.2
|
|
|
|
23.8
|
|
|
|
-
|
|
|
|
827.0
|
|
|
|
-
|
|
|
|
761.1
|
|
|
|
24.1
|
|
|
|
-
|
|
|
|
785.2
|
|
|
|
41.8
|
|
|
|
5.3
|
%
|
Lumigan®/Ganfort®
|
|
269.2
|
|
|
|
-
|
|
|
|
360.8
|
|
|
|
-
|
|
|
|
630.0
|
|
|
|
291.8
|
|
|
|
-
|
|
|
|
392.6
|
|
|
|
-
|
|
|
|
684.4
|
|
|
|
(54.4)
|
|
|
|
(7.9)
|
%
|
Bystolic® /Byvalson®
|
|
-
|
|
|
|
600.6
|
|
|
|
2.1
|
|
|
|
-
|
|
|
|
602.7
|
|
|
|
-
|
|
|
|
583.8
|
|
|
|
2.0
|
|
|
|
-
|
|
|
|
585.8
|
|
|
|
16.9
|
|
|
|
2.9
|
%
|
Alphagan®/Combigan®
|
|
360.0
|
|
|
|
-
|
|
|
|
162.0
|
|
|
|
-
|
|
|
|
522.0
|
|
|
|
375.4
|
|
|
|
-
|
|
|
|
176.0
|
|
|
|
-
|
|
|
|
551.4
|
|
|
|
(29.4)
|
|
|
|
(5.3)
|
%
|
Eye Drops
|
|
230.4
|
|
|
|
-
|
|
|
|
235.8
|
|
|
|
-
|
|
|
|
466.2
|
|
|
|
202.7
|
|
|
|
-
|
|
|
|
279.7
|
|
|
|
-
|
|
|
|
482.4
|
|
|
|
(16.2)
|
|
|
|
(3.4)
|
%
|
Lo
Loestrin®
|
|
-
|
|
|
|
588.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
588.9
|
|
|
|
-
|
|
|
|
527.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
527.7
|
|
|
|
61.2
|
|
|
|
11.6
|
%
|
Breast
Implants
|
|
254.4
|
|
|
|
-
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
255.0
|
|
|
|
263.0
|
|
|
|
-
|
|
|
|
130.1
|
|
|
|
-
|
|
|
|
393.1
|
|
|
|
(138.1)
|
|
|
|
(35.1)
|
%
|
Viibryd®/Fetzima®
|
|
-
|
|
|
|
412.1
|
|
|
|
11.4
|
|
|
|
-
|
|
|
|
423.5
|
|
|
|
-
|
|
|
|
342.4
|
|
|
|
7.2
|
|
|
|
-
|
|
|
|
349.6
|
|
|
|
73.9
|
|
|
|
21.1
|
%
|
Alloderm®
|
|
395.9
|
|
|
|
-
|
|
|
|
7.9
|
|
|
|
-
|
|
|
|
403.8
|
|
|
|
407.3
|
|
|
|
-
|
|
|
|
8.0
|
|
|
|
-
|
|
|
|
415.3
|
|
|
|
(11.5)
|
|
|
|
(2.8)
|
%
|
Vraylar™
|
|
-
|
|
|
|
857.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
857.5
|
|
|
|
-
|
|
|
|
487.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
487.1
|
|
|
|
370.4
|
|
|
|
76.0
|
%
|
Coolsculpting®
Consumables
|
|
185.3
|
|
|
|
-
|
|
|
|
76.3
|
|
|
|
-
|
|
|
|
261.6
|
|
|
|
235.3
|
|
|
|
-
|
|
|
|
64.2
|
|
|
|
-
|
|
|
|
299.5
|
|
|
|
(37.9)
|
|
|
|
(12.7)
|
%
|
Ozurdex
®
|
|
125.5
|
|
|
|
-
|
|
|
|
274.6
|
|
|
|
-
|
|
|
|
400.1
|
|
|
|
111.0
|
|
|
|
-
|
|
|
|
187.7
|
|
|
|
-
|
|
|
|
298.7
|
|
|
|
101.4
|
|
|
|
33.9
|
%
|
Carafate
® /Sulcrate ®
|
|
-
|
|
|
|
212.5
|
|
|
|
3.0
|
|
|
|
-
|
|
|
|
215.5
|
|
|
|
-
|
|
|
|
217.8
|
|
|
|
2.8
|
|
|
|
-
|
|
|
|
220.6
|
|
|
|
(5.1)
|
|
|
|
(2.3)
|
%
|
Zenpep®
|
|
-
|
|
|
|
288.0
|
|
|
|
1.2
|
|
|
|
-
|
|
|
|
289.2
|
|
|
|
-
|
|
|
|
237.3
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
237.7
|
|
|
|
51.5
|
|
|
|
21.7
|
%
|
Coolsculpting® Systems
& Add On Applicators
|
|
62.8
|
|
|
|
-
|
|
|
|
42.4
|
|
|
|
-
|
|
|
|
105.2
|
|
|
|
126.3
|
|
|
|
-
|
|
|
|
43.3
|
|
|
|
-
|
|
|
|
169.6
|
|
|
|
(64.4)
|
|
|
|
(38.0)
|
%
|
Viberzi®
|
|
-
|
|
|
|
187.9
|
|
|
|
1.6
|
|
|
|
-
|
|
|
|
189.5
|
|
|
|
-
|
|
|
|
176.5
|
|
|
|
1.3
|
|
|
|
-
|
|
|
|
177.8
|
|
|
|
11.7
|
|
|
|
6.6
|
%
|
Namzaric®
|
|
-
|
|
|
|
88.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
88.6
|
|
|
|
-
|
|
|
|
115.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
115.8
|
|
|
|
(27.2)
|
|
|
|
(23.5)
|
%
|
Teflaro®
|
|
-
|
|
|
|
147.0
|
|
|
|
6.0
|
|
|
|
-
|
|
|
|
153.0
|
|
|
|
-
|
|
|
|
128.0
|
|
|
|
0.3
|
|
|
|
-
|
|
|
|
128.3
|
|
|
|
24.7
|
|
|
|
19.3
|
%
|
Dalvance®
|
|
-
|
|
|
|
81.9
|
|
|
|
6.0
|
|
|
|
-
|
|
|
|
87.9
|
|
|
|
-
|
|
|
|
56.1
|
|
|
|
2.3
|
|
|
|
-
|
|
|
|
58.4
|
|
|
|
29.5
|
|
|
|
50.5
|
%
|
Avycaz®
|
|
-
|
|
|
|
116.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
116.7
|
|
|
|
-
|
|
|
|
94.6
|
|
|
|
-
|
|
|
|
-
|
|
|
|
94.6
|
|
|
|
22.1
|
|
|
|
23.4
|
%
|
Kybella® /Belkyra®
|
|
27.4
|
|
|
|
-
|
|
|
|
3.3
|
|
|
|
-
|
|
|
|
30.7
|
|
|
|
31.8
|
|
|
|
-
|
|
|
|
6.3
|
|
|
|
-
|
|
|
|
38.1
|
|
|
|
(7.4)
|
|
|
|
(19.4)
|
%
|
Other Regenerative
Medicines
|
|
109.4
|
|
|
|
-
|
|
|
|
6.7
|
|
|
|
-
|
|
|
|
116.1
|
|
|
|
116.6
|
|
|
|
-
|
|
|
|
8.8
|
|
|
|
-
|
|
|
|
125.4
|
|
|
|
(9.3)
|
|
|
|
(7.4)
|
%
|
Other Promoted and New
Launch Products
|
|
25.7
|
|
|
|
-
|
|
|
|
10.9
|
|
|
|
-
|
|
|
|
36.6
|
|
|
|
21.5
|
|
|
|
-
|
|
|
|
20.5
|
|
|
|
-
|
|
|
|
42.0
|
|
|
|
(5.4)
|
|
|
|
(12.9)
|
%
|
Total Promoted
Brands & Brands with Ongoing Exclusivity
|
|
5,364.0
|
|
|
|
4,384.9
|
|
|
|
2,953.3
|
|
|
|
-
|
|
|
|
12,702.2
|
|
|
|
5,276.7
|
|
|
|
3,728.2
|
|
|
|
3,004.0
|
|
|
|
-
|
|
|
|
12,008.9
|
|
|
|
693.3
|
|
|
|
5.8
|
%
|
Restasis®
|
|
1,138.4
|
|
|
|
-
|
|
|
|
50.2
|
|
|
|
-
|
|
|
|
1,188.6
|
|
|
|
1,197.0
|
|
|
|
-
|
|
|
|
64.5
|
|
|
|
-
|
|
|
|
1,261.5
|
|
|
|
(72.9)
|
|
|
|
(5.8)
|
%
|
Asacol®/Delzicol®
|
|
-
|
|
|
|
76.7
|
|
|
|
36.1
|
|
|
|
-
|
|
|
|
112.8
|
|
|
|
-
|
|
|
|
130.8
|
|
|
|
45.7
|
|
|
|
-
|
|
|
|
176.5
|
|
|
|
(63.7)
|
|
|
|
(36.1)
|
%
|
Rapaflo®
|
|
23.5
|
|
|
|
-
|
|
|
|
6.0
|
|
|
|
-
|
|
|
|
29.5
|
|
|
|
81.9
|
|
|
|
-
|
|
|
|
6.4
|
|
|
|
-
|
|
|
|
88.3
|
|
|
|
(58.8)
|
|
|
|
(66.6)
|
%
|
Canasa®/Salofalk®
|
|
-
|
|
|
|
31.5
|
|
|
|
16.8
|
|
|
|
-
|
|
|
|
48.3
|
|
|
|
-
|
|
|
|
169.2
|
|
|
|
17.6
|
|
|
|
-
|
|
|
|
186.8
|
|
|
|
(138.5)
|
|
|
|
(74.1)
|
%
|
Saphris
|
|
-
|
|
|
|
135.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
135.3
|
|
|
|
-
|
|
|
|
139.7
|
|
|
|
-
|
|
|
|
-
|
|
|
|
139.7
|
|
|
|
(4.4)
|
|
|
|
(3.1)
|
%
|
Other LOE/
Risk
|
|
-
|
|
|
|
72.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
72.1
|
|
|
|
-
|
|
|
|
129.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
129.5
|
|
|
|
(57.4)
|
|
|
|
(44.3)
|
%
|
Total LOE
Risk
|
|
1,161.9
|
|
|
|
315.6
|
|
|
|
109.1
|
|
|
|
-
|
|
|
|
1,586.6
|
|
|
|
1,278.9
|
|
|
|
569.2
|
|
|
|
134.2
|
|
|
|
-
|
|
|
|
1,982.3
|
|
|
|
(395.7)
|
|
|
|
(20.0)
|
%
|
Aczone®
|
|
9.3
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9.3
|
|
|
|
55.1
|
|
|
|
-
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
55.5
|
|
|
|
(46.2)
|
|
|
|
(83.2)
|
%
|
Other
Divested
|
|
34.0
|
|
|
|
2.3
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
36.9
|
|
|
|
60.5
|
|
|
19.9
|
|
|
|
0.7
|
|
|
|
-
|
|
|
|
81.1
|
|
|
|
(44.2)
|
|
|
|
(54.5)
|
%
|
Total
Divested
|
|
43.3
|
|
|
|
2.3
|
|
|
|
0.6
|
|
|
|
-
|
|
|
|
46.2
|
|
|
|
115.6
|
|
|
|
19.9
|
|
|
|
1.1
|
|
|
|
-
|
|
|
|
136.6
|
|
|
|
(90.4)
|
|
|
|
(66.2)
|
%
|
Total Brands facing
LOE Risk
|
|
1,205.2
|
|
|
|
317.9
|
|
|
|
109.7
|
|
|
|
-
|
|
|
|
1,632.8
|
|
|
|
1,394.5
|
|
|
|
589.1
|
|
|
|
135.3
|
|
|
|
-
|
|
|
|
2,118.9
|
|
|
|
(486.1)
|
|
|
|
(22.9)
|
%
|
Skincare
|
|
158.0
|
|
|
|
-
|
|
|
|
14.6
|
|
|
|
-
|
|
|
|
172.6
|
|
|
|
138.8
|
|
|
|
-
|
|
|
|
15.2
|
|
|
|
-
|
|
|
|
154.0
|
|
|
|
18.6
|
|
|
|
12.1
|
%
|
Liletta®
|
|
-
|
|
|
|
79.1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
79.1
|
|
|
|
-
|
|
|
|
50.9
|
|
|
|
-
|
|
|
|
-
|
|
|
|
50.9
|
|
|
|
28.2
|
|
|
|
55.4
|
%
|
Armour
Thyroid
|
|
-
|
|
|
|
218.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
218.5
|
|
|
|
-
|
|
|
|
198.8
|
|
|
|
-
|
|
|
|
-
|
|
|
|
198.8
|
|
|
|
19.7
|
|
|
|
9.9
|
%
|
Savella®
|
|
-
|
|
|
|
88.5
|
|
|
|
-
|
|
|
|
-
|
|
|
|
88.5
|
|
|
|
-
|
|
|
|
85.0
|
|
|
|
-
|
|
|
|
-
|
|
|
|
85.0
|
|
|
|
3.5
|
|
|
|
4.1
|
%
|
Other Products
Revenues
|
|
92.8
|
|
|
|
746.0
|
|
|
|
324.4
|
|
|
|
7.0
|
|
|
|
1,170.2
|
|
|
|
110.3
|
|
|
|
670.9
|
|
|
|
350.2
|
|
|
|
14.5
|
|
|
|
1,145.9
|
|
|
|
24.3
|
|
|
|
2.1
|
%
|
Total
Other
|
|
250.8
|
|
|
|
1,132.1
|
|
|
|
339.0
|
|
|
|
7.0
|
|
|
|
1,728.9
|
|
|
|
249.1
|
|
|
|
1,005.6
|
|
|
|
365.4
|
|
|
|
14.5
|
|
|
|
1,634.6
|
|
|
|
94.3
|
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Net
Revenues
|
$
|
6,820.0
|
|
|
$
|
5,834.9
|
|
|
$
|
3,402.0
|
|
|
$
|
7.0
|
|
|
|
16,063.9
|
|
|
$
|
6,920.3
|
|
|
$
|
5,322.9
|
|
|
$
|
3,504.7
|
|
|
$
|
14.5
|
|
|
|
15,762.4
|
|
|
$
|
301.5
|
|
|
|
1.9
|
%
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/allergan-reports-fourth-quarter-and-full-year-2019-financial-results-301001646.html
SOURCE Allergan plc