Q2 2018 GAAP Loss Per Share of $1.39; Non-GAAP Performance Net Income Per Share of $4.42
|
DUBLIN, July 26, 2018 /PRNewswire/ -- Allergan, Inc. plc (NYSE: AGN) today reported its second quarter 2018 performance. Total second quarter 2018 GAAP net revenues were $4.12 billion, a 2.9 percent increase from the prior year quarter. SECOND QUARTER 2018 (unaudited; $ in
millions, except
per share
amounts) Q2 '18 Q2 '17 Q2 '18 v Q2 '17 Six Six 2018 v 2017
Months Months
Ended Ended
June 30, June 30,
2018 2017
--- ---- ----
Total net revenues $4,124.2 $4,007.4 2.9% $7,796.3 $7,580.3 2.8%
------------------ -------- -------- --- -------- -------- ---
Operating (Loss) $(467.0) $(902.4) (48.2)% $(1,121.0) $(1,808.4) (38.0)%
--------------- ------- ------- ------ --------- --------- ------
Diluted EPS -
Continuing
Operations $(1.39) $(2.35) (40.9)% $(2.39) $(10.20) (76.6)%
------------- ------ ------ ------ ------ ------- ------
SG&A Expense $1,187.5 $1,395.0 (14.9)% $2,283.4 $2,580.2 (11.5)%
------------ -------- -------- ------ -------- -------- ------
R&D Expense $689.2 $489.4 40.8% $1,163.9 $1,249.3 (6.8)%
----------- ------ ------ ---- -------- -------- -----
Continuing
Operations Tax
Rate 1.1% 44.8% (43.7)% 47.7% 25.4% 22.3%
--------------- --- ---- ------ ---- ---- ----
Non-GAAP revenues $4,099.2 $4,007.4 2.3% $7,771.3 $7,580.3 2.5%
----------------- -------- -------- --- -------- -------- ---
Non-GAAP
Operating Income $1,973.8 $1,887.2 4.6% $3,732.9 $3,505.0 6.5%
----------------- -------- -------- --- -------- -------- ---
Non-GAAP
Performance Net
Income Per Share $4.42 $4.02 10.0% $8.16 $7.37 10.7%
----------------- ----- ----- ---- ----- ----- ----
Non-GAAP Adjusted
EBITDA $2,086.2 $2,027.2 2.9% $3,955.9 $3,761.4 5.2%
----------------- -------- -------- --- -------- -------- ---
Non-GAAP SG&A
Expense $1,134.4 $1,216.5 (6.7)% $2,183.1 $2,322.4 (6.0)%
------------- -------- -------- ----- -------- -------- -----
Non-GAAP R&D
Expense $388.9 $393.9 (1.3)% $744.7 $787.8 (5.5)%
------------ ------ ------ ----- ------ ------ -----
Non-GAAP
Continuing
Operations Tax
Rate 14.3% 13.1% 1.2% 14.2% 13.1% 1.1%
--------------- ---- ---- --- ---- ---- ---
Executive Commentary "In the second quarter, our core business grew by 10.6 percent, led by Medical Aesthetics, BOTOX® Therapeutic, VRAYLAR® and LINZESS®. Overall non-GAAP revenues rose 2.3 percent, even amid ongoing exclusivity challenges for older products," said Saunders. "At the same time, the positive clinical trial results on programs for migraine, glaucoma and age-related macular degeneration highlight the promise of our business for years to come." "I'm extremely proud of the global Allergan team for their excellent work in delivering results for our customers and patients. Allergan's many successes in the first half of 2018 demonstrate our commitment to driving long term value for shareholders." Second Quarter 2018 Performance Operating Expenses Asset Sales & Impairments, Net and In-Process R&D Impairments Amortization, Other Income (Expense) Net, Tax and Capitalization SECOND QUARTER 2018 BUSINESS SEGMENT RESULTS U.S. Specialized Therapeutics Medical Aesthetics
Neurosciences & Urology
Eye Care
U.S. General Medicine Central Nervous System
Gastrointestinal, Women's Health & Diversified Brands
International Facial Aesthetics
Eye Care
Botox Therapeutic
NEW SHARE REPURCHASE PROGRAM Allergan's Board of Directors has authorized a new $2.0 billion share repurchase program as part of the Company's capital allocation strategy. Allergan expects to deploy the program over the next 12 months. The Company completed the $2 billion share repurchase that was previously authorized by the board in September 2017. Allergan reaffirmed its commitment to maintaining investment grade credit ratings and achieving a net debt to adjusted EBITDA ratio of less than 2.5X by the end of 2020. These actions reflect the Company's conviction in its strategy and strong future cash flow position, allowing for periodic return of cash to shareholders through dividends and share buybacks while maintaining investment grade ratings and continuing its strategy to pay down debt. PIPELINE UPDATE Allergan R&D continues to deliver on its pipeline. Key development highlights included: Regulatory Milestones & Clinical Updates
THIRD QUARTER AND FULL YEAR 2018 GUIDANCE Previous Guidance Current Guidance
----------------- ----------------
Twelve Months Ending December 31, 2018 Twelve Months Ending December 31, 2018
-------------------------------------- --------------------------------------
Full Year 2018 GAAP NON-GAAP GAAP NON-GAAP
-------------- ---- -------- ---- --------
Total Net Revenues ~$15.150 - $15.350 ~$15.150 - $15.350 ~$15.475 - $15.625 ~$15.450 - $15.600
billion billion billion billion
--- ------- ------- ------- -------
Gross Margin (as a % of
revenues) ~ 85.5% - 86.0% ~ 85.5% - 86.0% ~ 86.0% - 86.5% ~ 85.5% - 86.0%
----------------------- -------------- -------------- -------------- --------------
SG&A Expense ~$4.350 billion ~$4.250 billion ~$4.450 billion ~$4.350 billion
------------ --------------- --------------- --------------- ---------------
R&D Expense ~$2.1 billion ~$1.5 billion ~$2.2 billion ~$1.55 billion
----------- ------------- ------------- ------------- --------------
Net Interest Expense/
Other Income (Expense) ~ $900.0 million ~ $900.0 million ~ $750.0 million ~ $900.0 million
----------------------- ---------------- ---------------- ---------------- ----------------
Tax Rate ~ 50% ~ 14% ~ 45% ~ 14.5%
-------- ---- ---- ---- ------
Net Income /(Loss) Per
Share(1) ~ $(2.81) - $(2.20) ~ $15.65 - $16.25 ~ $(3.08) - $(2.57) ~ $16.00 - $16.50
---------------------- ------------------ ----------------- ------------------ -----------------
Average 2018 Share
Count(2) ~ 339.0 million ~ 345.0 million ~ 339.0 million ~ 343.0 million
------------------ --------------- --------------- --------------- ---------------
Cash Flow from
Operations ~ $5.0 billion N/A ~ $5.2 billion N/A
-------------- -------------- --- -------------- ---
Three Months Ending September 30, 2018
--------------------------------------
Quarter Ending September 30, 2018 Select Guidance GAAP NON-GAAP
--------------------------------------- ---- --------
Total Net Revenues ~$3.750 - $3.900 billion ~$3.750 - $3.900 billion
------------------ ------------------------ ------------------------
Net Income / (Loss) Per Share ~ $(0.31) - $(0.01) ~ $3.80 - $4.10
----------------------------- ------------------ ---------------
1 GAAP represents EPS for ordinary shareholders. GAAP (loss) per share includes the impact of amortization of approximately $6.5 billion, IPR&D impairments and asset sales and impairments, net of $1,075.0 million, select other
income components of $125.0 million, net and dividends on preferred shares through the date of conversion into ordinary shares. Non-GAAP represents performance net income per share.
2 GAAP EPS shares do not include dilution of shares as earnings are a net loss. As such, the dilution impact of preferred share conversion and outstanding equity awards is not included in the forecasted shares.
SECOND QUARTER 2018 CONFERENCE CALL AND WEBCAST DETAILS To access the live webcast, please visit Allergan's Investor Relations website at https://www.allergan.com/investors/events-presentations. A replay of the webcast will also be available. Allergan Contacts: About Allergan plc Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical leader. Allergan is 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 for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories. Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. With this approach, Allergan has built one of the broadest development pipelines in the pharmaceutical industry. Allergan's success is powered by our global colleagues' commitment to being Bold for Life. Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right. With commercial operations 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; uncertainty associated with financial projections, debt reduction, projected cost reductions, projected synergies, restructurings, increased costs, and adverse tax consequences; difficulties or delays in manufacturing; 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, 2017 and Allergan's Quarterly Report on Form 10-Q for the period ended March 31, 2018. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
The following presents Allergan plc's statement of operations for the three and six months ended June 30, 2018 and 2017:
Table 1
ALLERGAN PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months Ended Six Months Ended
June 30 June 30
------- -------
2018 2017 2018 2017
---- ---- ---- ----
Net revenues $4,124.2 $4,007.4 $7,796.3 $7,580.3
-------- -------- -------- --------
Operating expenses:
Cost of sales (excludes amortization
and impairment of acquired
intangibles including product
rights) 481.8 550.2 1,004.6 1,000.6
Research and development 689.2 489.4 1,163.9 1,249.3
Selling, general and administrative 1,187.5 1,395.0 2,283.4 2,580.2
Amortization 1,697.1 1,757.9 3,394.7 3,493.9
In-process research and development
impairments 276.0 703.3 798.0 1,043.3
Asset sales and impairments, net 259.6 14.0 272.7 21.4
----- ---- ----- ----
Total operating expenses 4,591.2 4,909.8 8,917.3 9,388.7
------- ------- ------- -------
Operating (loss) (467.0) (902.4) (1,121.0) (1,808.4)
------ ------ -------- --------
Non-operating income (expense):
Interest income 6.3 16.6 23.6 41.9
Interest (expense) (230.0) (277.4) (480.6) (567.1)
Other income (expense), net 215.4 (133.5) 136.6 (2,056.3)
----- ------ ----- --------
Total other income (expense), net (8.3) (394.3) (320.4) (2,581.5)
---- ------ ------ --------
(Loss) before income taxes and
noncontrolling interest (475.3) (1,296.7) (1,441.4) (4,389.9)
(Benefit) for income taxes (5.2) (581.2) (687.4) (1,113.3)
---- ------ ------ --------
(Loss) from continuing operations,
net of tax (470.1) (715.5) (754.0) (3,276.6)
(Loss) from discontinued operations,
net of tax - (8.4) - (11.5)
--- ---- --- -----
Net (loss) (470.1) (723.9) (754.0) (3,288.1)
------ ------ ------ --------
(Income) attributable to
noncontrolling interest (2.4) (2.0) (4.6) (3.0)
---- ---- ---- ----
Net (loss) attributable to
shareholders (472.5) (725.9) (758.6) (3,291.1)
------ ------ ------ --------
Dividends on preferred shares - 69.6 46.4 139.2
--- ---- ---- -----
Net (loss) attributable to ordinary
shareholders $(472.5) $(795.5) $(805.0) $(3,430.3)
======= ======= ======= =========
(Loss) per share attributable to
ordinary shareholders -basic:
Continuing operations $(1.39) $(2.35) $(2.39) $(10.20)
Discontinued operations - (0.02) - (0.03)
--- ----- --- -----
Net (loss) per share - basic $(1.39) $(2.37) $(2.39) $(10.23)
====== ====== ====== =======
(Loss) per share attributable to
ordinary shareholders -diluted:
Continuing operations $(1.39) $(2.35) $(2.39) $(10.20)
Discontinued operations - (0.02) - (0.03)
--- ----- --- -----
Net (loss) per share - diluted $(1.39) $(2.37) $(2.39) $(10.23)
====== ====== ====== =======
Dividends per ordinary share $0.72 $0.70 $1.44 $1.40
Weighted average shares outstanding:
Basic 339.1 335.2 336.9 335.2
===== ===== ===== =====
Diluted 339.1 335.2 336.9 335.2
===== ===== ===== =====
The following table details Allergan plc's product revenue for significant promoted products globally, within the U.S., and international for the three and six months ended June 30, 2018 and 2017.
ALLERGAN PLC
NET REVENUES TOP GLOBAL PRODUCTS
(Unaudited; in millions)
Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Movement
-------------------------------- -------------------------------- --------
US Specialized US International Corporate Total US Specialized US International Corporate Total Total Total Change
Therapeutics Therapeutics Percentage
General General
Medicine Medicine Change
-------- -------- ------
Botox(R) $658.5 $ - $276.0 $ - $934.5 $574.0 $ - $242.1 $ - $816.1 $118.4 14.5%
Restasis(R) 318.2 - 16.0 - 334.2 336.4 - 17.3 - 353.7 (19.5) (5.5)%
Juvederm Collection 139.8 - 156.1 - 295.9 126.2 - 137.3 - 263.5 32.4 12.3%
Lumigan(R)/Ganfort(R) 73.0 - 100.5 - 173.5 79.0 - 94.4 - 173.4 0.1 0.1%
Linzess(R)/Constella(R) - 191.8 6.4 - 198.2 - 167.8 5.5 - 173.3 24.9 14.4%
Bystolic(R) /Byvalson(R) - 148.1 0.6 - 148.7 - 150.7 0.5 - 151.2 (2.5) (1.7)%
Alphagan(R)/Combigan(R) 98.1 - 44.6 - 142.7 96.4 - 42.7 - 139.1 3.6 2.6%
Namenda XR(R) - 3.4 - - 3.4 - 118.7 - - 118.7 (115.3) (97.1)%
Lo Loestrin(R) - 127.8 - - 127.8 - 113.0 - - 113.0 14.8 13.1%
Estrace(R) Cream - 13.1 - - 13.1 - 90.1 - - 90.1 (77.0) (85.5)%
Breast Implants 75.9 - 39.9 - 115.8 61.3 - 41.1 - 102.4 13.4 13.1%
Viibryd(R)/Fetzima(R) - 86.7 1.6 - 88.3 - 85.2 0.7 - 85.9 2.4 2.8%
Eye Drops 53.8 - 72.4 - 126.2 50.7 - 70.7 - 121.4 4.8 4.0%
Minastrin(R) 24 - 0.8 - - 0.8 - 11.4 - - 11.4 (10.6) (93.0)%
Asacol(R)/Delzicol(R) - 32.6 12.4 - 45.0 - 45.6 12.8 - 58.4 (13.4) (22.9)%
Coolsculpting Consumables 71.9 - 18.5 - 90.4 47.9 - 12.5 - 60.4 30.0 49.7%
Coolsculpting Systems & Add On Applicators 36.4 - 12.4 - 48.8 31.0 - 10.2 - 41.2 7.6 18.4%
Ozurdex (R) 27.6 - 67.9 - 95.5 24.9 - 51.2 - 76.1 19.4 25.5%
Carafate (R) /Sulcrate (R) - 54.3 0.7 - 55.0 - 59.2 0.7 - 59.9 (4.9) (8.2)%
Aczone(R) 21.1 - 0.1 - 21.2 41.0 - 0.1 - 41.1 (19.9) (48.4)%
Zenpep(R) - 55.5 - - 55.5 - 50.5 - - 50.5 5.0 9.9%
Canasa(R)/Salofalk(R) - 45.0 4.5 - 49.5 - 38.4 4.3 - 42.7 6.8 15.9%
Vraylar(TM) - 114.2 - - 114.2 - 66.3 - - 66.3 47.9 72.2%
Saphris(R) - 33.8 - - 33.8 - 43.0 - - 43.0 (9.2) (21.4)%
Viberzi(R) - 44.9 0.3 - 45.2 - 41.3 0.1 - 41.4 3.8 9.2%
Teflaro(R) - 32.4 0.6 - 33.0 - 33.0 - - 33.0 - 0.0%
Namzaric(R) - 31.8 - - 31.8 - 33.4 - - 33.4 (1.6) (4.8)%
Rapaflo(R) 19.7 - 1.6 - 21.3 25.7 - 1.7 - 27.4 (6.1) (22.3)%
Tazorac(R) 6.4 - 0.2 - 6.6 12.8 - 0.2 - 13.0 (6.4) (49.2)%
SkinMedica(R) 20.8 - 2.0 - 22.8 25.4 - - - 25.4 (2.6) (10.2)%
Latisse(R) 13.5 - 2.1 - 15.6 13.3 - 2.4 - 15.7 (0.1) (0.6)%
Kybella(R) /Belkyra(R) 11.2 - 2.3 - 13.5 12.7 - 2.0 - 14.7 (1.2) (8.2)%
Alloderm 107.1 - 2.3 - 109.4 84.6 - 2.3 - 86.9 22.5 25.9%
Dalvance(R) - 17.7 1.3 - 19.0 - 15.2 1.2 - 16.4 2.6 15.9%
Avycaz(R) - 23.5 - - 23.5 - 14.5 - - 14.5 9.0 62.1%
Liletta(R) - 15.5 - - 15.5 - 6.6 - - 6.6 8.9 134.8%
Namenda(R) IR - - - - - - - - - - - n.a.
Armour Thyroid - 49.2 - - 49.2 - 42.0 - - 42.0 7.2 17.1%
Savella(R) - 19.1 - - 19.1 - 26.0 - - 26.0 (6.9) (26.5)%
Lexapro(R) - 14.5 - - 14.5 - 13.1 - - 13.1 1.4 10.7%
Other Products Revenues 73.7 164.3 105.6 28.6 372.2 71.7 162.7 104.5 6.2 345.1 27.1 7.9%
---- ----- ----- ---- ----- ---- ----- ----- --- ----- ---- ---
Total Net Revenues $1,826.7 $1,320.0 $948.9 $28.6 4,124.2 $1,715.0 $1,427.7 $858.5 $6.2 4,007.4 $116.8 2.9%
======== ======== ====== ===== ======= ======== ======== ====== ==== ======= ====== ===
Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Movement
------------------------------ ------------------------------ --------
US Specialized US General International Corporate Global US Specialized US General International Corporate Global Total Change Total Change
Therapeutics Medicine Therapeutics Medicine Percentage
--------------- ---------- ------------- --------- ------ -------------- ---------- ------------- --------- ------ ------------ ------------
Botox(R) $1,231.0 $ - $520.8 $ - $1,751.8 $1,083.4 $ - $446.7 $ - $1,530.1 $221.7 14.5%
Restasis(R) 574.0 - 34.3 - 608.3 645.2 - 31.2 - 676.4 (68.1) (10.1)%
Fillers 262.6 - 302.2 - 564.8 246.0 - 259.5 - 505.5 59.3 11.7%
Lumigan(R)/Ganfort(R) 139.8 - 200.9 - 340.7 153.3 - 180.3 - 333.6 7.1 2.1%
Linzess(R)/Constella(R) - 351.1 12.0 - 363.1 - 315.4 10.4 - 325.8 37.3 11.4%
Bystolic(R) /Byvalson(R) - 280.9 1.1 - 282.0 - 290.5 1.0 - 291.5 (9.5) (3.3)%
Alphagan(R)/Combigan(R) 182.3 - 88.8 - 271.1 182.8 - 85.0 - 267.8 3.3 1.2%
Namenda XR(R) - 43.9 - - 43.9 - 240.7 - - 240.7 (196.8) (81.8)%
Lo Loestrin(R) - 242.4 - - 242.4 - 212.8 - - 212.8 29.6 13.9%
Estrace(R) Cream - 19.5 - - 19.5 - 163.5 - - 163.5 (144.0) (88.1)%
Breast Implants 136.6 - 84.0 - 220.6 115.6 - 78.7 - 194.3 26.3 13.5%
Viibryd(R)/Fetzima(R) - 158.4 3.1 - 161.5 - 157.7 1.1 - 158.8 2.7 1.7%
Eye Drops 100.0 - 141.2 - 241.2 98.5 - 136.0 - 234.5 6.7 2.9%
Minastrin(R) 24 - 6.0 - - 6.0 - 52.5 - - 52.5 (46.5) (88.6)%
Asacol(R)/Delzicol(R) - 70.8 24.1 - 94.9 - 103.2 24.9 - 128.1 (33.2) (25.9)%
Coolsculpting Consumables 125.3 - 26.6 - 151.9 47.9 - 12.5 - 60.4 91.5 151.5%
Coolsculpting Systems & Add On Applicators 70.1 - 13.5 - 83.6 31.0 - 10.2 - 41.2 42.4 102.9%
Alloderm 206.6 - 4.5 - 211.1 138.7 - 3.5 - 142.2 68.9 48.5%
Ozurdex (R) 53.1 - 132.3 - 185.4 47.4 - 102.3 - 149.7 35.7 23.8%
Carafate (R) /Sulcrate (R) - 110.3 1.4 - 111.7 - 117.9 1.4 - 119.3 (7.6) (6.4)%
Aczone(R) 37.1 - 0.2 - 37.3 81.6 - 0.1 - 81.7 (44.4) (54.3)%
Zenpep(R) - 108.4 - - 108.4 - 97.0 - - 97.0 11.4 11.8%
Canasa(R)/Salofalk(R) - 83.6 8.7 - 92.3 - 76.7 8.7 - 85.4 6.9 8.1%
Vraylar(TM) - 198.6 - - 198.6 - 119.9 - - 119.9 78.7 65.6%
Saphris(R) - 66.5 - - 66.5 - 80.3 - - 80.3 (13.8) (17.2)%
Viberzi(R) - 80.8 0.4 - 81.2 - 72.8 0.1 - 72.9 8.3 11.4%
Teflaro(R) - 64.6 0.6 - 65.2 - 63.6 - - 63.6 1.6 2.5%
Namzaric(R) - 65.2 - - 65.2 - 57.0 - - 57.0 8.2 14.4%
Rapaflo(R) 42.5 - 2.8 - 45.3 51.6 - 3.7 - 55.3 (10.0) (18.1)%
Tazorac(R) 15.8 - 0.4 - 16.2 36.2 - 0.4 - 36.6 (20.4) (55.7)%
SkinMedica(R) 38.9 - 3.6 - 42.5 53.4 - - - 53.4 (10.9) (20.4)%
Latisse(R) 27.3 - 4.3 - 31.6 26.9 - 4.3 - 31.2 0.4 1.3%
Kybella(R) /Belkyra(R) 19.4 - 3.7 - 23.1 27.8 - 3.5 - 31.3 (8.2) (26.2)%
Dalvance(R) - 29.6 1.3 - 30.9 - 24.8 1.2 - 26.0 4.9 18.8%
Avycaz(R) - 45.3 - - 45.3 - 25.8 - - 25.8 19.5 75.6%
Liletta(R) - 23.6 - - 23.6 - 13.8 - - 13.8 9.8 71.0%
Namenda(R) IR - 0.1 - - 0.1 - 0.1 - - 0.1 - 0.0%
Armour Thyroid - 97.4 - - 97.4 - 79.3 - - 79.3 18.1 22.8%
Savella(R) - 39.0 - - 39.0 - 50.3 - - 50.3 (11.3) (22.5)%
Lexapro(R) - 29.2 - - 29.2 - 26.5 - - 26.5 2.7 10.2%
Other Products Revenues 142.9 328.5 196.1 34.4 701.9 129.7 331.4 189.1 14.0 664.2 37.7 5.7%
----- ----- ----- ---- ----- ----- ----- ----- ---- ----- ---- ---
Total Net Revenues $3,405.3 $2,543.7 $1,812.9 $34.4 7,796.3 $3,197.0 $2,773.5 $1,595.8 $14.0 7,580.3 $216.0 2.8%
======== ======== ======== ===== ======= ======== ======== ======== ===== ======= ====== ===
The following table presents Allergan plc's Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31,
2017.
Table 3
ALLERGAN PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
June 30, December 31,
2018 2017
---- ----
Assets
Cash and cash equivalents $1,674.7 $1,817.2
Marketable securities 21.5 4,632.1
Accounts receivable, net 2,760.8 2,899.0
Inventories 922.5 904.5
Prepaid expenses and other
current assets 724.2 1,123.9
Assets held for sale 180.4 81.6
Property, plant and equipment,
net 1,761.4 1,785.4
Investments and other assets 1,197.8 587.0
Product rights and other
intangibles 49,928.3 54,648.3
Goodwill 49,687.2 49,862.9
-------- --------
Total assets $108,858.8 $118,341.9
========== ==========
Liabilities & Equity
Current liabilities $4,776.8 $5,616.3
Current and long-term debt and
capital leases 25,350.5 30,075.3
Deferred income taxes and other
liabilities 7,467.5 8,813.2
Total equity 71,264.0 73,837.1
-------- --------
Total liabilities and equity $108,858.8 $118,341.9
========== ==========
The following table presents Allergan plc's Consolidated Statements of Cash Flows for the three and six months ended June 30, 2018 and 2017.
Table 4
ALLERGAN PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three Months Ended June 30, Six Months Ended June 30,
--------------------------- -------------------------
2018 2017 2018 2017
---- ---- ---- ----
Cash Flows From Operating Activities:
Net (loss) $(470.1) $(723.9) $(754.0) $(3,288.1)
------- ------- ------- ---------
Reconciliation to net cash provided by
operating activities:
Depreciation 49.1 39.6 105.2 81.2
Amortization 1,697.1 1,757.9 3,394.7 3,493.9
Provision for inventory reserve 31.2 24.8 45.4 48.7
Share-based compensation 54.9 85.8 127.4 148.5
Deferred income tax benefit (333.2) (766.0) (1,359.6) (1,478.8)
In-process research and development
impairments 276.0 703.3 798.0 1,043.3
Loss on asset sales and impairments, net 259.6 14.0 272.7 21.4
Net income impact of determining that the loss
on investment of Teva securities is other-
than-temporary - - - 1,978.0
Gain on sale of Teva shares, net (138.6) - (60.9) -
Amortization of inventory step up - 59.9 - 87.8
Gain on sale of business (53.0) - (53.0) -
Non-cash extinguishment of debt 4.0 (8.2) 4.0 (8.2)
Cash charge related to extinguishment of debt (13.1) 170.5 (13.1) 170.5
Amortization of deferred financing costs 5.6 6.5 11.9 13.2
Contingent consideration adjustments,
including accretion (107.1) (15.5) (101.8) 15.2
Other, net (6.8) (3.8) (0.3) (22.6)
Changes in assets and liabilities (net of
effects of acquisitions):
Decrease /(increase) in accounts receivable,
net (168.8) (192.2) 90.3 (139.0)
Decrease / (increase) in inventories (60.6) (44.6) (113.3) (95.1)
Decrease /(increase) in prepaid expenses and
other current assets 39.9 8.0 39.3 10.5
Increase /(decrease) in accounts payable and
accrued expenses 191.2 156.2 (40.4) (207.5)
Increase /(decrease) in income and other
taxes payable 28.8 549.9 365.4 673.7
Increase /(decrease) in other assets and
liabilities (45.9) (22.4) (59.4) (23.5)
----- ----- ----- -----
Net cash provided by operating activities 1,240.2 1,799.8 2,698.5 2,523.1
------- ------- ------- -------
Cash Flows From Investing Activities:
Additions to property, plant and equipment (60.1) (104.0) (106.5) (137.2)
Additions to product rights and other
intangibles - (240.0) - (586.3)
Additions to investments - (400.0) (1,455.9) (6,787.9)
Proceeds from sale of investments and other
assets 761.8 3,542.2 5,651.3 13,197.5
Payments to settle Teva related matters - - (466.0) -
Proceeds from sales of property, plant and
equipment 0.4 3.6 11.5 4.3
Acquisitions of businesses, net of cash
acquired - (2,416.0) - (5,290.4)
--- -------- --- --------
Net cash provided by investing activities 702.1 385.8 3,634.4 400.0
----- ----- ------- -----
Cash Flows From Financing Activities:
Proceeds from borrowings on long-term
indebtedness, including credit facility - 3,023.0 709.0 3,023.0
Proceeds from Forward Sale of Teva securities 93.2 - 465.5 -
Debt issuance and other financing costs - (17.5) - (17.5)
Payments on debt, including capital lease
obligations (1,044.7) (4,563.3) (5,366.8) (5,579.2)
Cash charge related to extinguishment of debt 13.1 (170.5) 13.1 (170.5)
Proceeds from stock plans 33.7 72.1 69.2 124.7
Other financing, including contingent
consideration (1.3) (428.8) (10.6) (505.1)
Payments to settle Teva related matters - - (234.0) -
Repurchase of ordinary shares (132.5) (5.7) (1,572.1) (35.2)
Dividends (244.2) (306.1) (563.7) (611.9)
------ ------ ------ ------
Net cash (used in) financing activities (1,282.7) (2,396.8) (6,490.4) (3,771.7)
-------- -------- -------- --------
Effect of currency exchange rate changes on
cash 20.3 5.2 15.0 11.5
and cash equivalents
Net increase /(decrease) in cash and cash
equivalents 679.9 (206.0) (142.5) (837.1)
Cash and cash equivalents at beginning of
period 994.8 1,092.9 1,817.2 1,724.0
----- ------- ------- -------
Cash and cash equivalents at end of period $1,674.7 $886.9 $1,674.7 $886.9
======== ====== ======== ======
Non-GAAP performance net income per share is used by management as one of the primary metrics in evaluating the Company's performance. We believe that Non-GAAP performance net income per share enhances the comparability of our results between periods and provides additional information and transparency to investors on adjustments and other items that are not indicative of the Company's current and future operating performance. These are the financial measures used by our management team to evaluate our operating performance and make day to day operating decisions. We define
non-GAAP adjustments to the reported GAAP measures as GAAP results adjusted for the following net of tax: (i) amortization expenses, (ii) global supply chain and operational excellence initiatives or other restructurings of a similar nature, (iii) acquisition, divestiture, integration and licensing charges, (iv) accretion and fair market value adjustments on contingent liabilities, (v) impairment/asset sales and related costs, including the exclusion of discontinued operations, (vi) legal settlements and (vii) other unusual charges or expenses. Non-GAAP performance net income
per share is not, and should not be viewed as, a substitute for reported GAAP continuing operations loss per share. The Company has consistently excluded amortization of all intangible assets, including the product rights that generate a significant portion of our ongoing revenue. The Company's total accumulated amortization, including impairments of currently marketed products, related to our intangible assets as of June 30, 2018 and December 31, 2017 was $29.1 billion and $25.8 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 six months ended June 30, 2018 and 2017:
Table 5
ALLERGAN PLC
GAAP TO NON-GAAP ADJUSTMENTS
(Unaudited; in millions)
Three Months Ended June 30, 2018
Net COGS Research & Selling & General & Amortization Asset sales Interest Other Income
Revenue Development Marketing Administrative and expense, income taxes
Impairments, net (expense)
net
GAAP $4,124.2 $481.8 $689.2 $853.4 $334.1 $1,697.1 $535.6 $(223.7) $215.4 $(5.2)
Purchase accounting impact on stock-based compensation for acquired awards - (0.4) (0.8) (1.7) (0.5) - - - - -
Severance due to integration of acquired entities - - - - (0.3) - - - - -
Non-acquisition related severance and restructuring - (9.3) (0.3) (6.9) 3.0 - - - - -
Costs associated with disposed businesses - (1.0) - - (0.7) - - - - -
Integration charges of acquired businesses - - (0.4) (0.5) (13.9) - - - - -
Milestones and upfront expenses for asset acquisitions
Elastagen Pty Ltd - - (96.1) - - - - - - -
AstraZeneca plc - - (90.0) - - - - - - -
Merck & Co. - - (85.0) - - - - - - -
Other - - (6.2) - - - - - - -
Accretion and fair-value adjustments to contingent consideration - 128.8 (21.7) - - - - - - -
Non-cash amortization of debt premium recognized in purchase accounting - - - - - - - (5.4) - -
Impairment of IPR&D products acquired in the Allergan acquisition - - - - - - (236.0) - - -
Impairment of IPR&D products acquired in the Vitae acquisition - - - - - - (40.0) - - -
Impairment of assets held for sale - - - - - - (252.0) - - -
Asset sales and impairments, other - - - - - - (7.6) - - -
Gain on Teva shares - - - - - - - - (138.3) -
Milestone component of ongoing intellectual property agreement (25.0) - - - - - - - - -
Gain on the sale of divestiture - - - - - - - - (53.0) -
Gain on bond repurchases - - - - - - - - (9.1) -
Litigation settlement related charges - - - - (29.0) - - - - -
Other adjustments - 0.1 0.2 - (2.6) (1,697.1) - - 0.1 -
Income taxes on pre-tax adjustments - - - - - - - - - 315.3
Discrete income tax events - - - - - - - - - (58.0)
Non-GAAP Adjusted $4,099.2 $600.0 $388.9 $844.3 $290.1 $ - $ - $(229.1) $15.1 $252.1
======== ====== ====== ====== ====== === === === === ======= ===== ======
ALLERGAN PLC
GAAP TO NON-GAAP ADJUSTMENTS
(Unaudited; in millions)
Three Months Ended June 30, 2017
Net COGS Research & Selling & General &
Development Marketing Administrative Amortization Asset sales Interest Other Income
Revenue and expense, income taxes
Impairments, net (expense)
net
GAAP $4,007.4 $550.2 $489.4 $935.2 $459.8 $1,757.9 $717.3 $(260.8) $(133.5) $(581.2)
Impact of selling through purchase accounting mark-up on acquired
inventory - (59.9) - - - - - - - -
Purchase accounting impact on stock-based compensation for acquired awards - (1.1) (4.6) (8.9) (36.4) - - - - -
Severance due to integration of acquired entities - (0.2) (1.9) (5.8) (10.9) - - - - -
Non-acquisition related severance and restructuring - (5.4) (26.8) (29.9) (3.5) - - - - -
Costs associated with disposed businesses - (1.0) - - (1.3) - - - - -
Integration charges of acquired businesses - (0.1) - (5.2) (28.0) - - - - -
Milestones and upfront expenses for asset acquisitions
Akarna Therapeutics, Ltd. - - (39.6) - - - - - - -
Other - - (13.2) - - - - - - -
Accretion and fair-value adjustments to contingent consideration - 24.8 (9.3) - - - - - - -
Non-cash amortization of debt premium recognized in purchase accounting - - - - - - - (9.7) - -
Impairment of IPR&D products acquired in the Allergan acquisition - - - - - - (550.0) - - -
Decrease in realization of certain R&D projects acquired in the Uteron
acquisition - - - - - - (91.3) - - -
Decrease in realization of certain R&D projects acquired in the Warner
Chilcott acquisition - - - - - - (57.0) - - -
Asset sales and impairments, other - - - - - - (19.0) - - -
Impact of debt refinancing - - - - (12.6) - - - 161.5 -
Litigation settlement related charges - - - - (42.5) - - - - -
Other adjustments - 0.2 (0.1) 0.5 6.0 (1,757.9) - - 5.8 -
Income taxes on pre-tax adjustments - - - - - - - - - 608.0
Discrete income tax events - - - - - - - - - 188.9
Non-GAAP Adjusted $4,007.4 $507.5 $393.9 $885.9 $330.6 $ - $ - $(270.5) $33.8 $215.7
======== ====== ====== ====== ====== === === === === ======= ===== ======
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 June 30, 2018 was impacted by U.S. income taxed at rates higher than the Irish statutory rate, partially offset by income earned in jurisdictions with tax rates lower than the Irish statutory rate.
The non-GAAP effective tax rate for the three months ended June 30, 2018 excludes a net discrete tax detriment of approximately $58.0 million related to the tax effects of uncertain tax positions, share-based compensation and other individually insignificant items.
ALLERGAN PLC
GAAP TO NON-GAAP ADJUSTMENTS
(Unaudited; in millions)
Six Month Ended June 30, 2018
Net COGS Research & Selling & General & Amortization Asset sales Interest
Development Marketing Administrative and expense,
Impairments, net
net Other Income
Revenue income
(expense) taxes
GAAP $7,796.3 $1,004.6 $1,163.9 $1,653.4 $630.0 $3,394.7 $1,070.7 $(457.0) $136.6 $(687.4)
Purchase accounting impact on stock-based compensation for acquired awards - (1.5) (3.6) (6.0) (2.1) - - - - -
Severance due to integration of acquired entities - - - (0.7) (0.8) - - - - -
Non-acquisition related severance and restructuring - (21.9) (0.9) (17.2) (4.3) - (13.6) - - -
Costs associated with disposed businesses - (1.5) - - (3.3) - - - - -
Integration charges of acquired businesses - - (0.6) (0.7) (24.6) - - - - -
Milestones and upfront expenses for asset acquisitions - - - - - - - - - -
Elastagen Pty Ltd - - (96.1) - - - - - - -
AstraZeneca plc - - (90.0) - - - - - - -
Merck & Co. - - (85.0) - - - - - - -
Chase Pharmaceuticals Corporation - - (75.0) - - - - - - -
Repros Therapeutics, Inc. - - (33.2) - - - - - - -
Other - - (11.4) - - - - - - -
Accretion and fair-value adjustments to contingent consideration - 125.4 (23.6) - - - - - - -
Non-cash amortization of debt premium recognized in purchase accounting - - - - - - - (10.2) - -
Impairment of IPR&D products acquired in the Allergan acquisition - - - - - - (236.0) - - -
Impairment of IPR&D products acquired in the Vitae acquisition - - - - - - (40.0) - - -
Impairment of assets held for sale - - - - - - (252.0) - - -
Impairment of RORgt IPR&D product - - - - - - (522.0) - - -
Asset sales and impairments, other - - - - - - (7.1) - - -
Gain on Teva securities - - - - - - - - (60.6) -
Milestone component of ongoing intellectual property agreement (25.0) - - - - - - - - -
Gain on the sale of divestiture - - - - - - - - (53.0) -
Gain on bond repurchases - - - - - - - - (9.1) -
Litigation settlement related charges - - - - (39.3) - - - - -
Other adjustments - 0.1 0.2 - (1.3) (3,394.7) - - 0.1 -
Income taxes on pre-tax adjustments - - - - - - - - - 753.1
Discrete income tax events - - - - - - - - - 401.6
Non-GAAP Adjusted $7,771.3 $1,105.2 $744.7 $1,628.8 $554.3 $ - $ - $(467.2) $14.0 $467.3
======== ======== ====== ======== ====== === === === === ======= ===== ======
ALLERGAN PLC
GAAP TO NON-GAAP ADJUSTMENTS
(Unaudited; in millions)
Six Month Ended June 30, 2017
Net Revenue COGS Research & Selling & General & Amortization Asset sales Interest Other income
Development Marketing Administrative and expense, (expense)
Impairments, net
net Income
taxes
GAAP $7,580.3 $1,000.6 $1,249.3 $1,804.3 $775.9 $3,493.9 $1,064.7 $(525.2) $(2,056.3) $(1,113.3)
Impact of selling through purchase accounting mark-up on acquired
inventory - (87.8) - - - - - - - -
Expenditures incurred with the Pfizer transaction - (2.0) (2.4) (5.6) (10.5) - - - - -
Purchase accounting impact on stock-based compensation for acquired awards - (2.1) (10.2) (18.3) (42.4) - - - - -
Severance due to integration of acquired entities - (0.5) (2.5) (15.5) (14.7) - - - - -
Non-acquisition related severance and restructuring - (5.4) (26.8) (29.9) (3.5) - - - - -
Costs associated with disposed businesses - (1.0) - - (13.4) - - - - -
Integration charges of acquired businesses - (0.6) (0.9) (5.6) (55.0) - - - - -
Milestones and upfront expenses for asset acquisitions
Assembly Biosciences, Inc. - - (50.0) - - - - - - -
Lysosomal Therapeutics, Inc. - - (145.0) - - - - - - -
Editas Medicine Inc. - - (90.0) - - - - - - -
Akarna Therapeutics, Ltd. - - (39.6) - - - - - - -
Other - - (19.3) - - - - - - -
Accretion and fair-value adjustments to contingent consideration - 60.3 (75.5) - - - - - - -
Net income impact of determining that the loss on investment of Teva
securities is other-than-temporary - - - - - - - - 1,978.0 -
Non-cash amortization of debt premium recognized in purchase accounting - - - - - - - (20.0) - -
Termination of agreement for SER-120 - - - - - - (147.4) - - -
Impairment of IPR&D products acquired in the Allergan acquisition - - - - - - (550.0) - - -
Decrease in realization of certain R&D projects acquired in the Uteron
acquisition - - - - - - (91.3) - - -
Decrease in realization of certain R&D projects acquired in the Warner
Chilcott acquisition - - - - - - (257.0) - - -
Asset sales and impairments, other - - - - - - (19.0) - - -
Settlement of Naurex, Inc. agreement - - - - - - - - (20.0) -
Impact of debt refinancing - - - - (12.6) - - - 161.5 -
Litigation settlement related charges - - - - (41.4) - - - - -
Other adjustments - 1.3 0.7 (0.3) 10.9 (3,493.9) - - 5.7 -
Income taxes on pre-tax adjustments - - - - - - - - - 1,294.0
Discrete income tax events - - - - - - - - - 216.4
Non-GAAP Adjusted $7,580.3 $962.8 $787.8 $1,729.1 $593.3 $ - $ - $(545.2) $68.9 $397.1
======== ====== ====== ======== ====== === === === === ======= ===== ======
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 six months ended June 30, 2018 was impacted by U.S. income taxed at rates higher than the Irish statutory rate, partially offset by income earned in jurisdictions with tax rates lower than the Irish statutory rate.
The non-GAAP effective tax rate for the six months ended June 30, 2018 excludes a net discrete tax benefit of approximately $401.6 million related to the tax effects of integration activities, share-based compensation, uncertain tax positions and other individually insignificant items.
The following table presents a reconciliation of Allergan plc's reported net (loss) from continuing operations attributable to shareholders and diluted earnings per share to non-GAAP performance net income and non-GAAP performance
net income per share for the three and six months ended June 30, 2018 and 2017:
Table 6
ALLERGAN PLC
RECONCILIATION TABLE
(Unaudited; in millions except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2018 2017 2018 2017
---- ---- ---- ----
GAAP to Non-GAAP Performance net income calculation
GAAP (loss) from continuing operations
attributable to shareholders $(472.5) $(717.5) $(758.6) $(3,279.6)
Adjusted for:
Amortization 1,697.1 1,757.9 3,394.7 3,493.9
Acquisition, divestiture and licensing charges 103.3 273.2 313.5 2,631.6
Accretion and fair-value adjustments to contingent
consideration (107.1) (15.5) (101.8) 15.2
Impairment/asset sales and related costs 535.6 717.3 1,070.7 1,064.7
Other (34.2) 174.1 (34.2) 174.1
Non-acquisition restructurings, including Global
Supply Chain initiatives 13.5 - 44.3 -
Legal settlements 29.0 42.5 39.3 41.4
Income taxes on items above and other discrete
income tax adjustments (257.3) (796.9) (1,154.7) (1,510.4)
------ ------ -------- --------
Non-GAAP performance net income
attributable to shareholders $1,507.4 $1,435.1 $2,813.2 $2,630.9
======== ======== ======== ========
Diluted earnings per share
Diluted (loss) per share from continuing
operations attributable to shareholders-
GAAP $(1.39) $(2.14) $(2.25) $(9.78)
====== ====== ====== ======
Non-GAAP performance net income per
share attributable to shareholders $4.42 $4.02 $8.16 $7.37
===== ===== ===== =====
Basic weighted average ordinary shares outstanding 339.1 335.2 336.9 335.2
Effect of dilutive securities:
Dilutive shares 2.2 21.5 8.0 21.8
--- ---- --- ----
Diluted weighted average ordinary shares outstanding 341.3 356.7 344.9 357.0
===== ===== ===== =====
We define adjusted EBITDA as an amount equal to consolidated net income /(loss) from continuing operations attributable to shareholders for such period adjusted for the following: (i) interest expense, (ii) interest income,
(iii) (benefit) for income taxes, (iv) depreciation and amortization expenses, (v) stock-based compensation expense, (vi) asset impairment charges and losses /(gains) and expenses associated with the sale of assets,
including the exclusion of discontinued operations, (vii) business restructuring charges associated with Allergan's global supply chain and operational excellence initiatives or other restructurings of a similar nature,
(viii) costs and charges associated with the acquisition and divestitures of businesses and assets including, but not limited to, milestone payments, integration charges, other charges associated with the revaluation of
assets or liabilities and charges associated with the revaluation of acquisition related contingent liabilities that are based in whole or in part on future estimated cash flows, (ix) litigation charges and settlements and
(x) other unusual charges or expenses. We define non-GAAP operating income as adjusted EBITDA including depreciation and certain stock-based compensation charges and excluding dividend income, fair value accounting results
included within other income (expense), net and other-than-temporary investment impairments included within other income (expense), net.
The following table presents a reconciliation of Allergan plc's reported net income /(loss) from continuing operations attributable to shareholders for the three and six months ended June 30, 2018 and 2017 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 Six Months Ended
June 30, June 30,
-------- --------
2018 2017 2018 2017
---- ---- ---- ----
GAAP (loss) from continuing
operations attributable to
shareholders $(472.5) $(717.5) $(758.6) $(3,279.6)
Plus:
Interest expense 230.0 277.4 480.6 567.1
Interest income (6.3) (16.6) (23.6) (41.9)
(Benefit) for income taxes (5.2) (581.2) (687.4) (1,113.3)
Depreciation 49.1 39.6 105.2 81.2
Amortization 1,697.1 1,757.9 3,394.7 3,493.9
------- ------- ------- -------
EBITDA $1,492.2 $759.6 $2,510.9 $(292.6)
-------- ------ -------- -------
Adjusted for:
Acquisition, divestiture and licensing
charges 105.3 231.9 302.3 2,578.6
Impairment/asset sales and related costs 535.6 717.3 1,070.7 1,064.7
Other (34.2) 174.1 (34.2) 174.1
Non-acquisition restructurings, including
Global Supply Chain initiatives, excluding
depreciation 10.5 - 41.3 -
Legal settlements 29.0 42.5 39.3 41.4
Accretion and fair-value adjustments to
contingent consideration (107.1) (15.5) (101.8) 15.2
Share-based compensation including cash
settlements 54.9 117.3 127.4 180.0
---- ----- ----- -----
Adjusted EBITDA $2,086.2 $2,027.2 $3,955.9 $3,761.4
-------- -------- -------- --------
Adjusted for:
Depreciation (46.1) (39.6) (102.2) (81.2)
Dividend income - (34.1) - (68.2)
Other income (expense) related to fair value
accounting* (14.8) - (14.8) -
Share-based compensation not related to
restructuring charges and purchase
accounting impact on stock-based
compensation for acquired awards (51.5) (66.3) (106.0) (107.0)
----- ----- ------ ------
Non-GAAP Operating Income $1,973.8 $1,887.2 $3,732.9 $3,505.0
======== ======== ======== ========
* Amounts relate to mark to market adjustments on available for sale securities and non-service components of pension costs based on the implementation of ASU 2016-01 and ASU 2017-07, respectively.
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 six months ended June 30, 2018 and 2017. Included within our corporate function are shared costs, including above site and unallocated costs associated with running our global manufacturing facilities, corporate general and administrative expenses and corporate initiatives.
Table 8
ALLERGAN PLC
Segment Contribution to Non-GAAP Allergan plc Contribution
(Unaudited; $ in millions)
Three Months Ended June 30, 2018 Three Months Ended June 30, 2017
-------------------------------- --------------------------------
US Specialized US General International Corporate Total Company US Specialized US General International Corporate Total Company
Therapeutics Medicine Segment Segment Therapeutics Medicine Segment Segment
Segment Segment
------- -------
Net revenues $1,826.7 $1,320.0 $948.9 $3.6 $4,099.2 $1,715.0 $1,427.7 $858.5 $6.2 $4,007.4
-------- -------- ------ ---- -------- -------- -------- ------ ---- --------
Operating expenses:
Cost of sales(1) 148.7 201.8 139.4 110.1 600.0 128.8 203.2 125.0 50.5 507.5
Selling and marketing 343.3 254.8 246.2 - 844.3 356.8 288.1 238.9 2.1 885.9
General and administrative 48.1 34.7 33.9 173.4 290.1 49.8 41.3 28.3 211.2 330.6
---- ---- ---- ----- ----- ---- ---- ---- ----- -----
Segment contribution $1,286.6 $828.7 $529.4 $(279.9) $2,364.8 $1,179.6 $895.1 $466.3 $(257.6) $2,283.4
======== ====== ====== ======= ======== ======== ====== ====== ======= ========
Segment margin 70.4% 62.8% 55.8% n.m. 57.7% 68.8% 62.7% 54.3% n.m. 57.0%
Segment gross margin(2) 91.9% 84.7% 85.3% n.m. 85.4% 92.5% 85.8% 85.4% n.m. 87.3%
----------------------
(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.
Six Months Ended June 30, 2018 Six Months Ended June 30, 2017
------------------------------ ------------------------------
US Specialized US General International Corporate Total Company US Specialized US General International Corporate Total Company
Therapeutics Medicine Segment Segment Therapeutics Medicine Segment Segment
Segment Segment
------- -------
Net revenues $3,405.3 $2,543.7 $1,812.9 $9.4 $7,771.3 $3,197.0 $2,773.5 $1,595.8 $14.0 $7,580.3
-------- -------- -------- ---- -------- -------- -------- -------- ----- --------
Operating expenses:
Cost of sales(1) 282.9 384.4 260.3 177.6 1,105.2 218.0 397.7 225.3 121.8 962.8
Selling and marketing 656.5 480.3 491.9 0.1 1,628.8 687.2 590.6 448.4 2.9 1,729.1
General and administrative 98.3 73.6 65.3 317.1 554.3 94.6 82.0 58.2 358.5 593.3
---- ---- ---- ----- ----- ---- ---- ---- ----- -----
Segment contribution $2,367.6 $1,605.4 $995.4 $(485.4) $4,483.0 $2,197.2 $1,703.2 $863.9 $(469.2) $4,295.1
======== ======== ====== ======= ======== ======== ======== ====== ======= ========
Segment margin 69.5% 63.1% 54.9% n.m. 57.7% 68.7% 61.4% 54.1% n.m. 56.7%
Segment gross margin(2) 91.7% 84.9% 85.6% n.m. 85.8% 93.2% 85.7% 85.9% n.m. 87.3%
----------------------
(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 and segment contribution within the US Specialized Therapeutics segment for the three and six months ended June 30, 2018 and 2017.
Table 9
ALLERGAN PLC
US Specialized Therapeutics Product Revenue
(Unaudited; in millions)
Three Months Ended June 30, Change
--------------------------- ------
2018 2017 Dollars %
---- ---- ------- ---
Total Eye Care $587.0 $600.1 $(13.1) (2.2)%
Restasis(R) 318.2 336.4 (18.2) (5.4)%
Alphagan(R)/Combigan(R) 98.1 96.4 1.7 1.8%
Lumigan(R)/Ganfort(R) 73.0 79.0 (6.0) (7.6)%
Ozurdex(R) 27.6 24.9 2.7 10.8%
Eye Drops 53.8 50.7 3.1 6.1%
Other Eye Care 16.3 12.7 3.6 28.3%
Total Medical Aesthetics 743.6 643.9 99.7 15.5%
Facial Aesthetics 387.5 349.2 38.3 11.0%
Botox(R) Cosmetics 236.5 210.3 26.2 12.5%
Juvederm(R) Collection 139.8 126.2 13.6 10.8%
Kybella(R) 11.2 12.7 (1.5) (11.8)%
Plastic Surgery 75.9 61.3 14.6 23.8%
Breast Implants 75.9 61.3 14.6 23.8%
Regenerative Medicine 137.6 115.8 21.8 18.8%
Alloderm(R) 107.1 84.6 22.5 26.6%
Other Regenerative 30.5 31.2 (0.7) (2.2)%
Medicine
Body Contouring 108.3 78.9 29.4 37.3%
Coolsculpting(R) Systems & Add On Applicators 36.4 31.0 5.4 17.4%
Coolsculpting(R) Consumables 71.9 47.9 24.0 50.1%
Skin Care 34.3 38.7 (4.4) (11.4)%
SkinMedica(R) 20.8 25.4 (4.6) (18.1)%
Latisse(R) 13.5 13.3 0.2 1.5%
Total Medical Dermatology 56.5 81.8 (25.3) (30.9)%
Botox(R) Hyperhidrosis 17.3 16.8 0.5 3.0%
Tazorac(R) 6.4 12.8 (6.4) (50.0)%
Aczone(R) 21.1 41.0 (19.9) (48.5)%
Other Medical Dermatology 11.7 11.2 0.5 4.5%
Total Neuroscience & Urology 424.4 372.6 51.8 13.9%
Botox(R) Therapeutics 404.7 346.9 57.8 16.7%
Rapaflo(R) 19.7 25.7 (6.0) (23.3)%
Other Revenues 15.2 16.6 (1.4) (8.4)%
---- ---- ---- -----
Net revenues $1,826.7 $1,715.0 $111.7 6.5%
======== ======== ====== ===
Operating expenses:
Cost of sales(1) 148.7 128.8 19.9 15.5%
Selling and marketing 343.3 356.8 (13.5) (3.8)%
General and administrative 48.1 49.8 (1.7) (3.4)%
---- ---- ---- -----
Segment contribution $1,286.6 $1,179.6 $107.0 9.1%
======== ======== ====== ===
Segment margin 70.4% 68.8% 1.6%
Segment gross margin(2) 91.9% 92.5% (0.6)%
----------------------
(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.
Six Months Ended June 30, Change
------------------------- ------
2018 2017 Dollars %
---- ---- ------- ---
Total Eye Care $1,078.1 $1,153.2 $(75.1) (6.5)%
Restasis(R) 574.0 645.2 (71.2) (11.0)%
Alphagan(R)/Combigan(R) 182.3 182.8 (0.5) (0.3)%
Lumigan(R)/Ganfort(R) 139.8 153.3 (13.5) (8.8)%
Ozurdex(R) 53.1 47.4 5.7 12.0%
Eye Drops 100.0 98.5 1.5 1.5%
Other Eye Care 28.9 26.0 2.9 11.2%
Total Medical Aesthetics 1,379.2 1,134.0 245.2 21.6%
Facial Aesthetics 715.2 667.9 47.3 7.1%
Botox(R) Cosmetics 433.2 394.1 39.1 9.9%
Juvederm(R) Collection 262.6 246.0 16.6 6.7%
Kybella(R) 19.4 27.8 (8.4) (30.2)%
Plastic Surgery 136.6 115.6 21.0 18.2%
Breast Implants 136.6 115.6 21.0 18.2%
Regenerative Medicine 265.8 191.3 74.5 38.9%
Alloderm(R) 206.6 138.7 67.9 49.0%
Other Regenerative Medicine 59.2 52.6 6.6 12.5%
Body Contouring 195.4 78.9 116.5 147.7%
Coolsculpting(R) Systems & Add On Applicators 70.1 31.0 39.1 126.1%
Coolsculpting(R) Consumables 125.3 47.9 77.4 161.6%
Skin Care 66.2 80.3 (14.1) (17.6)%
SkinMedica(R) 38.9 53.4 (14.5) (27.2)%
Latisse(R) 27.3 26.9 0.4 1.5%
Total Medical Dermatology 110.5 168.4 (57.9) (34.4)%
Aczone(R) 37.1 81.6 (44.5) (54.5)%
Botox(R) Hyperhidrosis 34.6 33.6 1.0 3.0%
Tazorac(R) 15.8 36.2 (20.4) (56.4)%
Other Medical Dermatology 23.0 17.0 6.0 35.3%
Total Neuroscience & Urology 805.7 707.3 98.4 13.9%
Botox(R) Therapeutics 763.2 655.7 107.5 16.4%
Rapaflo(R) 42.5 51.6 (9.1) (17.6)%
Other Revenues 31.8 34.1 (2.3) (6.7)%
---- ---- ---- -----
Net revenues $3,405.3 $3,197.0 $208.3 6.5%
======== ======== ====== ===
Operating expenses:
Cost of sales(1) 282.9 218.0 64.9 29.8%
Selling and marketing 656.5 687.2 (30.7) (4.5)%
General and administrative 98.3 94.6 3.7 3.9%
---- ---- --- ---
Segment contribution $2,367.6 $2,197.2 $170.4 7.8%
======== ======== ====== ===
Segment margin 69.5% 68.7% 0.8%
Segment gross margin(2) 91.7% 93.2% (1.5)%
----------------------
(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 and segment contribution within the US General Medicine segment for the three and six months ended June 30, 2018 and 2017.
Table 10
ALLERGAN PLC
US General Medicine Product Revenue
(Unaudited; in millions)
Three Months Ended June 30, Change
--------------------------- ------
2018 2017 Dollars %
---- ---- ------- ---
Total Central Nervous System (CNS) $269.9 $346.6 $(76.7) (22.1)%
Vraylar(R) 114.2 66.3 47.9 72.2%
Viibryd(R)/Fetzima(R) 86.7 85.2 1.5 1.8%
Saphris(R) 33.8 43.0 (9.2) (21.4)%
Namzaric(R) 31.8 33.4 (1.6) (4.8)%
Namenda XR(R) 3.4 118.7 (115.3) (97.1)%
Total Gastrointestinal (GI) 431.9 410.8 21.1 5.1%
Linzess(R) 191.8 167.8 24.0 14.3%
Zenpep(R) 55.5 50.5 5.0 9.9%
Carafate(R)/Sulcrate(R) 54.3 59.2 (4.9) (8.3)%
Canasa(R)/Salofalk(R) 45.0 38.4 6.6 17.2%
Viberzi(R) 44.9 41.3 3.6 8.7%
Asacol(R)/Delzicol(R) 32.6 45.6 (13.0) (28.5)%
Other GI 7.8 8.0 (0.2) (2.5)%
Total Women's Health 196.5 248.0 (51.5) (20.8)%
Lo Loestrin(R) 127.8 113.0 14.8 13.1%
Liletta(R) 15.5 6.6 8.9 134.8%
Estrace(R) Cream 13.1 90.1 (77.0) (85.5)%
Minastrin(R) 24 0.8 11.4 (10.6) (93.0)%
Other Women's Health 39.3 26.9 12.4 46.1%
Total Anti-Infectives 79.8 67.8 12.0 17.7%
Teflaro(R) 32.4 33.0 (0.6) (1.8)%
Avycaz(R) 23.5 14.5 9.0 62.1%
Dalvance(R) 17.7 15.2 2.5 16.4%
Other Anti-Infectives 6.2 5.1 1.1 21.6%
Diversified Brands 284.9 305.5 (20.6) (6.7)%
Bystolic(R) /Byvalson(R) 148.1 150.7 (2.6) (1.7)%
Armour Thyroid 49.2 42.0 7.2 17.1%
Savella(R) 19.1 26.0 (6.9) (26.5)%
Lexapro(R) 14.5 13.1 1.4 10.7%
PacPharma 3.7 3.7 - 0.0%
Other Diversified Brands 50.3 70.0 (19.7) (28.1)%
Other Revenues 57.0 49.0 8.0 16.3%
---- ---- --- ----
Net revenues $1,320.0 $1,427.7 $(107.7) (7.5)%
======== ======== ======= =====
Operating expenses:
Cost of sales(1) 201.8 203.2 (1.4) (0.7)%
Selling and marketing 254.8 288.1 (33.3) (11.6)%
General and administrative 34.7 41.3 (6.6) (16.0)%
---- ---- ---- ------
Segment contribution $828.7 $895.1 $(66.4) (7.4)%
====== ====== ====== =====
Segment margin 62.8% 62.7% 0.1%
Segment gross margin(2) 84.7% 85.8% (1.1)%
----------------------
(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.
Six Months Ended June 30, Change
------------------------- ------
2018 2017 Dollars %
---- ---- ------- ---
Total Central Nervous System (CNS) $532.7 $655.7 $(123.0) (18.8)%
Vraylar(R) 198.6 119.9 78.7 65.6%
Viibryd(R)/Fetzima(R) 158.4 157.7 0.7 0.4%
Saphris(R) 66.5 80.3 (13.8) (17.2)%
Namzaric(R) 65.2 57.0 8.2 14.4%
Namenda XR(R) 43.9 240.7 (196.8) (81.8)%
Namenda(R) IR 0.1 0.1 - 0.0%
Total Gastrointestinal (GI) 820.6 798.3 22.3 2.8%
Linzess(R) 351.1 315.4 35.7 11.3%
Carafate(R)/Sulcrate(R) 110.3 117.9 (7.6) (6.4)%
Zenpep(R) 108.4 97.0 11.4 11.8%
Canasa(R)/Salofalk(R) 83.6 76.7 6.9 9.0%
Viberzi(R) 80.8 72.8 8.0 11.0%
Asacol(R)/Delzicol(R) 70.8 103.2 (32.4) (31.4)%
Other GI 15.6 15.3 0.3 2.0%
Total Women's Health 359.8 492.7 (132.9) (27.0)%
Lo Loestrin(R) 242.4 212.8 29.6 13.9%
Liletta(R) 23.6 13.8 9.8 71.0%
Estrace(R) Cream 19.5 163.5 (144.0) (88.1)%
Minastrin(R) 24 6.0 52.5 (46.5) (88.6)%
Other Women's Health 68.3 50.1 18.2 36.3%
Total Anti-Infectives 151.4 123.5 27.9 22.6%
Teflaro(R) 64.6 63.6 1.0 1.6%
Avycaz(R) 45.3 25.8 19.5 75.6%
Dalvance(R) 29.6 24.8 4.8 19.4%
Other Anti-Infectives 11.9 9.3 2.6 28.0%
Diversified Brands 559.8 604.5 (44.7) (7.4)%
Bystolic(R) /Byvalson(R) 280.9 290.5 (9.6) (3.3)%
Armour Thyroid 97.4 79.3 18.1 22.8%
Savella(R) 39.0 50.3 (11.3) (22.5)%
Lexapro(R) 29.2 26.5 2.7 10.2%
PacPharma 8.1 6.7 1.4 20.9%
Other Diversified Brands 105.2 151.2 (46.0) (30.4)%
Other Revenues 119.4 98.8 20.6 20.9%
----- ---- ---- ----
Net revenues $2,543.7 $2,773.5 $(229.8) (8.3)%
======== ======== ======= =====
Operating expenses:
Cost of sales(1) 384.4 397.7 (13.3) (3.3)%
Selling and marketing 480.3 590.6 (110.3) (18.7)%
General and administrative 73.6 82.0 (8.4) (10.2)%
---- ---- ---- ------
Segment contribution $1,605.4 $1,703.2 $(97.8) (5.7)%
======== ======== ====== =====
Segment margin 63.1% 61.4% 1.7%
Segment gross margin(2) 84.9% 85.7% (0.8)%
----------------------
(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.
The following table details Allergan plc's product revenue for significant promoted products and segment contribution within the International segment for the three and six months ended June 30, 2018 and 2017.
Table 11
ALLERGAN PLC
International Product Revenue
(Unaudited; in millions)
Three Months Ended June 30, Change
--------------------------- ------
2018 2017 Dollars %
---- ---- ------- ---
Total Eye Care $353.7 $322.0 $31.7 9.8%
Lumigan(R)/Ganfort(R) 100.5 94.4 6.1 6.5%
Ozurdex(R) 67.9 51.2 16.7 32.6%
Alphagan(R)/Combigan(R) 44.6 42.7 1.9 4.4%
Optive(R) 30.7 27.6 3.1 11.2%
Restasis(R) 16.0 17.3 (1.3) (7.5)%
Other Eye Drops 41.7 43.1 (1.4) (3.2)%
Other Eye Care 52.3 45.7 6.6 14.4%
Total Medical Aesthetics 409.8 358.1 51.7 14.4%
Facial Aesthetics 329.8 287.6 42.2 14.7%
Botox(R) Cosmetics 171.4 148.3 23.1 15.6%
Juvederm Collection 156.1 137.3 18.8 13.7%
Belkyra(R) (Kybella(R)) 2.3 2.0 0.3 15.0%
Plastic Surgery 40.3 41.5 (1.2) (2.9)%
Breast Implants 39.9 41.1 (1.2) (2.9)%
Earfold(TM) 0.4 0.4 - 0.0%
Regenerative Medicine 4.7 3.6 1.1 30.6%
Alloderm(R) 2.3 2.3 0.0 0.0%
Other Regenerative Medicine 2.4 1.3 1.1 84.6%
Body Contouring 30.9 22.7 8.2 36.1%
Coolsculpting(R) Systems & Add On Applicators 12.4 10.2 2.2 21.6%
Coolsculpting(R) Consumables 18.5 12.5 6.0 48.0%
Skin Care 4.1 2.7 1.4 51.9%
Botox(R) Therapeutics and Other 166.6 151.1 15.5 10.3%
Botox(R) Therapeutics 104.6 93.8 10.8 11.5%
Asacol(R)/Delzicol(R) 12.4 12.8 (0.4) (3.1)%
Constella(R) 6.4 5.5 0.9 16.4%
Other Products 43.2 39.0 4.2 10.8%
Other Revenues 18.8 27.3 (8.5) (31.1)%
---- ---- ---- ------
Net revenues $948.9 $858.5 $90.4 10.5%
====== ====== ===== ====
Operating expenses:
Cost of sales(1) 139.4 125.0 14.4 11.5%
Selling and marketing 246.2 238.9 7.3 3.1%
General and administrative 33.9 28.3 5.6 19.8%
---- ---- --- ----
Segment contribution $529.4 $466.3 $63.1 13.5%
====== ====== ===== ====
Segment margin 55.8% 54.3% 1.5%
Segment gross margin(2) 85.3% 85.4% (0.1)%
----------------------
(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.
Six Months Ended June 30, Change
------------------------- ------
2018 2017 Dollars %
---- ---- ------- ---
Total Eye Care $697.4 $621.5 $75.9 12.2%
Lumigan(R)/Ganfort(R) 200.9 180.3 20.6 11.4%
Ozurdex(R) 132.3 102.3 30.0 29.3%
Alphagan(R)/Combigan(R) 88.8 85.0 3.8 4.5%
Optive(R) 58.5 55.1 3.4 6.2%
Restasis(R) 34.3 31.2 3.1 9.9%
Other Eye Drops 82.7 80.9 1.8 2.2%
Other Eye Care 99.9 86.7 13.2 15.2%
Total Medical Aesthetics 768.3 646.2 122.1 18.9%
Facial Aesthetics 625.9 533.5 92.4 17.3%
Botox(R) Cosmetics 320.0 270.5 49.5 18.3%
Juvederm Collection 302.2 259.5 42.7 16.5%
Belkyra(R) (Kybella(R)) 3.7 3.5 0.2 5.7%
Plastic Surgery 84.8 79.5 5.3 6.7%
Breast Implants 84.0 78.7 5.3 6.7%
Earfold(TM) 0.8 0.8 - 0.0%
Regenerative Medicine 9.6 5.6 4.0 71.4%
Alloderm(R) 4.5 3.5 1.0 28.6%
Other Regenerative Medicine 5.1 2.1 3.0 142.9%
Body Contouring 40.1 22.7 17.4 76.7%
Coolsculpting(R) Systems & Add On Applicators 13.5 10.2 3.3 32.4%
Coolsculpting(R) Consumables 26.6 12.5 14.1 112.8%
Skin Care 7.9 4.9 3.0 61.2%
Botox(R) Therapeutics and Other 316.3 285.0 31.3 11.0%
Botox(R) Therapeutics 200.8 176.2 24.6 14.0%
Asacol(R)/Delzicol(R) 24.1 24.9 (0.8) (3.2)%
Constella(R) 12.0 10.4 1.6 15.4%
Other Products 79.4 73.5 5.9 8.0%
Other Revenues 30.9 43.1 (12.2) (28.3)%
---- ---- ----- ------
Net revenues $1,812.9 $1,595.8 $217.1 13.6%
======== ======== ====== ====
Operating expenses:
Cost of sales(1) 260.3 225.3 35.0 15.5%
Selling and marketing 491.9 448.4 43.5 9.7%
General and administrative 65.3 58.2 7.1 12.2%
---- ---- --- ----
Segment contribution 995.4 863.9 131.5 15.2%
===== ===== ===== ====
Segment margin 54.9% 54.1% 0.8%
Segment gross margin(2) 85.6% 85.9% (0.3)%
----------------------
(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 provides a reconciliation of anticipated GAAP loss from continuing operations to non-GAAP performance net income attributable to shareholders for the three months ending September 30, 2018 and the twelve months ending December 31, 2018:
Table 12
Three months ending Twelve months ending
September 30, 2018 December 31, 2018
------------------ -----------------
(in millions, except per share information) LOW HIGH LOW HIGH
--- ---- --- ----
GAAP (loss) from continuing operations attributable to shareholders $(105.0) $(3.0) $(998.0) $(825.0)
Adjusted for:
Amortization 1,550.0 1,550.0 6,500.0 6,500.0
Acquisition, divestiture, licensing and other non-recurring charges 35.0 35.0 540.0 540.0
Accretion and fair-value adjustments to contingent consideration 5.0 5.0 (90.0) (90.0)
Impairment/asset sales and related costs - - 1,075.0 1,075.0
Other - - (35.0) (35.0)
Non-acquisition restructurings, including Global Supply Chain initiatives 10.0 10.0 70.0 70.0
Legal settlements - - 40.0 40.0
Income taxes on items above and other discrete income tax adjustments (195.0) (195.0) (1,615.0) (1,615.0)
------ ------ -------- --------
Non-GAAP performance net income attributable to shareholders 1,300.0 1,402.0 5,487.0 5,660.0
======= ======= ======= =======
Diluted earnings per share
Diluted (loss) per share from continuing operations attributable to shareholders- GAAP $(0.31) $(0.01) $(2.94) $(2.43)
====== ====== ====== ======
Non-GAAP performance diluted net income per share attributable to shareholders $3.80 $4.10 $16.00 $16.50
===== ===== ====== ======
Basic weighted average ordinary shares outstanding 339.0 339.0 339.0 339.0
Effect of dilutive securities:
Dilutive shares 3.0 3.0 4.0 4.0
--- --- --- ---
Diluted weighted average ordinary shares outstanding 342.0 342.0 343.0 343.0
===== ===== ===== =====
View original content with multimedia:http://www.prnewswire.com/news-releases/allergan-reports-strong-second-quarter-2018-results-including-gaap-net-revenues-of-4-1-billion-300686821.html SOURCE Allergan plc |
||
Company Codes: NYSE:AGN |
