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o
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2020
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission
File Number
|
|
Exact name of registrant as specified in its charter,
principal office and address and telephone number
|
|
State of incorporation
or organization
|
|
I.R.S. Employer
Identification No.
|
001-36867 |
|
Allergan plc
Clonshaugh Business and Technology Park
Coolock, Dublin, D17 E400, Ireland
(862) 261-7000 |
|
Ireland |
|
98-1114402 |
|
|
|
|
|
|
|
001-36887 |
|
Warner Chilcott Limited |
|
Bermuda |
|
98-0496358 |
|
|
Victoria Place, 5th Floor |
|
|
|
|
|
|
Hamilton HM 10 |
|
|
|
|
|
|
Bermuda |
|
|
|
|
|
|
(441) 295-2244 |
|
|
|
|
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
Allergan plc Ordinary Shares, $0.0001 par value |
AGN |
New York Stock Exchange |
Floating rate notes due 2020 |
AGN20A |
New York Stock Exchange |
0.500% notes due 2021 |
AGN21 |
New York Stock Exchange |
1.500% notes due 2023 |
AGN 23A |
New York Stock Exchange |
1.250% notes due 2024 |
AGN 24A |
New York Stock Exchange |
2.625% notes due 2028 |
AGN28 |
New York Stock Exchange |
2.125% notes due 2029 |
AGN29 |
New York Stock Exchange |
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
Allergan plc Ordinary Shares, $0.0001 par value |
AGN |
New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
Allergan plc |
|
YES ☒ |
|
NO ☐ |
Warner Chilcott Limited |
|
YES ☒ |
|
NO ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Allergan plc |
|
YES ☒ |
|
NO ☐ |
Warner Chilcott Limited |
|
YES ☒ |
|
NO ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Allergan plc |
Large accelerated filer |
☒ |
Accelerated filer |
☐ |
|
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
|
Emerging growth company |
☐ |
|
|
|
|
|
|
|
Warner Chilcott Limited |
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
|
Non-accelerated filer |
☒ |
Smaller reporting company |
☐ |
|
Emerging growth company |
☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Allergan plc |
|
YES ☐ |
|
NO ☒ |
Warner Chilcott Limited |
|
YES ☐ |
|
NO ☒ |
Number of shares of Allergan plc’s Ordinary Shares outstanding on May 1, 2020: 329,805,791. There is no trading market for securities of Warner Chilcott Limited, all of which are indirectly wholly owned by Allergan plc.
This Quarterly Report on Form 10-Q is a combined report being filed separately by two different registrants: Allergan plc and Warner Chilcott Limited. Warner Chilcott Limited is an indirect wholly-owned subsidiary of Allergan plc. The information in this Quarterly Report on Form 10-Q is equally applicable to Allergan plc and Warner Chilcott Limited, except where otherwise indicated. Warner Chilcott Limited meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and, to the extent applicable, is therefore filing this form with a reduced disclosure format.
TABLE OF CONTENTS
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020
|
|
|
PAGE |
PART I. FINANCIAL INFORMATION |
|
Item 1. |
|
Consolidated Financial Statements (unaudited) |
3 |
|
|
Consolidated Balance Sheets of Allergan plc as of March 31, 2020 and December 31, 2019 |
3 |
|
|
Consolidated Statements of Operations of Allergan plc for the three months ended March 31, 2020 and March 31, 2019 |
4 |
|
|
Consolidated Statements of Comprehensive Income / (Loss) of Allergan plc for the three months ended March 31, 2020 and March 31, 2019 |
5 |
|
|
Consolidated Statements of Cash Flows of Allergan plc for the three months ended March 31, 2020 and March 31, 2019 |
6 |
|
|
Consolidated Statements of Equity of Allergan plc for the three months ended March 31, 2020 and March 31, 2019 |
7 |
|
|
Consolidated Balance Sheets of Warner Chilcott Limited as of March 31, 2020 and December 31, 2019 |
8 |
|
|
Consolidated Statements of Operations of Warner Chilcott Limited for the three months ended March 31, 2020 and March 31, 2019 |
9 |
|
|
Consolidated Statements of Comprehensive Income / (Loss) of Warner Chilcott Limited for the three months ended March 31, 2020 and March 31, 2019 |
10 |
|
|
Consolidated Statements of Cash Flows of Warner Chilcott Limited for the three months ended March 31, 2020 and March 31, 2019 |
11 |
|
|
Consolidated Statements of Equity of Warner Chilcott Limited for the three months ended March 31, 2020 and March 31, 2019 |
12 |
|
|
Notes to the Consolidated Financial Statements |
13 |
Item 2. |
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
54 |
Item 3. |
|
Quantitative and Qualitative Disclosures About Market Risk |
70 |
Item 4. |
|
Controls and Procedures |
71 |
PART II. OTHER INFORMATION |
73 |
Item 1. |
|
Legal Proceedings |
73 |
Item 1A. |
|
Risk Factors |
73 |
Item 2. |
|
Unregistered Sales of Equity Securities and Use of Proceeds |
74 |
Item 6. |
|
Exhibits |
75 |
|
|
Signatures |
76 |
2
PART I. FINANCIAL INFORMATION
ITEM 1. |
CONSOLIDATED FINANCIAL STATEMENTS |
ALLERGAN PLC
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except par value)
|
|
March 31, |
|
|
December 31, |
|
|
|
2020 |
|
|
2019 |
|
ASSETS |
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
999.5 |
|
|
$ |
2,503.3 |
|
Marketable securities |
|
|
1,618.8 |
|
|
|
3,411.6 |
|
Accounts receivable, net of allowances for doubtful accounts and credit losses of $144.8 and $110.8 |
|
|
2,800.6 |
|
|
|
3,192.3 |
|
Inventories |
|
|
1,199.9 |
|
|
|
1,133.1 |
|
Prepaid expenses and other current assets |
|
|
855.3 |
|
|
|
886.4 |
|
Total current assets |
|
|
7,474.1 |
|
|
|
11,126.7 |
|
Property, plant and equipment, net |
|
|
1,915.4 |
|
|
|
1,926.5 |
|
Right of use asset - operating leases |
|
|
481.0 |
|
|
|
490.4 |
|
Investments and other assets |
|
|
430.7 |
|
|
|
408.0 |
|
Non current assets held for sale |
|
|
31.7 |
|
|
|
31.7 |
|
Deferred tax assets |
|
|
597.9 |
|
|
|
576.9 |
|
Product rights and other intangibles |
|
|
36,266.2 |
|
|
|
37,890.6 |
|
Goodwill |
|
|
41,229.2 |
|
|
|
42,248.3 |
|
Total assets |
|
$ |
88,426.2 |
|
|
$ |
94,699.1 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
5,289.5 |
|
|
$ |
6,348.7 |
|
Income taxes payable |
|
|
73.4 |
|
|
|
65.1 |
|
Current portion of long-term debt |
|
|
1,950.7 |
|
|
|
4,532.5 |
|
Current portion of lease liability - operating |
|
|
119.8 |
|
|
|
124.4 |
|
Total current liabilities |
|
|
7,433.4 |
|
|
|
11,070.7 |
|
Long-term debt |
|
|
17,599.0 |
|
|
|
18,116.5 |
|
Lease liability - operating |
|
|
438.3 |
|
|
|
446.1 |
|
Other long-term liabilities |
|
|
787.4 |
|
|
|
800.9 |
|
Other taxes payable |
|
|
1,690.4 |
|
|
|
1,704.8 |
|
Deferred tax liabilities |
|
|
2,456.2 |
|
|
|
4,363.7 |
|
Total liabilities |
|
|
30,404.7 |
|
|
|
36,502.7 |
|
Commitments and contingencies (Refer to Note 15) |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Ordinary shares; $0.0001 par value per share; 1,000.0 million shares
authorized, 329.7 million and 328.6 million shares issued and
outstanding, respectively |
|
$ |
- |
|
|
$ |
- |
|
Additional paid-in capital |
|
|
56,036.2 |
|
|
|
55,974.9 |
|
Retained earnings |
|
|
882.5 |
|
|
|
991.5 |
|
Accumulated other comprehensive income |
|
|
1,079.0 |
|
|
|
1,207.2 |
|
Total shareholders’ equity |
|
|
57,997.7 |
|
|
|
58,173.6 |
|
Noncontrolling interest |
|
|
23.8 |
|
|
|
22.8 |
|
Total equity |
|
|
58,021.5 |
|
|
|
58,196.4 |
|
Total liabilities and equity |
|
$ |
88,426.2 |
|
|
$ |
94,699.1 |
|
See accompanying Notes to the Consolidated Financial Statements.
3
ALLERGAN PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
Net revenues |
|
$ |
3,604.4 |
|
|
$ |
3,597.1 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of sales (excludes amortization and impairment of
acquired intangibles including product rights) |
|
|
623.1 |
|
|
|
497.8 |
|
Research and development |
|
|
430.0 |
|
|
|
435.0 |
|
Selling and marketing |
|
|
972.1 |
|
|
|
804.0 |
|
General and administrative |
|
|
401.3 |
|
|
|
308.3 |
|
Amortization |
|
|
1,416.4 |
|
|
|
1,399.4 |
|
Goodwill impairments |
|
|
913.0 |
|
|
|
2,467.0 |
|
Asset sales and impairments, net |
|
|
148.1 |
|
|
|
(5.2 |
) |
Total operating expenses |
|
|
4,904.0 |
|
|
|
5,906.3 |
|
Operating (loss) / income |
|
|
(1,299.6 |
) |
|
|
(2,309.2 |
) |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
21.2 |
|
|
|
21.3 |
|
Interest (expense) |
|
|
(184.5 |
) |
|
|
(201.8 |
) |
Other income / (expense), net |
|
|
(24.9 |
) |
|
|
13.8 |
|
Total other (expense), net |
|
|
(188.2 |
) |
|
|
(166.7 |
) |
(Loss) before income taxes and noncontrolling
interest |
|
|
(1,487.8 |
) |
|
|
(2,475.9 |
) |
(Benefit) for income taxes |
|
|
(1,866.8 |
) |
|
|
(68.6 |
) |
Net income / (loss) |
|
|
379.0 |
|
|
|
(2,407.3 |
) |
(Income) attributable to noncontrolling interest |
|
|
(1.0 |
) |
|
|
(0.7 |
) |
Net Income / (loss) attributable to shareholders |
|
$ |
378.0 |
|
|
$ |
(2,408.0 |
) |
|
|
|
|
|
|
|
|
|
Income / (Loss) per share attributable to shareholders |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.15 |
|
|
$ |
(7.25 |
) |
Diluted |
|
$ |
1.14 |
|
|
$ |
(7.25 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
329.1 |
|
|
|
332.0 |
|
Diluted |
|
|
331.9 |
|
|
|
332.0 |
|
See accompanying Notes to the Consolidated Financial Statements.
4
ALLERGAN PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
(Unaudited; in millions)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
Net income / (loss) |
|
$ |
379.0 |
|
|
$ |
(2,407.3 |
) |
Other comprehensive (loss) / income |
|
|
|
|
|
|
|
|
Foreign currency translation (losses) |
|
|
(127.2 |
) |
|
|
(127.8 |
) |
Unrealized (losses), net of tax |
|
|
(1.0 |
) |
|
|
(1.0 |
) |
Total other comprehensive (loss), net of tax |
|
|
(128.2 |
) |
|
|
(128.8 |
) |
Comprehensive income / (loss) |
|
|
250.8 |
|
|
|
(2,536.1 |
) |
Comprehensive (income) attributable to noncontrolling
interest |
|
|
(1.0 |
) |
|
|
(0.7 |
) |
Comprehensive income / (loss) attributable to ordinary
shareholders |
|
$ |
249.8 |
|
|
$ |
(2,536.8 |
) |
See accompanying Notes to the Consolidated Financial Statements.
5
ALLERGAN PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
|
|
Three Months Ended March 31, |
|
|
|
2020 |
|
|
2019 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
Net income / (loss) |
|
$ |
379.0 |
|
|
$ |
(2,407.3 |
) |
Reconciliation to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
56.8 |
|
|
|
47.5 |
|
Amortization |
|
|
1,416.4 |
|
|
|
1,399.4 |
|
Provision for inventory reserve |
|
|
28.4 |
|
|
|
18.8 |
|
Share-based compensation |
|
|
51.6 |
|
|
|
52.3 |
|
Deferred income tax benefit |
|
|
(1,931.1 |
) |
|
|
(229.7 |
) |
Goodwill impairments |
|
|
913.0 |
|
|
|
2,467.0 |
|
(Gain) / loss on asset sales and impairments, net |
|
|
148.1 |
|
|
|
(5.2 |
) |
Non-cash extinguishment of debt |
|
|
- |
|
|
|
0.3 |
|
Amortization of deferred financing costs |
|
|
4.1 |
|
|
|
4.6 |
|
Non-cash lease expense |
|
|
35.9 |
|
|
|
30.1 |
|
Contingent consideration adjustments, including accretion |
|
|
26.6 |
|
|
|
18.7 |
|
Other, net |
|
|
65.2 |
|
|
|
(10.3 |
) |
Changes in assets and liabilities (net of effects of acquisitions): |
|
|
|
|
|
|
|
|
Decrease / (increase) in accounts receivable, net |
|
|
330.2 |
|
|
|
132.4 |
|
Decrease / (increase) in inventories |
|
|
(126.3 |
) |
|
|
(128.3 |
) |
Decrease / (increase) in prepaid expenses and other current assets |
|
|
(20.1 |
) |
|
|
36.2 |
|
Increase / (decrease) in accounts payable and accrued expenses |
|
|
(1,242.9 |
) |
|
|
(199.8 |
) |
Increase / (decrease) in income and other net taxes payable |
|
|
2.1 |
|
|
|
60.0 |
|
Increase / (decrease) in other assets and liabilities |
|
|
(20.5 |
) |
|
|
(52.7 |
) |
Net cash provided by operating activities |
|
|
116.5 |
|
|
|
1,234.0 |
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(60.4 |
) |
|
|
(64.8 |
) |
Additions to product rights and other intangibles |
|
|
(57.6 |
) |
|
|
(7.5 |
) |
Additions to investments |
|
|
(5.0 |
) |
|
|
(538.2 |
) |
Proceeds from sale of investments and other assets |
|
|
1,800.0 |
|
|
|
569.1 |
|
Proceeds from sales of property, plant and equipment |
|
|
2.1 |
|
|
|
17.2 |
|
Acquisitions of businesses, net of cash acquired |
|
|
- |
|
|
|
(80.6 |
) |
Net cash (used in) / provided by investing activities |
|
|
1,679.1 |
|
|
|
(104.8 |
) |
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Payments on debt, including finance lease obligations and credit facility |
|
|
(3,031.8 |
) |
|
|
(159.4 |
) |
Payments of contingent consideration and other financing |
|
|
(2.8 |
) |
|
|
(2.0 |
) |
Proceeds from stock plans |
|
|
64.4 |
|
|
|
9.7 |
|
Repurchase of ordinary shares |
|
|
(54.7 |
) |
|
|
(829.2 |
) |
Dividends paid |
|
|
(243.5 |
) |
|
|
(246.1 |
) |
Net cash (used in) financing activities |
|
|
(3,268.4 |
) |
|
|
(1,227.0 |
) |
Effect of currency exchange rate changes on cash and cash equivalents |
|
|
(31.0 |
) |
|
|
5.9 |
|
Net increase / (decrease) in cash and cash equivalents |
|
|
(1,503.8 |
) |
|
|
(91.9 |
) |
Cash and cash equivalents at beginning of period |
|
|
2,503.3 |
|
|
|
880.4 |
|
Cash and cash equivalents at end of period |
|
$ |
999.5 |
|
|
$ |
788.5 |
|
Supplemental Disclosures of Cash Flow Information |
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
Income taxes other, net of refunds |
|
$ |
68.7 |
|
|
$ |
105.4 |
|
Interest |
|
$ |
237.6 |
|
|
$ |
252.0 |
|
Schedule of Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
|
|
Dividends accrued |
|
$ |
244.5 |
|
|
$ |
1.4 |
|
See accompanying Notes to the Consolidated Financial Statements.
6
ALLERGAN PLC
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; in millions)