Business Combinations (Tables)

6 Months Ended

Jun. 30, 2016

	Estimated Fair Value
(in millions)

Cash paid to shareholders	$12,366.7
Fair value of stock issued to shareholders	19,353.20
Fair value of partially vested stock options and RSUs assumed	497.6
Contingent consideration payable	166
	___________________
Total Purchase Consideration	$ 32,383.5
	___________________


	Preliminary fair value
	$’M
ASSETS
Current assets:
Cash and cash equivalents	583.2
Accounts receivable, net	1,382.8
Inventories	5,341.1
Other current assets	362.2
	_______________
Total current assets	7,669.3

Non-current assets:
Property, plant and equipment, net	5,687.7
Investments	128.2
Goodwill	6,106.4
Other intangible assets, net
- Currently marketed products	24,550.0
- In-Process Research and Development (“IPR&D”)	2,940.0
- Contract based arrangements	72.2
Other non-current assets	103.3
	_______________
Total assets	47,257.1
	_______________
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	1,509.5
Other current liabilities	15.4

Non-current liabilities:
Assumed indebtedness	5,424.9
Deferred tax liability	6,831.7
Other non-current liabilities	1,092.1
	_______________
Total liabilities	14,873.6
	_______________

Preliminary fair value of identifiable assets acquired and liabilities assumed	32,383.5
	_______________
Consideration
Preliminary fair value of purchase consideration	32,383.5


	3 Months Ended June 30,		6 Months Ended June 30,
	2016	2015	2016	2015
	$’M	$’M	$’M	$’M
	_______________	_______________	_______________	_______________
Revenues	3,484.1	2,986.6	6,741.4	5,836.0

Net income/(loss) from continuing operations	716.0	(401.4)	1,177.3	(976.1)
	_______________	_______________	_______________	_______________

Per share amounts:
Net income/(loss) from continuing operations per share - basic	$ 0.81	$ (0.45)	$ 1.33	$ (1.09)

Net income/(loss) from continuing operations per share - diluted	$ 0.81	$ (0.45)	$ 1.32	$ (1.09)
	_______________	_______________	_______________	_______________


	Fair value
	$’M
ASSETS
Current assets:
Cash and cash equivalents	241.2
Accounts receivable, net	13.3
Inventories	20.2
Other current assets	8.1
	_______________
Total current assets	282.8

Non-current assets:
Property, plant and equipment, net	5.8
Goodwill	2,727.9
Other intangible assets, net
- Currently marketed products	135.0
- IPR&D	4,100.0
- Contract based royalty arrangements	425.0
Other non-current assets	28.3
	_______________
Total assets	7,704.8
	_______________
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued expenses	30.0
Other current liabilities	1.7

Non-current liabilities:
Deferred tax liability	1,341.7
Other non-current liabilities	1.4
	_______________
Total liabilities	1,374.8
	_______________

Preliminary fair value of identifiable assets acquired and liabilities assumed	6,330.0
	_______________
Consideration
Preliminary fair value of purchase consideration	6,330.0


	3 Months Ended June 30,		6 Months Ended June 30,
	2016	2015	2016	2015
	$’M	$’M	$’M	$’M
	_______________	_______________	_______________	_______________
Revenues	2,429.1	1,584.0	4,144.3	3,092.8

Net income/(loss) from continuing operations	88.6	128.3	490.2	406.3
	_______________	_______________	_______________	_______________

Per share amounts:
Net income/(loss) from continuing operations per share - basic	$ 0.13	$ 0.22	$ 0.77	$ 0.69

Net income/(loss) from continuing operations per share - diluted	$ 0.13	$ 0.22	$ 0.77	$ 0.69
	_______________	_______________	_______________	_______________


	Fair value
	$’M

ASSETS
Current assets:
Cash and cash equivalents	41.6
Short-term investments	67.0
Accounts receivable	33.4
Inventories	89.4
Other current assets	11.1
	_______________
Total current assets	242.5

Non-current assets:
Property, plant and equipment, net	4.8
Goodwill	1,551.0
Other intangible assets
- Currently marketed products	4,640.0
- Royalty rights (categorized as "Other amortized intangible assets" )	353.0
	_______________
Total assets	6,791.3
	_______________
LIABILITIES
Current liabilities:
Accounts payable and other current liabilities	75.7
Short-term debt	27.4

Non-current liabilities:
Long-term debt, less current portion	78.9
Deferred tax liabilities	1,385.2
Other non-current liabilities	4.5
	_______________
Total liabilities	1,571.7
	_______________

Fair value of identifiable assets acquired and liabilities assumed	5,219.6

Consideration	_______________
Cash consideration paid	5,219.6
	_______________

	3 Months Ended to June 30,	6 Months Ended to June 30,
	2015	2015
	$’M	$’M
	_______________	_______________
Revenues	1,557.6	3,075.9

Net income from continuing operations	167.8	526.6
	_______________	_______________

Per share amounts:
Net income from continuing operations per share - basic	$0.28	$0.96

Net income from continuing operations per share - diluted	$0.28	$0.95
	_______________	_______________