ALLERGAN PLC (NYSE:AGN) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financal Condition.

On August 3, 2017, Allergan plc (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2017. A copy of the press release reporting the financial results of the Company is attached to this report as Exhibit 99.1 and incorporated herein by reference.

In its press release, the Company discloses items not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), or non-GAAP financial measures (as defined in Regulation G promulgated by the U.S. Securities and Exchange Commission), that exclude certain significant charges or credits that are important to an understanding of the Company’s ongoing operations. The Company believes that its non-GAAP measures provide useful information to investors because these are the financial measures used by our management team to evaluate our operating performance, make day to day operating decisions, prepare internal forecasts, communicate external forward looking guidance to investors, compensate management and allocate the Company’s resources. We believe this presentation also increases comparability of period to period results. The Company’s determination of significant charges or credits may not be comparable to similar measures used by other companies and may vary from period to period. The Company uses both GAAP financial measures and the disclosed non-GAAP adjusted financial measures internally. These non-GAAP adjusted financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

Non-GAAP performance net income per share is used by management as one of the primary metrics in evaluating the Company’s performance. We define non-GAAP performance net income as GAAP net income / (loss) from continuing operations attributable to shareholders adjusted for the following net of tax: (i) amortization expenses, (ii) global supply chain and operational excellence initiatives, (iii) acquisition, 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.

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 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 expenses, but excluding dividend income.

The information in this report (including the exhibits) is furnished to Item 2.02 and shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Allergan plc Exhibit
EX-99.1 2 v472228_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Allergan Reports Continued Strong Execution in Second Quarter 2017 with 9% Increase in GAAP Net Revenues to $4.0 Billion – Q2 2017 GAAP Continuing Operations Loss Per Share of $2.35; Q2 Non-GAAP Performance Net Income Per Share of $4.02 – – Q2 2017 GAAP Operating Loss from Continuing Operations of $902.4 Million; Q2 Non-GAAP Adjusted Operating Income from Continuing Operations of $1.9 Billion – – Q2 2017 GAAP Revenue Growth Versus Prior Year Quarter Powered by Key Promoted Brands and the Addition of CoolSculpting® and ALLODERM® – – Allergan Continues to Advance Six "Star" R&D Programs – – Company Raises Full-Year 2017 Continuing Operations Guidance –DUBLIN,…
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