Allergan Beneish M-Score Historical Data
The historical data trend for Allergan's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Allergan Beneish M-Score Chart
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Allergan Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.70 |
-2.32 |
-2.75 |
-2.67 |
-2.51 |
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Allergan Quarterly Data
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Mar10 |
Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
| Beneish M-Score |
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-2.67 |
-2.69 |
-2.58 |
-2.58 |
-2.51 |
Competitive Comparison of Allergan's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Allergan's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Allergan's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Allergan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Allergan's Beneish M-Score falls into.
Allergan Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Allergan for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.986 | + | 0.528 * 0.9884 | + | 0.404 * 0.8924 | + | 0.892 * 1.1665 | + | 0.115 * 1.1774 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9804 | + | 4.679 * -0.035295 | - | 0.327 * 0.9281 |
| = | -2.51 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec14) TTM: | Last Year (Dec13) TTM: |
Total Receivables was €742 Mil.
Revenue was 1549.415 + 1410.07 + 1372.051 + 1190.13 = €5,522 Mil.
Gross Profit was 1379.835 + 1249.748 + 1208.512 + 1042.277 = €4,880 Mil.
Total Current Assets was €5,573 Mil.
Total Assets was €10,069 Mil.
Property, Plant and Equipment(Net PPE) was €816 Mil.
Depreciation, Depletion and Amortization(DDA) was €189 Mil.
Selling, General, & Admin. Expense(SGA) was €2,164 Mil.
Total Current Liabilities was €1,263 Mil.
Long-Term Debt & Capital Lease Obligation was €1,691 Mil.
Net Income was 435.669 + 242.5 + 307.059 + 186.028 = €1,171 Mil.
Non Operating Income was 17.274 + 33.368 + -11.923 + -4.627 = €34 Mil.
Cash Flow from Operations was 562.996 + 461.332 + 348.349 + 119.873 = €1,493 Mil.
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Total Receivables was €645 Mil.
Revenue was 1229.612 + 1165.908 + 1211.057 + 1126.811 = €4,733 Mil.
Gross Profit was 1080.254 + 1022.142 + 1060.139 + 972.488 = €4,135 Mil.
Total Current Assets was €3,883 Mil.
Total Assets was €7,719 Mil.
Property, Plant and Equipment(Net PPE) was €674 Mil.
Depreciation, Depletion and Amortization(DDA) was €192 Mil.
Selling, General, & Admin. Expense(SGA) was €1,892 Mil.
Total Current Liabilities was €908 Mil.
Long-Term Debt & Capital Lease Obligation was €1,532 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (741.659 / 5521.666) | / | (644.809 / 4733.388) |
| = | 0.134318 | / | 0.136226 |
| | = | 0.986 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (4135.023 / 4733.388) | / | (4880.372 / 5521.666) |
| = | 0.873586 | / | 0.883859 |
| | = | 0.9884 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (5572.543 + 816.109) / 10069.133) | / | (1 - (3883.381 + 673.936) / 7719.239) |
| = | 0.365521 | / | 0.409616 |
| | = | 0.8924 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 5521.666 | / | 4733.388 |
| | = | 1.1665 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (191.737 / (191.737 + 673.936)) | / | (189.106 / (189.106 + 816.109)) |
| = | 0.221489 | / | 0.188125 |
| | = | 1.1774 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (2164.08 / 5521.666) | / | (1892.248 / 4733.388) |
| = | 0.391925 | / | 0.399766 |
| | = | 0.9804 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((1691.178 + 1262.97) / 10069.133) | / | ((1531.759 + 908.339) / 7719.239) |
| = | 0.293387 | / | 0.316106 |
| | = | 0.9281 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (1171.256 - 34.092 | - | 1492.55) | / | 10069.133 |
| | = | -0.035295 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Allergan has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
Allergan Business Description
Traded in Other Exchanges
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Allergan Inc incorporated in Delaware in 1977. It is a multi-specialty health care company. The Company is engaged in the developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products that enable people to live life to its full potential - to see more clearly, move more freely and express themselves more fully. It offers products for the ophthalmic, neurological, medical aesthetics, medical dermatology, breast aesthetics, urological and other specialty markets in more than 100 countries around the world. It is also engaged in specialty pharmaceutical, biologic and medical device research and development. The Company's business segments are specialty pharmaceuticals and medical devices. The specialty pharmaceuticals segment produces pharmaceutical products, including: ophthalmic products for dry eye, glaucoma, inflammation, infection, allergy and retinal disease; Botox for certain therapeutic and aesthetic indications; skin care products for acne, psoriasis, eyelash growth and other prescription and over-the-counter skin care products; and urologics products. The medical devices segment produces medical devices, including: breast implants for augmentation, revision and reconstructive surgery and tissue expanders; and facial aesthetics products. The Company sells its products directly through its own sales subsidiaries in approximately 40 countries and, supplemented by independent distributors, in over 100 countries. Its products are sold to drug wholesalers, independent and chain drug stores, pharmacies, commercial optical chains, opticians, mass merchandisers, food stores, hospitals, group purchasing organizations, integrated direct hospital networks, ambulatory surgery centers, government purchasing agencies and medical practitioners. The Company also utilize distributors for its products in smaller international markets. The Company's competitors include Akorn, Inc., Alcon Laboratories, Inc./Novartis AG, Abbott Laboratories, Alimera Sciences, Inc., Bausch & Lomb, Inc., a division of Valeant, Genentech/Hoffmann La Roche AG, Merck & Co., Pfizer Inc., Regeneron Pharmaceuticals, Inc. and Santen Seiyaku. Mentor and Sientra, Inc., or Sientra, a partner of Silimed, LifeCell Corporation, CR Bard Inc. The Company's operations are subject to federal, state, local and foreign environmental laws and regulations, including the U.S. Occupational Safety and Health Act, the U.S. Toxic Substances Control Act, the U.S. Resource Conservation and Recovery Act, Superfund Amendments and Reauthorization Act, Comprehensive Environmental Response, Compensation and Liability Act and other current and potential future federal, state or local regulations.
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