Actavis Beats Earnings Expectations

Actavis Beats Earnings Expectations

Actavis Plc Ordinary Shares (NYSE:ACT) (LON:ACT), which recently announced that it would acquire Forest Laboratories, Inc. (NYSE:FRX), released its fourth quarter earnings report before opening bell this morning. The pharmaceutical company reported a 59% increase in net revenue, which rose to $2.779 billion. Non-GAAP earnings per share rose 99% to $3.17 per share.

Analysts had been expecting to see earnings of $3.05 per share on revenue of $2.68 billion.

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Breaking down Actavis’ earnings

In the same quarter a year ago, Actavis Plc Ordinary Shares (NYSE:ACT) (LON:ACT) reported net revenue of $1.75 billion and $1.59 per share in non-GAAP earnings. GAAP losses per share for the most recently completed quarter were 86 cents, compared to GAAP earnings per share of 21 cents in the same quarter a year ago. The company’s adjusted EBITDA rose 108% to $817.1 million compared to $393 million in the same quarter the year before. Cash flow from operations was $651.7 million for the December quarter.

For the full year, Actavis Plc Ordinary Shares (NYSE:ACT) (LON:ACT) reported  47% increase in net revenue, which rose to $8.7 billion. That’s compared to $5.9 billion in net revenue for 2012. Non-GAAP earnings per share for the full year rose 58% to $9.50 per share, compared to $6 per share in 2012. GAAP losses for the full year were $5.27, compared to earnings per share of 76 cents for the previous year. Adjusted EBITDA for the full year rose 61% to $2.2 billion, compared to $1.4 billion in 2012. Cash flow from operations for 2013 was $1.2 billion.

The fourth quarter and full-year results included contributions from Warner Chilcott as of the beginning of October.

“2013 was Actavis’ most successful year ever, highlighted by our acquisition of Warner Chilcott plc and our accelerated evolution into a premier, global specialty pharmaceutical leader,” said Paul Bisaro, Chairman and CEO of Actavis in a statement. “With the announcement earlier this week of our intention to acquire Forest Laboratories, we begin 2014 well-positioned to further our evolution by creating an innovative new model in specialty pharmaceuticals leadership, with the ability to continue delivering sustainable, long-term organic growth.”

Actavis sees growth in the U.S.

Actavis Plc Ordinary Shares (NYSE:ACT) (LON:ACT) said growth last year was driven by core product sales in the U.S., including double digit prescription growth for the company’s Rapaflo and Generess drugs. The company also reported a number of product approvals in several global markets, including Oxytrol OTC and Crinone in the U.S.

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