UPDATE: Actavis Posts Upbeat Q2 Earnings, Raises Forecast

Actavis PLC

posted better-than-expected earnings in the second quarter and lifted its forecast for the year. Actavis now projects earnings of $13.02 to $13.32 per share, versus its earlier outlook of $12.60 to $13.10 per share. The Parsippany, New Jersey-based company posted a quarterly profit of $48.7 million, or $0.28 per share, versus a year-ago loss of $564.8 million, or $4.27 per share. The year-ago period included $647.5 million in write-down. Excluding certain items, its earnings climbed to $3.42 per share from $2.01 per share. Its revenue jumped 34% to $2.67 billion from $1.99 billion. However, analysts were projecting a profit of $3.37 per share on revenue of $2.55 billion. Actavis Pharma's net revenue rose 31% to $2.24 billion in the quarter, while sales at Anda distribution segment jumped 55% to $427 million. Its adjusted EBITDA rose 82% to $862.0 million from $474.5 million, while cash flow from operations came in at $469.5 million. "Our exceptional performance during the second quarter resulted from double digit revenue growth in both our North American brand and generics businesses and Anda Distribution," said Paul Bisaro, who became Executive Chairman of Actavis on July 1, 2014. Actavis shares fell 1.75% to $212.00 in pre-market trading.