Allergan Q2 Earnings Beat Estimates

reported better-than-expected earnings for the second quarter on Thursday. The Parsippany, New Jersey-based company reported a quarterly loss of $243.1 million, or $0.80 per share, versus a year-ago profit of $48.7 million, or $0.28 per share. Excluding items, the company's earnings climbed to $4.41 per share from $3.42 per share. Its revenue jumped 116 percent year-over-year to $5.76 billion from $2.67 billion. However, analysts were estimating earnings of $4.38 per share on revenue of $5.71 billion. The average estimate among 8 Estimize users was for earnings of $1.80 per share and revenue of $1.90 billion. Allergan's sales of global branded products climbed to $3.7 billion from $637 million, while generic products sales slipped 1.4 percent to $1.58 billion. The company's sales at its Anda distribution segment gained 8.3 percent to $462.4 million in the quarter. Its non-GAAP gross margin widened to 72.3 percent from 56.3 percent, while adjusted EBITDA surged 203 percent to $2.61 billion from $862.0 million. As of June 30, 2015, the company had cash and marketable securities of $1.5 billion. "In our first full quarter as a combined Company, Allergan delivered exceptional results. Our performance was powered by operational excellence and double-digit growth across our Brands and Global Generics businesses, while continuing outstanding momentum on the integration of Actavis and Allergan. We also achieved important R&D milestones that will help fuel both our branded and generics businesses in the future," said Brent Saunders, CEO and President of Allergan. Allergan shares rose 0.18 percent to $337.25 in pre-market trading.