Actavis Beats Q1 Expectations, Shares Jump

Shares of

jumped more than 3 percent in pre-market trading after the company reported better-than-expected results for the first quarter. For the full year, Actavis projects earnings of $17 to $18.50 per share, on revenue of $20.5 billion to $21 billion. The company expects pro forma net revenue of $22.0 to $22.5 billion. Analysts had expected earnings of $17.70 per share on revenue of $21.5 billion. The Parsippany, New Jersey-based company posted a quarterly loss of $535.2 million, or $1.85 per share, versus a year-ago profit of $96.5 million, or $0.55 per share. Excluding certain items, the company's earnings rose to $4.30 per share from $3.49 per share. Its total revenue climbed to $4.23 billion from $2.65 billion. However, analysts were expecting a profit of $3.94 per share on revenue of $4.03 billion. North American brands net revenue jumped 192 percent year-over-year to $1.74 billion. North American generics and international net revenue rose 6.4 percent to $1.78 billion. Sales at its Anda distribution segment gained 18 percent to $462 million in the quarter. Its adjusted EBITDA rose 107 percent to $ $1.78 billion in the first quarter. As of March 31, 2015, the company had $2.13 billion in cash and marketable securities. "Actavis achieved exceptional operational performance while simultaneously focusing on the completion of the Allergan acquisition and accelerating the integration of our combined company to create a Growth Pharma leader," said Brent Saunders, CEO and President of Actavis. "I am proud of our combined team for maintaining their focus on our customers and delivering tremendous operational results." Actavis shares rose 3.14 percent to $302.00 in pre-market trading.