DUBLIN, Nov. 5, 2014 /PRNewswire/ -- Actavis plc (NYSE: ACT) today reported net revenue increased 83 percent to $3.7 billion for the third quarter ended September 30, 2014, compared to $2.0 billion in the third quarter 2013. On a non-GAAP basis, diluted earnings per share for the third quarter 2014 increased to $3.19, compared to $2.09 per diluted share in the third quarter 2013. GAAP loss per diluted share for the third quarter 2014 was $3.95, compared to GAAP earnings per share of $0.49 in the prior year period.
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For the third quarter 2014, adjusted EBITDA increased 158 percent to $1.3 billion, compared to $489 million for the third quarter 2013. Cash flow from operations for the third quarter of 2014 was $522 million and cash and marketable securities were $340 million as of September 30, 2014.
“Our 53 percent year-over-year growth in non-GAAP EPS reflects the strong contributions of our new brand pharmaceutical portfolios, resulting from the acquisitions of Warner Chilcott and Forest, as well as the continued strong performance of our U.S. Generics and International businesses and the Anda Distribution business,” said Brent Saunders, CEO and President. “During the quarter, our North American Brands business was driven by strong sales from key products including our Namenda® products, Bystolic®, Linzess®, Lo Loestrin® Fe, Estrace® Cream, Daliresp® and Tudorza. During the quarter we completed the harmonization of our U.S. brand sales and marketing functions, and we now have a fully operational sales team in place to support our seven core therapeutic categories across all prescriber audiences. Within our North American Generics business, we capitalized on continued strength across the business. We also saw strong commercial performance in key international markets, particularly the UK and Russia.
“Our commitment to invest in organic growth through development-focused R&D resulted in a number of milestones during the quarter, including the acceptance for filing of New Drug Applications for eluxadoline, ceftazidime-avibactam and Liletta by the U.S. Food and Drug Administration (FDA). Our investment in generic R&D is reflected in 228 Abbreviated New Drug Applications (ANDAs) pending at the FDA; the initiation of patent challenges for generic forms of Ampyra®, Butrans® and Neupro®; and more than 570 marketing authorizations approved outside the United States,” Saunders added.
“Additionally, we continue to execute on smart, targeted business development opportunities. Shortly after the close of the quarter we announced our planned acquisition of Durata Therapeutics, including Durata’s novel antibiotic Dalvance, as well as our exclusive option to acquire Rhythm Health, Inc., which is developing relamorelin, a peptide ghrelin agonist, for the treatment of diabetic gastroparesis and other GI functional disorders. These transactions complement our existing product franchises and position the Company for continued long-term growth.
“When I outlined our roadmap for accelerated growth last quarter, we committed to driving balanced performance across brands and generics, retaining our commitment to invest in organic growth and accelerating integration and synergy capture. We can report substantial progress across the board.”
Third Quarter 2014 Business Segment Results
Third quarter 2014 results for Actavis plc include the contribution from the Forest acquisition, which closed on July 1, 2014.
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