DUBLIN, May 11, 2015 /PRNewswire/ -- Actavis plc (NYSE: ACT) today reported continued exceptional performance with net revenue increasing 59 percent to $4.23 billion for the quarter ended March 31, 2015, compared to $2.66 billion in the first quarter 2014. On a non-GAAP basis, diluted earnings per share increased 23 percent to $4.30 for the first quarter 2015, compared to $3.49 in the first quarter 2014. Non-GAAP earnings per share excluding Allergan and financing (shares and interest expense) related to Allergan was $4.59, representing 17 percent sequential improvement. GAAP loss per share for the first quarter 2015 was $1.85, compared to GAAP income per diluted share of $0.55 in the prior year period. GAAP results were impacted by amortization and acquisition-related expenses, including impairments, acquisition accounting valuation related expenses and severance associated with acquired businesses, mainly the acquisitions of Allergan on March 17, 2015 and Forest Laboratories on July 1, 2014.
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For the first quarter 2015, adjusted EBITDA increased 107 percent to $1.78 billion, compared to $860 million for the first quarter 2014. Cash flow from operations for the first quarter of 2015 was $525 million and cash and marketable securities were $2.13 billion as of March 31, 2015. As part of the Allergan acquisition, the company incurred additional indebtedness. As of March 31, 2015, the Company had outstanding indebtedness of $44.3 billion.
First quarter 2015 results for Actavis plc include the contribution from Allergan businesses for the period following the close on March 17, 2015. Refer to the attached reconciliation tables for adjustments to GAAP earnings.
“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.”
“Our first quarter performance was highlighted by strong revenue growth from Namenda XR®, Linzess®, Bystolic®, Viibryd®/ Fetzima®, LoLoestrin® Fe, Saphris®, Estrace® Cream as well as continued growth within our generics business, powered by strong sales of the generic versions of Concerta®, Intuniv® and the recent launch of our generic version of OxyContin®.
“In the midst of planning for the integration, legacy Allergan delivered pro forma net sales growth of 13 percent on constant currency to approximately $1.75 billion in its final full quarter, driven by continued strong performance across the company’s Eye Care, Botox® and Aesthetics businesses.”
“We have already achieved many of our early integration milestones, including realignment of our global sales organization and notifying 95 percent of our colleagues about their role in the combined company. We are on track to achieve approximately 80 percent of the forecasted $1.8 billion in synergies by the end of the first quarter of 2016. We are right on track to deliver on our rapid and thoughtful integration plans while driving double-digit sales growth and investment in key late-stage R&D programs.”
Allergan Business Results
Results from the acquisition of Allergan were included as of the close of the acquisition of March 17, 2015. The Allergan business contributed $258 million in net revenue and $113 million in adjusted EBITDA. During the quarter, Actavis also issued shares and long-term debt to fund the acquisition of Allergan and the impact of these items in the first quarter 2015 was the addition of weighted average diluted shares of approximately 29 million shares and $48 million in interest expense.
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