DUBLIN, Aug. 5, 2015 /PRNewswire/ -- Allergan plc (NYSE: AGN) reported continued exceptional performance with net revenue increasing 116 percent to $5.76 billion for the quarter ended June 30, 2015, compared to $2.67 billion in the second quarter 2014. On a non-GAAP basis, diluted earnings per share increased 29 percent to $4.41 for the second quarter 2015, compared to $3.42 in the second quarter 2014. GAAP loss per share for the second quarter 2015 was $0.80, compared to GAAP income per diluted share of $0.28 in the prior year period. GAAP results were impacted by amortization, in-process research and development impairments, acquisition-related expenses, acquisition accounting valuation related expenses and severance and integration costs associated with acquired businesses, mainly the acquisitions of Allergan on March 17, 2015 and Forest Laboratories on July 1, 2014.
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“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. “I am thankful to our more than 30,000 global employees for their commitment to our customers and for driving another quarter of outstanding results.”
“We continue to strengthen our leadership position in key therapeutic areas through a strong focus on organic productivity, while also executing business development agreements to complement and build on our position in those therapeutic areas. Agreements to acquire Kythera, Oculeve and Naurex, and our agreement to license Merck’s CGRP migraine program are perfect complements to our existing products in Eye Care, Aesthetics and Central Nervous System,” added Saunders. “Allergan also recently made the bold decision to divest its generics business to Teva and to streamline its operations with laser sharp focus on its future as a branded Growth Pharma leader.”
Other Operating Results
For the second quarter 2015, non-GAAP gross margin was 72.3 percent compared to 56.3 percent in the second quarter of 2014, reflecting the impact of the Allergan acquisition. Total non-GAAP SG&A as a percent of non-GAAP revenue for the second quarter 2015 was 21.7% compared to 18.7% in the prior year period.
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