DUBLIN, Nov. 4, 2015 /PRNewswire/ -- Allergan plc (NYSE: AGN) reported continued exceptional performance with net revenue increasing 90 percent to $4.1 billion for the quarter ended September 30, 2015, compared to $2.2 billion in the third quarter 2014. On a non-GAAP basis, diluted earnings per share increased 65 percent to $3.48 for the third quarter 2015, compared to $2.11 in the third quarter 2014. GAAP loss from continuing operations per diluted share for the third quarter 2015 was $2.35, compared to GAAP loss from continuing operations per diluted share of $4.40 in the prior year period. GAAP results were impacted by amortization and acquisition-related expenses, including license agreements, impairments, acquisition accounting valuation related expenses and severance associated with acquired businesses, mainly the acquisition of Allergan on March 17, 2015 and research and development (R&D) expenses resulting from the acquisition of R&D assets from Merck and Naurex.
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As a result of the announced proposed divestiture of Allergan’s Global Generics business to Teva on July 27, 2015, the financial results of the Company’s Global Generics business are being reported as discontinued operations in the condensed consolidated statements of operations for the third quarter 2015. These portions of the Company’s results will continue to be reported as discontinued operations until the close of the transaction, expected to occur in the first quarter of 2016. The Global Generics business delivered solid performance in line with expectations during the quarter. Continuing operations includes the U.S. Brands, U.S. Medical, International Brands and Anda distribution segments. All prior year results have been recast to reflect continuing operations results.
“Allergan delivered exceptional performance across the board in the third quarter that exceeded expectations. These strong results were driven by our continued focus on customers, fueling volume-driven year-over-year growth in our U.S. Brands, Medical Aesthetics, International Brands and Anda Distribution segments, while also executing pre-integration activities ahead of the divestiture of the Generics business to Teva, which remains on track to be completed in the first quarter of 2016,” said Brent Saunders, CEO and President of Allergan. “I would like to thank our more than 30,000 global employees for their continued laser focus as we continue to better serve our customers, their patients and transform Allergan into a branded Growth Pharma leader.”
“In the third quarter, we also continued to build on our therapeutic area leadership through continued productivity within our pipeline and business development efforts to create long-term growth. We advanced many of our late-stage pipeline programs, including Food and Drug Administration (FDA) approvals of Viberzi and VRAYLAR (cariprazine). We also announced the acquisition of AqueSys, and completed the acquisitions of Kythera, Oculeve and the Naurex compounds. These achievements strongly position Allergan for long-term sustainable growth driven by potentially game-changing treatments for physicians and their patients.”
For the third quarter 2015, adjusted EBITDA from continuing operations increased 168 percent to $2 billion, compared to $753 million for the third quarter 2014. Adjusted EBIT from continuing operations in the third quarter 2015 was $1.93 billion. Cash flow from operations for the third quarter of 2015 was $1.0 billion and cash and marketable securities were $2.07 billion as of September 30, 2015.
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