Actavis has reported net revenue increased 57 percent to $2.01 billion for Actavis, Inc.’s third quarter 2013, compared to $1.29 billion in the third quarter 2012.
On a non-GAAP basis, diluted earnings per share for the third quarter 2013 were $2.09, compared to $1.35 per diluted share in the third quarter 2012, an increase of 55 percent. GAAP earnings per diluted share for the third quarter 2013 were $0.49, compared to GAAP earnings per diluted share of $0.60 in the prior year period. These reported results exclude any results from Warner Chilcott plc, which Actavis plc acquired on October 1, 2013.
For the third quarter 2013, adjusted EBITDA increased 61 percent to $489.2 million, compared to $304.6 million for the third quarter 2012. Cash flow from operations for the third quarter of 2013 was $270.8 million and cash and marketable securities were $373.5 million as of September 30, 2013.
“Double-digit revenue and earnings growth marked another exceptional quarter for Actavis, Inc., as we continue to accelerate our transformation into a global specialty pharmaceutical leader,” said Paul Bisaro, Chairman and CEO of Actavis plc.
“Strong global growth in our Actavis Pharma segment was driven by our ability to capitalize on product opportunities from our industry-leading R&D pipeline. In the U.S., we launched generic versions of Lidoderm and Opana ER and received FDA approval of a generic version of Lamictal ODT. We also confirmed that we have initiated U.S. patent challenges on such important products as generic versions of Nucynta ER and SuboxoneSublingual Film.” “In our Actavis Specialty Brands business, U.S. sales of key promoted products, including Generess Fe, Rapaflo, Crinone and Androderm continued to support growth. We also received approval for Levosert in a number of countries and successfully launched Oxytrol@ OTC through our partner Merck & Co., Inc. Additionally, we announced the acquisition of worldwide rights to Palau Pharma’s albaconazole development product, an oral antifungal agent, further expanding our women’s health R&D portfolio.”
“We have moved to aggressively integrate Warner Chilcott, following the October 1 close of the acquisition and continue to anticipate more than $400 million in after-tax synergies and savings associated with the acquisition and an additional $50 million in interest rate savings as a result of the refinancing of Warner Chilcott’s term loans. We expect to finish 2013 strong with non-GAAP earning per share estimated between $9.26 and $9.39. We expect strong organic growth to continue in 2014 with our initial forecast for non-GAAP earnings between $12.25 and $13.00. We are also renewing our commitment to long-term double digit organic earnings growth from this newly expanded base.”