Actavis net revenue rise 59% beats forecasts; non-GAAP EPS rises 99%

Acquisitive Ireland-headquartered generics major Actavis (NYSE: ACT) says that net revenue leapt 59% to $2.779 billion for the fourth quarter ended December 31, 2013, beating the $2.67 billion expectations of analysts polled by Thomson Reuters.

On a non- generally accepted accounting practice (GAAP) basis, diluted earnings per share for the quarter nearly doubled to $3.17, compared to $1.59 in the like 2012 period, exceeding analysts’ forecasts of $3.05. On a GAAP basis, loss per share was $0.86, compared to $0.21 in the prior year period. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased 108% to $817.1 million.

For the full year 2013, net revenue increased 47% to $8.7 billion. On a non-GAAP basis, 2013 earnings per diluted share rose 58% to $9.50 per diluted share. Full-year 2013 GAAP loss per share was $5.27. Adjusted EBITDA increased 61% to $2.2 billion, said Actavis, which has just made a $25 billion bid to acquire US drugmaker Forest Laboratories (NYSE: FRX: The Pharma Letter February 18).