Bumper 3rd-qtr for Actavis, with 57% net revenue leap
US generics major Actavis (NYSE: ACT) has reported a net revenue increase of 57% to $2.01 billion for the third quarter 2013, compared with the like 2012 period, along with strong profit growth. The stock gained 5.6% to $153.98 by mid-morning trading on October 29.
On a non-generally accepted accounting principle (GAAP) basis, diluted earnings per share for the third quarter were $2.09, an increase of 55%. GAAP earnings per diluted share were $0.49, compared to $0.60 in the prior year period, hit by higher acquisition-related charges and other items. These reported results exclude any contribution from Warner Chilcott, which Actavis acquired on October 1, 2013.
For the third quarter 2013, adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased 61% to $489.2 million. Cash flow from operations for the third quarter was $270.8 million and cash and marketable securities were $373.5 million as of September 30, 2013.
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