Actavis reports first-quarter growth following Allergan acquisition

Actavis announced a 59% increase in net revenue for the quarter ending March 31, 2015, to $4.23 billion compared with $2.66 billion in the first quarter of 2014, according to a press release.

“Actavis achieved exceptional operational performance while simultaneously focusing on the completion of the Allergan acquisition and accelerating the integration of our combined company to create a growth-pharma leader,” Brent Saunders, CEO and president of Actavis, said in the release.

Actavis completed its acquisition of Allergan on March 17 in a transaction valued at approximately $70.5 billion in cash and equity.

Net revenue for the first quarter included $258 million from the Allergan business, according to the release. The adjusted earnings before interest, taxes, depreciation and amortization for the first quarter of 2015 had an increase of 107% from $860 million for the first quarter of 2014 to $1.78 billion and included $113 million from the Allergan business, according to the release.

In Allergan’s final full quarter, legacy Allergan had pro forma net sales growth of 13% to approximately $1.75 billion, mainly driven by the company’s eye care, Botox and aesthetics businesses, the release stated.

“We have already achieved many of our early integration milestones, including realignment of our global sales organization and notifying 95% of our colleagues about their role in the combined company,” Saunders said.

Reference: www.actavis.com.