Actavis (ACT) Tops Q1 EPS by 38c

Actavis (NYSE: ACT) reported Q1 EPS of $4.30, $0.38 better than the analyst estimate of $3.92. Revenue for the quarter came in at $4.23 billion versus the consensus estimate of $4.04 billion.

"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," said Brent Saunders, CEO and President of Actavis. "I am proud of our combined team for maintaining their focus on our customers and delivering tremendous operational results."

"Our first quarter performance was highlighted by strong revenue growth from Namenda XR®, Linzess®, Bystolic®, Viibryd®/ Fetzima®, LoLoestrin® Fe, Saphris®, Estrace® Cream as well as continued growth within our generics business, powered by strong sales of the generic versions of Concerta®, Intuniv® and the recent launch of our generic version of OxyContin®.

"In the midst of planning for the integration, legacy Allergan delivered pro forma net sales growth of 13 percent on constant currency to approximately $1.75 billion in its final full quarter, driven by continued strong performance across the company's Eye Care, Botox® and Aesthetics businesses."

"We have already achieved many of our early integration milestones, including realignment of our global sales organization and notifying 95 percent of our colleagues about their role in the combined company. We are on track to achieve approximately 80 percent of the forecasted $1.8 billion in synergies by the end of the first quarter of 2016. We are right on track to deliver on our rapid and thoughtful integration plans while driving double-digit sales growth and investment in key late-stage R&D programs."

For earnings history and earnings-related data on Actavis (ACT) click here.

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