Baxalta reports better than expected 4th-qtr

USA drugmaker Baxalta (NYSE: BXLT) – currently the subject of a $32 billion takeover approach from Ireland’s Shire – posted financial results that beat analysts’ forecasts.

Fourth-quarter 2015 profit came in at $95 million, or $0.14 per share, down from $763 million, or $1.12 a share, as a result of expenses accruing from its spin-out from Baxter. Revenue was $1.76 billion in the period, up 5%. Adjusted earnings were $0.57 per share, beating the average estimate of three analysts surveyed by Zacks Investment Research for earnings per share of $0.56.

For the full-year 2015, Baxalta reported worldwide revenues on a generally-accepted accounting principles (GAAP) basis of $6.1 billion, a 3% increase over the prior-year period. Excluding the impact of foreign currency, sales advanced 11%. Net income was $956 million, down 45% from $1.74 billion, or diluted EPS of $1.40 versus $2.55.