Actavis' fourth-qtr 2014 beats expectations

Ireland-headquartered generics major Actavis (NYSE: ACT) posted better-than-expected fourth-quarter and full-year 2014 financials today, largely as a result of strong branded product sales in North America.

Total net revenue increased 44% to $4.01 billion. Total North American brands sales were up 188% to $1.83 billion, mostly driven by the acquisition of Forest. Total generic drug sales rose 1% to $1.78 billion.

On a non-generally accepted accounting principles (GAAP) basis, diluted earnings per share increased 23% to $3.91 for the fourth quarter 2014, beating the average of $3.67 expected by analysts polled by Thomson Reuters. GAAP revenues increased 46% to 4.06 billion for the quarter. GAAP loss per share for the fourth quarter 2014 was $2.76, compared to a loss of $0.86 in the prior year period. GAAP results were impacted by amortization and acquisition-related expenses, including impairments and legal reserves associated with acquired businesses.