Actavis swings into profit as 1st-qtr 2014 sales leap 40%

Ireland headquartered generics giant Actavis (NYSE: ACT) saw its shares rise 2.6% to $203 in mid-morning trading, after the company reported that net revenue for the first quarter of 2014 had increased 40% to $2.66 billion, beating analysts’ consensus estimates of $2.59 billion.

On a non-generally accepted accounting principles (GAAP) basis, diluted earnings per share increased to $3.49, compared to $1.99 per diluted share in the first quarter 2013, beating by $0.26 analysts’ expectations of $3.23. GAAP earnings per diluted share for the first quarter 2014 were $0.55, compared to a GAAP loss per share of $0.79 in the prior year period.

For the first quarter 2014, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 86% to $860 million. Cash flow from operations for the first quarter of 2014 was $440 million and cash and marketable securities were $340 million as of March 31, 2014.