Actavis third-qtr sales rocket, but loss posted

Helped by recent acquisition, Ireland-headquartered generics drug major Actavis (NYSE: ACT) today reported net revenue leapt 83% to $3.7 billion for the third quarter ended September 30, 2014, compared to $2.0 billion in the third quarter 2013. Analysts expected sales of $3.62 billion, according to Zacks Equity Research.

On a non-GAAP (generally accepted accounting principles) basis, diluted earnings per share for the third quarter 2014 increased to $3.19, a leap of 52.6% compared to $2.09 per diluted share in the third quarter 2013, also beating consensus forecasts of $3.12. GAAP loss per diluted share for the third quarter 2014 was $3.95, compared to GAAP earnings per share of $0.49 in the prior year period, resulting in a third-quarter loss of $1.04 billion.

For the third quarter 2014, adjusted EBITDA increased 158% to $1.3 billion, compared to $489 million for the third quarter 2013. Cash flow from operations for the third quarter of 2014 was $522 million and cash and marketable securities were $340 million as of September 30, 2014.