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Actavis Announces 42% Increase to $2.01 in Second Quarter 2013 Non-GAAP Earnings Per Share
Date:7/25/2013

PARSIPPANY, N.J., July 25, 2013 /PRNewswire/ -- Actavis, Inc. (NYSE: ACT) today reported net revenue increased 46.8 percent to $1.99 billion for the second quarter 2013, compared to $1.36 billion in the second quarter 2012. On a non-GAAP basis, diluted earnings per share for the second quarter 2013 were $2.01, compared to $1.42 per diluted share in the second quarter 2012, an increase of 41.5 percent.  On a GAAP basis, the company reported a loss per share for the second quarter 2013 of $4.27, compared to a loss per share of $0.49 in the prior year period. The current quarter GAAP results include an impairment charge following routine annual impairment testing. The accounting related non-cash charge resulted from combining the Company's legacy Arrow business, which was acquired in 2009, with the legacy Actavis Group, which was acquired in 2012. The combined assets were subsequently restructured from one global reporting unit into four new reporting units, resulting in an impairment to goodwill within our European reporting unit. 

For the second quarter 2013, adjusted EBITDA was $474.5 million, compared to $333.0 million for the second quarter 2012.
Cash and marketable securities were $234.9 million as of June 30, 2013.

"Actavis delivered another exceptional quarter of double-digit sales and earnings growth powered by strong generics launches in global markets by Actavis Pharma, continued strong sales of core specialty Brand products and consistent execution by our Global Operations team," said Paul Bisaro, President and CEO of Actavis. 

"In the U.S., we began marketing an authorized generic version of Zovirax® ointment 5%, as part of our marketing and distribution agreement with Valeant, and re-launched Vestura ™, our generic version of Yaz®. Outside of the U.S., Actavis Pharma achieved broad multi-country
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SOURCE Actavis, Inc.
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