adjusted cost of sales and excludes amortization of acquired
intangibles. Pro forma adjustments for the respective periods
include the following: Adjustment for contract revenue realized at fair value (product sales)
-Manufacturing and supply contract termination payment (other revenue)
5.0-Acquisition accounting adjustments (cost of sales)
93.5-Acquisition, integration and restructuring
1.0-Operational Excellence Initiative
Actavis Pharma net revenue, which consists of sales of generics, branded generics and OTC products in the Americas (United States, Canada and Latin America), Europe (Europe, Russia, CIS and Turkey), and the Middle East, Africa, Australia and Asia Pacific (collectively, MEAAP), for the first quarter 2013 increased 37 percent to $1.5 billion primarily due to the acquisition of the Actavis Group in late 2012. First quarter international net revenue was $608.6 million, up 254 percent from the prior year, primarily as a result of the inclusion of legacy Actavis product sales. This increase was offset in part by lower sales of the generic version of Lipitor® due to the loss of exclusivity in 2012.
Actavis Pharma R&D investment for the first quarter 2013 increased to $98.8 million and selling and marketing expenses for the first quarter 2013 increased to $159.3 million primarily as a result of the inclusion of legacy Actavis results.
Actavis Pharma's adjusted gross margin increased from 45.1 percent in the first quarter of 2012 to 50.7 percent in the first quarter of 2013, primarily due to the distribution of Lidoderm® and increased margins on our generic version of Concerta® as a result of our contractual arrangement with Ortho-McNeil-Janssen. The prior year gross margin was negatively impacted by higher sales of generic Lipitor® at lower margins.
|SOURCE Actavis, Inc.|
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