Drugmaker Actavis says first-quarter revenue jumped 59 percent after buying Allergen

IndustriesAssociated Press

Drugmaker Actavis said Monday that its $66 billion purchase of Botox maker Allergan helped boost its revenue 59 percent in the last quarter.

Shares of Actavis PLC rose $9.43, or 3.2 percent, to $302.25 in afternoon trading Monday.

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Actavis closed its deal to buy Allergan in March after outbidding drugmaker Valeant Pharmaceuticals for the company. Actavis plans to change its corporate name to Allergan this year.

The Dublin-based company reported a first-quarter loss of $512 million, $1.85 per share, compared to net income of $96.5 million, or 55 cents per share, a year ago.

Earnings, adjusted for one-time gains and costs, came to $4.30 per share, topping Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $3.84 per share.

Revenue rose to $4.23 billion in the period from $2.66 billion a year ago, topping Street forecasts. Three analysts surveyed by Zacks expected $4.05 billion.

Actavis expects full-year earnings in the range of $17 to $18.50 per share, with revenue in the range of $20.5 billion to $21 billion. Analysts expected earnings of $17.64 per share and revenue of $21.6 billion, according to FactSet.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACT at http://www.zacks.com/ap/ACT

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