Actavis Q2 Loss Widens On Expenses, Revenues Up 47%

(RTTNews) - Specialty pharmaceutical company Actavis, Inc. (ACT) reported a wider loss for its second quarter, reflecting higher operating expenses, despite 47% increase in revenues.

Net loss attributable to shareholders was $564.8 million or $4.27 per share, sharply wider than $62.2 million or $0.49 per share in the prior year.

The current quarter GAAP results included an impairment charge following routine annual impairment testing, the company said. Loss on asset sales, impairments, and contingent consideration adjustments, net was $655.3 million.

On a non-GAAP basis, earnings per share for the second quarter 2013 were $2.01, while the company posted $1.42 per share a year ago.

On average, 19 analysts polled by Thomson Reuters expected earnings per share of $2.00 for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter climbed 47% to $1.99 billion from $1.36 billion a year ago. Analysts estimated revenues of $1.98 billion for the quarter.

Total operating expenses advanced to $2.45 billion from $1.26 billion in the preceding year.

For full-year 2013, the company expects adjusted non-GAAP earnings to be in the range of $8.15 to $8.50 per share. Total net revenue are estimated to be about $8.1 billion. Analysts are looking for earnings of $8.32 per share, on revenues of $8.04 billion.