Actavis hails ‘exceptional’ performance in first quarter of 2015

Actavis has hailed its 'exceptional' operational performance during the first quarter of 2015, a period of significant growth and transformation for the company.

The firm's net revenues for the period came to $4.23 billion (2.7 billion pounds) for the quarter, up by 59 percent year on year. On a non-GAAP basis, diluted earnings per share increased 23 percent to $4.30, with robust performance across its business units.

During the quarter, the company completed the $70.5 billion takeover of Allergan, becoming one of the world's top ten largest pharmaceutical companies in the process. It is planning to transition its overall branding to the Allergan name later this year.

Products such as Namenda XR, Linzess, Bystolic, Viibryd/Fetzima, LoLoestrin Fe, Saphris and Estrace Cream all performed well, as did the Actavis generics portfolio.

The combined organisation has also achieved many of its early integration milestones, and is on track to achieve approximately 80 percent of the forecasted $1.8 billion in synergies by the end of the first quarter of 2016.

Brent Saunders, chief executive officer and president of Actavis, said: "We are right on track to deliver on our rapid and thoughtful integration plans while driving double-digit sales growth and investment in key late-stage research and development programmes."