Actavis PLC posts $148.4M loss in fourth quarter

Nathan Andrada – Fourth Estate Cooperative Contributor

New York, NY, United States (4E) – Actavis PLC reported a loss in the fourth quarter because of expenses tied to internal restructuring and other items that masked a strong growth in revenue.

The pharmaceutical firm said net loss attributable to common shareholders was $148.4mn or $0.86 a share compared to a $28mn profit or $0.21 a share in 2013.

Without acquisition-related charges, write-downs and other items, adjusted earnings climbed to $3.17 from $1.59 on revenue of $2.78bn, an increase of 59 percent.

The latest figures included higher charges related to amortization, acquisition and licensing as well as increased impairment/asset sales and related costs. Previous year results included $119.1mn in non-recurring gains, while it charged such losses in the recently concluded quarter.

Results in the fourth quarter also included gains from Warner Chilcott businesses as of Oct. 1. Year-earlier comparable figures include contributions from the legacy Actavis as of Nov. 1.

Actavis, previously known as Watson Pharmaceuticals Inc., took over Actavis Group in October 2013 in a $5.72bn deal to form the world’s third-biggest generic drug firm by revenue.

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