NEW YORK (TheStreet) -- Actavis (ACT) shares are up 2.9% to $301.30 in early market trading on Monday after the drug manufacturer reported its first quarter earnings results before the opening bell today.
The company reported a 59% increase in quarterly net revenue to $4.23 billion, yielding first quarter earnings that grew 23% over the previous year to $4.30 per share. Analysts on average were expecting the company to report revenue of $4.08 billion with earnings of $3.94 per share.
For the year the company forecast earnings between $17 and $18.50 versus analysts' $17.72 expectations.
"Actavis achieved exceptional operational performance while simultaneously focusing on the completion of the Allergan acquisition and accelerating the integration of our combined company to create a Growth Pharma leader," said CEO Brent Saunders. "Our first quarter performance was highlighted by strong revenue growth from Namenda XR, Linzess, Bystolic, Viibryd/Fetzima, LoLoestrin Fe, Saphris, Estrace Cream as well as continued growth within our generics business, powered by strong sales of the generic versions of Concerta, Intuniv® and the recent launch of our generic version of OxyContin."
TheStreet Ratings team rates ACTAVIS PLC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ACTAVIS PLC (ACT) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, good cash flow from operations, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income."