Actavis Plc, which bought Allergan Inc. in the drug industry’s largest deal of 2014, beat analysts’ earnings estimates as sales gained 59 percent.
First-quarter profit excluding certain items was $4.30 a share, Actavis said in a statement Monday. Analysts had forecast $3.92 on average, according to data compiled by Bloomberg. Revenue rose to $4.23 billion, compared with the $4.1 billion average of analyst estimates.
The company’s shares rose 3 percent to $301.74 at the close in New York, and have gained 17 percent this year.
Actavis completed its $66 billion purchase of Allergan on March 17, creating one of the world’s biggest drugmakers. While the company got its start in generic drugs, after more than a dozen acquisitions in the past five years Actavis has been growing its share of branded medicine as well. The drugmaker acquired Forest Laboratories Inc. in July 2014 after making a $21.8 billion deal, gaining its brand-name treatments for gastrointestinal and central nervous system disorders.
Actavis forecast full-year adjusted earnings per share of $17 to $18.50, including Allergan’s contribution.
Actavis plans to take the name Allergan Plc following a shareholder meeting in June. The newly named company will remain based in Dublin with its operational headquarters in Parsippany, New Jersey.