By Michael Calia
Actavis PLC, which is in the process of acquiring of Botox maker
Allergan Inc., said it expects its fourth-quarter results to top
analysts' expectations, capping what Chief Executive Brent Saunders
called an "exceptional year" for the company.
The pharmaceutical company said it expects earnings for the
period to exceed Wall Street's consensus by 10% to 15%. Analysts
polled by Thomson Reuters are projecting earnings of $3.50 a
share.
Mr. Saunders said the company enjoyed positive results across
the spectrum of its businesses, which include brand-name, generic
and over-the-counter products. The company also posted strong sales
growth in the U.S. and in key international markets.
Meanwhile, Actavis said the U.S. Federal Trade Commission
granted an early termination for the waiting period related to its
pending deal to buy Allergan. The companies also said they set Jan.
22 as the record date for shareholder eligibility to vote on the
$66 billion deal.
Actavis in November announced an agreement to buy Allergan,
trumping Valeant Pharmaceuticals International Inc.'s long-running
hostile bid, which was backed by activist investor William
Ackman.
The combined Actavis-Allergan will be led by Mr. Saunders, who
will keep his CEO position. The executive has driven Actavis's
rapid growth with more than $100 billion in mergers and
acquisitions in little more than a year, capped by the deal for
Allergan.
Write to Michael Calia at michael.calia@wsj.com
Access Investor Kit for Allergan, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0184901025
Subscribe to WSJ: http://online.wsj.com?mod=djnwires