Allergan released its latest earnings report before opening bell this morning, posting non-GAAP earnings of $4.41 per share, a 29% increase year over year, on $5.76 billion in revenue, a 116%. Analysts had been expecting earnings of $4.40 per share and revenue of $5.71 billion.

Allergan swings to net loss

Allergan reported a GAAP loss of 80 cents per share, compared to last year's net income of 28 cents per share. Management said expenses and costs related to the combination with Actavis plc (NYSE:ACT), research and development costs, and amortization weighed on the GAAP results for this year's second quarter.

Total global branded products surged from $637 million last year to $3.7 billion this year as Allergan completed the combination with Actavis. Revenues for Botox amounted to $632 million, while Restasis revenues were $325million. Sales of Namenda XR were $205 million, while Fillers' sales amounted to $196 million. Generics Products revenues fell to $1.58 billion.

Non-GAAP gross margin rose to 72.3% as a result the Allergan acquisition. Adjusted EBITDA rose 203% to $2.61 billion, compared to last year's $862 million. Cash flow from operations was $1.4 billion for the second quarter.

Allergan – Actavis integration on track

Recently Allergan and Actavis entered into a merger agreement, and the second quarter was the first as a combined company. Management said the integration of the two companies is on track. They also outlined a number of other upcoming transactions.

“We continue to strengthen our leadership position in key therapeutic areas through a strong focus on organic productivity, while also executing business development agreements to complement and build on our position in those therapeutic areas,” said Allergan President and CEO Brent Saunders in a statement. “Agreements to acquire Kythera, Oculeve and Naurex, and our agreement to license Merck's CGRP migraine program are perfect complements to our existing products in Eye Care, Aesthetics and Central Nervous System.”