Baxalta Q1 Profit Down On Charges, Revenues Up - Quick Facts

(RTTNews) - Baxalta Inc. (BXLT), which is being acquired by Shire Plc. (SHP.L, SHPG) in a $32 billion deal, Thursday reported that its first quarter net income was $145 million and earnings of $0.21 per share, compared to last year's $272 million or $0.40 per share.

The latest results included net after-tax special items totaling $181 million, or $0.26 per share, primarily for intangible asset amortization, expenses associated with the company's separation from Baxter International (BAX) and anticipated merger with Shire.

On an adjusted basis, Baxalta reported first quarter net income of $326 million, or $0.47 per share.

In the first quarter, Baxalta's worldwide revenues of $1.55 billion advanced 14 percent from 1.36 the prior-year period. Excluding the impact of foreign currency, sales advanced 18 percent.

On a pro forma basis, worldwide revenues increased 10 percent.

Given the proposed merger agreement with Shire announced in January, Baxalta said it will not be hosting an investor conference call to discuss financial results. In addition, the company will not be providing financial guidance for the second quarter or full-year 2016, and previously-issued guidance for Baxalta as a standalone entity is no longer applicable.