Concordia Shares Plunged After Company Sashed Its Outlook, Suspended Its Dividend, Replaced CFO

• Second quarter 2016 revenue of $231.7 million, an increase of 1.4 per cent over the first quarter of 2016 and 208 per cent over the second quarter of 2015   
• Reported second quarter GAAP net loss of $570.5 million, GAAP earnings per share loss of $11.18, which was primarily due to an adjustment to the carrying values of Nilandron® and Plaquenil® by $567 million due to generic competition
• Second quarter 2016 adjusted EBITDA¹ of $142.3 million and adjusted earnings per share of $1.38
• Concordia's International segment launched 13 new products since October 21, 2015; the Company remains on track to meet its target of 60 plus launches in the next three years
• Revises 2016 guidance² to US$859 million to US$888 million of revenue and adjusted EBITDA¹ to US$510 million to US$540 million

OAKVILLE, ON, Aug. 12, 2016 /PRNewswire/ - Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, today announced its financial and operational results for the three and six months ended June 30, 2016. All financial references are in U.S. dollars unless otherwise noted.

"Our international segment continues to perform well as the team executes and delivers on its business plan," said Mark Thompson, Chairman and Chief Executive Officer of Concordia. "However, we have revised our 2016 guidance to reflect the impact of unexpected competition on several products in our North America segment, and current foreign currency exchange rates. Notwithstanding these revisions, we continue to maintain a strong free cash flow profile, our debt structure has no ongoing maintenance covenants and we are in compliance with all of our debt covenants. Furthermore, the business we have built reflects the value of having therapeutic and geographic diversity across our global platform. We remain committed to building a dynamic international specialty pharmaceutical company and driving long-term shareholder value."  

Second Quarter 2016 Highlights

• Reported Concordia International segment revenue of $151.5 million, compared to $139.9 million in the first quarter of 2016. There were no comparative second quarter 2015 results for Concordia's International segment, which was acquired in the fourth quarter of 2015.
• Reported Concordia North America segment revenue of $77.5 million compared to $72.4 million in the second quarter of 2015.
• Since October 21, 2015, the Company's International segment has launched 13 products. These products include branded and generic therapies for the treatment of prostate cancer, pain, depression, and obesity.  
• On June 30, 2016, Concordia announced that the U.S. Food and Drug Administration approved the Company's premarket approval application for its new Photofrin® Laser. The newly approved laser, which is designed for use with Photofrin® to treat esophageal cancer, Barrett's Esophagus and non-small cell lung cancer, has been re-engineered with technological advancements in laser design.


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