DUBLIN, Aug. 8, 2016 /PRNewswire/ --
- Second quarter 2016 reported revenues of $921 million and diluted GAAP earnings per share (EPS) from continuing operations of $1.75
- Second quarter 2016 adjusted diluted EPS of $0.86
- Company affirms full year 2016 revenue and adjusted diluted EPS financial guidance
- Company expands management capabilities, appointing Joseph J. Ciaffoni to President, U.S. Branded Pharmaceuticals
Endo International plc (NASDAQ: ENDP) (TSX: ENL) today reported second quarter 2016 financial results, including:
- Revenues of $921 million including the addition of sales from its 2015 acquisition of Par Pharmaceutical, a 25 percent increase compared to second quarter 2015 revenues of $735 million.
- Reported net income from continuing operations of $390 million compared to second quarter 2015 reported net loss from continuing operations of $(91) million.
- Reported diluted EPS from continuing operations of $1.75 compared to second quarter 2015 reported diluted loss per share from continuing operations of $(0.49).
- Adjusted net income from continuing operations of $192 million, a 6 percent decrease compared to second quarter 2015 adjusted net income from continuing operations of $204 million.1
- Adjusted diluted EPS from continuing operations of $0.86 compared to second quarter 2015 adjusted diluted EPS from continuing operations of $1.08.1
"During the second quarter 2016, Endo remained focused on operational execution. We have delivered results across all of our businesses that are on-track or ahead of Company expectations for the quarter and today we are affirming our full year 2016 revenue and adjusted diluted EPS financial guidance while increasing investment in Branded and Generics R&D as well as BELBUCA and XIAFLEX® promotion," said Rajiv De Silva, President and CEO of Endo. "We also continue to build our internal team and are pleased to announce the appointment of Joseph J. Ciaffoni to President, U.S. Branded Pharmaceuticals. We look forward to continuing to execute on our corporate objectives and delivering products that improve patients' lives while creating value for our shareholders."
FINANCIAL PERFORMANCE | |||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Total Revenues | $ | 920,887 | $ | 735,166 | 25 | % | $ | 1,884,426 | $ | 1,449,294 | 30 | % | |||||||||
Reported Income (Loss) from Continuing Operations | $ | 389,812 | $ | (90,894) | NM | $ | 301,049 | $ | 59,598 | 405 | % | ||||||||||
Reported Diluted Weighted Average Shares | 222,863 | 185,328 | 20 | % | 223,021 | 182,822 | 22 | % | |||||||||||||
Reported Diluted Income (Loss) per Share from Continuing Operations | $ | 1.75 | $ | (0.49) | NM | $ | 1.35 | $ | 0.33 | 309 | % | ||||||||||
Adjusted Income from Continuing Operations | $ | 192,341 | $ | 204,335 | 1 | (6) | % | $ | 433,072 | $ | 411,695 | 1 | 5 | % | |||||||
Adjusted Diluted Weighted Average Shares | 222,863 | 188,819 | 18 | % | 223,021 | 182,822 | 22 | % | |||||||||||||
Adjusted Diluted EPS from Continuing Operations | $ | 0.86 | $ | 1.08 | 1 | (20) | % | $ | 1.94 | $ | 2.25 | 1 | (14) | % | |||||||
(1) Refer to footnote 12 and 14 in the Reconciliation of GAAP and Non-GAAP Financial Measures tables for three and six months ended June 30, 2015, respectively, for further discussion.
CONSOLIDATED RESULTS
Total revenues increased by 25 percent to $921 million in second quarter 2016 compared to the same period in 2015, primarily attributable to revenues related to the September 2015 Par acquisition. GAAP net income from continuing operations in second quarter 2016 increased to $390 million compared to a GAAP net loss from continuing operations of $(91) million during the same period in 2015, primarily attributable to a legal entity reorganization that resulted in the recognition of discrete net tax benefits of $448 million during the second quarter 2016. GAAP net income per share from continuing operations for the three months ended June 30, 2016 was $1.75, compared to a GAAP net loss from continuing operations of $(0.49) in second quarter 2015.
Adjusted net income from continuing operations for second quarter 2016 decreased by 6 percent to $192 million compared second quarter 2015, driven primarily by an increase in interest expense, partially offset by higher operating margin. Adjusted net income per share from continuing operations for the three months ended June 30, 2016 decreased 20 percent to $0.86 compared to second quarter 2015. This decrease was mainly due to a decrease in adjusted net income from continuing operations resulting from the items listed above in this paragraph and an increase in the number of diluted weighted average shares outstanding.
U.S. BRANDED PHARMACEUTICALS
During second quarter 2016, the U.S. Branded Pharmaceuticals business unit continued to focus on the launch of the first and only buprenorphine buccal film approved by the U.S. Food and Drug Administration (FDA), BELBUCA, while also supporting demand growth for XIAFLEX® in both the Dupuytren's contracture and Peyronie's disease indications.
Second quarter 2016 U.S. Branded Pharmaceuticals results include:
- Revenues of $288 million, a 9 percent decrease compared to second quarter 2015; this decrease was primarily attributable to a generic entrant for Voltaren® Gel in March 2016.
- Net sales of XIAFLEX® increased 6 percent compared to second quarter 2015; this increase reflects continued double-digit demand growth for the product, partially offset by customer de-stocking in the quarter.
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