Endo Pharmaceuticals Reports Second Quarter Revenues and Updates Financial Guidance, Reflecting the Acquisition of American Medical Systems, Inc.

Published: Aug 09, 2011

CHADDS FORD, Pa., Aug. 9, 2011 /PRNewswire/ --

  • Total quarterly revenues of $608 million increase 53 percent versus prior year;
  • Reported quarterly diluted EPS of $0.44 versus $0.44 for prior year;
  • Adjusted diluted EPS of $1.05 reflecting growth of 30 percent from 2010;
  • Company increases 2011 revenue guidance to a range of $2.72 to $2.80 billion; and
  • Company increases 2011 adjusted diluted EPS guidance to a range of $4.55 to $4.65 and Reported or GAAP diluted EPS to a range $2.22 to $2.32 reflecting continued strong growth in core operations and the recent acquisition of American Medical Systems.

Endo Pharmaceuticals (Nasdaq: ENDP) today reported financial results for the second quarter of 2011.

Total revenues during the second quarter of 2011 increased 53 percent to $607.6 million, compared with $396.5 million in the same quarter of 2010. Net income for the three months ended June 30, 2011 was $54.6 million, compared with $51.5 million in the comparable 2010 period. As detailed in the supplemental financial information below, adjusted net income for the three months ended June 30, 2011, was $128.7 million, compared with $94.7 million in the same period in 2010. Reported diluted earnings per share for the quarter ended June 30, 2011 were $0.44 compared with $0.44 in the second quarter of 2010. Adjusted diluted earnings per share for the same period were $1.05 compared with $0.81 reported in 2010.


($ in thousands, except per share amounts)








2nd Quarter


Six Months Ended June 30



2011

2010

Change

2011

2010

Change

Total Revenues

$607,611

$396,524

53%

$1,167,637

$760,936

53%

Reported Net Income

54,583

51,460

6%

110,370

111,815

-1%

Reported Diluted EPS

0.44

0.44

0%

0.91

0.95

-4%

Adjusted Net Income

128,700

94,699

36%

248,878

181,881

37%

Adjusted Diluted EPS

1.05

$0.81

30%

2.04

$1.55

32%




"Endo had a strong second quarter, with record revenues and earnings in our legacy branded pharmaceuticals pain franchise, which had double-digit revenue growth year-over-year," said Dave Holveck, president and CEO of Endo. "I remain very positive about the growth prospects of our new integrated business in branded pharmaceuticals, generics, and devices and services. I believe our strategy has positioned us well in the new healthcare environment to provide the right path to sustainable, long-term growth and to becoming one of our industry's premier providers of comprehensive healthcare solutions."

BRANDED PHARMACEUTICALS

Branded pharmaceutical sales of $398.3 million for the second quarter represented an increase of 8% versus the prior year. These results reflect strong commercial performance in our branded pain franchise where net sales grew 13% year-over-year, with a strong second quarter performance by OPANA® ER, and Voltaren® Gel. OPANA ER net sales grew 64% on prescription growth of 57%. Voltaren Gel net sales grew 39%. These are robust results for established brands that continue to produce cash flows that enable us to invest in our future growth.

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