CHADDS FORD, Pa., Aug 7, 2012 /PRNewswire/ --
- Total quarterly revenues of $785 million, increased 29 percent versus prior year
- Qualitest grows quarterly sales by 20 percent versus prior year
- Commercial conversion of OPANA® ER to new formulation designed to be crush-resistant completed during second quarter
- Company maintains adjusted diluted EPS in the range of $5.00 to $5.20; Now expects reported diluted (GAAP) EPS in the range of $1.07 to $1.27
- Company now expects revenues of $3.05 to $3.175 billion in 2012
Endo Health Solutions (Nasdaq: ENDP) today reported a 29 percent increase in total revenues during the second quarter of 2012 to $785 million, compared with $608 million in the same quarter of 2011, reflecting organic growth and the acquisition of American Medical Systems (AMS) in June 2011. Net income for the three months ended June 30, 2012, was $9 million, compared with net income of $55 million reported in the comparable 2011 period. Reported net income includes the effect of a non-cash, pre-tax charge of $131 million for the period to reflect the estimated fair value of the settlement component of Endo’s 2012 settlement and license agreement with Watson Pharmaceuticals (Watson), which settled all ongoing patent litigation among the parties relating to Watson‘s generic version of LIDODERM® (lidocaine patch 5%).
As detailed in the supplemental financial information below, adjusted net income for the three months ended June 30, 2012, was $154 million, compared with $129 million in the same period in 2011. Reported diluted earnings per share for the quarter ended June 30, 2012 were $0.08, compared with $0.44 in the second quarter of 2011. Adjusted diluted earnings per share for the same period were $1.27 compared with $1.05 reported in 2011.
“Endo had a strong second quarter, as our diversified business produced the opportunities needed to deliver better than expected earnings per share,” said Dave Holveck, president and CEO of Endo. “I remain very positive about the growth prospects across the board. More importantly, I am proud of the introduction and receptivity of the new formulation of OPANA ER, which is designed to be crush resistant, as a positive step in the battle against inappropriate use. Endo has been a long-time responsible partner in the pain management space, and we believe the reformulated OPANA ER is an important step in supporting appropriate use of the product.”
