DUBLIN, May 9, 2017 /PRNewswire/ --
- First-quarter 2017 revenues increased 8 percent from prior year to $1,038 million
- First-quarter 2017 U.S. Generic Pharmaceuticals revenue increased 24 percent to $722 million
- First-quarter 2017 reported $0.74 diluted (GAAP) loss per share from continuing operations
- First-quarter 2017 adjusted diluted earnings per share (EPS) from continuing operations increased 14 percent to $1.23
- First-quarter 2017 reported (GAAP) consolidated net loss of $174 million
- First-quarter 2017 adjusted EBITDA increased 21 percent to $478 million
- Company reaffirms 2017 full-year revenues, adjusted EBITDA and adjusted diluted EPS financial guidance
Endo International plc (NASDAQ: ENDP) today reported first-quarter 2017 financial results, including:
- Revenues of $1,038 million, an 8 percent increase compared to first-quarter 2016 revenues of $964 million.
- Reported net loss from continuing operations of $165 million compared to first-quarter 2016 reported net loss from continuing operations of $89 million.
- Reported diluted loss per share from continuing operations of $0.74 compared to first-quarter 2016 reported diluted loss per share from continuing operations of $0.40.
- Adjusted net income from continuing operations of $275 million, a 14 percent increase compared to first-quarter 2016 adjusted net income from continuing operations of $241 million.
- Adjusted diluted EPS from continuing operations of $1.23, a 14 percent increase compared to first-quarter 2016 adjusted diluted EPS from continuing operations of $1.08.
- Adjusted EBITDA from continuing operations of $478 million, a 21 percent increase compared to first-quarter 2016 adjusted EBITDA of $396 million.
“During Endo’s February 2017 earnings call, we outlined key priorities that we believe will enable us to achieve our Company’s vision. As we noted, we expect this to take time, but our strong first-quarter performance illustrates how our renewed focus on execution is beginning to yield results. The quarter benefited from new Generic product introductions and continued strong growth from our Branded Specialty products business,” said Paul Campanelli, President and CEO of Endo. “As a result, we generated substantial adjusted EBITDA in the quarter that was further enhanced by cost savings from our 2016 and 2017 restructurings and related initiatives.”
FINANCIAL PERFORMANCE (in thousands, except per share amounts) | ||||||||||
Three Months Ended March 31, | ||||||||||
2017 | 2016 | Change | ||||||||
Total Revenues | $ | 1,037,600 | $ | 963,539 | 8 | % | ||||
Reported Loss from Continuing Operations | $ | (165,423) | $ | (88,763) | 86 | % | ||||
Reported Diluted Weighted Average Shares | 223,014 | 222,302 | % | |||||||
Reported Diluted Loss per Share from Continuing Operations | $ | (0.74) | $ | (0.40) | 85 | % | ||||
Adjusted Income from Continuing Operations | $ | 275,245 | $ | 240,731 | 1 | 14 | % | |||
Adjusted Diluted Weighted Average Shares2 | 223,335 | 223,180 | % | |||||||
Adjusted Diluted EPS from Continuing Operations | $ | 1.23 | $ | 1.08 | 1 | 14 | % | |||
(1) | Refer to footnote 13 in the Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures for further discussion. |
(2) | Diluted per share data is computed based on weighted average shares outstanding and, if there is income from continuing operations during the period, the dilutive impact of share equivalents outstanding during the period. In the case of Adjusted Diluted Weighted Average Shares, Adjusted Income from Continuing Operations is used in determining whether to include such dilutive impact. |
CONSOLIDATED RESULTS
Total revenues increased by 8 percent to $1,038 million in first-quarter 2017 compared to the same period in 2016. This increase resulted primarily from the fourth-quarter 2016 introductions of key first-to-file generic products, quetiapine extended-release (ER) tablets and ezetimibe tablets. GAAP net loss from continuing operations in first-quarter 2017 was $165 million compared to GAAP net loss from continuing operations of $89 million during the same period in 2016 primarily attributable to the after-tax impact of goodwill and intangible asset impairment charges during first-quarter 2017 compared to the same period last year.
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