DUBLIN, Nov. 5, 2015 /PRNewswire/ --
- Third quarter revenues of $746 million, a 14 percent increase from third quarter of 2014
- Third quarter reported $3.84 diluted (GAAP) loss per share from continuing operations and $1.02 adjusted diluted EPS from continuing operations
- U.S. Branded Pharmaceuticals third quarter revenue increase of 27 percent primarily attributable to the acquisition of Auxilium Pharmaceuticals
- U.S. Generic Pharmaceuticals continues strong growth in third quarter with 15 percent revenue increase overthird quarter 2014
- International Pharmaceuticals third quarter results on-track and aligned with Company expectations
- Affirms revenue and adjusted diluted EPS guidance from continuing operations for full year 2015 and EPS guidance for 2016
- Company conducting portfolio optimization process to realign U.S. Branded resources toward long-term growth drivers
- Third quarter GAAP results include pre-tax non-cash intangible and goodwill impairment charges
Endo International plc (NASDAQ: ENDP) (TSX: ENL) today reported third quarter 2015 financial results, including:
- Revenues of $746 million, a 14 percent increase compared to third quarter 2014 revenues of $654 million, including new product revenue from 2014 and 2015 strategic M&A transactions.
- Reported loss from continuing operations of $804 million compared to third quarter 2014 reported income from continuing operations of $49 million.
- Reported diluted loss per share from continuing operations of $3.84 compared to third quarter 2014 reported diluted earnings per share from continuing operations of $0.31.
- Adjusted income from continuing operations of $214 million, a 31 percent increase compared to third quarter 2014 adjusted income from continuing operations of $163 million.
- Adjusted diluted earnings per share from continuing operations of $1.02 compared to third quarter 2014 adjusted diluted earnings per share from continuing operations of $1.03.
“Our diversified business delivered solid financial results this quarter and was further strengthened by our completed acquisition of Par Pharmaceutical Holdings, Inc. As we continue to execute on our strategy of organic growth, de-risked pipeline development and creating shareholder value through accretive, strategic M&A, we believe Endo is positioned for overall double-digit revenue expansion over the mid- to long-term,” said Rajiv De Silva, President and CEO of Endo. “Fundamentally, our business is more diversified and well positioned financially and strategically. Following the recent FDA approval of BELBUCA, we are conducting a strategic portfolio optimization process to expand our pain sales force and reallocate resources across key growth products in our U.S. Branded Pharmaceuticals business. Moving forward, we remain focused on execution and value creation activities: the integration of Par, driving growth for our priority branded products, growing our international presence and strategic M&A.”
FINANCIAL PERFORMANCE
($ in thousands, except per share amounts)
3rd Quarter | Nine Months Ended | ||||||||||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | ||||||||||||||||
Total Revenues | $ | 745,727 | $ | 654,116 | 14 | % | $ | 2,195,021 | $ | 1,717,806 | 28 | % | |||||||||
Reported (Loss) Income from Continuing Operations | $ | (803,706) | $ | 48,953 | NM | $ | (744,108) | $ | 42,127 | NM | |||||||||||
Reported Diluted (Loss) Income per Share from Continuing Operations | $ | (3.84) | $ | 0.31 | NM | $ | (3.96) | $ | 0.27 | NM | |||||||||||
Adjusted Income from Continuing Operations | $ | 214,110 | $ | 163,095 | 31 | % | $ | 625,805 | $ | 418,858 | 49 | % | |||||||||
Adjusted Diluted Weighted Average Shares | 210,787 | 158,975 | 33 | % | 192,144 | 155,902 | 23 | % | |||||||||||||
Adjusted Diluted EPS from Continuing Operations | $ | 1.02 | $ | 1.03 | (1)% | $ | 3.26 | $ | 2.68 | 22 | % | ||||||||||
U.S. BRANDED PHARMACEUTICALS
During the third quarter of 2015, the U.S. Branded Pharmaceuticals business unit focused on growth for recently launched products XIAFLEX® for Peyronie’s disease and AVEED®.
Third quarter 2015 U.S. Branded Pharmaceuticals results include:
- Revenues of $305 million, a 27 percent increase compared to third quarter 2014; this increase was primarily attributable to the strategic addition of Auxilium Pharmaceuticals.
- Net sales of Lidoderm® decreased 29 percent compared to third quarter 2014; this decrease was attributable to lower brand demand due to generic competition and a new generic entrant in August 2015.
- Net sales of Voltaren® Gel increased 5 percent compared to third quarter 2014; this increase was primarily attributable to increased volumes resulting from an increased sales and marketing emphasis on the product.
U.S. GENERIC PHARMACEUTICALS
During the third quarter of 2015, the U.S. Generic Pharmaceuticals business unit continued to advance key manufacturing, quality, commercial and R&D initiatives to support its organic growth objectives and began the full-scale integration of Par following the closing of the acquisition at the end of September 2015. The U.S. Generics business is now named Par Pharmaceutical, an Endo International Company and is led by Paul Campanelli, Group President and a member of the Executive Leadership Team.
Third quarter 2015 U.S. Generic Pharmaceuticals results include:
- Net sales of $368 million, a 15 percent increase compared to third quarter 2014; this increase was attributable to underlying organic growth of the business, including new product launches, as well as growth from the addition of sales from our September 2015 acquisition of Par and our August 2014 acquisition of DAVA Pharmaceuticals.
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