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.
