Revenues of $787M, an 11 percent decrease compared to third-quarter 2016 revenues of $884M.
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DUBLIN, Nov. 9, 2017 /PRNewswire/ --
Endo International (NASDAQ: ENDP) today reported third-quarter 2017 financial results, including:
"We continue to execute against our key priorities and deliver solid operating results," said Paul Campanelli, President and CEO of Endo. "Our core areas of focus, Sterile Injectables and Branded Specialty Products, are achieving impressive growth while we continue to drive margin expansion. We look forward to a strong finish to 2017 and we reaffirm the revenue and adjusted financial guidance we provided in August 2017."
FINANCIAL PERFORMANCE
(in thousands, except per share amounts)
Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 Change 2017 2016 Change
---- ---- ------ ---- ---- ------
Total Revenues $786,887 $884,335 (11)% $2,700,218 $2,768,761 (2)%
Reported (Loss)
Income from
Continuing
Operations $(99,687) $(191,496) (48)% $(961,130) $109,553 NM
Reported
Diluted
Weighted
Average Shares 223,299 222,767 - % 223,157 223,060 - %
Reported
Diluted (Loss)
Income per
Share from
Continuing
Operations $(0.45) $(0.86) (48)% $(4.31) $0.49 NM
Adjusted Income
from
Continuing
Operations $204,052 $225,519 (10)% $686,498 $658,591 4%
Adjusted
Diluted
Weighted
Average
Shares(1) 224,216 223,139 - % 223,779 223,060 - %
Adjusted
Diluted EPS
from
Continuing
Operations $0.91 $1.01 (10)% $3.07 $2.95 4%
(1) 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 decreased by 11 percent to $787 million in third-quarter 2017 compared to the same period in 2016. The decline was primarily due to previously announced U.S. Generic Pharmaceuticals product discontinuances, pricing pressure from increased competition primarily impacting the U.S. Generics Base business, generic competition adversely impacting the Branded Established Products portfolio and the ceasing of shipments of OPANA® ER to customers by September 1, 2017. GAAP net loss from continuing operations in third-quarter 2017 was $100 million compared to GAAP net loss from continuing operations of $191 million during the same period in 2016. This decrease included the impact of lower amortization of intangible assets in third-quarter 2017 and higher third-quarter 2016 tax expense primarily due to the amortization of a deferred charge. GAAP net loss per share from continuing operations for third-quarter 2017 was $0.45, compared to diluted GAAP loss per share from continuing operations of $0.86 in third-quarter 2016. Adjusted income from continuing operations in third-quarter 2017 was $204 million compared to $226 million in third-quarter 2016. This decrease included the impact of an increase to interest expense, mainly due to the refinancing of the Company's secured debt in April 2017, and adjusted tax expense. Adjusted EPS from continuing operations in third-quarter 2017 was $0.91 compared to $1.01 in third-quarter 2016. U.S. GENERIC PHARMACEUTICALS During third-quarter 2017, the U.S. Generic Pharmaceuticals segment launched vigabatrin for oral solution USP, the first generic version of Sabril®, and sodium phenylbutyrate tablets, the first generic equivalent of Buphenyl®. Year-to-date in 2017, Par has launched 14 new generic products and has made nine submissions to regulatory authorities. Third-quarter 2017 U.S. Generic Pharmaceuticals results include:
U.S. BRANDED PHARMACEUTICALS During third-quarter 2017, Endo, in partnership with Tim Herron, a four-time PGA Tour winner, and Damon Adamany, MD, of the CORE Institute, launched Facts on Hand, an unbranded campaign to raise awareness of Dupuytren's Contracture, a progressive, potentially disfiguring hand condition. Endo also recently launched several direct-to-consumer initiatives intended to increase patient awareness of XIAFLEX® as a possible treatment option for Dupuytren's Contracture and Peyronie's Disease. Third-quarter 2017 U.S. Branded Pharmaceuticals results include:
INTERNATIONAL PHARMACEUTICALS During third-quarter 2017, Endo announced it had entered into a definitive agreement to sell its Mexican subsidiary, Somar, to Advent International. The transaction closed on October 25, 2017. Third-quarter 2017 International Pharmaceuticals revenues were $56 million, compared to $71 million in the same period in 2016. The decline is primarily attributable to the sale of the Company's South African business, Litha Healthcare Group, to Acino Pharma AG, which closed on July 3, 2017. 2017 FINANCIAL GUIDANCE For the full twelve months ended December 31, 2017, at current exchange rates, Endo is reaffirming its full-year guidance on revenue, adjusted diluted EPS from continuing operations and adjusted EBITDA from continuing operations provided in August 2017. The Company estimates:
The Company's 2017 non-GAAP financial guidance is based on the following assumptions:
BALANCE SHEET, LIQUIDITY AND OTHER UPDATES As of September 30, 2017, the Company had $738 million in unrestricted cash; debt of $8.3 billion; net debt of approximately $7.5 billion and a net debt to adjusted EBITDA ratio of 4.2. Third-quarter 2017 cash provided by operating activities was $83 million, compared to $115 million of net cash used in operating activities in the comparable 2016 period. The 2016 period was impacted by higher funding of payments related to settled U.S. mesh product liability claims. During third-quarter 2017, the Company recorded pre-tax, non-cash asset impairment charges of $95 million, $78 million of which related to in-process research and development intangible assets in its U.S. Generic Pharmaceuticals segment and certain finite-lived intangible assets in its U.S. Branded Pharmaceuticals segment. CONFERENCE CALL INFORMATION Endo will conduct a conference call with financial analysts to discuss this press release today at 4:30 p.m. ET. The dial-in number to access the call is U.S./Canada (866) 497-0462, International (678) 509-7598, and the passcode is 92375212. Please dial in 10 minutes prior to the scheduled start time. A replay of the call will be available from November 9, 2017 at 7:30 p.m. ET until 7:30 p.m. ET on November 12, 2017 by dialing U.S./Canada (855) 859-2056, International (404) 537-3406, and entering the passcode 92375212. A simultaneous webcast of the call can be accessed by visiting www.endo.com. In addition, a replay of the webcast will be available on the Company website for one year following the event. The replay can be accessed by clicking on the Investor Relations section of the Endo website. FINANCIAL SCHEDULES The following table presents Endo's unaudited Total Revenues for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Percent Nine Months Ended September 30, Percent
Growth Growth
2017 2016 2017 2016
---- ---- ---- ----
U.S. Generic Pharmaceuticals:
U.S. Generics Base $192,333 $263,431 (27)% $647,415 $941,955 (31)%
Sterile Injectables 174,982 136,966 28% 486,928 386,900 26%
New Launches and Alternative
Dosages 129,339 133,294 (3)% 647,606 353,584 83%
------- ------- ------- -------
Total U.S. Generic
Pharmaceuticals $496,654 $533,691 (7)% $1,781,949 $1,682,439 6%
-------- -------- ---------- ----------
U.S. Branded Pharmaceuticals:
Specialty Products:
XIAFLEX(R) $52,511 $47,695 10% $152,113 $134,159 13%
SUPPRELIN(R) LA 20,638 19,392 6% 63,468 57,855 10%
Other Specialty (1) 40,634 35,298 15% 113,407 100,240 13%
Total Specialty Products $113,783 $102,385 11% $328,988 $292,254 13%
-------- -------- -------- --------
Established Products:
OPANA(R) ER $14,756 $36,834 (60)% $82,056 $120,058 (32)%
PERCOCET(R) 31,349 33,881 (7)% 93,183 103,182 (10)%
VOLTAREN(R) Gel 19,102 18,993 1% 53,646 82,030 (35)%
LIDODERM(R) 12,851 19,704 (35)% 37,705 66,455 (43)%
Other Established (2) 41,962 68,046 (38)% 133,572 213,019 (37)%
Total Established Products $120,020 $177,458 (32)% $400,162 $584,744 (32)%
Total U.S. Branded
Pharmaceuticals (3) $233,803 $279,843 (16)% $729,150 $876,998 (17)%
-------- -------- -------- --------
Total International
Pharmaceuticals $56,430 $70,801 (20)% $189,119 $209,324 (10)%
------- ------- -------- --------
Total Revenues $786,887 $884,335 (11)% $2,700,218 $2,768,761 (2)%
======== ======== ========== ==========
(1) Products included within Other Specialty include TESTOPEL(R), NASCOBAL(R) Nasal Spray, and AVEED(R).
(2) Products included within Other Established include, but are not limited to, TESTIM(R) and FORTESTA(R) Gel, including the authorized generic.
(3) Individual products presented above represent the top two performing products in each product category and/or any product having revenues in excess of $25 million during any quarterly period in 2017 or 2016. LIDODERM(R) is separately presented as its revenues exceeded $25 million in certain quarterly
periods in 2016.
The following table presents unaudited Condensed Consolidated Statement of Operations data for the three and nine months ended September 30, 2017 and 2016 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
---- ---- ---- ----
TOTAL REVENUES $786,887 $884,335 $2,700,218 $2,768,761
COSTS AND EXPENSES:
Cost of revenues 514,522 557,472 1,722,885 1,878,395
Selling, general and
administrative 135,880 186,735 468,675 558,160
Research and development 39,644 44,885 123,522 137,166
Litigation-related and other
contingencies, net (12,352) 18,256 (14,016) 28,715
Asset impairment charges 94,924 93,504 1,023,930 263,080
Acquisition-related and
integration items 16,641 19,476 31,711 80,201
------ ------ ------ ------
OPERATING LOSS FROM CONTINUING
OPERATIONS $(2,372) $(35,993) $(656,489) $(176,956)
------- -------- --------- ---------
INTEREST EXPENSE, NET 127,521 112,184 361,267 340,896
LOSS ON EXTINGUISHMENT OF DEBT - - 51,734 -
OTHER (INCOME) EXPENSE, NET (2,097) (2,866) (10,843) 402
LOSS FROM CONTINUING OPERATIONS
BEFORE INCOME TAX $(127,796) $(145,311) $(1,058,647) $(518,254)
--------- --------- ----------- ---------
INCOME TAX (BENEFIT) EXPENSE (28,109) 46,185 (97,517) (627,807)
(LOSS) INCOME FROM CONTINUING
OPERATIONS $(99,687) $(191,496) $(961,130) $109,553
-------- --------- --------- --------
DISCONTINUED OPERATIONS, NET OF
TAX 3,017 (27,423) (705,886) (118,747)
----- ------- -------- --------
CONSOLIDATED NET LOSS $(96,670) $(218,919) $(1,667,016) $(9,194)
-------- --------- ----------- -------
Less: Net income attributable to
noncontrolling interests - - - 16
NET LOSS ATTRIBUTABLE TO ENDO
INTERNATIONAL PLC $(96,670) $(218,919) $(1,667,016) $(9,210)
======== ========= =========== =======
NET (LOSS) INCOME PER SHARE
ATTRIBUTABLE TO ENDO
INTERNATIONAL PLC ORDINARY
SHAREHOLDERS-BASIC:
Continuing operations $(0.45) $(0.86) $(4.31) $0.49
Discontinued operations 0.02 (0.12) (3.16) (0.53)
Basic $(0.43) $(0.98) $(7.47) $(0.04)
====== ====== ====== ======
NET (LOSS) INCOME PER SHARE
ATTRIBUTABLE TO ENDO
INTERNATIONAL PLC ORDINARY
SHAREHOLDERS-DILUTED:
Continuing operations $(0.45) $(0.86) $(4.31) $0.49
Discontinued operations 0.02 (0.12) (3.16) (0.53)
Diluted $(0.43) $(0.98) $(7.47) $(0.04)
====== ====== ====== ======
WEIGHTED AVERAGE SHARES:
Basic 223,299 222,767 223,157 222,579
Diluted 223,299 222,767 223,157 223,060
The following table presents unaudited Condensed Consolidated Balance Sheet data at September 30, 2017 and December 31, 2016 (in thousands): September 30, December 31,
2017 2016
---- ----
ASSETS
CURRENT ASSETS:
Cash and cash
equivalents $738,393 $517,250
Restricted cash
and cash
equivalents 361,137 282,074
Accounts
receivable 531,488 992,153
Inventories, net 443,270 555,671
Assets held for
sale 65,565 116,985
Other current
assets 56,626 125,326
Total current
assets $2,196,479 $2,589,459
---------- ----------
TOTAL NON-
CURRENT ASSETS 9,698,992 11,685,650
TOTAL ASSETS $11,895,471 $14,275,109
=========== ===========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
CURRENT
LIABILITIES:
Accounts payable
and accrued
expenses,
including legal
settlement
accruals $1,986,405 $2,470,016
Liabilities held
for sale 13,456 24,338
Other current
liabilities 42,260 140,391
Total current
liabilities $2,042,121 $2,634,745
---------- ----------
LONG-TERM DEBT,
LESS CURRENT
PORTION, NET 8,246,605 8,141,378
OTHER
LIABILITIES 841,761 797,397
TOTAL
SHAREHOLDERS'
EQUITY 764,984 2,701,589
------- ---------
TOTAL
LIABILITIES AND
SHAREHOLDERS'
EQUITY $11,895,471 $14,275,109
=========== ===========
The following table presents unaudited Condensed Consolidated Statement of Cash Flow data for the nine months ended September 30, 2017 and 2016 (in thousands): Nine Months Ended September 30,
2017 2016
---- ----
OPERATING ACTIVITIES:
Consolidated net loss $(1,667,016) $(9,194)
Adjustments to reconcile consolidated net
loss to Net cash provided by operating
activities:
Depreciation and
amortization 742,936 716,332
Asset impairment charges 1,023,930 284,409
Other, including cash
payments to claimants
from Qualified
Settlement Funds (1) 324,212 (548,170)
Net cash provided by
operating activities $424,062 $443,377
-------- --------
INVESTING ACTIVITIES:
Purchases of property,
plant and equipment $(94,102) $(88,087)
Acquisitions, net of cash
acquired - (30,394)
Proceeds from sale of
business and other
assets, net 96,066 6,686
Increase in restricted
cash and cash
equivalents (1) (624,145) (588,455)
Decrease in restricted
cash and cash
equivalents (1) 545,379 898,288
Other 7,000 (19,172)
Net cash (used in)
provided by investing
activities $(69,802) $178,866
-------- --------
FINANCING ACTIVITIES:
Payments on borrowings,
net $(12,325) $(305,634)
Other (123,028) (28,877)
Net cash used in
financing activities $(135,353) $(334,511)
--------- ---------
Effect of foreign
exchange rate $3,686 $1,497
Movement in cash held for
sale (1,450) -
NET INCREASE IN CASH AND
CASH EQUIVALENTS $221,143 $289,229
-------- --------
CASH AND CASH
EQUIVALENTS, BEGINNING
OF PERIOD 517,250 272,348
CASH AND CASH
EQUIVALENTS, END OF
PERIOD $738,393 $561,577
======== ========
(1) Included within the above Condensed Consolidated Statements of Cash Flows is the impact of payments into and out of QSFs for
mesh-related product liability. Cash payments into QSFs result in a cash outflow for investing activities (CFI). Cash releases
from QSFs result in a cash inflow for investing activities and a corresponding outflow for operating activities (CFO). The
following table reflects the mesh-related payment activities for the nine months ended September 30, 2017 and 2016 by cash flow
component:
Nine Months Ended September 30,
2017 2016
Impact on CFO Impact on CFI Impact on CFO Impact on CFI
(a) (a)
--- ---
Cash
contributions to
Qualified
Settlement Funds $ - $(623,128) $ - $(587,782)
Cash payments to
claimants from
Qualified
Settlement Funds (545,379) 545,379 (898,288) 898,288
Cash payments
made directly to
claimants (3,625) - (5,561) -
Total $(549,004) $(77,749) $(903,849) $310,506
========= ======== ========= ========
(a) These amounts are included in "Other, including cash payments to claimants from Qualified Settlement Funds (1)" in the Condensed Consolidated Statements of Cash Flows above.
SUPPLEMENTAL FINANCIAL INFORMATION To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures. For additional information on the Company's use of such non-GAAP financial measures, refer to Endo's Current Report on Form 8-K furnished today to the Securities and Exchange Commission, which includes an explanation of the Company's reasons for using non-GAAP measures. The tables below provide reconciliations of certain of our non-GAAP financial measures, both historical and forward-looking, to their most directly comparable GAAP amounts. Refer to the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional details regarding the adjustments to the non-GAAP financial measures detailed throughout this Supplemental Financial Information section. Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP) The following table provides a reconciliation of Net loss attributable to Endo International plc (GAAP) to Adjusted EBITDA (non-GAAP) for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------
2017 2016 2017 2016
---- ---- ---- ----
Net loss attributable
to Endo International
plc (GAAP) $(96,670) $(218,919) $(1,667,016) $(9,210)
Income tax (benefit)
expense (28,109) 46,185 (97,517) (627,807)
Interest expense, net 127,521 112,184 361,267 340,896
Depreciation and
amortization (18) 183,475 230,520 680,385 695,432
EBITDA (non-GAAP) $186,217 $169,970 $(722,881) $399,311
-------- -------- --------- --------
Inventory step-up and
other cost savings
(2) $66 $14,208 $281 $111,787
Upfront and milestone-
related payments (3) 775 1,770 6,952 5,875
Inventory reserve
(decrease) increase
from restructuring
(4) - (9,041) 7,899 24,592
Royalty obligations
(5) - - - (7,750)
Separation benefits
and other
restructuring (6) 80,693 18,823 120,078 45,820
Certain litigation-
related and other
contingencies, net
(7) (12,352) 18,256 (14,016) 28,715
Asset impairment
charges (8) 94,924 93,504 1,023,930 263,080
Acquisition-related
and integration costs
(9) 1,201 7,907 8,137 55,422
Fair value of
contingent
consideration (10) 15,440 11,569 23,574 24,779
Loss on extinguishment
of debt (11) - - 51,734 -
Share-based
compensation 13,247 14,953 40,252 43,473
Other (income)
expense, net (19) (2,097) (2,866) (10,843) 402
Other adjustments (58) 614 (75) (781)
Discontinued
operations, net of
tax (15) (3,017) 27,423 705,886 118,747
Net income
attributable to
noncontrolling
interests (16) - - - 16
--- --- --- ---
Adjusted EBITDA (non-
GAAP) $375,039 $367,090 $1,240,908 $1,113,488
======== ======== ========== ==========
Reconciliation of Adjusted Income from Continuing Operations (non-GAAP) The following table provides a reconciliation of our (Loss) income from continuing operations (GAAP) to our Adjusted income from continuing operations (non-GAAP) for the three and nine months ended September 30, 2017 and 2016 (in thousands): Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
---- ---- ---- ----
(Loss) income from
continuing operations
(GAAP) $(99,687) $(191,496) $(961,130) $109,553
Non-GAAP adjustments:
Amortization of intangible
assets (1) 161,413 211,548 615,490 636,061
Inventory step-up and
other cost savings (2) 66 14,208 281 111,787
Upfront and milestone-
related payments (3) 775 1,770 6,952 5,875
Inventory reserve
(decrease) increase from
restructuring (4) - (9,041) 7,899 24,592
Royalty obligations (5) - - - (7,750)
Separation benefits and
other restructuring (6) 80,693 18,823 120,078 45,820
Certain litigation-related
and other contingencies,
net (7) (12,352) 18,256 (14,016) 28,715
Asset impairment charges
(8) 94,924 93,504 1,023,930 263,080
Acquisition-related and
integration costs (9) 1,201 7,907 8,137 55,422
Fair value of contingent
consideration (10) 15,440 11,569 23,574 24,779
Loss on extinguishment of
debt (11) - - 51,734 -
Non-cash and penalty
interest charges (12) - - - 4,092
Other (13) 3,035 53 (1,133) (5,437)
Tax adjustments (14) (41,456) 48,418 (195,298) (637,998)
------- ------ -------- --------
Adjusted income from
continuing operations
(non-GAAP) $204,052 $225,519 $686,498 $658,591
======== ======== ======== ========
Reconciliation of Other Adjusted Income Statement Data (non-GAAP) The following tables provide detailed reconciliations of various other income statement data between the GAAP and non-GAAP amounts for the three and nine months ended September 30, 2017 and 2016 (in thousands, except per share data):
Three Months Ended September 30, 2017
-------------------------------------
Total revenues Cost of revenues Gross Gross margin % Total operating expenses Operating Operating (loss) income from Operating margin % Other non-operating expense, (Loss) Income tax (benefit) expense Effective tax rate (Loss) income from continuing Discontinued operations, net of Net (loss) income attributable Diluted (loss) income per share
continuing operations net operations tax from continuing operations (17)
margin expense to income from continuing operations
before income tax to Endo International plc
revenue %
--------
Reported (GAAP) $786,887 $514,522 $272,365 35 % $274,737 35 % $(2,372) -% $125,424 $(127,796) $(28,109) 22 % $(99,687) $3,017 $(96,670) $(0.45)
Items impacting
comparability:
Amortization of
intangible assets (1) - (161,413) 161,413 - 161,413 - 161,413 - 161,413 - 161,413 0.73
Inventory step-up and
other cost savings
(2) - (66) 66 - 66 - 66 - 66 - 66 -
Upfront and milestone-
related payments (3) - (688) 688 (87) 775 - 775 - 775 - 775 -
Separation benefits
and other
restructuring (6) - (78,680) 78,680 (2,013) 80,693 - 80,693 - 80,693 - 80,693 0.36
Certain litigation-
related and other
contingencies, net
(7) - - - 12,352 (12,352) - (12,352) - (12,352) - (12,352) (0.06)
Asset impairment
charges (8) - - - (94,924) 94,924 - 94,924 - 94,924 - 94,924 0.43
Acquisition-related
and integration costs
(9) - - - (1,201) 1,201 - 1,201 - 1,201 - 1,201 0.01
Fair value of
contingent
consideration (10) - - - (15,440) 15,440 - 15,440 - 15,440 - 15,440 0.07
Other (13) - - - - - (3,035) 3,035 - 3,035 - 3,035 0.01
Tax adjustments (14) - - - - - - - 41,456 (41,456) - (41,456) (0.19)
Exclude discontinued
operations, net of
tax (15) - - - - - - - - - (3,017) (3,017) -
--- ------
After considering
items (non-GAAP) $786,887 $273,675 $513,212 65 % $173,424 22 % $339,788 43 % $122,389 $217,399 $13,347 6 % $204,052 $ - $204,052 $0.91
======== ======== ======== ======== ======== ======== ======== ======= ======== =============== ======== =====
Three Months Ended September 30, 2016
-------------------------------------
Total revenues Cost of revenues Gross Gross margin % Total operating expenses Operating expense to revenue Operating (loss) income from Operating margin % Other non-operating expense, (Loss) Income tax expense (benefit) Effective tax rate (Loss) income from continuing Discontinued operations, net of Net (loss) income attributable to Diluted (loss) income per share
% continuing operations net operations tax Endo International plc (16) from continuing operations (17)
margin income from continuing operations
before income tax
------ ----------------------------------
Reported (GAAP) $884,335 $557,472 $326,863 37 % $362,856 41 % $(35,993) (4)% $109,318 $(145,311) $46,185 (32)% $(191,496) $(27,423) $(218,919) $(0.86)
Items impacting
comparability:
Amortization of
intangible assets (1) - (211,548) 211,548 - 211,548 - 211,548 - 211,548 - 211,548 0.95
Inventory step-up and
other cost savings
(2) - (14,208) 14,208 - 14,208 - 14,208 - 14,208 - 14,208 0.06
Upfront and milestone-
related payments (3) - (664) 664 (1,106) 1,770 - 1,770 - 1,770 - 1,770 0.01
Inventory reserve
decrease from
restructuring (4) - 9,041 (9,041) - (9,041) - (9,041) - (9,041) - (9,041) (0.04)
Separation benefits
and other
restructuring (6) - (12,989) 12,989 (5,834) 18,823 - 18,823 - 18,823 - 18,823 0.08
Certain litigation-
related and other
contingencies, net
(7) - - - (18,256) 18,256 - 18,256 - 18,256 - 18,256 0.08
Asset impairment
charges (8) - - - (93,504) 93,504 - 93,504 - 93,504 - 93,504 0.42
Acquisition-related
and integration costs
(9) - - - (7,907) 7,907 - 7,907 - 7,907 - 7,907 0.04
Fair value of
contingent
consideration (10) - - - (11,569) 11,569 - 11,569 - 11,569 - 11,569 0.05
Other (13) - - - - - (53) 53 - 53 - 53 -
Tax adjustments (14) - - - - - - - (48,418) 48,418 - 48,418 0.22
Exclude discontinued
operations, net of
tax (15) - - - - - - - - - 27,423 27,423 -
---
After considering
items (non-GAAP) $884,335 $327,104 $557,231 63 % $224,680 25 % $332,551 38 % $109,265 $223,286 $(2,233) (1)% $225,519 $ - $225,519 $1.01
======== ======== ======== ======== ======== ======== ======== ======= ======== =============== ======== =====
Nine Months Ended September 30, 2017
------------------------------------
Total revenues Cost of revenues Gross Gross margin % Total operating expenses Operating expense to revenue Operating (loss) income from Operating margin % Other non-operating expense, (Loss) Income tax (benefit) expense Effective tax rate (Loss) income from continuing Discontinued operations, net of Net (loss) income attributable to Dilute (loss) income per share from
% continuing operations net operations tax Endo International plc continuing operations (17)
margin income from continuing operations
before income tax
------ ----------------------------------
Reported (GAAP) $2,700,218 $1,722,885 $977,333 36 % $1,633,822 61 % $(656,489) (24)% $402,158 $(1,058,647) $(97,517) 9 % $(961,130) $(705,886) $(1,667,016) $(4.31)
Items impacting
comparability:
Amortization of
intangible assets (1) - (615,490) 615,490 - 615,490 - 615,490 - 615,490 - 615,490 2.75
Inventory step-up and
other cost savings
(2) - (281) 281 - 281 - 281 - 281 - 281 -
Upfront and milestone-
related payments (3) - (2,039) 2,039 (4,913) 6,952 - 6,952 - 6,952 - 6,952 0.03
Inventory reserve
increase from
restructuring (4) - (7,899) 7,899 - 7,899 - 7,899 - 7,899 - 7,899 0.04
Separation benefits
and other
restructuring (6) - (85,367) 85,367 (34,711) 120,078 - 120,078 - 120,078 - 120,078 0.54
Certain litigation-
related and other
contingencies, net
(7) - - - 14,016 (14,016) - (14,016) - (14,016) - (14,016) (0.06)
Asset impairment
charges (8) - - - (1,023,930) 1,023,930 - 1,023,930 - 1,023,930 - 1,023,930 4.59
Acquisition-related
and integration costs
(9) - - - (8,137) 8,137 - 8,137 - 8,137 - 8,137 0.04
Fair value of
contingent
consideration (10) - - - (23,574) 23,574 - 23,574 - 23,574 - 23,574 0.11
Loss on extinguishment
of debt (11) - - - - - (51,734) 51,734 - 51,734 - 51,734 0.23
Other (13) - - - - - 1,133 (1,133) - (1,133) - (1,133) (0.01)
Tax adjustments (14) - - - - - - - 195,298 (195,298) - (195,298) (0.88)
Exclude discontinued
operations, net of
tax (15) - - - - - - - - - 705,886 705,886 -
---
After considering
items (non-GAAP) $2,700,218 $1,011,809 $1,688,409 63 % $552,573 20 % $1,135,836 42 % $351,557 $784,279 $97,781 12 % $686,498 $ - $686,498 $3.07
========== ========== ========== ======== ========== ======== ======== ======= ======== =============== ======== =====
Nine Months Ended September 30, 2016
------------------------------------
Total revenues Cost of revenues Gross Gross margin % Total operating expenses Operating expense to revenue Operating (loss) income from Operating margin % Other non-operating expense, (Loss) Income tax (benefit) expense Effective tax rate Income from continuing Discontinued operations, net of Net (loss) income attributable to Diluted income (loss) per share
% continuing operations net operations tax Endo International plc (16) from continuing operations (17)
margin income from continuing operations
before income tax
------ ----------------------------------
Reported (GAAP) $2,768,761 $1,878,395 $890,366 32 % $1,067,322 39 % $(176,956) (6)% $341,298 $(518,254) $(627,807) 121 % $109,553 $(118,747) $(9,210) $0.49
Items impacting
comparability:
Amortization of
intangible assets (1) - (636,061) 636,061 - 636,061 - 636,061 - 636,061 - 636,061 2.84
Inventory step-up and
other cost savings
(2) - (110,437) 110,437 (1,350) 111,787 - 111,787 - 111,787 - 111,787 0.50
Upfront and milestone-
related payments (3) - (1,973) 1,973 (3,902) 5,875 - 5,875 - 5,875 - 5,875 0.03
Inventory reserve
increase from
restructuring (4) - (24,592) 24,592 - 24,592 - 24,592 - 24,592 - 24,592 0.11
Royalty obligations
(5) - 7,750 (7,750) - (7,750) - (7,750) - (7,750) - (7,750) (0.03)
Separation benefits
and other
restructuring (6) - (19,394) 19,394 (26,426) 45,820 - 45,820 - 45,820 - 45,820 0.21
Certain litigation-
related and other
contingencies, net
(7) - - - (28,715) 28,715 - 28,715 - 28,715 - 28,715 0.13
Asset impairment
charges (8) - - - (263,080) 263,080 - 263,080 - 263,080 - 263,080 1.18
Acquisition-related
and integration costs
(9) - - - (55,422) 55,422 - 55,422 - 55,422 - 55,422 0.25
Fair value of
contingent
consideration (10) - - - (24,779) 24,779 - 24,779 - 24,779 - 24,779 0.11
Non-cash and penalty
interest charges (12) - - - - - (4,092) 4,092 - 4,092 - 4,092 0.02
Other (13) - - - 8,350 (8,350) (2,913) (5,437) - (5,437) - (5,437) (0.02)
Tax adjustments (14) - - - - - - - 637,998 (637,998) - (637,998) (2.87)
Exclude discontinued
operations, net of
tax (15) - - - - - - - - - 118,747 118,747 -
---
After considering
items (non-GAAP) $2,768,761 $1,093,688 $1,675,073 60 % $671,998 24 % $1,003,075 36 % $334,293 $668,782 $10,191 2 % $658,591 $ - $658,575 $2.95
========== ========== ========== ======== ========== ======== ======== ======= ======== =============== ======== =====
Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures Notes to certain line items included in the reconciliations of the GAAP financial measures to the Non-GAAP financial measures for the three and nine months ended September 30, 2017 and 2016 are as follows: (1) Adjustments for amortization of commercial intangible assets included the following (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
-------------------------------
2017 2016 2017 2016
---- ---- ---- ----
Amortization of
intangible assets
excluding fair
value step-up from
contingent
consideration $151,250 $198,117 $585,025 $606,090
Amortization of
intangible assets
related to fair
value step-up from
contingent
consideration 10,163 13,431 30,465 29,971
------
Total $161,413 $211,548 $615,490 $636,061
======== ======== ======== ========
(2) Adjustments for inventory step-up and other cost savings included the following (in thousands):
Three Months Ended September 30,
2017 2016
Cost of Operating Cost of Operating
revenues expenses revenues expenses
-------- ---------- -------- ----------
Fair value step-up of
inventory sold $66 $ - $11,129 $ -
Excess manufacturing
costs that will be
eliminated pursuant
to integration plans - - 3,079 -
Total $66 $ - $14,208 $ -
=== === === ======= === ===
Nine Months Ended September 30,
2017 2016
Cost of Operating Cost of revenues Operating
revenues expenses expenses
-------- ---------- ---------------- ----------
Fair value step-up of
inventory sold $281 $ - $99,099 $957
Excess manufacturing
costs that will be
eliminated pursuant
to integration plans - - 11,338 393
Total $281 $ - $110,437 $1,350
==== === === ======== ======
(3) Adjustments for upfront and milestone-related payments to partners included the following (in thousands):
Three Months Ended September 30,
2017 2016
Cost of Operating Cost of Operating
revenues expenses revenues expenses
-------- ---------- -------- ----------
Sales-based
milestones $688 $ - $664 $ -
Development-based
milestones - 87 - 1,106
Total $688 $87 $664 $1,106
==== === ==== ======
Nine Months Ended September 30,
2017 2016
Cost of Operating Cost of Operating
revenues expenses revenues expenses
-------- ---------- -------- ----------
Sales-based
milestones $2,039 $ - $1,973 $ -
Development-based
milestones - 4,913 - 3,902
Total $2,039 $4,913 $1,973 $3,902
====== ====== ====== ======
(4) To exclude charges reflecting adjustments to excess inventory reserves related to the 2017 U.S. Generics Pharmaceuticals restructuring initiative and 2016 U.S. Generic
Pharmaceuticals restructuring initiative during the nine months ended September 30, 2017 and 2016 and exclude decreases of excess inventory reserves recorded during the three months
ended September 30, 2016, primarily related to the 2016 U.S. Generic Pharmaceuticals restructuring initiative. This 2016 adjustment resulted from the sell-through of certain inventory
previously reserved.
(5) To adjust for the reversal of the remaining VOLTAREN(R) Gel minimum royalty obligations as a result of a generic entrant during the first quarter of 2016.
(6) Adjustments for separation benefits and other restructuring included the following (in thousands):
Three Months Ended September 30,
2017 2016
Cost of revenues Operating Cost of revenues Operating
expenses expenses
---------------- ---------- ---------------- ----------
Separation benefits $19,535 $284 $5,564 $9,234
Accelerated
depreciation and
product
discontinuation 59,805 - 7,425 (4,968)
Other (660) 1,729 - 1,568
Total $78,680 $2,013 $12,989 $5,834
======= ====== ======= ======
Nine Months Ended September 30,
2017 2016
Cost of Operating Cost of Operating
revenues expenses revenues expenses
-------- ---------- -------- ----------
Separation benefits $21,805 $19,539 $11,969 $18,008
Accelerated
depreciation and
product
discontinuation
charges 59,805 398 7,425 2,803
Other 3,757 14,774 - 5,615
Total $85,367 $34,711 $19,394 $26,426
======= ======= ======= =======
(7) To exclude litigation-related settlement charges, reimbursements and certain settlements related to intellectual property suits previously filed by our subsidiaries.
(8) To exclude pre-tax, non-cash goodwill, intangible asset and property, plant and equipment impairment charges.
During the third quarter of 2017, we recorded total pre-tax, non-cash impairment charges of $95 million. Approximately $17 million was related to property, plant and equipment charges related to
our previously announced restructuring initiatives and held-for-sale accounting for Somar. The remaining charges during the third quarter were largely the result of market conditions impacting the
recoverability of certain indefinite and finite-lived intangible assets in our U.S. Generic Pharmaceuticals and U.S. Branded Pharmaceuticals segments.
During the second quarter of 2017, we recorded total pre-tax, non-cash impairment charges of $725 million. We announced the 2017 U.S. Generic Pharmaceuticals restructuring initiative in July 2017,
which includes the discontinuation of certain commercial products. As a result, we assessed the recoverability of the impacted products, resulting in pre-tax, non-cash intangible asset impairment
charges of approximately $58 million. We also recorded property, plant and equipment impairments related to this restructuring totaling $32 million. As a result of the decision to withdrawal
OPANA(R) ER, we determined that the carrying amount of this intangible asset was no longer recoverable, resulting in a pre-tax, non-cash impairment charge of $21 million, representing the
remaining carrying amount. As a result of the aforementioned actions related to OPANA(R) ER and the continued erosion of its U.S. Branded Pharmaceuticals segment's Established Products portfolio, we
initiated an interim goodwill impairment analysis of our Branded reporting unit. We recorded a pre-tax, non-cash asset impairment charge of $180 million for the amount by which the carrying amount
exceeded the reporting unit's fair value. We entered into a definitive agreement to sell Somar on June 30, 2017, which resulted in Somar's assets and liabilities being classified as held for sale.
The initiation of held-for-sale accounting, together with the agreed upon sale price, triggered an impairment review. Accordingly, we performed an impairment analysis using a market approach and
determined that impairment charges were required. We recorded pre-tax non-cash impairment charges of $26 million, $90 million and $10 million related to Somar's goodwill, other intangible assets
and property, plant and equipment, respectively. The remaining charges during the second quarter were largely the result of market conditions impacting the recoverability of certain indefinite and
finite-lived intangible assets in our U.S. Generic Pharmaceuticals, U.S. Branded Pharmaceuticals and International Pharmaceuticals segments.
During the first quarter of 2017, we recorded total impairment charges of $204 million. Pursuant to an existing agreement with Novartis AG, Endo's subsidiary, Paladin Labs Inc., licensed the Canadian
rights to commercialize serelaxin, an investigational drug for the treatment of acute heart failure (AHF). On March 22, 2017, Novartis announced that a Phase III study of serelaxin in patients with
AHF failed to meet its primary endpoints. As a result, Endo has concluded that its serelaxin in-process research and development intangible asset is fully impaired resulting in a $45 million non-
cash impairment charge. As a result of the serelaxin intangible impairment, Endo assessed the recoverability of its Paladin goodwill balance and determined that the estimated fair value of the
Paladin reporting unit was below its book value, resulting in a non-cash goodwill impairment charge of $83 million. The remaining charges were largely the result of certain market conditions
impacting the recoverability of developed technology intangible assets in Endo's U.S. Generic Pharmaceuticals segment.
During the three and nine months ended September 30, 2016, we recorded pre-tax, non-cash impairment charges of $94 million and $263 million, respectively. As a result of unfavorable formulary
changes and generic competition for sumatriptan, we experienced a downturn in the performance of our SUMAVEL(R) DOSEPRO(R) product, resulting in a non-cash impairment charge of $73 million during
the third quarter of 2016. Also during the third quarter of 2016, we determined that we would not pursue commercialization of a product in certain international markets, resulting in a non-cash
asset impairment charge of $16 million. As a result of the 2016 U.S. Generic Pharmaceuticals restructuring initiative, we recorded $100 million of non-cash impairment charges during the first
quarter of 2016 resulting from the discontinuation of certain commercial products and the abandonment of certain IPR&D projects. The remaining charges during the three and nine months ended
September 30, 2016 were largely the result of market and regulatory conditions impacting the recoverability certain indefinite and finite-lived intangible assets in our U.S. Generic Pharmaceuticals
segment.
(9) Adjustments for acquisition and integration items primarily relate to various acquisitions. Amounts included the following (in thousands):
Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
---- ---- ---- ----
Integration
costs
(primarily
third-party
consulting
fees) $ - $7,125 $4,476 $38,311
Transition
services - 1,259 - 9,729
Other 1,201 (477) 3,661 7,382
Total $1,201 $7,907 $8,137 $55,422
====== ====== ====== =======
(10) To exclude the impact of changes in the fair value of contingent consideration resulting from changes in market conditions impacting the commercial potential of the underlying products.
(11) To exclude the loss on the extinguishment of debt associated with our April 2017 refinancing.
(12) To exclude penalty interest charges.
(13) Adjustments to other included the following (in thousands):
Three Months Ended September 30,
2017 2016
Operating Other non- Operating Other non-
expenses operating expenses operating
expenses expenses
---------- ----------- ---------- -----------
Foreign currency
impact related to the
re-measurement of
intercompany debt
instruments $ - $3,005 $ - $(114)
Other miscellaneous - 30 - 167
Total $ - $3,035 $ - $53
=== === ====== === === ===
Nine Months Ended September 30,
2017 2016
Operating Other non- Operating Other non-
expenses operating expenses operating
expenses expenses
---------- ----------- ---------- -----------
Foreign currency
impact related to the
re-measurement of
intercompany debt
instruments $ - $(2,922) $ - $1,558
Other miscellaneous
expense (income) - 1,789 (8,350) 1,355
Total $ - $(1,133) $(8,350) $2,913
=== === ======= ======= ======
(14) Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable effective tax rate that will be determined by reference to
statutory tax rates in the relevant jurisdictions in which the Company operates. Adjusted income taxes include current and deferred income tax expense commensurate with the non-GAAP measure of
profitability.
As previously disclosed, during the second quarter of 2016, Endo recorded a discrete GAAP tax benefit of $636 million arising from outside basis differences generated as part of a legal entity
restructuring. This benefit and the associated component of the 2016 U.S. federal return to provision adjustment recorded in the third quarter of 2017 were excluded from our adjusted effective tax rate
in accordance with the Company's non-GAAP accounting policy.
(15) To exclude the results of the businesses reported as discontinued operations, net of tax in the Condensed Consolidated Statement of Operations.
(16) Net income attributable to noncontrolling interests is excluded from Adjusted EBITDA (non-GAAP) and Net (loss) income attributable to Endo International plc.
(17) Calculated as income (loss) from continuing operations divided by the applicable weighted average share number. The applicable weighted average share numbers are as follows (in thousands):
Three Months Ended Nine Months Ended
September 30, September 30,
2017 2016 2017 2016
---- ---- ---- ----
GAAP EPS 223,299 222,767 223,157 223,060
Non-GAAP EPS 224,216 223,139 223,779 223,060
(18) Depreciation and amortization per the Adjusted EBITDA reconciliations do not include certain depreciation amounts
reflected in other lines of the reconciliations, including Acquisition-related and integration costs and Separation
benefits and other restructuring.
(19) To exclude Other (income) expense, net per the Condensed Consolidated Statement of Operations.
Reconciliation of Adjusted Diluted Earnings Per Share Guidance (non-GAAP) The following table provides a reconciliation of our Projected GAAP diluted loss per share from continuing operations to our Adjusted diluted earnings per share from continuing operations for 2017:
Year Ending
December 31, 2017
Projected GAAP diluted loss per
share from continuing
operations $(4.94) to $(4.64)
Amortization of commercial
intangible assets 3.44
Acquisition related, integration
and restructuring charges and
certain excess costs that will
be eliminated pursuant to
integration plans 1.10
Asset impairment charges 4.57
Loss on extinguished debts 0.23
Other (0.07)
Tax effect of pre-tax
adjustments at applicable tax
rates (0.98)
Adjusted diluted earnings per
share from continuing
operations $3.35 to $3.65
===== =====
The Company's guidance is being issued based on certain assumptions including:
Reconciliation of Net Debt Leverage Ratio (non-GAAP) The following table provides a reconciliation of our Net loss attributable to Endo International plc (GAAP) to our Adjusted EBITDA (non-GAAP) for the twelve months ended September 30, 2017 (in thousands) and the calculation of our Net Debt Leverage Ratio (non-GAAP): Twelve Months Ended
September 30, 2017
------------------
Net loss attributable to Endo
International plc (GAAP) $(5,004,872)
Income tax (benefit) expense (169,794)
Interest expense, net 473,050
Depreciation and amortization (18) 940,755
EBITDA (non-GAAP) $(3,760,861)
-----------
Inventory step-up and other cost
savings $14,193
Upfront and milestone-related
payments 9,407
Inventory reserve decrease from
restructuring 7,762
Separation benefits and other
restructuring 157,294
Certain litigation-related and other
contingencies, net (18,781)
Asset impairment charges 4,542,015
Acquisition-related and integration
costs 16,493
Fair value of contingent
consideration 22,618
Loss on extinguishment of debt 51,734
Share-based compensation 55,435
Other income, net (11,583)
Other adjustments 706
Discontinued operations, net of tax 710,417
Adjusted EBITDA (non-GAAP) $1,796,849
==========
Calculation of Net Debt:
Debt $8,280,810
Cash (excluding Restricted Cash) 738,393
Net Debt (non-GAAP) $7,542,417
==========
Calculation of Net Debt Leverage:
Net Debt Leverage Ratio (non-GAAP) 4.2
===
Non-GAAP Financial Measures The Company utilizes certain financial measures that are not prescribed by or prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). These Non-GAAP financial measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted earnings per share amounts. Despite the importance of these measures to management in goal setting and performance measurement, we stress that these are Non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, Non-GAAP adjusted EBITDA and Non-GAAP adjusted net income from continuing operations and its components (unlike U.S. GAAP net income from continuing operations and its components) may not be comparable to the calculation of similar measures of other companies. These Non-GAAP financial measures are presented solely to permit investors to more fully understand how management assesses performance. Investors are encouraged to review the reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures. However, the Company does not provide reconciliations of projected non-GAAP financial measures to GAAP financial measures, nor does it provide comparable projected GAAP financial measures for such projected non-GAAP financial measures, except for projected adjusted diluted EPS from continuing operations. The Company is unable to provide such reconciliations without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for asset impairments, contingent consideration adjustments, legal settlements, loss on extinguishment of debt, adjustments to inventory and other charges reflected in the reconciliation of historic numbers, the amount of which could be significant. See Endo's Current Report on Form 8-K furnished today to the Securities and Exchange Commission for an explanation of Endo's non-GAAP financial measures. About Endo International plc Endo International plc (NASDAQ: ENDP) is a highly focused generics and specialty branded pharmaceutical company delivering quality medicines to patients in need through excellence in development, manufacturing and commercialization. Endo has global headquarters in Dublin, Ireland, and U.S. headquarters in Malvern, PA. Learn more at www.endo.com. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including but not limited to the statements by Mr. Campanelli, as well as other statements regarding product development, market potential, corporate strategy, optimization efforts and restructurings, expected growth and regulatory approvals, together with Endo's earnings per share from continuing operations amounts, product net sales, revenue forecasts and any other statements that refer to Endo's expected, estimated or anticipated future results. Because forecasts are inherently estimates that cannot be made with precision, Endo's performance at times differs materially from its estimates and targets, and Endo often does not know what the actual results will be until after the end of the applicable reporting period. Therefore, Endo will not report or comment on its progress during a current quarter except through public announcement. Any statement made by others with respect to progress during a current quarter cannot be attributed to Endo. All forward-looking statements in this press release reflect Endo's current analysis of existing trends and information and represent Endo's judgment only as of the date of this press release. Actual results may differ materially from current expectations based on a number of factors affecting Endo's businesses, including, among other things, the following: changing competitive, market and regulatory conditions; Endo's ability to obtain and maintain adequate protection for its intellectual property rights; the timing and uncertainty of the results of both the research and development and regulatory processes, including regulatory decisions, product recalls, withdrawals and other unusual items; domestic and foreign health care and cost containment reforms, including government pricing, tax and reimbursement policies; technological advances and patents obtained by competitors; the performance, including the approval, introduction, and consumer and physician acceptance of new products and the continuing acceptance of currently marketed products; the effectiveness of advertising and other promotional campaigns; the timely and successful implementation of strategic initiatives; the results of any pending or future litigation, investigations or claims; the uncertainty associated with the identification of and successful consummation and execution of external corporate development initiatives and strategic partnering transactions; and Endo's ability to obtain and successfully maintain a sufficient supply of products to meet market demand in a timely manner. In addition, U.S. and international economic conditions, including higher unemployment, political instability, financial hardship, consumer confidence and debt levels, taxation, changes in interest and currency exchange rates, international relations, capital and credit availability, the status of financial markets and institutions, fluctuations or devaluations in the value of sovereign government debt, as well as the general impact of continued economic volatility, can materially affect Endo's results. Therefore, the reader is cautioned not to rely on these forward-looking statements. Endo expressly disclaims any intent or obligation to update these forward-looking statements except as required to do so by law. Additional information concerning the above-referenced risk factors and other risk factors can be found in press releases issued by Endo, as well as Endo's public periodic filings with the U.S. Securities and Exchange Commission and with securities regulators in Canada, including the discussion under the heading "Risk Factors" in Endo's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Copies of Endo's press releases and additional information about Endo are available at www.endo.com or you can contact the Endo Investor Relations Department by calling 484-216-0000. View original content:http://www.prnewswire.com/news-releases/endo-reports-third-quarter-2017-financial-results-300553207.html SOURCE Endo International plc |
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Company Codes: NASDAQ-NMS:ENDP |
