Drugmaker Endo reports higher-than-expected quarterly profit
Total revenue falls due to weakness in company’s US generics business
Endo’s total revenue fell 4.9% to $875.7m, hurt by weakness in its US generics business
Endo International reported a higher-than-expected quarterly profit, buoyed by higher sales from its sterile injectibles and US branded drugs businesses. The generic drugmaker raised its 2017 revenue forecast.
Endo’s shares were up 5.6 per cent at $9.83 (€8.32) before the bell on Tuesday.
The Dublin-based drugmaker raised its full-year revenue forecast to between $3.38 billion to $3.53 billion from $3.45 billion to $3.60 billion.
Excluding items, Endo earned 93 cent per share, above the average analyst estimate of 73 cent per share, according to Thomson Reuters.
However, total revenue fell 4.9 per cent to $875.7 million, hurt by weakness in Endo’s US generics business, but came in ahead of analysts’ average estimate of $836.4 million.
Net loss from continuing operations was $696 million, or $3.12 per share, in the second quarter ended June 30th, from a profit of $389.8 million, or $1.75 per share, a year earlier.
The drugmaker paid impairment charges of $725 million in the quarter, partly related to the withdrawal of its opioid painkiller Opana ER and the shutdown of its Alabama manufacturing facility.
Endo’s results come a week after the world’s number one generics drugmaker Teva Pharmaceutical Industries posted a steeper-than-expected drop in its second-quarter earnings, hurt by accelerated price erosion in the US. – Reuters