Endo Pharmaceuticals' 3rd-quarter profit dips on buyout costs; pain drugs drive revenue
Associated Press
10/29/09 8:15 AM EDT
CHADDS FORD, PA. — Drug developer Endo Pharmaceuticals Holdings Inc. said Thursday its third-quarter profit plunged on charges mainly related to the buyout of Indevus Pharmaceuticals Inc.
Net income dropped 25 percent to $49.4 million, or 42 cents per share, from $66 million, or 55 cents per share, during the same period a year prior. Revenue rose 14 percent to $361 million from $316.8 million.
Excluding charges mainly related to Indevus, the company earned 63 cents per share in the latest quarter. In February, the company paid $370 million for Lexington, Mass.-based Indevus.
Analysts polled by Thomson Reuters expected profit of 64 cents per share on revenue of $365.3 million.
Sales of the Lidoderm pain patch dipped less than 1 percent to $193 million, while sales of the pain drugs Opana and Opana ER rose 42 percent to $59 million. Revenue from the painkiller Percocet was flat at $31 million.
Generic drug sales, meanwhile, edged up less than 1 percent to $23 million.
The company raised its 2009 forecast for adjusted profit to a range of $2.67 to $2.73 per share, up from a prior range of $2.59 to $2.67 per share. It now expects revenue between $1.44 billion and $1.47 billion, up from a previous forecast of $1.39 billion to $1.44 billion.
Analysts expect full-year profit of $2.71 per share on revenue of $1.45 billion.
