Endo Health sees weak 2013 profit on generic threat to key drug
(Reuters) - Endo Health Solutions (ENDP.O) forecast 2013 earnings below market expectations as its pain-relieving patch Lidoderm, the company's biggest revenue driver, will face generic competition from September 15, 2013.
The company also estimated a profit of about $1.25 per share for the third quarter ended September 30, 2012, below analysts' expectations of $1.36 per share, according to Thomson Reuters I/B/E/S.
Endo settled a lawsuit with Watson Pharmaceuticals Inc WPI.N in May allowing Watson to launch a generic version of Lidoderm, and pay a fourth of gross profit as royalties to Endo.
It now expects 2013 profit to be between $5.20 per share and $5.40 per share.
Lidoderm sales brought in about $228 million, or 29 percent of Endo's total sales in the second quarter.
Analysts on average are expecting the company to post a full-year profit of $5.51 per share.
Endo which also offers services and makes devices, reaffirmed its 2012 guidance.
The company's shares closed at $32.43 on Wednesday on the Nasdaq.
(Reporting by Adithya Venkatesan in Bangalore; Editing by Roshni Menon)
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