Endo's quarterly results miss estimates, cuts full-year outlook
Nov 5 (Reuters) - Endo Health Solutions Inc reported a quarterly revenue below market estimates on lower sales of its prescription pain drug Opana ER, and the company cut its outlook for the year for the second time in two months.
Net sales of Opana ER fell 36 percent to $62.2 million in the third quarter on lower prescriptions.
Endo's pain-relieving patch Lidoderm, also its biggest revenue driver, is set to face competition from Sept. 15, 2013 when Watson Pharmaceuticals Inc would launch a generic version of the drug.
The company said it now expects to earn between $5.00 and $5.10 per share for 2012, down from its previous view of $5.20 and $5.40.
It revised its revenue forecast for the year to $3.05 billion from a range of $3.0 billion and 3.2 billion.
Third-quarter net income grew to $54 million, or 45 cents per share, from $41 million, or 34 cents per share, a year earlier.
Excluding items, Endo earned $1.25 per share.
Total revenue fell 1 percent to $750.5 million.
Analysts on average expected the company to earn $1.28 per share on revenue of $788.3 million, according to Thomson Reuters I/B/E/S.
Endo also ended late-stage clinical trial with Canada-based Bioniche Life Sciences Inc for Urocidin, a drug proposed to treat a kind of bladder cancer.
The Chadds Ford, Pennsylvania-based company's shares, which have fallen about 25 percent in eight months, closed at $29.23 on the Nasdaq on Friday.
- Air strike kills 15 civilians in Yemen by mistake: officials
- Pope attacks mega-salaries and wealth gap in peace message
- North Korea says Jang Song Thaek, uncle of leader Kim Jong Un, executed
- Probation for drunk Texas teen driver who killed four sparks backlash
- Atheists face death in 13 countries, global discrimination: study