Endo Health says to miss 2013 forecast, CEO retires

Wed Dec 12, 2012 6:27pm EST

Dec 12 (Reuters) - Endo Health Solutions Inc said it does not expect to meet its revenue and earnings forecast for 2013, and that its Chief Executive David Holveck will retire next year.

Endo's shares, which have fallen 15 percent in the last three months, fell 6 percent to $26.02 after the bell on Wednesday.

The drugmaker also said it expects 2012 adjusted earnings to be at or below the low end of its previous forecast of $5 to $5.10 per share.

Endo cut its 2012 forecast in November to account for lower sales of its pain drug Opana, which faces competition from a copycat.

The company, which had forecast 2013 adjusted earnings of $5.20 to $5.40 per share on revenue of $3 billion to $3.2 billion, said it expects to update its forecast early next month.

Endo's pain-relieving patch Lidoderm, its biggest revenue driver, is also set to face competition from Sept. 15, 2013 when Watson Pharmaceuticals Inc launches a generic.

CEO Holveck, who will quit the company's board, will continue to work for Endo until the company's annual shareholder meeting in May or a successor is announced.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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