July 31, 2014 / 11:55 AM / 3 years ago

UPDATE 1-Endo raises forecast, reports better-than-expected profit

(Adds share close and details about results)

July 31 (Reuters) - Specialty healthcare company Endo International Plc reported a better-than-expected quarterly profit, helped by a 60 percent surge in U.S. generic sales, and raised its full-year forecast for the second time this year.

The Dublin-based maker of branded, generic pharmaceuticals and medical devices raised its full-year sales forecast to $2.72-$2.80 billion, from $2.55-$2.64 billion.

The company said its U.S net generic product sales jumped to $272 million from $170.5 million in the second quarter, boosted by the acquisition of privately held Boca Pharmacal and sales of the generic version of pain patch Lidoderm.

Endo bought privately owned DAVA Pharmaceuticals Inc for $575 million last month to bolster its generics portfolio.

The company’s adjusted net income rose to $173.7 million, or $1.06 per share, in the quarter ended June 30, from $166.3 million, or $1.42 per share, a year earlier.

Revenue rose about 1 percent to $718.7 million.

Analysts on average had expected earnings of 89 cents per share, on revenue of about $647 million, according to Thomson Reuters I/B/E/S.

Shares of Endo International, formerly known as Endo Health Solutions, closed at $67.75 on the Nasdaq on Wednesday. (Reporting by Natalie Grover in Bangalore; Editing by Maju Samuel)

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