Dec 12 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
Endo's shares, which have fallen 15 percent in the last
three months, fell 6 percent to $26.02 after the bell on
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
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
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.