Aug 7 Endo Health Solutions Inc's
quarterly profit beat analysts' expectations on strong sales of
its anesthetic and generic drugs.
Generic drug sales increased 20 percent, while sales of the
company's anesthetic Lidoderm jumped 16 percent in the second
quarter. Total revenue rose 29 percent to $785 million.
Net income fell to $9.0 million, or 8 cents per share, from
$55 million, or 44 cents per share. Excluding items, it earned
$1.27 per share.
Analysts on average had expected earnings of $1.18 per
The company said it took a pre-tax charge of $131 million to
settle patent lawsuits with Watson Pharmaceuticals Inc.
Endo Health settled two patent lawsuits with Watson in May,
allowing Watson to launch a generic version of Endo's Lidoderm,
pending approval from U.S. health regulators.
The company cut its revenue outlook for the full year to
between $3.05 billion and $3.18 billion from its previous
forecast of $3.15-$3.30 billion on a supply shortage of its
painkiller Opana due to a new formulation of the drug.
Chadds Ford, Pennsylvania-based Endo's shares rose 8 percent
to a two-month high of $32.12 in morning trading on the Nasdaq.