(Reuters) - Endo Health Solutions Inc’s (ENDP.O) 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 share.
The company said it took a pre-tax charge of $131 million to settle patent lawsuits with Watson Pharmaceuticals Inc WPI.N.
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.
Reporting by Adithya Venkatesan in Bangalore; Editing by Supriya Kurane, Maju Samuel