Key Developments: Endo Health Solutions Inc (ENDP.OQ)
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Latest Key Developments (Source: Significant Developments)
S&P Cuts Endo Health Solutions Inc Rating On Aggressive Financial Policies-DJ
Dow Jones reported that Standard & Poor's Ratings Services lowered its rating on Endo Health Solutions Inc. one notch further into junk territory, saying the pharmaceutical company has taken on more aggressive financial policies under its new leadership. S&P downgraded Endo's rating to double-B-minus, three notches into junk territory, from double-B. The outlook is stable. Full Article
Endo Health Solutions Inc Lowers FY 2013 Guidance-DJ
Dow Jones reported that Endo Health Solutions Inc cut its fiscal 2013 guidance and now expects adjusted earnings of $4.10 to $4.40 a share (EPS) and revenue of $2.65 billion to $2.8 billion. Its prior view called for earnings of $4.40 to $4.70 a share (EPS) and revenue of $2.8 billion to $2.95 billion. The revised guidance reflects the Company's new cost-cutting initiatives as well as the U.S. Food and Drug Administration's recent denial of a petition that would have halted generic competition to Endo's Opana painkiller. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $2.8 billion and EPS of $4.27 for fiscal 2013. Full Article
Endo Health Solutions Inc To Cut 15% Jobs-Reuters
Reuters reported that Endo Health Solutions Inc said it plans to cut about 15% of its global workforce. Full Article
FDA Denies Approval To Endo Health Solutions Inc's Testosterone Drug Again
Reuters reported that The U.S. Food and Drug Administration has for the third time refused approval to Endo Health Solutions Inc's injectable testosterone drug Aveed, pressing for a still better plan to manage the risks associated with the drug. Testosterone, a hormone produced in the testicles, is responsible for maintaining muscle bulk, bone growth and sexual function. Lack of testosterone can lead to loss of libido, depression, decreased muscle mass and fatigue. Aveed is made of testosterone and castor oil and the FDA has previously expressed concern of a risk that the oil could cause blockages in blood vessels in the lungs. Lack of a suitable strategy to address these issues had led the FDA to refuse Aveed's marketing application the last two times. Full Article
Endo Health Solutions Inc Announces Departure Of Chief Financial Officer
Endo Health Solutions Inc announced that Alan G. Levin, Executive Vice President and Chief Financial Officer, will be leaving the Company. Mr. Levin will continue in his current role until the fall, while a search is conducted for his successor. The Board of Directors has formed a search committee and engaged a leading search firm to assist in an external search for a new CFO. Full Article
Endo Health Solutions Inc Reaffirms FY 2013 Guidance
Endo Health Solutions Inc announced that for fiscal 2013, it expects revenues in the range of $2.80-$2.95 billion, diluted (GAAP) EPS in the range of $2.10 to $2.40 and adjusted diluted EPS in the range of $4.40 to $4.70. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $2.90 billion and EPS of $4.49 for fiscal 2013. Full Article
Endo Health Solutions Inc Reaffirms FY 2013 Guidance
Endo Health Solutions Inc announced that for fiscal 2013, it expects total revenue to be between $2.80-$2.95 billion, reported (GAAP) diluted earnings per share to be between $2.22 and $2.52 and adjusted diluted earnings per share between $4.40-$4.70. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $2.92 billion and EPS of $4.55 for fiscal 2013. Full Article
Endo Health Solutions Inc Reaffirms FY 2012 EPS Guidance; Issues FY 2013 Guidance Below Analysts' Estimates
Endo Health Solutions Inc announced that for fiscal 2012, it expects adjusted diluted earnings per share (EPS) in the range of $5.00 to $5.10 and GAAP diluted earnings per share in the range of $0.87-$0.97. For fiscal 2013, it expects total revenue between $2.80-$2.95 billion, adjusted diluted earnings per share between $4.40-$4.70 According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $5.00 for fiscal 2012; revenue of $3.05 billion and EPS of $5.08 for fiscal 2013. Full Article
Endo Health Solutions Inc Announces Dismissal Of Suit Against FDA
Endo Health Solutions Inc announced that U.S. District Judge Reggie B. Walton , of the U.S. District Court for the District of Columbia , dismissed the case of Endo's subsidiary, Endo Pharmaceuticals Inc., against the U.S. Food and Drug Administration (FDA). Endo Pharmaceuticals argued that FDA failed to meet its legal obligation to determine in a timely manner whether the original formulation of OPANA ER was withdrawn from the market for reasons of safety . The judge ruled against Endo, noting that he believes the FDA has not unduly delayed making a determination on the matter. The FDA stated that it intends to make its determination by May 2013. Endo reformulated OPANA ER to a version designed to be crush-resistant and launched this reformulated version in March 2012 . The ruling by the court now allows for a generic non-tamper resistant version to enter the market on Jan. 2 , 2013. Full Article
Endo Health Solutions Inc Announces CEO Transition Plan
Endo Health Solutions Inc announced that David P. Holveck President and Chief Executive Officer, will retire in 2013. He will continue to serve in his present positions until the earlier of his successor being in place or the May 2013 annual meeting of Endo shareholders. Holveck will also leave the Board at such time. The Board is conducting a search for the Company's next CEO and will consider both external and internal candidates with the assistance of Korn/Ferry, a leading executive search firm. Full Article
DEALTALK: Game may not be over for Royalty' Pharma's bid for Elan
NEW YORK, June 27 - The game may not yet be over for U.S investment firm Royalty Pharma in its months-long pursuit of Elan Corp.

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