October 4, 2012 / 12:40 PM / 7 years ago

Endo Health sees weak 2013 profit on generic threat to key drug

Oct 4 (Reuters) - Endo Health Solutions forecast 2013 earnings below market expectations as its pain-relieving patch Lidoderm, the company’s biggest revenue driver, will face generic competition from Sept. 15, 2013.

The company also estimated a profit of about $1.25 per share for the third quarter ended Sept. 30, 2012, below analysts’ expectations of $1.36 per share, according to Thomson Reuters I/B/E/S.

Endo settled a lawsuit with Watson Pharmaceuticals Inc in May allowing Watson to launch a generic version of Lidoderm, and pay a fourth of gross profit as royalties to Endo.

It now expects 2013 profit to be between $5.20 per share and $5.40 per share.

Lidoderm sales brought in about $228 million, or 29 percent of Endo’s total sales in the second quarter.

Analysts on average are expecting the company to post a full-year profit of $5.51 per share.

Endo which also offers services and makes devices, reaffirmed its 2012 guidance.

The company’s shares closed at $32.43 on Wednesday on the Nasdaq.

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