February 26, 2020 / 12:01 PM / a month ago

Drugmaker Endo beats profit view on sterile injectables unit strength

(Reuters) - Drugmaker Endo International Plc (ENDP.O) on Wednesday posted a fourth-quarter profit that beat analysts’ estimates, getting a boost from higher sales in its sterile injectables unit.

The generic drugmaker, which faces mounting expenses from lawsuits that seek to hold it responsible for fueling the U.S. opioid crisis, has shifted focus to other units such as medical aesthetics to cushion the blow of lower generic drug prices.

The company’s shares were up 4% at $6.81 in premarket trade.

Endo said it expects 2020 profit between $2.15 and $2.40 per share. Analysts expect earnings of $2.25.

Fourth-quarter revenue at its sterile injectables unit, which includes blood pressure shot Vasostrict, rose 10% to $285.2 million.

The company’s net loss narrowed to $218.6 million, or 96 cents per share, in the fourth quarter ended Dec. 31, from $291.9 million, or $1.30 per share, a year earlier.

Excluding items, the company earned 74 cents per share from continuing operations, beating the average analysts’ estimate of 57 cents, according to Refinitiv data.

Endo recorded asset impairment charges of $267.4 million in the quarter, a 12% drop from a year earlier.

Total revenue fell 2.7% to $764.8 million above consensus estimates of $731.43 million.

Reporting by Dania Nadeem and Saumya Sibi Joseph in Bengaluru; Editing by Shinjini Ganguli

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