(Reuters) - Endo International Plc (ENDP.O) beat analysts’ estimate for third-quarter profit and raised its full-year earnings forecast on Monday, driven by higher sales in its sterile injectables business.
The drugmaker also said Chief Executive Officer Paul Campanelli plans to retire once his successor is appointed. Campanelli, CEO since 2016, was named the company’s chairman with immediate effect.
Endo, which faces mounting expenses from lawsuits that seek to hold the company and its peers responsible for fueling the U.S. opioid addiction crisis, has pushed into segments like medical aesthetics to cushion the impact from large retail pharmacies gaining more negotiating power for generics pricing.
Revenue from its sterile injectables unit, which includes blood pressure shot Vasostrict, rose 11% to $263.6 million in the third quarter.
Endo raised its 2019 adjusted earnings per share forecast to $2.10 to $2.25, from a prior range of $2.00 to $2.25. Analysts were expecting $2.17 per share.
The company’s net loss narrowed to $79.4 million, or 18 cents per share, in the three months ended Sept. 30, from $173.2 million, or 65 cents per share, a year earlier.
Endo recorded asset impairment charges of $142.2 million in the third-quarter last year.
Excluding items, the company earned 60 cents per share, beating the average analysts’ estimate of 53 cents.
Revenue fell 2.2% to $729.43 million, but beat expectation of $711.28 million.
Shares of the company were down 3% at $4.71 in extended trading.
Reporting by Manojna Maddipatla and Tamara Mathias in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila