Endo Pharmaceuticals Reports Strong Third-Quarter Financial Results and Reaffirms 2011 Financial Guidance
CHADDS FORD, Pa., Oct. 27, 2011 /PRNewswire/ --
- Total quarterly revenues of $759 million increase 71 percent versus prior year; branded pharmaceuticals revenues grow 17 Percent, reflecting strong performance of OPANA® ER, Voltaren® Gel and LIDODERM®;
- Reported quarterly diluted EPS of $0.34 versus $0.46 for prior year
- Adjusted diluted EPS of $1.25 reflecting growth of 45 percent from 2010
- Company reaffirms 2011 guidance for revenue of $2.72 to $2.80 billion and adjusted diluted EPS of $4.55 to $4.65; now expects reported or GAAP diluted EPS of $1.87 to $1.97
- Company makes progress on integration and build-out of its urology franchise
Endo Pharmaceuticals (Nasdaq: ENDP) today reported financial results for the third quarter of 2011.
Total revenues during the third quarter of 2011 increased 71 percent to $759.1 million, compared with $444.1 million in the same quarter of 2010. Net income for the three months ended Sept. 30, 2011, was $40.6 million, compared with $54.2 million in the comparable 2010 period.
Additionally, adjusted net income for the three months ended Sept. 30, 2011, was $151.1 million, up 50 percent compared with $100.8 million in the same period in 2010. Reported diluted earnings per share for the quarter ended Sept. 30, 2011, were $0.34 compared with $0.46 reported in the third quarter of 2010. Adjusted diluted earnings per share for the same period were $1.25, up 45 percent from $0.86 reported in 2010.
"Endo had another strong quarter, with record revenues and adjusted earnings, led by Opana ER, generics and AMS's Men's Health business," said Dave Holveck, president and CEO of Endo. "This performance is a testament to our diversified business model, and our commitment to enhancing healthcare delivery, which allows us to continue to bring together the aggregate capabilities of all our companies to create more solutions for patients, payors and physicians particularly across the entire urology spectrum."
FINANCIAL PERFORMANCE AT A GLANCE
($ in thousands, except per share amounts) |
|||||||
3rd Quarter |
Nine Months Ended September 30 |
||||||
2011 |
2010 |
Change |
2011 |
2010 |
Change |
||
Total Revenues |
$759,078 |
$444,103 |
71% |
$1,926,715 |
$1,205,039 |
60% |
|
Reported Net Income |
40,649 |
54,206 |
-25% |
151,019 |
166,021 |
-9% |
|
Reported Diluted EPS |
0.34 |
0.46 |
-26% |
1.24 |
1.42 |
-13% |
|
Adjusted Net Income |
151,089 |
100,839 |
50% |
399,967 |
282,720 |
41% |
|
Adjusted Diluted EPS |
1.25 |
0.86 |
45% |
3.29 |
2.41 |
37% |
|
BRANDED PHARMACEUTICALS
Branded pharmaceutical sales of $425.5 million for the third quarter 2011 represented an increase of 17 percent versus the prior year. These results reflect strong commercial performance in our branded pain franchise, where net sales grew 18 percent year over year, with a strong third-quarter performance by OPANA® ER, Voltaren® Gel and LIDODERM®. OPANA® ER net sales grew 66 percent on prescription growth of 56 percent. Voltaren® Gel net sales grew 35 percent. FORTESTA® Gel, a topical gel for the treatment of hypogonadism, recorded approximately $8 million in revenue, which includes the recognition of roughly $4 million previously classified as deferred revenue.
GENERICS
Generic sales of $148 million for the third quarter 2011 represented an increase of 439 percent over last year, driven by our acquisition of Qualitest. Quarter over quarter, generic sales increased $14.9 million, primarily as a result of having the operational flexibility to capitalize on certain market conditions that created new business opportunities for Endo's Qualitest business. The company continues to execute on its ANDA pipeline in multiple therapeutic areas, with 50 ANDAs currently under U.S. Food and Drug Administration (FDA) review.
DEVICES AND SERVICES
Devices and services sales, driven by our June 2011 acquisition of American Medical System (AMS), were $185.6 million for the third quarter, an increase of 259 percent over the prior year. Men's Health, led by strong sales of the AMS 800 Artificial Urinary Sphincter, grew 21 percent on a pro forma basis in the third quarter of 2011, compared with same period last year. In early September, an FDA advisory panel met to discuss the use of surgical mesh products in the repair of pelvic organ prolapse and stress urinary incontinence, which the company believes led to reduced procedural volumes during the quarter. However, the company believes that the advisory panel addressed the questions raised and that a recovery in procedural volumes will emerge in the near term.
UROLOGY CHANNEL STRATEGY
Endo Pharmaceuticals believes that strong relationships with urologists are an important component in the growth of its urology franchise, and the company continues to take steps to further strengthen these relationships. During the third quarter of 2011, the AMS integration effort developed plans to deliver revenue and cost synergies associated with the transaction. The company is launching commercial pilot programs to advance cross-selling initiatives for the AMS's Men's Health Products and Endo's Fortesta® Gel. In addition, the company is exploring opportunities to expand the utilization of Endocare® cryoablation therapy and AMS' BPH laser through our HealthTronics franchise.
As part of an effort to increase and broaden the relationships within the urology community, HealthTronics recently committed to strategic investments in Intuitive Medical Software (IMS) and meridianEMR, Inc., two providers of electronic medical records for urologists. Together, IMS and meridianEMR provide access to approximately 1,800 urologists using data platforms that will enhance service offerings in urology practice management.
Balance Sheet Update
During the third-quarter of 2011, Endo made payments of $151 million to reduce the outstanding principal of term loan debt associated with the acquisition of AMS. This action is consistent with the company's objective of reducing its debt to EBITDA ratio to 2.0 to 2.5 times by 2013.
2011 FINANCIAL GUIDANCE
Endo's estimates are based on actual results for the nine months ended Sept. 30, 2011. The company's guidance for reported (GAAP) earnings per share does not include any estimates for the potential future changes in the fair value of contingent consideration, certain separation benefits, any asset impairment charges or for potential new corporate development transactions. For the full year ended Dec. 31, 2011, Endo estimates:
- Total revenue between $2.72 billion and $2.80 billion
- Total Branded Pharmaceuticals segment revenue between $1.625 billion and $1.69 billion
- Total Generics segment revenue between $550 million and $575 million
- Total Device and Services segment revenue between $520 million and $550 million
- Reported (GAAP) diluted earnings per share between $1.87 and $1.97
- Adjusted diluted earnings per share between $4.55 and $4.65
The company's 2011 guidance is based on certain assumptions including:
- Adjusted gross margin between 69 percent and 71 percent
- Adjusted effective tax rate of approximately 28 percent
- Weighted average number of common shares outstanding of 121 million shares for the year ended Dec. 31, 2011
- No generic competition for Voltaren Gel in 2011
Conference Call Information
Endo will conduct a conference call with financial analysts to discuss this news release today at 10:00 a.m. ET. Investors and other interested parties may call 800-901-5241 (domestic) or +1 617-786-2963 (international) and enter passcode 11948354. Please dial in 10 minutes prior to the scheduled start time.
A replay of the call will be available from Oct. 27 at 1:00 p.m. ET until 12:00 p.m. ET on Nov. 10, 2011 by dialing 888-286-8010 (domestic) or +1 617-801-6888 (international) and entering passcode 77092041.
A simultaneous webcast of the call can be accessed by visiting www.endo.com. In addition, a replay of the webcast will be available until 12:00 p.m. ET on Nov. 10, 2011. The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.
Supplemental Financial Information
The following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the three months ended Sept. 30, 2011 and Sept. 30, 2010 (in thousands, except per share data):
Three Months Ended September 30, 2011 (unaudited) |
Actual Reported (GAAP) |
Adjustments |
Adjusted |
||
REVENUES |
$ 759,078 |
$ — |
$ 759,078 |
||
COSTS AND EXPENSES: |
|||||
Cost of revenues |
302,172 |
(80,625) |
(1) |
221,547 |
|
Selling, general and administrative |
244,359 |
(15,761) |
(2) |
228,598 |
|
Research and development |
43,884 |
(2,355) |
(3) |
41,529 |
|
Impairment of long-lived assets |
22,691 |
(22,691) |
(4) |
— |
|
Acquisition-related items |
5,818 |
(5,818) |
(5) |
— |
|
OPERATING INCOME |
$ 140,154 |
$ 127,250 |
$ 267,404 |
||
INTEREST EXPENSE, NET |
52,792 |
(4,754) |
(6) |
48,038 |
|
OTHER INCOME, NET |
(3,000) |
2,636 |
(7) |
(364) |
|
INCOME BEFORE INCOME TAXES |
$ 90,362 |
$ 129,368 |
$ 219,730 |
||
INCOME TAXES |
34,057 |
18,928 |
(8) |
52,985 |
|
CONSOLIDATED NET INCOME |
$ 56,305 |
$ 110,440 |
$ 166,745 |
||
Less: Net income attributable to noncontrolling interests |
(15,656) |
— |
(15,656) |
||
NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC. |
$ 40,649 |
110,440 |
$ 151,089 |
||
DILUTED EARNINGS PER SHARE |
$ 0.34 |
$ 1.25 |
|||
DILUTED WEIGHTED AVERAGE SHARES |
120,847 |
120,847 |
|||
Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:
(1) |
To exclude amortization of commercial intangible assets related to marketed products of $55,337, the impact of inventory step-up recorded as part of acquisition accounting of $23,937, and certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $1,351. |
|
(2) |
To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $12,252 and amortization of customer relationships of $3,509. |
|
(3) |
To exclude milestone and upfront payments to partners. |
|
(4) |
To exclude an impairment on long-lived assets. |
|
(5) |
To exclude acquisition-related costs of $6,046 and a gain of $228 recorded to reflect the change in fair value of the contingent consideration associated with the Qualitest acquisition. |
|
(6) |
To exclude additional interest expense as a result of adopting ASC 470-20. |
|
(7) |
To exclude the gain on hedging activities for foreign currencies. |
|
(8) |
To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates. |
|
Three Months Ended September 30, 2010 (unaudited) |
Actual Reported (GAAP) |
Adjustments |
Adjusted |
||
REVENUES |
$ 444,103 |
$ — |
$ 444,103 |
||
COSTS AND EXPENSES: |
|||||
Cost of revenues |
133,920 |
(20,792 ) |
(1) |
113,128 |
|
Selling, general and administrative |
137,816 |
(7,050) |
(2) |
130,766 |
|
Research and development |
31,445 |
(309) |
(3) |
31,136 |
|
Acquisition-related items |
24,990 |
(24,990) |
(4) |
— |
|
OPERATING INCOME |
$ 115,932 |
$ 53,141 |
$ 169,073 |
||
INTEREST EXPENSE, NET |
12,979 |
(4,245) |
(5) |
8,734 |
|
OTHER INCOME, NET |
(59) |
— |
(59) |
||
INCOME BEFORE INCOME TAXES |
$ 103,012 |
$ 57,386 |
$ 160,398 |
||
INCOME TAXES |
33,540 |
10,753 |
(6) |
44,293 |
|
CONSOLIDATED NET INCOME |
$ 69,472 |
$ 46,633 |
$ 116,105 |
||
Less: Net income attributable to noncontrolling interests |
(15,266) |
— |
(15,266) |
||
NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC. |
$ 54,206 |
46,633 |
$ 100,839 |
||
DILUTED EARNINGS PER SHARE |
$ 0.46 |
$ 0.86 |
|||
DILUTED WEIGHTED AVERAGE SHARES |
116,597 |
116,597 |
|||
Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:
(1) |
To exclude amortization of commercial intangible assets related to marketed products of $19,378 and the impact of a HealthTronics inventory step-up recorded as part of acquisition accounting of $1,414. |
|
(2) |
To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations. |
|
(3) |
To exclude milestone and upfront payments to partners. |
|
(4) |
To exclude acquisition-related costs of $23,960 as well as the impact, under purchasing accounting, of a loss recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus acquisition of $1,030. |
|
(5) |
To exclude additional interest expense as a result of adopting ASC 470-20 of $4,338 and to exclude amortization of the premium on debt acquired from Indevus of ($93). |
|
(6) |
To reflect the cash tax savings resulting from the Indevus, HealthTronics and Penwest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates. |
|
The following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the nine months ended Sept. 30, 2011 and Sept. 30, 2010 (in thousands, except per share data):
Nine Months Ended September 30, 2011(unaudited) |
Actual Reported (GAAP) |
Adjustments |
Adjusted |
||
REVENUES |
$ 1,926,715 |
$ — |
$ 1,926,715 |
||
COSTS AND EXPENSES: |
|||||
Cost of revenues |
770,427 |
(183,640) |
(1) |
586,787 |
|
Selling, general and administrative |
581,878 |
(20,177) |
(2) |
561,701 |
|
Research and development |
126,854 |
(18,346) |
(3) |
108,508 |
|
Impairment of long-lived assets |
22,691 |
(22,691) |
(4) |
— |
|
Acquisition-related items |
29,517 |
(29,517) |
(5) |
— |
|
OPERATING INCOME |
$ 395,348 |
$ 274,371 |
$ 669,719 |
||
INTEREST EXPENSE, NET |
97,142 |
(14,014) |
(6) |
83,128 |
|
GAIN ON EXTINGUISHMENT OF DEBT, NET |
8,548 |
(8,548) |
(7) |
— |
|
OTHER INCOME, NET |
(2,777) |
2,636 |
(8) |
(141) |
|
INCOME BEFORE INCOME TAXES |
$ 292,435 |
$ 294,297 |
$ 586,732 |
||
INCOME TAXES |
100,283 |
45,349 |
(9) |
145,632 |
|
CONSOLIDATED NET INCOME |
$ 192,152 |
$ 248,948 |
$ 441,100 |
||
Less: Net income attributable to noncontrolling interests |
(41,133) |
— |
(41,133) |
||
NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC. |
$ 151,019 |
248,948 |
$ 399,967 |
||
DILUTED EARNINGS PER SHARE |
$ 1.24 |
$ 3.29 |
|||
DILUTED WEIGHTED AVERAGE SHARES |
121,432 |
121,432 |
|||
Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:
(1) |
To exclude amortization of commercial intangible assets related to marketed products of $132,571, the impact of inventory step-up recorded as part of acquisition accounting of $40,718, certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $1,351 and milestone payments to partners of $9,000. |
|
(2) |
To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $16,247 and amortization of customer relationships of $3,930. |
|
(3) |
To exclude milestone and upfront payments to partners. |
|
(4) |
To exclude an impairment on long-lived assets. |
|
(5) |
To exclude acquisition-related costs of $36,975 and a gain of $7,458 recorded to reflect the change in fair value of the contingent consideration associated with the Indevus and Qualitest acquisitions. |
|
(6) |
To exclude additional interest expense as a result of adopting ASC 470-20. |
|
(7) |
To exclude the unamortized debt issuance costs written off and recorded as a loss on extinguishment of debt upon the early termination of our 2010 Credit Facility. |
|
(8) |
To exclude the gain on hedging activities for foreign currencies. |
|
(9) |
To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates. |
|
Nine Months Ended September 30, 2010 (unaudited) |
Actual Reported (GAAP) |
Adjustments |
Adjusted |
||
REVENUES |
$ 1,205,039 |
$ — |
$ 1,205,039 |
||
COSTS AND EXPENSES: |
|||||
Cost of revenues |
335,209 |
(55,144) |
(1) |
280,065 |
|
Selling, general and administrative |
404,402 |
(16,058) |
(2) |
388,344 |
|
Research and development |
105,269 |
(19,712) |
(3) |
85,557 |
|
Impairment of other intangible assets |
13,000 |
(13,000) |
(4) |
— |
|
Acquisition-related items |
31,315 |
(31,315) |
(5) |
— |
|
OPERATING INCOME |
$ 315,844 |
$ 135,229 |
$ 451,073 |
||
INTEREST EXPENSE, NET |
32,767 |
(12,507) |
(6) |
20,260 |
|
OTHER INCOME, NET |
(479) |
(239) |
(7) |
(718) |
|
INCOME BEFORE INCOME TAXES |
$ 283,556 |
$ 147,975 |
$ 431,531 |
||
INCOME TAXES |
102,269 |
31,276 |
(8) |
133,545 |
|
CONSOLIDATED NET INCOME |
$ 181,287 |
$ 116,699 |
$ 297,986 |
||
Less: Net income attributable to noncontrolling interests |
(15,266) |
— |
(15,266) |
||
NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC. |
$ 166,021 |
116,699 |
$ 282,720 |
||
DILUTED EARNINGS PER SHARE |
$ 1.42 |
$ 2.41 |
|||
DILUTED WEIGHTED AVERAGE SHARES |
117,096 |
117,096 |
|||
Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:
(1) |
To exclude amortization of commercial intangible assets related to marketed products of $53,730 and the impact of a HealthTronics inventory step-up recorded as part of acquisition accounting of $1,414. |
|
(2) |
To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations. |
|
(3) |
To exclude a milestone-like payment and milestone and upfront payments to partners of $19,200 and certain costs incurred in connection with continued efforts to enhance the cost structure of the company of $512. |
|
(4) |
To exclude an impairment of other intangible assets. |
|
(5) |
To exclude acquisition-related costs of $29,165 as well as the impact, under purchase accounting, of a loss recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus acquisition of $2,150. |
|
(6) |
To exclude additional interest expense as a result of adopting ASC 470-20 of $12,788 and to exclude amortization of the premium on debt acquired from Indevus of ($281). |
|
(7) |
To exclude changes in fair value of financial instruments, net. |
|
(8) |
To reflect the cash tax savings resulting from the Indevus, HealthTronics and Penwest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates. |
|
For an explanation of Endo's reasons for using non-GAAP measures, see Endo's Current Report on Form 8-K filed today with the Securities and Exchange Commission.
Reconciliation of Projected GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance for 2011 |
||||
Year Ending |
||||
December 31, 2011 |
||||
Projected GAAP diluted income per common share |
$1.87 |
To |
$1.97 |
|
Upfront and milestone-related payments to partners |
$0.25 |
$0.25 |
||
Amortization of commercial intangible assets and inventory step-up |
$2.10 |
$2.10 |
||
Acquisition and integration costs related to recent acquisitions. |
$0.48 |
$0.48 |
||
Impairment of long-lived assets through September 30, 2011 |
$0.19 |
$0.19 |
||
Interest expense adjustment for ASC 470-20 |
$0.16 |
$0.16 |
||
Tax effect of pre-tax adjustments at the applicable tax rates and certain other expected cash tax savings as a result of recent acquisitions |
($0.50) |
($0.50) |
||
Diluted adjusted income per common share guidance |
$4.55 |
To |
$4.65 |
|
The company's guidance is being issued based on certain assumptions including: |
||||
|
||||
About Endo
Endo Pharmaceuticals is a U.S.-based, specialty healthcare solutions company with a diversified business model, operating in three key business segments – branded pharmaceuticals, generics and devices and services. We deliver an innovative suite of complementary products and services to meet the needs of patients in areas such as pain management, pelvic health, urology, endocrinology and oncology. For more information about Endo Pharmaceuticals, and its wholly owned subsidiaries American Medical Systems, HealthTronics, Inc. and Qualitest Pharmaceuticals, please visit http://www.endo.com/.
(Tables Attached) |
|
The following tables present Endo's unaudited Net Revenues for the three and nine months ended Sept. 30, 2011 and 2010:
Endo Pharmaceuticals Holdings Inc. Net Revenues (unaudited) (in thousands) |
|||||||||
Three Months Ended September 30 |
Nine Months Ended September 30 |
||||||||
2011 |
2010 |
Percent Growth |
2011 |
2010 |
Percent Growth |
||||
Branded Pharmaceuticals |
|||||||||
LIDODERM® |
$ 207,364 |
$ 196,263 |
6% |
$ 592,929 |
$ 574,960 |
3% |
|||
OPANA® ER |
97,753 |
58,809 |
66% |
275,221 |
165,130 |
67% |
|||
Voltaren® Gel |
36,260 |
26,947 |
35% |
104,213 |
73,632 |
42% |
|||
PERCOCET® |
28,130 |
29,950 |
-6% |
82,765 |
90,428 |
-8% |
|||
FROVA® |
14,815 |
14,136 |
5% |
42,186 |
43,898 |
-4% |
|||
SUPPRELIN® LA |
12,695 |
11,018 |
15% |
36,432 |
33,814 |
8% |
|||
VANTAS® |
5,013 |
3,640 |
38% |
10,612 |
12,989 |
-18% |
|||
VALSTAR® |
6,295 |
1,598 |
294% |
16,220 |
9,364 |
73% |
|||
FORTESTA® Gel |
8,409 |
— |
NM |
9,468 |
— |
NM |
|||
Other Branded Products(1) |
4,948 |
$ 19,472 |
-75% |
17,527 |
$ 58,528 |
-70% |
|||
Royalty and Other Revenue |
3,829 |
3,153 |
21% |
11,719 |
9,619 |
22% |
|||
Total Branded Pharmaceuticals |
$ 425,511 |
$ 364,986 |
17% |
$1,199,292 |
$ 1,072,362 |
12% |
|||
Total Generics |
$147,975 |
$ 27,431 |
439% |
$415,431 |
$ 80,991 |
413% |
|||
Devices and Services |
|||||||||
HealthTronics |
$ 54,073 |
$ 51,686 |
5% |
$ 153,661 |
$ 51,686 |
197% |
|||
AMS |
|||||||||
Men's Health |
$ 66,548 |
$ — |
NM |
$ 76,316 |
$ — |
NM |
|||
Women's Health |
38,240 |
— |
NM |
46,027 |
— |
NM |
|||
BPH Therapy |
26,731 |
— |
NM |
35,988 |
— |
NM |
|||
Sub-total |
$ 131,519 |
$ — |
NM |
$ 158,331 |
$ — |
NM |
|||
Total Device and Services |
$ 185,592 |
$ 51,686 |
259% |
$ 311,992 |
$ 51,686 |
504% |
|||
Total Revenue |
$ 759,078 |
$ 444,103 |
71% |
$ 1,926,715 |
$ 1,205,039 |
60% |
|||
(1) To conform to current year presentation, net sales from our non-time released formulation of OPANA® have been reclassified and are now included within other branded product results. |
|||||||||
The following table presents Endo's unaudited Pro forma Net Revenues for the seven quarters ended Sept. 30, 2011 giving effect to the AMS acquisition, the Qualitest acquisition, the Penwest acquisition and the HealthTronics, Inc acquisition as if they had occurred on Jan. 1, 2010 :
Endo Pharmaceuticals Holdings Inc. |
||||||||
2010 |
2011 |
|||||||
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
||
Branded Pharmaceuticals |
||||||||
LIDODERM® |
$182,607 |
$196,090 |
$196,263 |
$207,649 |
$189,725 |
$195,840 |
$207,364 |
|
OPANA® ER |
49,765 |
56,555 |
58,809 |
74,735 |
84,615 |
92,853 |
97,753 |
|
Voltaren® Gel |
20,362 |
26,323 |
26,947 |
31,309 |
31,298 |
36,655 |
36,260 |
|
PERCOCET® |
28,673 |
31,805 |
29,950 |
30,919 |
26,960 |
27,675 |
28,130 |
|
FROVA® |
15,082 |
14,680 |
14,136 |
15,401 |
13,208 |
14,163 |
14,815 |
|
SUPPRELIN® LA |
10,587 |
12,209 |
11,018 |
13,096 |
11,222 |
12,515 |
12,695 |
|
VANTAS® |
4,389 |
4,960 |
3,640 |
4,001 |
3,545 |
2,054 |
5,013 |
|
VALSTAR® |
3,749 |
4,016 |
1,598 |
4,757 |
4,801 |
5,124 |
6,295 |
|
FORTESTA® Gel |
— |
— |
— |
— |
(969) |
2,028 |
8,409 |
|
Other Branded Products(1) |
19,259 |
19,799 |
19,472 |
10,069 |
6,970 |
5,609 |
4,948 |
|
Royalty and Other Revenue |
5,911 |
3,647 |
4,101 |
3,325 |
4,221 |
3,751 |
3,829 |
|
Total Branded Pharmaceuticals |
$340,384 |
$370,084 |
$365,934 |
$395,261 |
$375,596 |
$398,267 |
$425,511 |
|
Total Generics |
$105,809 |
$112,075 |
$126,663 |
$122,791 |
$134,409 |
$133,047 |
$147,975 |
|
Device and Services |
||||||||
HealthTronics |
$ 48,389 |
$ 50,300 |
$ 51,686 |
$ 50,458 |
$ 50,103 |
$ 49,485 |
$ 54,073 |
|
AMS |
||||||||
Men's Health |
$ 64,480 |
$ 61,361 |
$ 55,177 |
$ 65,221 |
$ 67,407 |
$ 47,790 |
$ 66,548 |
|
Women's Health |
42,748 |
44,491 |
41,192 |
48,816 |
45,325 |
46,689 |
38,240 |
|
BPH Therapy |
25,911 |
29,176 |
26,890 |
32,615 |
28,054 |
29,784 |
26,731 |
|
Uterine Health(2) |
1,787 |
1,340 |
770 |
341 |
— |
— |
— |
|
Sub-total |
$134,926 |
$136,368 |
$124,029 |
$146,993 |
$140,786 |
$124,263 |
$131,519 |
|
Total Device and Services |
$183,315 |
$186,668 |
$175,715 |
$197,451 |
$190,889 |
$173,748 |
$185,592 |
|
Total Revenue |
$629,508 |
$668,827 |
$668,312 |
$715,503 |
$700,894 |
$705,062 |
$759,078 |
|
(1) To conform to current year presentation, net sales from our non-time released formulation of Opana® have been reclassified and are now included within other branded product results. (2) The uterine health product line, Her Option® was sold in February 2010. Revenues for 2010 consist of end-customer revenue earned prior to the date of sale, in addition to revenue earned as part of the product supply agreement with CooperSurgical, Inc., which continued through the fourth quarter of 2010. |
||||||||
The following table presents unaudited condensed consolidated Balance Sheet data at Sept. 30, 2011 and Dec. 31, 2010:
September 30, 2011 |
December 31, 2010 |
||
ASSETS |
|||
CURRENT ASSETS: |
|||
Cash and cash equivalents |
$ 419,671 |
$ 466,214 |
|
Marketable securities |
41,010 |
— |
|
Accounts receivable, net |
721,984 |
547,807 |
|
Inventories, net |
282,540 |
178,805 |
|
Other assets |
211,899 |
166,708 |
|
Total current assets |
$1,677,104 |
$ 1,359,534 |
|
PROPERTY, PLANT AND EQUIPMENT, NET |
273,488 |
215,295 |
|
GOODWILL |
2,496,859 |
715,005 |
|
OTHER INTANGIBLES, NET |
2,766,049 |
1,531,760 |
|
OTHER ASSETS |
147,343 |
90,795 |
|
TOTAL ASSETS |
$ 7,360,843 |
$ 3,912,389 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||
CURRENT LIABILITIES: |
|||
Current liabilities |
$ 993,636 |
$ 735,828 |
|
Total current liabilities |
$ 993,636 |
$ 735,828 |
|
ACQUISITION-RELATED CONTINGENT CONSIDERATION |
2,529 |
16,050 |
|
LONG-TERM DEBT, LESS CURRENT PORTION, NET |
3,565,184 |
1,045,801 |
|
OTHER LIABILITIES |
811,929 |
311,381 |
|
STOCKHOLDERS' EQUITY: |
|||
Total Endo Pharmaceuticals Holdings Inc. stockholders' equity |
$ 1,924,488 |
1,741,591 |
|
Noncontrolling interests |
63,077 |
61,738 |
|
Total stockholders' equity |
$ 1,987,565 |
1,803,329 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ 7,360,843 |
$ 3,912,389 |
|
The following table presents unaudited condensed consolidated statement of cash flow data for the nine months ended Sept. 30, 2011 and 2010:
Nine Months Ended |
|||
2011 |
2010 |
||
OPERATING ACTIVITIES: |
|||
Consolidated net income |
$ 192,152 |
$ 181,287 |
|
Adjustments to reconcile consolidated net income to net cash provided by operating activities: |
|||
Depreciation and amortization |
169,187 |
69,859 |
|
Stock-based compensation |
34,224 |
16,753 |
|
Amortization of debt issuance costs and premium / discount |
24,283 |
17,484 |
|
Other |
10,433 |
2,071 |
|
Changes in assets and liabilities which provided cash: |
(11,748) |
(4,470) |
|
Net cash provided by operating activities |
418,531 |
282,984 |
|
INVESTING ACTIVITIES: |
|||
Purchases of property, plant and equipment, net |
(38,462) |
(11,318) |
|
Acquisition, net of cash acquired |
(2,368,357) |
(333,349) |
|
Other |
39,631 |
229,219 |
|
Net cash provided by (used in) investing activities |
(2,367,188) |
(115,448) |
|
FINANCING ACTIVITIES: |
|||
Proceeds from debt, net of principal payments |
2,030,449 |
(38,770) |
|
Deferred financing fees |
(81,535) |
- |
|
Purchase of common stock |
(34,702) |
(58,974) |
|
Other |
(12,495) |
(4,179) |
|
Net cash used in financing activities |
1,901,717 |
(101,923) |
|
Effect of foreign exchange rate |
397 |
- |
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(46,453) |
65,613 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
466,214 |
708,462 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ 419,671 |
$ 774,075 |
|
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein or therein, could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in our Annual Report on Form 10-K. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
SOURCE Endo Pharmaceuticals
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