Endo Health Solutions Inc. backed its full-year net income guidance and the company said it expects better sales of its pain drug Opana ER in 2013.
Endo said it still expects to earn $5 to $5.10 per share after adjusting for one-time items in 2012, while revenue should be about $3.05 billion. The company is calling for adjusted income of $1.58 to $1.68 per share in the fourth quarter.
Analysts expect Endo to report net income of $1.60 per share in the fourth quarter, and for the full year they are projecting net income of $5.02 per share and revenue of $3.05 billion, according to FactSet. The estimates exclude a variety of expenses like amortization and integration charges related to acquisition, impairment costs, and payments to other companies.
Opana ER is Endo's second-biggest selling product. Sales have slumped this year because the company experienced a shortage in its supply after another company closed a manufacturing plant. Sales have been slow to rebound from that closure, and revenue from the drug fell 14 percent to $236.7 million over the first three quarters of 2012. Endo said it expects Opana ER sales to grow again in 2013, and said peak sales of the drug should surpass $800 million a year.
Endo said it expects to have marketing exclusivity on Opana ER until 2029. The company gets more than half its revenue from the Lidoderm pain patch, but an authorized generic version of the product will go on sale in September and the patents supporting Lidoderm are set to expire in 2015.
Date: November 15, 2012
Source: Associated Press