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Endo Pharmaceuticals’ (ENDP - Analyst Report) first quarter 2012 earnings (excluding special items) of 87 cents per share fell short of the Zacks Consensus Estimate of 88 cents and the year-ago earnings by 13%. Higher- than-expected costs and lower-than-expected revenues led to the earnings miss in the first quarter of 2012.
Revenues climbed 23% to $690.6 million in the reported quarter. Revenues, however, were well short of the Zacks Consensus Estimate of $708 million.
Quarter in Details
The first quarter of 2012 witnessed a 3% decline in the sale of branded pharmaceuticals to $364.0 million. A manufacturing facility at Novartis (NVS - Snapshot Report), where Opana ER and Voltaren Gel are manufactured, was temporarily shutdown, which hurt the segment’s sales. The supply issues have now been resolved.
Sales of pain drug Opana ER declined 4% to $81 million. Sales of osteoarthritis drug Voltaren Gel were absent during the first quarter of 2012, as opposed to $31.3 million a year-ago. Sales of pain drug Lidoderm climbed 11% to $210 million.
Endo Pharma’s generic segment (Qualitest) also performed well with sales climbing 8% to $145.0 million in the first quarter of 2012. We remind investors that Qualitest Pharmaceuticals (a generic company) was purchased by Endo Pharma in 2010.
Revenues from devices sales came in at $130.0 million in the reported quarter. Revenues came from the acquisition of American Medical Systems, a leading pelvic-health devices provider, in June 2011. The remaining revenues came from services sales.
Adjusted operating expenses climbed 50.8% to approximately $282 million. Costs related to the acquisition of American Medical Systems contributed to the increase.
2012 Projection Backed
Apart from disclosing financial results, Endo Pharma reiterated its guidance for 2012. The company continues to expect 2012 revenues in the range of $3.15-$3.30 billion. The Zacks Consensus Estimate of $3.22 billion is well within the company’s guidance range.
Endo Pharma expects to end 2012 with adjusted earnings in the range of $5.00-$5.20. The Zacks Consensus Estimate of $5.10 per share is well within the company’s guidance range.
Our Recommendation
We have a Neutral stance on Endo Pharma. The stock carries a Zacks #3 Rank (Hold rating) in the short run.
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