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Endo International plc

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We are impressed by Endo’s performance in the third quarter of 2015. Both earnings and revenues were ahead of expectations. Generic and branded revenues were encouraging. Approval of Belbuca is a major positive for the company. It continues to expect earnings per share for 2015 in the range of $4.50 to $4.60. We are also pleased with Endo’s strategy of divesting its underperforming assets. Meanwhile, the company has completed the acquisitions of Auxilium Pharmaceuticals and Par Pharmaceuticals. We expect to see more of such deals in the near term. However, several products in Endo’s portfolio are currently facing generic competition. Additionally, stiff competition in the generics space remains a concern.

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