Endo Pharmaceuticals Reports Fourth Quarter and Full-Year Financi...(uropathic pain. Under the license agreem...),Health

Date:2/27/2009

uropathic pain. Under the license agreement, Endo will pay Grunenthal an upfront cash payment as well as additional potential payments that are linked to the achievement of future clinical, regulatory and commercial milestones. In addition, Grunenthal will receive payments based on a percentage of annual net sales of the product in the US and Canada. The product will be manufactured by Grunenthal. Endo will participate with Grunenthal in joint product development and commercialization committees and be responsible for all clinical development, product registration, marketing and sales activities in the Endo territories, while Grunenthal will be responsible outside the US and Canada.

As part of its continuing strategic review of projects and programs, Endo has decided to discontinue development of EN 3285 (NAC oral rinse) and EN 3270 (transdermal sufentanil patch). EN 3285, being studied for the treatment of oral mucositis, was on clinical hold, while EN 3270 was licensed from Durect Corporation and in Phase II development for the treatment of moderate-to-severe chronic pain. Endo will return to Durect all development rights to its transdermal sufentanil patch.

2009 Financial Guidance

Endo estimates 2009 net sales to be between $1.390 billion and $1.440 billion, GAAP earnings per share to be between $1.73 and $1.81 and adjusted diluted earnings per share to be between $2.59 and $2.67. A full reconciliation of the projected 2009 adjusted earnings per share is detailed below and is subject to certain assumptions as set forth below. As it has done in the past, in 2009, Endo will present both GAAP results and adjusted results. However, starting with the results of the first quarter of 2009, Endo's adjusted results (including the above guidance) will exclude the impact of amortization of commercial intangible assets ($30.8 million for the year ended December 31, 2008 and included in cost of sales) in addition
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SOURCE Endo Pharmaceuticals Copyright©2009 PR Newswire. All rights reserved

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