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Endo Pharmaceuticals Reports Second Quarter Revenues and Updates Financial Guidance, Reflecting the Acquisition of American Medical Systems
Date:8/9/2011

CHADDS FORD, Pa., Aug. 9, 2011 /PRNewswire/ --

  • Total quarterly revenues of $608 million increase 53 percent versus prior year;
  • Reported quarterly diluted EPS of $0.44 versus $0.44 for prior year;
  • Adjusted diluted EPS of $1.05 reflecting growth of 30 percent from 2010;
  • Company increases 2011 revenue guidance to a range of $2.72 to $2.80 billion; and
  • Company increases 2011 adjusted diluted EPS guidance to a range of $4.55 to $4.65 and Reported or GAAP diluted EPS to a range $2.22 to $2.32 reflecting continued strong growth in core operations and the recent acquisition of American Medical Systems.

  • Endo Pharmaceuticals (Nasdaq: ENDP) today reported financial results for the second quarter of 2011.

    Total revenues during the second quarter of 2011 increased 53 percent to $607.6 million, compared with $396.5 million in the same quarter of 2010.  Net income for the three months ended June 30, 2011 was $54.6 million, compared with $51.5 million in the comparable 2010 period.  As detailed in the supplemental financial information below, adjusted net income for the three months ended June 30, 2011, was $128.7 million, compared with $94.7 million in the same period in 2010.  Reported diluted earnings per share for the quarter ended June 30, 2011 were $0.44 compared with $0.44 in the second quarter of 2010. Adjusted diluted earnings per share for the same period were $1.05 compared with $0.81 reported in 2010.($ in thousands, except per share amounts)2nd QuarterSix Months Ended June 3020112010Change20112010ChangeTotal Revenues$607,611

    $396,524

    53%

    $1,167,637

    $760,936

    53%Reported Net Income54,583

    51,460

    6%

    110,370

    111,815

    -1%Reported Diluted EPS0.44

    0.44

    0%

    0.91

    0.95

    -4%Adjusted Net Income128,700

    94,699

    36%

    248,878

    181,881

    37%Adjusted Diluted EPS1.05

    $0.81

    30%

    2.04

    $1.55

    32%"Endo had a strong second quarter, with record revenues and earnings in our legacy branded pharmaceuticals pain franchise, which had double-digit revenue growth year-over-year," said Dave Holveck, president and CEO of Endo. "I remain very positive about the growth prospects of our new integrated business in branded pharmaceuticals, generics, and devices and services.  I believe our strategy has positioned us well in the new healthcare environment to provide the right path to sustainable, long-term growth and to becoming one of our industry's premier providers of comprehensive healthcare solutions."

    BRANDED PHARMACEUTICALSBranded pharmaceutical sales of $398.3 million for the second quarter represented an increase of 8% versus the prior year. These results reflect strong commercial performance in our branded pain franchise where net sales grew 13% year-over-year, with a strong second quarter performance by OPANA® ER, and Voltaren® Gel.  OPANA ER net sales grew 64% on prescription growth of 57%.  Voltaren Gel net sales grew 39%.  These are robust results for established brands that continue to produce cash flows that enable us to invest in our future growth.

    GENERICSGeneric sales of $133.0 million for the second quarter represented an increase of 381% versus the prior year.  Quarter-over-quarter, generic sales declined $1.4 million, primarily as a result of tornadoes in April near our facility in Huntsville, Alabama that created power outages and disrupted operations for approximately one week. At June 30, 2011, we are the fifth-largest US generics manufacturer as measured by the number of prescriptions filled.  We continue to execute on our ANDA pipeline in multiple therapeutic areas with 49 ANDAs currently under active FDA review.  We anticipate 14 ANDAs being filed in 2011 and expect to receive 14 product approvals in 2011, of which we have received 5 year-to-date.  

    DEVICES AND SERVICESOur devices and services sales were $76.3 million for the second quarter and demonstrate our increased diversification.  Revenues from our device and services segment include $26.8 million from our recent acquisition of American Medical Systems, (AMS), which furthers Endo's evolution from a product-driven company to a healthcare solutions provider.  We believe that AMS strengthens Endo's core urology franchise, diversifies revenue and improves gross margin. The acquisition of AMS is immediately accretive to earnings on an adjusted basis and along with HealthTronics, supports Endo's strategy to build scale in our devices and services segment.  Additional details of net sales performance within Endo's devices and services segment are located in the attached tables at the end of this press release.

    2011 Financial GuidanceEndo's estimates are based on actual results for the six months ended June 30, 2011 and management's current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events.  Our guidance takes into account that we closed our acquisition of American Medical Systems on June 17, 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 or for potential new corporate development transactions. For the full year ended December 31, 2011 Endo estimates:

  • Total revenue to be between $2.72 billion and $2.80 billion
  • Total Branded Pharmaceuticals segment revenue to be between $1.625 billion and $1.69 billion
  • Total Generics segment revenue to be between $550 million and $575 million
  • Total Device and Services segment revenue to be between $520 million and $550 million
  • Reported (GAAP) diluted earnings per share to be between $2.22 and $2.32
  • Adjusted diluted earnings per share to be between $4.55 and $4.65

  • The company's 2011 guidance is based on certain assumptions including:

  • Adjusted gross margin of between 69% and 71%
  • Adjusted effective tax rate of approximately 28%
  • Weighted average number of common shares outstanding of 123 million shares for the year ended December 31, 2011; and
  • No generic competition for Voltaren Gel in 2011

  • Selected Operating HighlightsOpana® ER Complete ResponseOn June 23, 2011, Endo Pharmaceuticals announced that it received notification from the U.S. Food and Drug Administration (FDA) that Endo's complete response to the FDA's Jan. 7, 2011 Action Letter relating to Endo's new drug application (NDA) for a new formulation of Opana ER has been accepted.  The new formulation was developed in partnership with Grunenthal GmbH and is designed to provide some resistance to certain types of product manipulation.  FDA has set a Prescription Drug User Fee Act (PDUFA) date of Dec. 13, 2011.

    Completion of Acquisition of American Medical SystemsOn June 17, 2011, Endo Pharmaceuticals acquired American Medical Systems, Inc. (AMS), for approximately $2.9 billion. AMS brings Endo scale in its device and services business segment, and the combination of AMS with Endo's existing platform will provide additional cost-effective solutions across the entire urology spectrum.  It is expected that the combined company will deliver more comprehensive healthcare solutions across its diversified business in branded pharmaceuticals, generics, and devices and services in key therapeutic areas including pain and urology.

    Pricing of Private Offering of Senior Notes and 2011 Credit FacilityOn June 3, 2011, Endo Pharmaceuticals announced that it priced $500 million aggregate principal amount of 7% senior unsecured notes due 2019 at an issue price of par and $400 million aggregate principal amount 7 1/4% senior unsecured notes due 2022 at an issue price of par (collectively, the "notes") in connection with the previously announced private offering.

    On June 17, 2011, we established a $1.5 billion, five-year senior secured term loan facility (the Term Loan A Facility) and a $700 million, seven-year senior secured term loan facility (the Term Loan B Facility).

    The net proceeds of the notes offerings, together with cash on hand and borrowings under Endo's new credit facility, were used to finance Endo's acquisition of AMS, refinance Endo's existing credit facility and existing AMS indebtedness, as well as pay related fees and expenses.

    Approval of Generic ProductsOn May 18, 2011, we received approval from the FDA for dexamethasone elixir, USP, 0.5 mg/ 5 mL and Orsythia™ Tablets (levonorgestrel and ethinyl estradiol tablets, USP, 0.1 mg/0.02 mg). On June 3, 2011 we received approval from the FDA for telmisartan/HCTZ tablets.

    Conference Call InformationEndo will conduct a conference call with financial analysts to discuss this news release today at 8:30 a.m. ET.  Investors and other interested parties may call 866-203-2528 (domestic) or 617-213-8847 (international) and enter passcode 76257989.  Please dial in 10 minutes prior to the scheduled start time.

    A replay of the call will be available from August 9 at 12:00 p.m. ET until 12:30 p.m. ET on August 23, 2011 by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and entering passcode 82161745.

    A simultaneous webcast of the call may be accessed by visiting www.endo.com.  In addition, a replay of the webcast will be available until 12:00 p.m. ET on August 23, 2011.  The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.

    Supplemental Financial InformationThe 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 June 30, 2011 and June 30, 2010 (in thousands, except per share data): Three Months Ended June 30, 2011 (unaudited)Actual
    Reported
    (GAAP)AdjustmentsAdjustedREVENUES

    $  607,611

    $  —$  607,611COSTS AND EXPENSES: Cost of revenues

    236,697

    (52,018)

    (1)

    184,679 Selling, general and administrative

    178,133

    (954)

    (2)

    177,179 Research and development

    40,840

    (4,990)

    (3)

    35,850 Acquisition-related items

    17,626

    (17,626)

    (4)

    —OPERATING INCOME

    $  134,315

    $  75,588$  209,903INTEREST EXPENSE, NET

    25,560

    (4,719)

    (5)

    20,841LOSS ON EXTINGUISHMENT OF DEBT, NET

    8,548

    (8,548)

    (6)

    —OTHER INCOME, NET

    (125)

    —(125)INCOME BEFORE INCOME TAXES

    $  100,332

    $  88,855$  189,187INCOME TAXES

    32,780

    14,738

    (7)

    47,518CONSOLIDATED NET INCOME

    $  67,552

    $  74,117$  141,669Less: Net income attributable to noncontrolling interests

    (12,969)

    —(12,969)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  54,583

    74,117$  128,700DILUTED EARNINGS PER SHARE

    $  0.44$  1.05DILUTED WEIGHTED AVERAGE SHARES

    122,686122,686Notes 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 $40,023, the impact of inventory step-up recorded as part of acquisition accounting of $2,995, and milestone payments to partners of $9,000.

    (2) To exclude certain start-up costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $533 and amortization of customer relationships of $421.

    (3) To exclude milestone and upfront payments to partners.

    (4) To exclude acquisition-related costs of $24,171 and  a gain of $6,545 recorded to reflect the change in fair value of the contingent consideration associated with the Indevus and Qualitest acquisitions.

    (5) To exclude additional interest expense as a result of adopting ASC 470-20.

    (6) 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.

    (7) 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 June 30, 2010 (unaudited)Actual
    Reported
    (GAAP)AdjustmentsAdjustedREVENUES

    $  396,524

    $  —$  396,524COSTS AND EXPENSES: Cost of revenues

    107,216

    (17,135)

    (1)

    90,081 Selling, general and administrative

    133,251

    (4,006)

    (2)

    129,245 Research and development

    44,656

    (15,911)

    (3)

    28,745 Impairment of other intangible assets

    13,000

    (13,000)

    (4)

    — Acquisition-related items

    4,796

    (4,796)

    (5)

    —OPERATING INCOME

    $  93,605

    $  54,848$  148,453INTEREST EXPENSE, NET

    9,984

    (4,212)

    (6)

    5,772OTHER EXPENSE, NET

    (201)

    (35)

    (7)

    (236)INCOME BEFORE INCOME TAXES

    $  83,822

    $  59,095$  142,917INCOME TAXES

    32,362

    15,856

    (8)

    48,218NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  51,460

    $  43,239$  94,699DILUTED EARNINGS PER SHARE

    $  0.44$  0.81DILUTED WEIGHTED AVERAGE SHARES

    116,660116,660Notes 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.

    (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 an impairment of other intangible assets.

    (5) To exclude acquisition-related costs of $4,566 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 $230.

    (6) To exclude additional interest expense as a result of adopting ASC 470-20 of $4,306 and to exclude amortization of the premium on debt acquired from Indevus of ($94).

    (7) To exclude changes in fair value of financial instruments, net.

    (8) To reflect the cash tax savings resulting from the Indevus acquisition 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 six months ended June 30, 2011 and June 30, 2010 (in thousands, except per share data): Six Months Ended June 30, 2011 (unaudited)Actual
    Reported
    (GAAP)AdjustmentsAdjustedREVENUES

    $  1,167,637

    $  —$  1,167,637COSTS AND EXPENSES: Cost of revenues

    468,255

    (103,015)

    (1)

    365,240 Selling, general and administrative

    337,519

    (4,416)

    (2)

    333,103 Research and development

    82,970

    (15,991)

    (3)

    66,979 Acquisition-related items

    23,699

    (23,699)

    (4)

    —OPERATING INCOME

    $  255,194

    $  147,121$  402,315INTEREST EXPENSE, NET

    44,350

    (9,260)

    (5)

    35,090LOSS ON EXTINGUISHMENT OF DEBT, NET

    8,548

    (8,548)

    (6)

    —OTHER EXPENSE, NET

    223

    —223INCOME BEFORE INCOME TAXES

    $  202,073

    $  164,929$  367,002INCOME TAXES

    66,226

    26,421

    (7)

    92,647CONSOLIDATED NET INCOME

    $  135,847

    $  138,508$  274,355Less: Net income attributable to noncontrolling interests

    (25,477)

    —(25,477)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  110,370

    138,508$  248,878DILUTED EARNINGS PER SHARE

    $  0.91$  2.04DILUTED WEIGHTED AVERAGE SHARES

    121,724121,724Notes 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 $77,234, the impact of inventory step-up recorded as part of acquisition accounting of $16,781, and milestone payments to partners of $9,000.

    (2) To exclude certain start-up costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $3,995 and amortization of customer relationships of $421.

    (3) To exclude milestone and upfront payments to partners.

    (4) To exclude acquisition-related costs of $30,929 and a gain of $7,230 recorded to reflect the change in fair value of the contingent consideration associated with the Indevus and Qualitest acquisitions.  

    (5) To exclude additional interest expense as a result of adopting ASC 470-20.

    (6) 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.

    (7) 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. Six Months Ended June 30, 2010 (unaudited)Actual
    Reported
    (GAAP)AdjustmentsAdjustedREVENUES

    $  760,936

    $  —$  760,936COSTS AND EXPENSES: Cost of revenues

    201,289

    (34,352)

    (1)

    166,937 Selling, general and administrative

    266,586

    (9,008)

    (2)

    257,578 Research and development

    73,824

    (19,403)

    (3)

    54,421 Impairment of other intangible assets

    13,000

    (13,000)

    (4)

    — Acquisition-related items

    6,325

    (6,325)

    (5)

    —OPERATING INCOME

    $  199,912

    $  82,088$  282,000INTEREST EXPENSE, NET

    19,788

    (8,262)

    (6)

    11,526OTHER INCOME, NET

    (420)

    (239)

    (7)

    (659)INCOME BEFORE INCOME TAXES

    $  180,544

    $  90,589$  271,133INCOME TAXES

    68,729

    20,523

    (8)

    89,252NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  111,815

    $  70,066$  181,881DILUTED EARNINGS PER SHARE

    $  0.95$  1.55DILUTED WEIGHTED AVERAGE SHARES

    117,346117,346Notes 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.

    (2) To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations.

    (3) To exclude milestone-like payment and milestone and upfront payments to partners of $18,891 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 Indevus related costs of $5,205 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 $1,120.

    (6) To exclude additional interest expense as a result of adopting ASC 470-20 of $8,450 and to exclude amortization of the premium on debt acquired from Indevus of ($188).

    (7) To exclude changes in fair value of financial instruments, net.

    (8) To reflect the cash tax savings resulting from the Indevus acquisition 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 2011Year EndingDecember 31, 2011Projected GAAP diluted income per common share$2.22To$2.32Upfront and milestone-related payments to partners

    $0.27$0.27Amortization of commercial intangible assets and inventory step-up

    $1.94$1.94Acquisition and integration costs related to recent acquisitions

    $0.40$0.40Interest expense adjustment for ASC 470-20 and the amortization of the premium on debt acquired from Indevus

    $0.16$0.16Tax effect of pre-tax adjustments at the applicable tax rates and certain other expected cash tax savings as a result of recent acquisitions

    ($0.44)($0.44)Diluted adjusted income per common share guidance $4.55To$4.65The company's guidance is being issued based on certain assumptions including:


  • Certain of the above amounts are based on estimates and there can be no assurance that Endo will achieve these results.
  • Includes all completed business development transactions as of August 9, 2011.
  • 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 six months ended June 30, 2011 and 2010:

    Endo Pharmaceuticals Holdings Inc.
    Net Revenues (unaudited)
    (in thousands)Three Months Ended

    June 30Six Months Ended

    June 302011

    2010

    Percent Growth2011

    2010

    Percent GrowthBranded PharmaceuticalsLIDODERM®$195,840

    $196,090

    0%$385,565

    $378,697

    2%OPANA® ER92,853

    56,555

    64%177,468

    106,321

    67%Voltaren® Gel36,655

    26,323

    39%67,953

    46,685

    46%PERCOCET®27,675

    31,805

    -13%54,635

    60,478

    -10%FROVA®14,163

    14,680

    -4%27,371

    29,762

    -8%SUPPRELIN® LA$
    2,515

    12,209

    3%23,737

    22,796

    4%VANTAS®2,054

    4,960

    -59%5,599

    9,349

    -40%VALSTAR™5,124

    4,016

    28%9,925

    7,766

    28%FORTESTA™ Gel2,028

    NM1,059

    NMOther Branded Products(1)$   5,609

    $  19,799

    -72%$  12,579

    $  39,056

    -68%Royalty and Other Revenue3,751

    2,403

    56%7,890

    6,466

    22%Total Branded Pharmaceuticals$398,267

    $  368,840

    8%$  773,781

    $707,376

    9%Total Generics$133,047

    $  27,684

    381%$267,456

    $  53,560

    399%Device and ServicesHealthTronics$
    49,485

    NM$
    99,588

    NMAMSMen's Health$   9,768

    $  —

    NM$
    9,768

    $  —

    NMWomen's Health7,787

    NM7,787

    NMBPH Therapy9,257

    NM9,257

    NMUterine Health(2)—

    NM—

    NMSub-total$
    26,812

    $  —

    NM$  26,812

    $  —

    NMTotal Device and Services$
    76,297

    $  —

    NM$126,400

    $  —

    NMTotal Revenue$
    7,611

    $396,524

    53%$1,167,637

    $760,936

    53%(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 Endo's unaudited Net Pro forma Revenues for the six quarters ended June 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 January 1, 2010 :

    Endo Pharmaceuticals Holdings Inc.
    Net Pro Forma Revenues (unaudited)
    (in thousands)2010

    2011Q1

    Q2

    Q3

    Q4

    Q1

    Q2Branded PharmaceuticalsLIDODERM®

    $182,607

    $196,090

    $196,263

    $207,649

    $189,725

    $195,840OPANA® ER

    49,765

    56,555

    58,810

    74,735

    84,615

    92,853Voltaren® Gel

    20,362

    26,323

    26,947

    31,309

    31,298

    36,655PERCOCET®

    28,673

    31,805

    29,950

    30,919

    26,960

    27,675FROVA®

    15,082

    14,680

    14,136

    15,401

    13,208

    14,163SUPPRELIN® LA

    $  10,587

    $  12,209

    $  11,018

    $  13,096

    $11,222

    $  12,515VANTAS®

    4,389

    4,960

    3,640

    4,001

    3,545

    2,054VALSTAR™

    3,749

    4,016

    1,598

    4,757

    4,801

    5,124FORTESTA™ Gel

    (969)

    2,028Other Branded Products(1)

    $  19,259

    $  19,799

    $  19,471

    $10,069

    $6,970

    $5,609Royalty and Other Revenue

    $
    5,911

    $
    3,647

    $
    4,101

    $
    3,325

    $ 4,139

    $
    3,751Total Branded Pharmaceuticals$340,384

    $370,084

    $365,934

    $395,261

    $375,596

    $398,267Total Generics$105,809

    $112,075

    $126,663

    $122,791

    $134,409

    $133,047Device and ServicesHealthTronics

    $  48,389

    $  50,300

    $  51,686

    $  50,458

    $  50,103

    $  49,485AMSMen's Health

    $  64,480

    $  61,361

    $  55,177

    $  65,221

    $  67,407

    $  47,790Women's Health

    42,748

    44,491

    41,192

    48,816

    45,325

    46,689BPH Therapy

    25,911

    29,176

    26,890

    32,615

    28,054

    29,784Uterine Health(2)

    1,787

    1,340

    770

    341

    —Sub-total

    $134,926

    $136,368

    $124,029

    $146,993

    $140,786

    $124,263Total Device and Services$183,315

    $186,668

    $175,715

    $197,451

    $190,889

    $173,748Total Revenue$629,508

    $668,827

    $668,312

    $715,503

    $700,894

    $705,062(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 June 30, 2011 and December 31, 2010: June 30,2011December 31, 2010ASSETSCURRENT ASSETS:Cash and cash equivalents

    $  621,869

    $  466,214Marketable securities

    71,003

    —Accounts receivable, net

    654,056

    547,807Inventories, net

    303,658

    178,805Other assets

    243,048

    166,708Total current assets

    $  1,893,634

    $  1,359,534PROPERTY, PLANT AND EQUIPMENT, NET

    271,833

    215,295GOODWILL

    2,474,669

    715,005OTHER INTANGIBLES, NET

    2,837,928

    1,531,760OTHER ASSETS

    164,758

    90,795TOTAL ASSETS

    $  7,642,822

    $  3,912,389LIABILITIES AND STOCKHOLDERS' EQUITYCURRENT LIABILITIES:Current liabilities

    $  1,439,264

    $  735,828Total current liabilities

    $  1,439,264

    $  735,828ACQUISITION-RELATED CONTINGENT CONSIDERATION

    2,490

    16,050LONG-TERM DEBT, LESS CURRENT PORTION, NET

    3,428,675

    1,045,801OTHER LIABILITIES

    839,359

    311,381STOCKHOLDERS' EQUITY:Total Endo Pharmaceuticals Holdings Inc. stockholders' equity

    $  1,872,156

    1,741,591Noncontrolling interests

    60,878

    61,738Total stockholders' equity

    $  1,933,034

    1,803,329TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $  7,642,822

    $  3,912,389The following table presents unaudited condensed consolidated statement of cash flow data for the six months ended June 30, 2011 and 2010:Six Months Ended
    March 31,20112010OPERATING ACTIVITIES:Consolidated net income

    $
    35,847

    $
    ,815Adjustments to reconcile consolidated net income to net cash provided by operating activities:Depreciation and amortization

    97,739

    42,955Stock-based compensation

    18,772

    10,391Amortization of debt issuance costs and premium / discount

    14,345

    11,564Other

    9,366

    15,475Changes in assets and liabilities which provided cash:

    (61,756)

    (15,844)Net cash provided by operating activities

    214,313

    176,356INVESTING ACTIVITIES:Purchases of property, plant and equipment, net

    (23,905)

    (6,166)Acquisition, net of cash acquired

    (2,342,556)

    —Other

    (2,133)

    160,951Net cash provided by (used in) investing activities

    (2,368,594)

    154,785FINANCING ACTIVITIES:Proceeds from debt, net of principal payments

    2,426,835

    —Deferred financing fees

    (81,753)

    —Purchase of common stock

    (34,701)

    (50,064)Other

    (549)

    2,732Net cash used in financing activities

    2,309,832

    (47,332)Effect of foreign exchange rate

    104

    —NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    155,655

    283,809CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

    466,214

    708,462CASH AND CASH EQUIVALENTS, END OF PERIOD

    $
    21,869

    $
    992,271Safe Harbor StatementThis 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.

    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.


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    SOURCE Endo Pharmaceuticals
    Copyright©2010 PR Newswire.
    All rights reserved


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