Navigation Links
Endo Pharmaceuticals Reports Strong Third-Quarter Financial Results and Reaffirms 2011 Financial Guidance
Date:10/27/2011

CHADDS FORD, Pa., Oct. 27, 2011 /PRNewswire/ --

  • Total quarterly revenues of $759 million increase 71 percent versus prior year; branded pharmaceuticals revenues grow 17 Percent, reflecting strong performance of OPANA® ER, Voltaren® Gel and LIDODERM®;
  • Reported quarterly diluted EPS of $0.34 versus $0.46 for prior year
  • Adjusted diluted EPS of $1.25 reflecting growth of 45 percent from 2010
  • Company reaffirms 2011 guidance for revenue of $2.72 to $2.80 billion and adjusted diluted EPS of $4.55 to $4.65; now expects reported or GAAP diluted EPS of $1.87 to $1.97
  • Company makes progress on integration and build-out of its urology franchise  

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

    Total revenues during the third quarter of 2011 increased 71 percent to $759.1 million, compared with $444.1 million in the same quarter of 2010.  Net income for the three months ended Sept. 30, 2011, was $40.6 million, compared with $54.2 million in the comparable 2010 period.  

    Additionally, adjusted net income for the three months ended Sept. 30, 2011, was $151.1 million, up 50 percent compared with $100.8 million in the same period in 2010.  Reported diluted earnings per share for the quarter ended Sept. 30, 2011, were $0.34 compared with $0.46 reported in the third quarter of 2010. Adjusted diluted earnings per share for the same period were $1.25, up 45 percent from $0.86 reported in 2010.

    "Endo had another strong quarter, with record revenues and adjusted earnings, led by Opana ER, generics and AMS's Men's Health business," said Dave Holveck, president and CEO of Endo. "This performance is a testament to our diversified business model, and our commitment to enhancing healthcare delivery, which allows us to continue to bring together the aggregate capabilities of all our companies to create more solutions for patients, payors and physicians particularly across the entire urology spectrum."

    FINANCIAL PERFORMANCE AT A GLANCE($ in thousands, except per share amounts)3rd QuarterNine Months Ended September 3020112010Change20112010ChangeTotal Revenues$759,078

    $444,103

    71%

    $1,926,715

    $1,205,039

    60%Reported Net Income40,649

    54,206

    -25%

    151,019

    166,021

    -9%Reported Diluted EPS0.34

    0.46

    -26%

    1.24

    1.42

    -13%Adjusted Net Income151,089

    100,839

    50%

    399,967

    282,720

    41%Adjusted Diluted EPS1.25

    0.86

    45%

    3.29

    2.41

    37%BRANDED PHARMACEUTICALSBranded pharmaceutical sales of $425.5 million for the third quarter 2011 represented an increase of 17 percent versus the prior year. These results reflect strong commercial performance in our branded pain franchise, where net sales grew 18 percent year over year, with a strong third-quarter performance by OPANA® ER, Voltaren® Gel and LIDODERM®.  OPANA® ER net sales grew 66 percent on prescription growth of 56 percent.  Voltaren® Gel net sales grew 35 percent.  FORTESTA® Gel, a topical gel for the treatment of hypogonadism, recorded approximately $8 million in revenue, which includes the recognition of roughly $4 million previously classified as deferred revenue.  

    GENERICSGeneric sales of $148 million for the third quarter 2011 represented an increase of 439 percent over last year, driven by our acquisition of Qualitest.  Quarter over quarter, generic sales increased $14.9 million, primarily as a result of having the operational flexibility to capitalize on certain market conditions that created new business opportunities for Endo's Qualitest business.  The company continues to execute on its ANDA pipeline in multiple therapeutic areas, with 50 ANDAs currently under U.S. Food and Drug Administration (FDA) review.  

    DEVICES AND SERVICESDevices and services sales, driven by our June 2011 acquisition of American Medical System (AMS), were $185.6 million for the third quarter, an increase of 259 percent over the prior year.  Men's Health, led by strong sales of the AMS 800 Artificial Urinary Sphincter, grew 21 percent on a pro forma basis in the third quarter of 2011, compared with same period last year.  In early September, an FDA advisory panel met to discuss the use of surgical mesh products in the repair of pelvic organ prolapse and stress urinary incontinence, which the company believes led to reduced procedural volumes during the quarter.  However, the company believes that the advisory panel addressed the questions raised and that a recovery in procedural volumes will emerge in the near term.  

    UROLOGY CHANNEL STRATEGYEndo Pharmaceuticals believes that strong relationships with urologists are an important component in the growth of its urology franchise, and the company continues to take steps to further strengthen these relationships.  During the third quarter of 2011, the AMS integration effort developed plans to deliver revenue and cost synergies associated with the transaction.  The company is launching commercial pilot programs to advance cross-selling initiatives for the AMS's Men's Health Products and Endo's Fortesta® Gel.  In addition, the company is exploring opportunities to expand the utilization of Endocare® cryoablation therapy and AMS' BPH laser through our HealthTronics franchise.

    As part of an effort to increase and broaden the relationships within the urology community, HealthTronics recently committed to strategic investments in Intuitive Medical Software (IMS) and meridianEMR, Inc., two providers of electronic medical records for urologists.  Together, IMS and meridianEMR provide access to approximately 1,800 urologists using data platforms that will enhance service offerings in urology practice management.  

    Balance Sheet UpdateDuring the third-quarter of 2011, Endo made payments of $151 million to reduce the outstanding principal of term loan debt associated with the acquisition of AMS.  This action is consistent with the company's objective of reducing its debt to EBITDA ratio to 2.0 to 2.5 times by 2013.

    2011 FINANCIAL GUIDANCEEndo's estimates are based on actual results for the nine months ended Sept. 30, 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, certain separation benefits, any asset impairment charges or for potential new corporate development transactions.  For the full year ended Dec. 31, 2011, Endo estimates:

  • Total revenue between $2.72 billion and $2.80 billion
  • Total Branded Pharmaceuticals segment revenue between $1.625 billion and $1.69 billion
  • Total Generics segment revenue between $550 million and $575 million
  • Total Device and Services segment revenue between $520 million and $550 million
  • Reported (GAAP) diluted earnings per share between $1.87 and $1.97
  • Adjusted diluted earnings per share between $4.55 and $4.65

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

  • Adjusted gross margin between 69 percent and 71 percent
  • Adjusted effective tax rate of approximately 28 percent
  • Weighted average number of common shares outstanding of 121 million shares for the year ended Dec. 31, 2011
  • No generic competition for Voltaren Gel in 2011

  • Conference Call InformationEndo will conduct a conference call with financial analysts to discuss this news release today at 10:00 a.m. ET.  Investors and other interested parties may call 800-901-5241 (domestic) or +1 617-786-2963 (international) and enter passcode 11948354.  Please dial in 10 minutes prior to the scheduled start time.

    A replay of the call will be available from Oct. 27 at 1:00 p.m. ET until 12:00 p.m. ET on Nov. 10, 2011 by dialing 888-286-8010 (domestic) or +1 617-801-6888 (international) and entering passcode 77092041.

    A simultaneous webcast of the call can be accessed by visiting www.endo.com.  In addition, a replay of the webcast will be available until 12:00 p.m. ET on Nov. 10, 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 Sept. 30, 2011 and Sept. 30, 2010 (in thousands, except per share data):

    Three Months Ended September 30, 2011 (unaudited)ActualReported(GAAP)AdjustmentsAdjustedREVENUES

    $  759,078

    $  —$  759,078COSTS AND EXPENSES: Cost of revenues

    302,172

    (80,625)

    (1)

    221,547 Selling, general and administrative

    244,359

    (15,761)

    (2)

    228,598 Research and development

    43,884

    (2,355)

    (3)

    41,529 Impairment of long-lived assets

    22,691

    (22,691)

    (4)

    — Acquisition-related items

    5,818

    (5,818)

    (5)

    —OPERATING INCOME

    $  140,154

    $  127,250$  267,404INTEREST EXPENSE, NET

    52,792

    (4,754)

    (6)

    48,038OTHER INCOME, NET

    (3,000)

    2,636

    (7)

    (364)INCOME BEFORE INCOME TAXES

    $  90,362

    $  129,368$  219,730INCOME TAXES

    34,057

    18,928

    (8)

    52,985CONSOLIDATED NET INCOME

    $  56,305

    $  110,440$  166,745Less: Net income attributable to noncontrolling interests

    (15,656)

    —(15,656)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  40,649

    110,440$  151,089DILUTED EARNINGS PER SHARE

    $  0.34$  1.25DILUTED WEIGHTED AVERAGE SHARES

    120,847120,847Notes 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 $55,337, the impact of inventory step-up recorded as part of acquisition accounting of $23,937, and certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $1,351.(2)

    To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $12,252 and amortization of customer relationships of $3,509.(3)

    To exclude milestone and upfront payments to partners.(4)

    To exclude an impairment on long-lived assets.(5)

    To exclude acquisition-related costs of $6,046 and a gain of $228 recorded to reflect the change in fair value of the contingent consideration associated with the Qualitest acquisition.(6)

    To exclude additional interest expense as a result of adopting ASC 470-20.(7)

    To exclude the gain on hedging activities for foreign currencies.(8)

    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 September 30, 2010 (unaudited)ActualReported(GAAP)AdjustmentsAdjustedREVENUES

    $  444,103

    $  —$  444,103COSTS AND EXPENSES: Cost of revenues

    133,920

    (20,792  )

    (1)

    113,128 Selling, general and administrative

    137,816

    (7,050)

    (2)

    130,766 Research and development

    31,445

    (309)

    (3)

    31,136 Acquisition-related items

    24,990

    (24,990)

    (4)

    —OPERATING INCOME

    $  115,932

    $  53,141$  169,073INTEREST EXPENSE, NET

    12,979

    (4,245)

    (5)

    8,734OTHER INCOME, NET

    (59)

    —(59)INCOME BEFORE INCOME TAXES

    $  103,012

    $  57,386$  160,398INCOME TAXES

    33,540

    10,753

    (6)

    44,293CONSOLIDATED NET INCOME

    $  69,472

    $  46,633$  116,105Less: Net income attributable to noncontrolling interests

    (15,266)

    —(15,266)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  54,206

    46,633$  100,839DILUTED EARNINGS PER SHARE

    $  0.46$  0.86DILUTED WEIGHTED AVERAGE SHARES

    116,597116,597Notes 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 $19,378 and the impact of a HealthTronics inventory step-up recorded as part of acquisition accounting of $1,414.(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 acquisition-related costs of $23,960 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 $1,030. (5)

    To exclude additional interest expense as a result of adopting ASC 470-20 of $4,338 and to exclude amortization of the premium on debt acquired from Indevus of ($93). (6)

    To reflect the cash tax savings resulting from the Indevus, HealthTronics and Penwest acquisitions 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 nine months ended Sept. 30, 2011 and Sept. 30, 2010 (in thousands, except per share data):

    Nine Months Ended September 30, 2011(unaudited)ActualReported(GAAP)AdjustmentsAdjustedREVENUES

    $  1,926,715

    $  —$  1,926,715COSTS AND EXPENSES: Cost of revenues

    770,427

    (183,640)

    (1)

    586,787 Selling, general and administrative

    581,878

    (20,177)

    (2)

    561,701 Research and development

    126,854

    (18,346)

    (3)

    108,508 Impairment of long-lived assets

    22,691

    (22,691)

    (4)

    — Acquisition-related items

    29,517

    (29,517)

    (5)

    —OPERATING INCOME

    $  395,348

    $  274,371$  669,719INTEREST EXPENSE, NET

    97,142

    (14,014)

    (6)

    83,128GAIN ON EXTINGUISHMENT OF DEBT, NET

    8,548

    (8,548)

    (7)

    —OTHER INCOME, NET

    (2,777)

    2,636

    (8)

    (141)INCOME BEFORE INCOME TAXES

    $  292,435

    $  294,297$  586,732INCOME TAXES

    100,283

    45,349

    (9)

    145,632CONSOLIDATED NET INCOME

    $  192,152

    $  248,948$  441,100Less: Net income attributable to noncontrolling interests

    (41,133)

    —(41,133)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  151,019

    248,948$  399,967DILUTED EARNINGS PER SHARE

    $  1.24$  3.29DILUTED WEIGHTED AVERAGE SHARES

    121,432121,432Notes 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 $132,571, the impact of inventory step-up recorded as part of acquisition accounting of $40,718, certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $1,351 and milestone payments to partners of $9,000.(2)

    To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $16,247 and amortization of customer relationships of $3,930.(3)

    To exclude milestone and upfront payments to partners.(4)

    To exclude an impairment on long-lived assets.(5)

    To exclude acquisition-related costs of $36,975 and a gain of $7,458 recorded to reflect the change in fair value of the contingent consideration associated with the Indevus and Qualitest acquisitions.(6)

    To exclude additional interest expense as a result of adopting ASC 470-20.(7)

    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.(8)

    To exclude the gain on hedging activities for foreign currencies.(9)

    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.Nine Months Ended September 30, 2010 (unaudited)ActualReported(GAAP)AdjustmentsAdjustedREVENUES

    $  1,205,039

    $  —$  1,205,039COSTS AND EXPENSES:   Cost of revenues

    335,209

    (55,144)

    (1)

    280,065   Selling, general and administrative

    404,402

    (16,058)

    (2)

    388,344   Research and development

    105,269

    (19,712)

    (3)

    85,557   Impairment of other intangible assets

    13,000

    (13,000)

    (4)

    —   Acquisition-related items

    31,315

    (31,315)

    (5)

    —OPERATING INCOME

    $  315,844

    $  135,229$  451,073INTEREST EXPENSE, NET

    32,767

    (12,507)

    (6)

    20,260OTHER INCOME, NET

    (479)

    (239)

    (7)

    (718)INCOME BEFORE INCOME TAXES

    $  283,556

    $  147,975$  431,531INCOME TAXES

    102,269

    31,276

    (8)

    133,545CONSOLIDATED NET INCOME

    $  181,287

    $  116,699$  297,986Less: Net income attributable to noncontrolling interests

    (15,266)

    —(15,266)NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

    $  166,021

    116,699$  282,720DILUTED EARNINGS PER SHARE

    $  1.42$  2.41DILUTED WEIGHTED AVERAGE SHARES

    117,096117,096Notes 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 $53,730 and the impact of a HealthTronics inventory step-up recorded as part of acquisition accounting of $1,414.(2)

    To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations.(3)

    To exclude a milestone-like payment and milestone and upfront payments to partners of $19,200 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 acquisition-related costs of $29,165 as well as the impact, under purchase 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 $2,150.(6)

    To exclude additional interest expense as a result of adopting ASC 470-20 of $12,788 and to exclude amortization of the premium on debt acquired from Indevus of ($281). (7)

    To exclude changes in fair value of financial instruments, net.(8)

    To reflect the cash tax savings resulting from the Indevus, HealthTronics and Penwest acquisitions 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$1.87To$1.97Upfront and milestone-related payments to partners

    $0.25$0.25Amortization of commercial intangible assets and inventory step-up

    $2.10$2.10Acquisition and integration costs related to recent acquisitions.

    $0.48$0.48Impairment of long-lived assets through September 30, 2011

    $0.19$0.19Interest expense adjustment for ASC 470-20

    $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

    ($0.50)($0.50)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 October 27, 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 nine months ended Sept. 30, 2011 and 2010: Endo Pharmaceuticals Holdings Inc.

    Net Revenues (unaudited)

    (in thousands)Three Months Ended

    September 30Nine Months Ended

    September 302011

    2010

    Percent

    Growth2011

    2010

    Percent

    GrowthBranded PharmaceuticalsLIDODERM®$   207,364

    $
    96,263

    6%$   592,929

    $
    574,960

    3%OPANA® ER97,753

    58,809

    66%275,221

    165,130

    67%Voltaren® Gel36,260

    26,947

    35%104,213

    73,632

    42%PERCOCET®28,130

    29,950

    -6%82,765

    90,428

    -8%FROVA®14,815

    14,136

    5%42,186

    43,898

    -4%SUPPRELIN® LA12,695

    11,018

    15%36,432

    33,814

    8%VANTAS®5,013

    3,640

    38%10,612

    12,989

    -18%VALSTAR®6,295

    1,598

    294%16,220

    9,364

    73%FORTESTA® Gel8,409

    NM9,468

    NMOther Branded Products(1)4,948

    $
    9,472

    -75%17,527

    $
    58,528

    -70%Royalty and Other Revenue3,829

    3,153

    21%11,719

    9,619

    22%Total Branded Pharmaceuticals$   425,511

    $  364,986

    17%$1,199,292

    $  1,072,362

    12%Total Generics$147,975

    $
    27,431

    439%$415,431

    $
    80,991

    413%Devices and ServicesHealthTronics$
    54,073

    $
    51,686

    5%$
    53,661

    $
    51,686

    197%AMSMen's Health$
    ,548

    $  —

    NM$
    76,316

    $  —

    NMWomen's Health38,240

    NM46,027

    NMBPH Therapy26,731

    NM35,988

    NMSub-total$
    31,519

    $  —

    NM$
    58,331

    $  —

    NMTotal Device and Services$
    85,592

    $
    51,686

    259%$
    311,992

    $
    51,686

    504%Total Revenue$
    759,078

    $
    444,103

    71%$
    ,926,715

    $ 1,205,039

    60%(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.The following table presents Endo's unaudited Pro forma Net Revenues for the seven quarters ended Sept. 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 Jan. 1, 2010 :

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

    2011Q1

    Q2

    Q3

    Q4

    Q1

    Q2

    Q3Branded PharmaceuticalsLIDODERM®

    $182,607

    $196,090

    $196,263

    $207,649

    $189,725

    $195,840

    $207,364OPANA® ER

    49,765

    56,555

    58,809

    74,735

    84,615

    92,853

    97,753Voltaren® Gel

    20,362

    26,323

    26,947

    31,309

    31,298

    36,655

    36,260PERCOCET®

    28,673

    31,805

    29,950

    30,919

    26,960

    27,675

    28,130FROVA®

    15,082

    14,680

    14,136

    15,401

    13,208

    14,163

    14,815SUPPRELIN® LA

    10,587

    12,209

    11,018

    13,096

    11,222

    12,515

    12,695VANTAS®

    4,389

    4,960

    3,640

    4,001

    3,545

    2,054

    5,013VALSTAR®

    3,749

    4,016

    1,598

    4,757

    4,801

    5,124

    6,295FORTESTA® Gel

    (969)

    2,028

    8,409Other Branded Products(1)

    19,259

    19,799

    19,472

    10,069

    6,970

    5,609

    4,948Royalty and Other Revenue

    5,911

    3,647

    4,101

    3,325

    4,221

    3,751

    3,829Total Branded Pharmaceuticals$340,384

    $370,084

    $365,934

    $395,261

    $375,596

    $398,267

    $425,511Total Generics$105,809

    $112,075

    $126,663

    $122,791

    $134,409

    $133,047

    $147,975Device and ServicesHealthTronics

    $  48,389

    $  50,300

    $  51,686

    $  50,458

    $  50,103

    $  49,485

    $  54,073AMSMen's Health

    $  64,480

    $  61,361

    $  55,177

    $  65,221

    $  67,407

    $  47,790

    $  66,548Women's Health

    42,748

    44,491

    41,192

    48,816

    45,325

    46,689

    38,240BPH Therapy

    25,911

    29,176

    26,890

    32,615

    28,054

    29,784

    26,731Uterine Health(2)

    1,787

    1,340

    770

    341

    —Sub-total

    $134,926

    $136,368

    $124,029

    $146,993

    $140,786

    $124,263

    $131,519Total Device and Services$183,315

    $186,668

    $175,715

    $197,451

    $190,889

    $173,748

    $185,592Total Revenue$629,508

    $668,827

    $668,312

    $715,503

    $700,894

    $705,062

    $759,078(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 Sept. 30, 2011 and Dec. 31, 2010: September 30,2011December 31,2010ASSETSCURRENT ASSETS:Cash and cash equivalents

    $  419,671

    $  466,214Marketable securities

    41,010

    —Accounts receivable, net

    721,984

    547,807Inventories, net

    282,540

    178,805Other assets

    211,899

    166,708Total current assets

    $1,677,104

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

    273,488

    215,295GOODWILL

    2,496,859

    715,005OTHER INTANGIBLES, NET

    2,766,049

    1,531,760OTHER ASSETS

    147,343

    90,795TOTAL ASSETS

    $  7,360,843

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

    $  993,636

    $  735,828Total current liabilities

    $  993,636

    $  735,828ACQUISITION-RELATED CONTINGENT CONSIDERATION

    2,529

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

    3,565,184

    1,045,801OTHER LIABILITIES

    811,929

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

    $  1,924,488

    1,741,591Noncontrolling interests

    63,077

    61,738Total stockholders' equity

    $  1,987,565

    1,803,329TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

    $  7,360,843

    $  3,912,389The following table presents unaudited condensed consolidated statement of cash flow data for the nine months ended Sept. 30, 2011 and 2010:Nine Months Ended
    September 30,20112010OPERATING ACTIVITIES:Consolidated net income

    $
    92,152

    $
    81,287Adjustments to reconcile consolidated net income to net cash provided by operating activities:Depreciation and amortization

    169,187

    69,859Stock-based compensation

    34,224

    16,753Amortization of debt issuance costs and premium / discount

    24,283

    17,484Other

    10,433

    2,071Changes in assets and liabilities which provided cash:

    (11,748)

    (4,470)Net cash provided by operating activities

    418,531

    282,984INVESTING ACTIVITIES:Purchases of property, plant and equipment, net

    (38,462)

    (11,318)Acquisition, net of cash acquired

    (2,368,357)

    (333,349)Other

    39,631

    229,219Net cash provided by (used in) investing activities

    (2,367,188)

    (115,448)FINANCING ACTIVITIES:Proceeds from debt, net of principal payments

    2,030,449

    (38,770)Deferred financing fees

    (81,535)

    -Purchase of common stock

    (34,702)

    (58,974)Other

    (12,495)

    (4,179)Net cash used in financing activities

    1,901,717

    (101,923)Effect of foreign exchange rate

    397

    -NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    (46,453)

    65,613CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

    466,214

    708,462CASH AND CASH EQUIVALENTS, END OF PERIOD

    $
    419,671

    $
    774,075Safe 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.


    '/>"/>

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


    Related medicine technology :

    1. Auxilium Pharmaceuticals, Inc. Receives Clearance to Resume Clinical Trials for XIAFLEX(TM)
    2. Vion Pharmaceuticals Completes Accrual of 85 Patients to its Pivotal Phase II Trial of Cloretazine(R) (VNP40101M) in Elderly AML
    3. Solvay Pharmaceuticals, Inc. and Wyeth Pharmaceuticals Announce Receipt of an FDA Action Letter for Bifeprunox, an Investigational Treatment for Schizophrenia
    4. Callisto Pharmaceuticals Opens Additional Sites for Phase II Clinical Trial of Atiprimod in Advanced Carcinoid Cancer Patients
    5. WallSt.net (www.wallst.net) Updates the Investment Community Through an All-New Interview With RegeneRx Biopharmaceuticals CEO
    6. Quark Pharmaceuticals, Inc. Presented Positive Preclinical Results of Systemic RNAi Compound for Acute Renal Failure (ARF)
    7. Peregrine Pharmaceuticals Doses First Patient in Cotara(R) Phase II Brain Cancer Trial In India
    8. Nabi Biopharmaceuticals Announces Second Quarter 2007 Financial Results
    9. Access Pharmaceuticals Provides Update on Clinical Development Plan of ProLindac
    10. Quark Pharmaceuticals Extends Research Agreement with State University of New York for Proprietary siRNA Compounds for Acute Hearing Loss
    11. Acura Pharmaceuticals, Inc. Secures Financing to Fund Pivotal Phase III Clinical Trial for Lead Aversion(R) Technology Product Candidate
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:5/26/2016)... , May 26, 2016 ... has matured into an essential life science tool for ... development applications. BCC Research reveals in its new report ... second growth phase, one powered by a range of ...      (Logo: http://photos.prnewswire.com/prnh/20140723/694805 ) , ...
    (Date:5/25/2016)... Germany and GERMANTOWN, Maryland ... N.V. (NASDAQ: QGEN ; Frankfurt Prime Standard: QIA) ... and co-development agreement with Therawis Diagnostics GmbH to develop and ... to develop and market PITX2 as a marker to predict ... breast cancer patients. "We are pleased to partner ...
    (Date:5/25/2016)... As illustrated by the Spring ... the numbers and momentum of cannabis in the US ... billions, more research and development push the sector forward. ... Legal Marijuana Markets Report  from from ArcView Market Research ... the increase in sector is attributed to adult use ...
    Breaking Medicine Technology:
    (Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... On May ... Aqua® Research Water Life Science® and international water advocate, was honored by Ashram, Inc. ... women in ancient Egypt who knelt on the banks of the Nile to fill ...
    (Date:5/26/2016)... (PRWEB) , ... May 26, 2016 , ... ... leader Mike Morrow-Fox . With over 20 years of experience in leading technology ... well as several years of university teaching, Morrow-Fox will be featured on ...
    (Date:5/26/2016)... ... May 26, 2016 , ... ... the launch of its brand equity product, Brandvantage. This breakthrough tool leaves ... landscape of modern consumer decision-making. The proprietary framework incorporates attitudes, behavior and ...
    (Date:5/26/2016)... ... May 26, 2016 , ... In Madeira Beach Florida, a small ... single drawbridge, citizens formed an organization, Madeira Beach United, to oppose two development projects ... small town center to a high rise urban environment. , According to the ...
    (Date:5/26/2016)... ... May 26, 2016 , ... Women’s ... to host their second pop-up shop for three consecutive weekends. The pop-up shop ... the Santa Barbara community, a community full of women who appreciate the most ...
    Breaking Medicine News(10 mins):