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TheStreet Open House

Endo 3Q Profit Falls On Indevus Buyout Costs

CHADDS FORD, Pa. (AP) ¿ Drug developer Endo Pharmaceuticals Holdings Inc. said Thursday its third-quarter profit plunged on charges mainly related to the buyout of Indevus Pharmaceuticals Inc.

Net income dropped 25 percent to $49.4 million, or 42 cents per share, from $66 million, or 55 cents per share, during the same period a year prior. Revenue rose 14 percent to $361 million from $316.8 million.

Excluding charges mainly related to Indevus, the company earned 63 cents per share in the latest quarter. In February, the company paid $370 million for Lexington, Mass.-based Indevus.

Analysts polled by Thomson Reuters expected profit of 64 cents per share on revenue of $365.3 million.

Sales of the Lidoderm pain patch dipped less than 1 percent to $193 million, while sales of the pain drugs Opana and Opana ER rose 42 percent to $59 million. Revenue from the painkiller Percocet was flat at $31 million.

Generic drug sales, meanwhile, edged up less than 1 percent to $23 million.

The company raised its 2009 forecast for adjusted profit to a range of $2.67 to $2.73 per share, up from a prior range of $2.59 to $2.67 per share. It now expects revenue between $1.44 billion and $1.47 billion, up from a previous forecast of $1.39 billion to $1.44 billion.

Analysts expect full-year profit of $2.71 per share on revenue of $1.45 billion.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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