CHADDS FORD, Pa., Jan. 3, 2013 /PRNewswire/ --
- Reaffirms 2012 Adjusted Diluted EPS to be at or Below Low End of Previous Range of $5.00-$5.10
- Company expects asset impairment and other charges to materially reduce reported diluted (GAAP) EPS in 2012 to amounts materially below previously announced guidance of $0.87 to $0.97
- Provides 2013 Revenue Guidance Range of $2.80 Billion to $2.95 Billion and Adjusted Diluted EPS Range of $4.40 – $4.70
Endo Health Solutions (Nasdaq: ENDP) today reaffirmed its non-GAAP 2012 financial outlook, commented on certain expected 2012 GAAP charges, and provided its current outlook for non-GAAP financial performance for the full year ending December 31, 2013.
Endo continues to expect that 2012 adjusted diluted earnings per share (EPS) will be at or below the low end of its previous guidance range of $5.00 to $5.10. In addition, as part of the company's regular financial reporting process, it expects to record in fiscal 2012, certain pre-tax GAAP charges, including a non-cash asset impairment charge related primarily to goodwill attributable to the company's acquisition of American Medical Systems and other one-time cash charges related to legal proceedings. These charges are currently expected to materially reduce reported diluted (GAAP) EPS in 2012 to amounts materially below the company's previously announced guidance range of $0.87 to $0.97. In this context, the company now plans to increase its reserve associated with resolution of the ongoing governmental investigation with respect to LIDODERM® promotional practices from approximately $53 million, recognized during the third quarter of 2012, to approximately $194 million, which is the company's best current estimate of this liability.
The company expects to finalize and announce its 2012 operating and financial results by the end of February.