Endo Pharmaceuticals reported strong earnings for 4Q 2010, as well as raising its guidance for full-year 2011. Revenue for fourth quarter increased 31% over the same period during 2009, with net income increasing from just $14.8 million to $93 million. Diluted EPS for the quarter was $0.77, compared with $1.25 for the fourth quarter of 2009, however adjusted EPS was $1.06 for the quarter compared with $0.81reported in 2009. For full-year 2010, Endo’s revenue increased 17.5% over 2009 reporting revenue of $1.76 billion. In addition, net income for FY 2010 fell from 2009, with Endo reporting net income of $259 million. Furthermore, Endo’s management team has raised its FY 2011 guidance to a range of $2.43 to $2.53 for GAAP diluted EPS, with a revenue range of $2.35 billion to $2.45 billion. Results of selected products and segments follow:
Lidoderm – FY 2010 sales for Endo’s headline product increased 2% year over year, reporting revenue of $783 million for 2010, compared with $764 during 2009 for the topical painkiller.
Opana ER & Opana – The branded painkiller franchise reported revenue of $299 million, which represents a 30% increase over 2009.
Generics – Net sales for Endo’s generic portfolio were $147 million in comparison to sales of $125 million recorded in 2009. This total does include sales from Qualitest Pharmaceuticals as of December 1, 2010.
Devices & Services – Revenue from Endo’s newly acquired HealthTronics subsidiary was $102 million for FY 2010.