ENDP Endo International plc

5.72
+0.11  (+2%)
Previous Close 5.61
Open 5.71
52 Week Low 2.71
52 Week High 10.89
Market Cap $1,334,506,465
Shares 223,103,410
Float 168,029,111
Enterprise Value $8,206,582,878
Volume 1,988,709
Av. Daily Volume 3,166,063
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Drug Pipeline

Drug Stage Notes
QWO
Edematous fibrosclerotic panniculopathy (“cellulite”)
Approved
Approved
FDA Approval announced July 6, 2020.
AVEED (testosterone undecanoate) intramuscular injection
Men diagnosed with hypogonadism
Approved
Approved
CRL issued May 30 2013. Approved March 6 2014.
BEMA Buprenorphine
Management of pain severe enough to require daily, around-the-clock, long-term opioid treatment for which alternative treatment options are inadequate
Approved
Approved
Approved October 26, 2015.

Latest News

  1. DUBLIN, May 12, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) announced today that members of management will participate in a fireside chat at the 2021 RBC Capital Markets Global Healthcare Virtual Conference on Wednesday, May 19, 2021 at 9:10 a.m. ET.

    A live webcast and audio archive for the event will be available on the Company's website at http://investor.endo.com/events-and-presentations. Participants should allow approximately 10 minutes prior to the presentation's start time to visit the site and download any streaming media software needed to listen to the Internet webcast. 

    About Endo International plc
    Endo (NASDAQ:ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life…

    DUBLIN, May 12, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) announced today that members of management will participate in a fireside chat at the 2021 RBC Capital Markets Global Healthcare Virtual Conference on Wednesday, May 19, 2021 at 9:10 a.m. ET.

    A live webcast and audio archive for the event will be available on the Company's website at http://investor.endo.com/events-and-presentations. Participants should allow approximately 10 minutes prior to the presentation's start time to visit the site and download any streaming media software needed to listen to the Internet webcast. 

    About Endo International plc

    Endo (NASDAQ:ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from a global team of passionate employees collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.

    Cision View original content:http://www.prnewswire.com/news-releases/endo-to-participate-at-2021-rbc-capital-markets-global-healthcare-virtual-conference-301289956.html

    SOURCE Endo International plc

    View Full Article Hide Full Article
  2. DUBLIN, May 6, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) today reported financial results for the first-quarter ended March 31, 2021.

    "I am proud of the continued strong execution across each of Endo's business segments as reflected by our better than expected first-quarter 2021 results. During the quarter, our Branded Pharmaceuticals segment returned to growth, driven by strong demand for XIAFLEX® and other physician administered products," said Blaise Coleman, President and Chief Executive Officer at Endo. 

    "In addition, we continued executing against our ongoing business transformation initiatives and achieved an important strategic milestone with the launch of QWO®, the first and only FDA-approved injectable treatment for…

    DUBLIN, May 6, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) today reported financial results for the first-quarter ended March 31, 2021.

    "I am proud of the continued strong execution across each of Endo's business segments as reflected by our better than expected first-quarter 2021 results. During the quarter, our Branded Pharmaceuticals segment returned to growth, driven by strong demand for XIAFLEX® and other physician administered products," said Blaise Coleman, President and Chief Executive Officer at Endo. 

    "In addition, we continued executing against our ongoing business transformation initiatives and achieved an important strategic milestone with the launch of QWO®, the first and only FDA-approved injectable treatment for cellulite. We are very encouraged by QWO®'s initial market reception and are excited by our significant opportunity to bring this innovative treatment to market."

    FIRST-QUARTER FINANCIAL PERFORMANCE

    (in thousands, except per share amounts)





    Three Months Ended March 31,







    2021



    2020



    Change

    Total Revenues, Net

    $

    717,919





    $

    820,405





    (12)%

    Reported Income from Continuing Operations

    $

    47,059





    $

    157,581





    (70)%

    Reported Diluted Weighted Average Shares

    238,671





    233,014





    2%

    Reported Diluted Net Income per Share from Continuing Operations

    $

    0.20





    $

    0.68





    (71)%

    Reported Net Income

    $

    41,524





    $

    129,930





    (68)%

    Adjusted Income from Continuing Operations (2)

    $

    174,917





    $

    220,400





    (21)%

    Adjusted Diluted Weighted Average Shares (1)(2)

    238,671





    233,014





    2%

    Adjusted Diluted Net Income per Share from Continuing Operations (2)

    $

    0.73





    $

    0.95





    (23)%

    Adjusted EBITDA (2)

    $

    364,715





    $

    421,126





    (13)%

    __________

    (1)

    Reported Diluted Net Income per Share from Continuing Operations is computed based on weighted average shares outstanding and, if there is income from continuing operations during the period, the dilutive impact of ordinary share equivalents outstanding during the period. In the case of Adjusted Diluted Weighted Average Shares, Adjusted Income from Continuing Operations is used in determining whether to include such dilutive impact.

    (2)

    The information presented in the table above includes non-GAAP financial measures such as "Adjusted Income from Continuing Operations," "Adjusted Diluted Weighted Average Shares," "Adjusted Diluted Net Income per Share from Continuing Operations" and "Adjusted EBITDA." Refer to the "Supplemental Financial Information" section below for reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.

    CONSOLIDATED RESULTS

    Total revenues were $718 million in first-quarter 2021, a decrease of 12% compared to $820 million during the same period in 2020. This result was primarily attributable to decreased Generic Pharmaceuticals and Sterile Injectables segment revenues.

    Reported income from continuing operations in first-quarter 2021 was $47 million compared to reported income from continuing operations of $158 million during the same period in 2020. This result was attributable to a first-quarter 2020 discrete tax benefit arising from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Reported diluted net income per share from continuing operations in first-quarter 2021 was $0.20 compared to reported diluted net income per share from continuing operations in first-quarter 2020 of $0.68.

    Adjusted income from continuing operations in first-quarter 2021 was $175 million compared to $220 million in first-quarter 2020. Adjusted diluted net income per share from continuing operations in first-quarter 2021 was $0.73 compared to $0.95 in first-quarter 2020. These decreases were primarily attributable to decreased revenues and higher adjusted operating expenses related to commercial investments.

    BRANDED PHARMACEUTICALS SEGMENT

    First-quarter 2021 Branded Pharmaceuticals segment revenues were $207 million an increase of 1% compared to $204 million during first-quarter 2020.

    Specialty Products revenues increased 7% to $143 million in first-quarter 2021 compared to $134 million in first-quarter 2020, with sales of XIAFLEX® increasing 7% to $95 million compared to sales of $89 million in first-quarter 2020. Established Products revenues decreased 9% to $63 million in first-quarter 2021 compared to $70 million in first-quarter 2020, driven primarily by ongoing generic competition.

    STERILE INJECTABLES SEGMENT

    First-quarter 2021 Sterile Injectables segment revenues were $309 million, a decrease of 8% compared to $336 million during first-quarter 2020. This decrease was primarily driven by ongoing generic competition on certain products, partially offset by increased VASOSTRICT® revenues.

    GENERIC PHARMACEUTICALS SEGMENT

    First-quarter 2021 Generic Pharmaceuticals segment revenues were $181 million, a decrease of 28% compared to $251 million during first-quarter 2020. This decrease was primarily attributable to continued competitive pressures on certain key products and the impact of COVID-19-related accelerated prescription fulfillment in the first-quarter 2020. This was partially offset by the January 2021 launch of lubiprostone capsules, the first authorized generic of Mallinckrodt's Amitiza®.

    INTERNATIONAL PHARMACEUTICALS SEGMENT

    First-quarter 2021 International Pharmaceuticals segment revenues decreased 24% to $22 million compared to $29 million during first-quarter 2020. This decrease was primarily attributable to continued competitive pressures on certain key products.

    2021 FINANCIAL GUIDANCE

    Endo is updating its financial guidance for the full-year ending December 31, 2021 by narrowing the expected ranges regarding revenues, adjusted diluted net income per share from continuing operations and adjusted EBITDA. The guidance below contemplates a range of potential outcomes that reflect uncertainties in certain key assumptions including, among other things, uncertainties related to the COVID-19 pandemic. These statements are forward-looking, and actual results may differ materially from Endo's expectations, as further discussed below under the heading "Cautionary Note Regarding Forward-Looking Statements."



    Full-Year 2021



    Prior



    Current

    Total Revenues, Net

    $2.55B - $2.79B



    $2.65B - $2.79B

    Adjusted EBITDA

    $1.12B - $1.28B



    $1.18B - $1.28B

    Adjusted Diluted Net Income per Share from Continuing Operations

    $1.80 - $2.30



    $1.95 - $2.30

    Assumptions:







    Adjusted Gross Margin

    ~70.0% - 71.0%



    ~70.0% - 71.0%

    Adjusted Operating Expenses as a Percentage of Total Revenues, Net

    ~28.5% - 29.5%



    ~28.5% - 29.0%

    Adjusted Interest Expense

    ~$540M



    ~$560M

    Adjusted Effective Tax Rate

    ~13.0% - 14.0%



    ~11.0% - 12.0%

    Adjusted Diluted Weighted Average Shares

    ~239M



    ~239M

    BALANCE SHEET, LIQUIDITY AND OTHER UPDATES

    As of March 31, 2021, the Company had approximately $1.4 billion in unrestricted cash; $8.3 billion of debt; and a net debt to adjusted EBITDA ratio of 5.1.

    First-quarter 2021 net cash provided by operating activities was $244 million compared to $63 million during the first-quarter 2020.  This increase was primarily due to an increase in cash flow from the change in net working capital and a decrease in distributions to settle mesh claims.

    In March 2021, the Company executed a debt refinancing which increases operational flexibility and extends the maturity schedule of the Company's debt. Additionally, the Company extended the maturity date for substantially its entire revolving credit facility from March 2024 to March 2026.

    CONFERENCE CALL INFORMATION

    Endo will conduct a conference call with financial analysts to discuss this press release tomorrow, May 7, 2021, at 7:30 a.m. EDT. The dial-in number to access the call is U.S./Canada (866) 497-0462, International (678) 509-7598, and the passcode is 5491584. Please dial in 10 minutes prior to the scheduled start time.

    A replay of the call will be available from May 7, 2021 at 10:30 a.m. EDT until 10:30 a.m. EDT on May 17, 2021 by dialing U.S./Canada (855) 859-2056 International (404) 537-3406, and entering the passcode 5491584.

    A simultaneous webcast of the call can be accessed by visiting http://investor.endo.com/events-and-presentations. In addition, a replay of the webcast will be available on the Company website for one year following the event.

    FINANCIAL SCHEDULES

    The following table presents Endo's unaudited Total revenues, net for the three months ended March 31, 2021 and 2020 (dollars in thousands):



    Three Months Ended March 31,



    Percent

    Growth



    2021



    2020



    Branded Pharmaceuticals:











    Specialty Products:











    XIAFLEX®

    $

    95,270





    $

    89,072





    7

    %

    SUPPRELIN® LA

    28,028





    19,720





    42

    %

    Other Specialty (1)

    20,032





    25,505





    (21)

    %

    Total Specialty Products

    $

    143,330





    $

    134,297





    7

    %

    Established Products:











    PERCOCET®

    $

    25,625





    $

    27,703





    (8)

    %

    TESTOPEL®

    11,189





    8,192





    37

    %

    Other Established (2)

    26,491





    33,881





    (22)

    %

    Total Established Products

    $

    63,305





    $

    69,776





    (9)

    %

    Total Branded Pharmaceuticals (3)

    $

    206,635





    $

    204,073





    1

    %

    Sterile Injectables:











    VASOSTRICT®

    $

    223,946





    $

    202,904





    10

    %

    ADRENALIN®

    29,437





    56,512





    (48)

    %

    Other Sterile Injectables (4)

    55,362





    76,974





    (28)

    %

    Total Sterile Injectables (3)

    $

    308,745





    $

    336,390





    (8)

    %

    Total Generic Pharmaceuticals

    $

    180,873





    $

    251,283





    (28)

    %

    Total International Pharmaceuticals

    $

    21,666





    $

    28,659





    (24)

    %

    Total revenues, net

    $

    717,919





    $

    820,405





    (12)

    %

    __________

    (1)

    Products included within Other Specialty include NASCOBAL® Nasal Spray and AVEED®.

    (2)

    Products included within Other Established include, but are not limited to, EDEX® and LIDODERM®.

    (3)

    Individual products presented above represent the top two performing products in each product category for the three months ended March 31, 2021 and/or any product having revenues in excess of $25 million during any quarterly period in 2021 or 2020.

    (4)

    Products included within Other Sterile Injectables include ertapenem for injection, APLISOL® and others.



     

    The following table presents unaudited Condensed Consolidated Statement of Operations data for the three months ended March 31, 2021 and 2020 (in thousands, except per share data):



    Three Months Ended March 31,



    2021



    2020

    TOTAL REVENUES, NET

    $

    717,919





    $

    820,405



    COSTS AND EXPENSES:







    Cost of revenues

    305,293





    388,799



    Selling, general and administrative

    187,174





    166,768



    Research and development

    29,739





    31,615



    Litigation-related and other contingencies, net

    637





    (17,176)



    Asset impairment charges

    3,309





    97,785



    Acquisition-related and integration items, net

    (5,022)





    12,462



    Interest expense, net

    134,341





    132,877



    Loss on extinguishment of debt

    13,753







    Other expense (income), net

    912





    (13,974)



    INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX

    $

    47,783





    $

    21,249



    INCOME TAX EXPENSE (BENEFIT)

    724





    (136,332)



    INCOME FROM CONTINUING OPERATIONS

    $

    47,059





    $

    157,581



    DISCONTINUED OPERATIONS, NET OF TAX

    (5,535)





    (27,651)



    NET INCOME

    $

    41,524





    $

    129,930



    NET INCOME (LOSS) PER SHARE—BASIC:







    Continuing operations

    $

    0.20





    $

    0.69



    Discontinued operations

    (0.02)





    (0.12)



    Basic

    $

    0.18





    $

    0.57



    NET INCOME (LOSS) PER SHARE—DILUTED:







    Continuing operations

    $

    0.20





    $

    0.68



    Discontinued operations

    (0.03)





    (0.12)



    Diluted

    $

    0.17





    $

    0.56



    WEIGHTED AVERAGE SHARES:







    Basic

    230,551





    227,198



    Diluted

    238,671





    233,014



     

    The following table presents unaudited Condensed Consolidated Balance Sheet data at March 31, 2021 and December 31, 2020 (in thousands):



    March 31,

    2021



    December 31,

    2020

    ASSETS







    CURRENT ASSETS:







    Cash and cash equivalents

    $

    1,427,775





    $

    1,213,437



    Restricted cash and cash equivalents

    137,066





    171,563



    Accounts receivable

    473,152





    511,262



    Inventories, net

    362,180





    352,260



    Other current assets

    95,058





    164,736



      Total current assets

    $

    2,495,231





    $

    2,413,258



    TOTAL NON-CURRENT ASSETS

    6,738,940





    6,851,379



    TOTAL ASSETS

    $

    9,234,171





    $

    9,264,637



    LIABILITIES AND SHAREHOLDERS' DEFICIT







    CURRENT LIABILITIES:







    Accounts payable and accrued expenses, including legal settlement accruals

    $

    1,183,301





    $

    1,208,061



    Other current liabilities

    212,191





    45,763



      Total current liabilities

    $

    1,395,492





    $

    1,253,824



    LONG-TERM DEBT, LESS CURRENT PORTION, NET

    8,077,622





    8,280,578



    OTHER LIABILITIES

    360,030





    378,174



    SHAREHOLDERS' DEFICIT

    (598,973)





    (647,939)



    TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT

    $

    9,234,171





    $

    9,264,637



     

    The following table presents unaudited Condensed Consolidated Statement of Cash Flow data for the three months ended March 31, 2021 and 2020 (in thousands):



    Three Months Ended March 31,



    2021



    2020

    OPERATING ACTIVITIES:







    Net income

    $

    41,524





    $

    129,930



    Adjustments to reconcile Net income to Net cash provided by operating activities:







      Depreciation and amortization

    118,485





    141,588



      Asset impairment charges

    3,309





    97,785



      Other, including cash payments to claimants from Qualified Settlement Funds

    80,522





    (306,747)



     Net cash provided by operating activities

    $

    243,840





    $

    62,556



    INVESTING ACTIVITIES:







    Capital expenditures, excluding capitalized interest

    $

    (16,733)





    $

    (19,638)



    Proceeds from sale of business and other assets, net

    818





    4,167



    Other

    (1,133)





    (492)



    Net cash used in investing activities

    $

    (17,048)





    $

    (15,963)



    FINANCING ACTIVITIES:







    Payments on borrowings, net

    $

    (36,818)





    $

    (9,721)



    Other

    (10,532)





    (4,762)



    Net cash used in financing activities

    $

    (47,350)





    $

    (14,483)



    Effect of foreign exchange rate

    399





    (1,894)



    NET INCREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS

    $

    179,841





    $

    30,216



    CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, BEGINNING OF PERIOD

    1,385,000





    1,720,388



    CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, END OF PERIOD

    $

    1,564,841





    $

    1,750,604



     

    SUPPLEMENTAL FINANCIAL INFORMATION

    To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures. For additional information on the Company's use of such non-GAAP financial measures, refer to Endo's Current Report on Form 8-K furnished today to the U.S. Securities and Exchange Commission, which includes an explanation of the Company's reasons for using non-GAAP measures.

    The tables below provide reconciliations of certain of the Company's non-GAAP financial measures to their most directly comparable GAAP amounts. Refer to the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional details regarding the adjustments to the non-GAAP financial measures detailed throughout this Supplemental Financial Information section.

    Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP)

    The following table provides a reconciliation of Net income (GAAP) to Adjusted EBITDA (non-GAAP) for the three months ended March 31, 2021 and 2020 (in thousands):



    Three Months Ended March 31,



    2021



    2020

    Net income (GAAP)

    $

    41,524





    $

    129,930



    Income tax expense (benefit)

    724





    (136,332)



    Interest expense, net

    134,341





    132,877



    Depreciation and amortization (14)

    111,579





    134,958



    EBITDA (non-GAAP)

    $

    288,168





    $

    261,433











    Upfront and milestone-related payments (2)

    556





    1,750



    Continuity and separation benefits and other cost reductions (3)

    23,720





    23,220



    Certain litigation-related and other contingencies, net (4)

    637





    (17,176)



    Certain legal costs (5)

    19,276





    15,536



    Asset impairment charges (6)

    3,309





    97,785



    Acquisition-related and integration costs (7)

    431







    Fair value of contingent consideration (8)

    (5,453)





    12,462



    Loss on extinguishment of debt (9)

    13,753







    Share-based compensation (14)

    9,993





    12,455



    Other expense (income), net (15)

    912





    (13,974)



    Other (10)

    3,878





    (16)



    Discontinued operations, net of tax (12)

    5,535





    27,651



    Adjusted EBITDA (non-GAAP)

    $

    364,715





    $

    421,126



     

    Reconciliation of Adjusted Income from Continuing Operations (non-GAAP)

    The following table provides a reconciliation of the Company's Income from continuing operations (GAAP) to Adjusted income from continuing operations (non-GAAP) for the three months ended March 31, 2021 and 2020 (in thousands):



    Three Months Ended March 31,



    2021



    2020

    Income from continuing operations (GAAP)

    $

    47,059





    $

    157,581



    Non-GAAP adjustments:







      Amortization of intangible assets (1)

    95,130





    117,237



      Upfront and milestone-related payments (2)

    556





    1,750



      Continuity and separation benefits and other cost reductions (3)

    23,720





    23,220



      Certain litigation-related and other contingencies, net (4)

    637





    (17,176)



      Certain legal costs (5)

    19,276





    15,536



      Asset impairment charges (6)

    3,309





    97,785



      Acquisition-related and integration costs (7)

    431







      Fair value of contingent consideration (8)

    (5,453)





    12,462



      Loss on extinguishment of debt (9)

    13,753







      Other (10)

    5,026





    (14,420)



      Tax adjustments (11)

    (28,527)





    (173,575)



    Adjusted income from continuing operations (non-GAAP)

    $

    174,917





    $

    220,400



     

    Reconciliation of Other Adjusted Income Statement Data (non-GAAP)

    The following tables provide detailed reconciliations of various other income statement data between the GAAP and non-GAAP amounts for the three months ended March 31, 2021 and 2020 (in thousands, except per share data):



    Three Months Ended March 31, 2021



    Total revenues, net



    Cost of revenues



    Gross margin



    Gross margin %



    Total operating expenses



    Operating expense to revenue %



    Operating income from continuing operations



    Operating margin %



    Other non-operating expense, net



    Income from continuing operations before income tax



    Income tax expense



    Effective tax rate



    Income from continuing operations



    Discontinued operations, net of tax



    Net income



    Diluted net income per share from continuing operations (13)

    Reported (GAAP)

    $   717,919



    $     305,293



    $   412,626



    57.5 %



    $     215,837



    30.1 %



    $   196,789



    27.4 %



    $ 149,006



    $       47,783



    $        724



    1.5 %



    $     47,059



    $         (5,535)



    $       41,524



    $            0.20

    Items impacting comparability:































































    Amortization of intangible assets (1)

    -



    (95,130)



    95,130







    -







    95,130







    -



    95,130



    -







    95,130



    -



    95,130





    Upfront and milestone-related payments (2)

    -



    (526)



    526







    (30)







    556







    -



    556



    -







    556



    -



    556





    Continuity and separation benefits and other cost reductions (3)

    -



    (15,296)



    15,296







    (8,424)







    23,720







    -



    23,720



    -







    23,720



    -



    23,720





    Certain litigation-related and other contingencies, net (4)

    -



    -



    -







    (637)







    637







    -



    637



    -







    637



    -



    637





    Certain legal costs (5)

    -



    -



    -







    (19,276)







    19,276







    -



    19,276



    -







    19,276



    -



    19,276





    Asset impairment charges (6)

    -



    -



    -







    (3,309)







    3,309







    -



    3,309



    -







    3,309



    -



    3,309





    Acquisition-related and integration costs (7)

    -



    -



    -







    (431)







    431







    -



    431



    -







    431



    -



    431





    Fair value of contingent consideration (8)

    -



    -



    -







    5,453







    (5,453)







    -



    (5,453)



    -







    (5,453)



    -



    (5,453)





    Loss on extinguishment of debt (9)

    -



    -



    -







    -







    -







    (13,753)



    13,753



    -







    13,753



    -



    13,753





    Other (10)

    -



    -



    -







    (3,879)







    3,879







    (1,147)



    5,026



    -







    5,026



    -



    5,026





    Tax adjustments (11)

    -



    -



    -







    -







    -







    -



    -



    28,527







    (28,527)



    -



    (28,527)





    Exclude discontinued operations, net of tax (12)

    -



    -



    -







    -







    -







    -



    -



    -







    -



    5,535



    5,535





    After considering items (non-GAAP)

    $   717,919



    $     194,341



    $   523,578



    72.9 %



    $     185,304



    25.8 %



    $   338,274



    47.1 %



    $ 134,106



    $     204,168



    $   29,251



    14.3 %



    $   174,917



    $                  -



    $     174,917



    $            0.73

     



    Three Months Ended March 31, 2020



    Total revenues, net



    Cost of revenues



    Gross margin



    Gross margin %



    Total operating expenses



    Operating expense to revenue %



    Operating income from continuing operations



    Operating margin %



    Other non-operating expense, net



    Income from continuing operations before income tax



    Income tax (benefit) expense



    Effective tax rate



    Income from continuing operations



    Discontinued operations, net of tax



    Net income



    Diluted net income per share from continuing operations (13)

    Reported (GAAP)

    $   820,405



    $     388,799



    $   431,606



    52.6 %



    $     291,454



    35.5 %



    $   140,152



    17.1 %



    $ 118,903



    $       21,249



    $ (136,332)



    (641.6)%



    $   157,581



    $       (27,651)



    $     129,930



    $            0.68

    Items impacting comparability:































































    Amortization of intangible assets (1)

    -



    (117,237)



    117,237







    -







    117,237







    -



    117,237



    -







    117,237



    -



    117,237





    Upfront and milestone-related payments (2)

    -



    (542)



    542







    (1,208)







    1,750







    -



    1,750



    -







    1,750



    -



    1,750





    Continuity and separation benefits and other cost reductions (3)

    -



    (6,238)



    6,238







    (16,982)







    23,220







    -



    23,220



    -







    23,220



    -



    23,220





    Certain litigation-related and other contingencies, net (4)

    -



    -



    -







    17,176







    (17,176)







    -



    (17,176)



    -







    (17,176)



    -



    (17,176)





    Certain legal costs (5)

    -



    -



    -







    (15,536)







    15,536







    -



    15,536



    -







    15,536



    -



    15,536





    Asset impairment charges (6)

    -



    -



    -







    (97,785)







    97,785







    -



    97,785



    -







    97,785



    -



    97,785





    Fair value of contingent consideration (8)

    -



    -



    -







    (12,462)







    12,462







    -



    12,462



    -







    12,462



    -



    12,462





    Other (10)

    -



    -



    -







    -







    -







    14,420



    (14,420)



    -







    (14,420)



    -



    (14,420)





    Tax adjustments (11)

    -



    -



    -







    -







    -







    -



    -



    173,575







    (173,575)



    -



    (173,575)





    Exclude discontinued operations, net of tax (12)

    -



    -



    -







    -







    -







    -



    -



    -







    -



    27,651



    27,651





    After considering items (non-GAAP)

    $   820,405



    $     264,782



    $   555,623



    67.7 %



    $     164,657



    20.1 %



    $   390,966



    47.7 %



    $ 133,323



    $     257,643



    $   37,243



    14.5 %



    $   220,400



    $                  -



    $     220,400



    $            0.95

     

    Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures

    Notes to certain line items included in the reconciliations of the GAAP financial measures to the non-GAAP financial measures for the three months ended March 31, 2021 and 2020 are as follows:

    (1)

    To exclude amortization expense related to intangible assets.

    (2)

    Adjustments for upfront and milestone-related payments to partners included the following (in thousands):









    Three Months Ended March 31,





    2021



    2020





    Cost of revenues



    Operating

    expenses



    Cost of revenues



    Operating

    expenses



    Sales-based

    $

    526





    $





    $

    542





    $





    Development-based





    30









    1,208





    Total

    $

    526





    $

    30





    $

    542





    $

    1,208







    (3)

    Adjustments for continuity and separation benefits and other cost reductions included the following (in thousands):









    Three Months Ended March 31,





    2021



    2020





    Cost of revenues



    Operating

    expenses



    Cost of revenues



    Operating

    expenses



    Continuity and separation benefits

    $

    5,192





    $

    3,352





    $

    627





    $

    13,169





    Accelerated depreciation charges

    5,054





    1,853





    4,679





    1,951





    Other

    5,050





    3,219





    932





    1,862





    Total

    $

    15,296





    $

    8,424





    $

    6,238





    $

    16,982









    Included within the Continuity and separation benefits line are costs associated with certain continuity and transitional compensation arrangements for certain senior management of the Company. Additionally, amounts during the three months ended March 31, 2021 include severance and other restructuring charges related to the previously announced strategic initiatives to further optimize Endo's operations.





    (4)

    To exclude adjustments to accruals for litigation-related settlement charges and certain settlement proceeds related to suits filed by subsidiaries.

    (5)

    To exclude opioid-related legal expenses.

    (6)

    Adjustments for asset impairment charges included the following (in thousands):









    Three Months Ended March 31,





    2021



    2020



    Goodwill impairment charges

    $





    $

    32,786





    Other intangible asset impairment charges

    2,882





    63,751





    Property, plant and equipment impairment charges

    427





    1,248





    Total

    $

    3,309





    $

    97,785







    (7)

    To exclude integration costs.

    (8)

    To exclude the impact of changes in the fair value of contingent consideration liabilities resulting from changes to estimates regarding the timing and amount of the future revenues of the underlying products and changes in other assumptions impacting the probability of incurring, and extent to which the Company could incur, related contingent obligations.

    (9)

    To exclude the loss on the extinguishment of debt associated with the Company's March 2021 refinancing transactions.

    (10)

    The Other rows included in each of the above reconciliations of GAAP financial measures to non-GAAP financial measures (except for the reconciliations of Net income (GAAP) to Adjusted EBITDA (non-GAAP)) include the following (in thousands):









    Three Months Ended March 31,





    2021



    2020





    Operating

    expenses



    Other non-

    operating

    expenses



    Operating

    expenses



    Other non-

    operating

    expenses



    Foreign currency impact related to the re-measurement of intercompany debt instruments

    $





    $

    1,147





    $





    $

    (7,094)





    Gain on sale of business and other assets













    (7,326)





    Debt modification costs

    3,879

















    Total

    $

    3,879





    $

    1,147





    $





    $

    (14,420)









    The Other row included in the reconciliations of Net income (GAAP) to Adjusted EBITDA (non-GAAP) primarily relates to the items enumerated in the foregoing "Operating expenses" columns.





    (11)

    Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable effective tax rate that will be determined by reference to statutory tax rates in the relevant jurisdictions in which the Company operates. Adjusted income taxes include current and deferred income tax expense commensurate with the non-GAAP measure of profitability.

    (12)

    To exclude the results of the businesses reported as discontinued operations, net of tax.

    (13)

    Calculated as income or loss from continuing operations divided by the applicable weighted average share number. The applicable weighted average share numbers are as follows (in thousands):









    Three Months Ended March 31,





    2021



    2020



    GAAP

    238,671





    233,014





    Non-GAAP Adjusted

    238,671





    233,014







    (14)

    Depreciation and amortization and Share-based compensation per the Adjusted EBITDA reconciliations do not include amounts reflected in other lines of the reconciliations, including Continuity and separation benefits and other cost reductions.

    (15)

    To exclude Other expense (income), net per the Condensed Consolidated Statements of Operations.

     

    Reconciliation of Net Debt Leverage Ratio (non-GAAP)

    The following table provides a reconciliation of the Company's Net income (GAAP) to Adjusted EBITDA (non-GAAP) for the twelve months ended March 31, 2021 (in thousands) and the calculation of the Company's Net Debt Leverage Ratio (non-GAAP):



    Twelve Months

    Ended March 31,

    2021

    Net income (GAAP)

    $

    95,538



    Income tax benefit

    (136,926)



    Interest expense, net

    534,403



    Depreciation and amortization (14)

    472,970



    EBITDA (non-GAAP)

    $

    965,985







    Upfront and milestone-related payments

    $

    33,881



    Continuity and separation benefits and other cost reductions

    126,782



    Certain litigation-related and other contingencies, net

    (1,236)



    Certain legal costs

    71,559



    Asset impairment charges

    25,868



    Acquisition-related and integration costs

    627



    Fair value of contingent consideration

    (1,562)



    Loss on extinguishment of debt

    13,753



    Share-based compensation (14)

    33,705



    Other income, net

    (6,224)



    Other

    34,989



    Discontinued operations, net of tax

    41,404



    Adjusted EBITDA (non-GAAP)

    $

    1,339,531







    Calculation of Net Debt:



    Debt

    $

    8,277,964



    Cash (excluding Restricted Cash)

    1,427,775



    Net Debt (non-GAAP)

    $

    6,850,189







    Calculation of Net Debt Leverage:



    Net Debt Leverage Ratio (non-GAAP)

    5.1



    Non-GAAP Financial Measures

    The Company utilizes certain financial measures that are not prescribed by or prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP financial measures are not, and should not be viewed as, substitutes for GAAP net income and its components and diluted net income per share amounts. Despite the importance of these measures to management in goal setting and performance measurement, the company stresses that these are non-GAAP financial measures that have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, non-GAAP adjusted EBITDA and non-GAAP adjusted net income from continuing operations and its components (unlike GAAP net income from continuing operations and its components) may not be comparable to the calculation of similar measures of other companies. These non-GAAP financial measures are presented solely to permit investors to more fully understand how management assesses performance.

    Investors are encouraged to review the reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures. However, the Company does not provide reconciliations of projected non-GAAP financial measures to GAAP financial measures, nor does it provide comparable projected GAAP financial measures for such projected non-GAAP financial measures. The Company is unable to provide such reconciliations without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for asset impairments, contingent consideration adjustments, legal settlements, gain / loss on extinguishment of debt, adjustments to inventory and other charges reflected in the reconciliation of historic numbers, the amounts of which could be significant.

    See Endo's Current Report on Form 8-K furnished today to the U.S. Securities and Exchange Commission for an explanation of Endo's non-GAAP financial measures.

    About Endo International plc

    Endo (NASDAQ:ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from a global team of passionate employees collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements, including, but not limited to, the statements by Mr. Coleman, as well as other statements regarding product development, product launch, market potential, corporate strategy and optimization efforts, together with Endo's net income per share from continuing operations amounts, product net sales, revenue forecasts and other financial guidance for full-year 2021 or any other future period, the impact of and response to the COVID-19 pandemic and any other statements that refer to Endo's expected, estimated or anticipated future results. 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 forecasts are inherently estimates that cannot be made with precision, Endo's performance at times differs materially from its estimates and targets, and Endo often does not know what the actual results will be until after the end of the applicable reporting period. Therefore, Endo will not report or comment on its progress during a current quarter except through public announcement. Any statement made by others with respect to progress during a current quarter cannot be attributed to Endo.

    All forward-looking statements in this press release reflect Endo's current analysis of existing trends and information and represent Endo's judgment only as of the date of this press release. Actual results may differ materially and adversely from current expectations based on a number of factors affecting Endo's businesses, including, among other things, the following: changing competitive, market and regulatory conditions; changes in legislation and regulatory developments; Endo's ability to obtain and maintain adequate protection for its intellectual property rights; the timing and uncertainty of the results of both the research and development and regulatory processes, including regulatory decisions, product recalls, withdrawals and other unusual items; domestic and foreign health care and cost containment reforms, including government pricing, tax and reimbursement policies; technological advances and patents obtained by competitors; the performance, including the approval, introduction, and consumer and physician acceptance of new products and the continuing acceptance of currently marketed products; the effectiveness of advertising and other promotional campaigns; the timely and successful implementation of any strategic and/or optimization initiatives; the timing or results of any pending or future litigation, investigations or claims or actual or contingent liabilities, settlement discussions, negotiations or other adverse proceedings, including pending and future opioid-related matters, pending tax matters with the IRS and proceedings that involve or may involve key products such as VASOSTRICT®; unfavorable publicity regarding the misuse of opioids; the timing and uncertainty of any acquisition, including the possibility that various closing conditions may not be satisfied or waived, uncertainty surrounding the successful integration of any acquired business (such as our recently completed acquisition of BioSpecifics) and failure to achieve the expected financial and commercial results from such acquisition; the uncertainty associated with the identification of and successful consummation and execution of external corporate development initiatives and strategic partnering transactions; and Endo's ability to obtain and successfully manufacture, maintain and distribute a sufficient supply of products to meet market demand in a timely manner. In addition, U.S. and international economic conditions, including higher unemployment, political instability, financial hardship, consumer confidence and debt levels, taxation, changes in interest and currency exchange rates, international relations, capital and credit availability, the status of financial markets and institutions, fluctuations or devaluations in the value of sovereign government debt, the impact of and response to the ongoing COVID-19 pandemic and the impact of continued economic volatility, can materially affect Endo's results. Therefore, the reader is cautioned not to rely on these forward-looking statements. Endo expressly disclaims any intent or obligation to update these forward-looking statements except as required to do so by law.

    Additional information concerning the above-referenced risk factors and other risk factors can be found in press releases issued by Endo, as well as Endo's public periodic filings with the U.S. Securities and Exchange Commission and with securities regulators in Canada, including the discussion under the heading "Risk Factors" in Endo's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or other filings with the U.S. Securities and Exchange Commission. Copies of Endo's press releases and additional information about Endo are available at www.endo.com or you can contact the Endo Investor Relations Department by calling 845-364-4833.

    Cision View original content:http://www.prnewswire.com/news-releases/endo-reports-first-quarter-2021-financial-results-and-updates-2021-financial-guidance-301286084.html

    SOURCE Endo International plc

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  3. TORONTO, May 3, 2021 /PRNewswire/ - Maverix Private Equity, a Toronto-based private equity firm which recently announced an inaugural USD $500 million growth-fund, has today announced the addition of Michael Wasserman as a Managing Partner, joining Founder John Ruffolo and Mark Maybank. Michael is returning to Canada after 17 years at H.I.G Capital Management, a leading global private equity investment firm with more than $44 billion of equity capital under management. Most recently, Michael was a Managing Director of H.I.G. BioHealth Partners, the firm's dedicated healthcare investment fund, where Michael sourced, executed and managed a diverse investment portfolio of healthcare business across stages, sectors and geographies. Michael remains…

    TORONTO, May 3, 2021 /PRNewswire/ - Maverix Private Equity, a Toronto-based private equity firm which recently announced an inaugural USD $500 million growth-fund, has today announced the addition of Michael Wasserman as a Managing Partner, joining Founder John Ruffolo and Mark Maybank. Michael is returning to Canada after 17 years at H.I.G Capital Management, a leading global private equity investment firm with more than $44 billion of equity capital under management. Most recently, Michael was a Managing Director of H.I.G. BioHealth Partners, the firm's dedicated healthcare investment fund, where Michael sourced, executed and managed a diverse investment portfolio of healthcare business across stages, sectors and geographies. Michael remains a Senior Advisor with H.I.G.  In addition to his firm-wide responsibilities, Michael will be leading Maverix's investments in Healthcare and Wellness, one of the firm's core investment themes. 

    "I could not be prouder to be coming home to join this talented group of investors and entrepreneurs", said Michael Wasserman. "The progress and evolution of the Canadian innovation ecosystem in recent years has been nothing short of remarkable. Maverix is uniquely positioned to help catalyze the growth of disruptive Canadian businesses and global leaders and I am truly humbled and excited to be part of this compelling effort."

    In addition to Michael Wasserman, Peter Hass has also joined Maverix as Associate Partner. Peter will be leading investment deal execution including financial modelling and leading due diligence. Peter will also work closely with portfolio companies in strategic and financial management as well as the evaluation of organic and inorganic growth opportunities. Peter is an experienced private equity investor, having formerly worked at both Mattamy Asset Management and OMERS Growth Equity.

    Finally, Jonathan Goodman, co-founder, President and CEO of publicly traded Paladin Labs Inc., which was acquired in 2014 by Endo International In. (NASDAQ:ENDP) for $3.2 billion will be joining the Maverix Advisory board as its 6th member. The Maverix Advisory Board represents a who's who of successful Canadian entrepreneurs and business leaders, who share a similar mission, to help build the next wave of disruptive Canadian businesses.

    Under Mr. Goodman`s leadership, $1.50 invested in Paladin at its founding was worth $142 nineteen years later. The same day that Paladin was sold, Mr. Goodman started a second publicly-traded specialty pharmaceutical company, Knight Therapeutics Inc. (TSX:GUD), which has now raised $685 million of equity in 5 rounds of financing all at increasing valuations. Since inception in February 2014, Knight has generated over $220 million of net income. For the last 25 years, Mr. Goodman has devoted 15% of his time on Tikkun Olam, which has included fielding the largest team in the Province of Quebec for the Ride to Conquer Cancer for 7 consecutive years to filling Place des Arts for the Ted Wise ORT/Jewish Education Gala for 6 consecutive years raising $10+ million to support Jewish education.

    ABOUT MAVERIX PRIVATE EQUITY

    Maverix Private Equity is a Toronto-based private equity firm. It is led by an experienced and talented team with the background, network, and track record necessary to successfully execute on an investment strategy of technology-enabled growth and disruption. Maverix is currently investing out of its inaugural fund, the Maverix Growth Equity Fund I, of USD$500M. Maverix targets North American companies with rapidly growing revenue and evidence of a profitable business model. Its target cheque size is expected to average USD$50M for meaningful minority positions in portfolio companies.  

    For more information on Product: https://www.maverixpe.com

    Cision View original content:http://www.prnewswire.com/news-releases/maverix-private-equity-announces-team-additions-301281565.html

    SOURCE Maverix Private Equity

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  4. DUBLIN, April 29, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) announced today that data relevant to the use of Endo Aesthetics' Qwo® (collagenase clostridium histolyticum-aaes), which received FDA approval in July 2020 for the treatment of moderate to severe cellulite in the buttocks of adult women, will be presented during The Aesthetic Meeting 2021.

    This data will be highlighted in two oral presentations during the virtual and in-person meeting taking place in Miami, FL April 29–May 3, 2021.

    • "Reduction in Dimple Volume in Women With Buttock Cellulite Treated With Collagenase Clostridium Histolyticum-aaes;" Lawrence Bass, M.D., medical director and founder, Bass Plastic Surgery, PLLC, and QWO clinical trial investigator; Sunday, May 2
    • "Real-World Effectiveness and Safety of Collagenase Clostridium Histolyticum-aaes Injections for the Treatment of Thigh Cellulite in Women: An Interim Analysis;" Sachin Shridharani, M.D., F.A.C.S., founder, LUXURGERY©, and QWO clinical trial investigator; Sunday, May 2

    QWO will also be discussed during The Aesthetic Meeting's well-respected Premier Global Hot Topics program on Friday, April 30.

    INDICATION

    QWO is indicated for the treatment of moderate to severe cellulite in the buttocks of adult women.

    IMPORTANT SAFETY INFORMATION FOR QWO

    CONTRAINDICATIONS

    QWO is contraindicated in patients with a history of hypersensitivity to collagenase or to any of the excipients or the presence of infection at the injection sites.

    WARNINGS AND PRECAUTIONS

    Hypersensitivity Reactions

    Serious hypersensitivity reactions including anaphylaxis have been reported with the use of collagenase clostridium histolyticum. If such a reaction occurs, further injection of QWO should be discontinued and appropriate medical therapy immediately instituted. Advise patients to seek immediate medical attention if they experience any symptoms of serious hypersensitivity reactions.

    Injection Site Bruising

    In clinical trials, 84% of subjects treated with QWO experienced injection site bruising. Subjects with coagulation disorders or using anticoagulant or antiplatelet medications (except those taking ≤150 mg aspirin daily) were excluded from participating in Trials 1 and 2.

    QWO should be used with caution in patients with bleeding abnormalities or who are currently being treated with antiplatelet (except those taking ≤150 mg aspirin daily) or anticoagulant therapy.

    Substitution of Collagenase Products

    QWO must not be substituted with other injectable collagenase products. QWO is not intended for the treatment of Peyronie's Disease or Dupuytren's Contracture.

    ADVERSE REACTIONS

    In clinical trials, the most commonly reported adverse reactions in patients treated with QWO incidence ≥ 10% were at the injection site: bruising, pain, nodule and pruritus.

    Click for Full Prescribing Information for QWO.

    About Cellulite

    Cellulite is a localized alteration in the contour of the skin that has been reported in over 90 percent of post-pubertal females and affects women of all races and ethnicities.1,2 The presence of cellulite is associated with changes in dermal thickness and in the fat cells and connective tissue below the skin.3 A primary factor in the cause of the condition is the collagen containing septae which attach the skin to the underlying fascia layers.4,5 The septae tether the skin which, with additional contributing protrusions of subcutaneous fat, causes the surface dimpling characteristic of cellulite.6,7 These fibrous septae are oriented differently with varying thickness in females than in males, which informs our understanding of cellulite as a gender-related condition.8 Cellulite clinically presents on the buttocks, thighs, lower abdomen and arms. 

    It is known that cellulite is different from generalized obesity.9 In generalized obesity, adipocytes undergo hypertrophy and hyperplasia that is not limited to the pelvis, thighs, and abdomen.2 In areas of cellulite, characteristic large, metabolically stable adipocytes have physiologic and biochemical properties that differ from adipose tissue located elsewhere.10 An anatomical study in 2019 found that women have increased fat lobule height compared with men, which may also contribute to the mattress-like appearance seen as a result of the tension of the fibrous septae.8,10 Weight gain can make cellulite more noticeable, but cellulite may be present even in thin subjects.9

    About Endo Aesthetics LLC

    Endo Aesthetics is embarking on a mission devoted to pushing the boundaries of aesthetic artistry. Driven by world-class research and development, Endo Aesthetics is advancing solutions to address unmet needs beginning with the first FDA-approved injectable treatment for cellulite in the buttocks. Headquartered in Malvern, PA, Endo Aesthetics is an Endo International plc (NASDAQ:ENDP) business. Learn more at www.endoaesthetics.com.

    About Endo

    Endo (NASDAQ:ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from a global team of passionate employees collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities legislation, including, but not limited to, statements regarding research and development outcomes, safety, efficacy, effectiveness, adverse reactions, market and product potential and product availability. 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 Endo's current views, expectations and beliefs concerning future events, they involve risks and uncertainties. Although Endo believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, readers should not place undue reliance on them, or any other forward-looking statements or information in this news release. Investors should note that many factors, as more fully described in the documents filed by Endo with the Securities and Exchange Commission and with securities regulators in Canada on the System for Electronic Document Analysis and Retrieval, including under the caption "Risk Factors" in Endo's Form 10-K, Form 10-Q and Form 8-K filings, and as otherwise enumerated herein or therein, could affect Endo's future results and could cause Endo's actual results to differ materially from those expressed in forward-looking statements contained in this communication. The forward-looking statements in this press release are qualified by these risk factors. Endo assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

    References:

    1. Hexsel DM, et al. Side-by-side comparison of areas with and without cellulite depressions using magnetic resonance imaging. Dermatol Surg. 2009;35(10):1471-7.
    2. Khan MH, et al. Treatment of cellulite: Part I. Pathophysiology. J Am Acad Dermatol. 2010;62:361-70.
    3. Querleux B, et al. Anatomy and physiology of subcutaneous adipose tissue by in vivo magnetic resonance imaging and spectroscopy: Relationships with sex and presence of cellulite. Skin Res Technol. 2002;8(2):118-24.
    4. Zhang YZ, et al. Appl Environ Microbiol. 2015;81(18):6098-6107.
    5. Rossi AM, Katz BE. Dermatol Clin. 2014;32(1):51-59.
    6. Edkins TJ, et al. Clin Vaccine Immunol. 2012;19(4):562-569.
    7. Kaplan FT. Drugs Today (Barc). 2011;47(9):653-667.
    8. Rudolph C, et al. Structural gender-dimorphism and the biomechanics of the gluteal subcutaneous tissue – Implications for the pathophysiology of cellulite. Plast Reconstr Surg. 2019;143(4):1077-86.
    9. Avram MM. Cellulite: a review of its physiology and treatment. J Cosmet Laser Ther. 2005;7:1-5.
    10. Pierard GE, et al. Cellulite: from standing fat herniation to hypodermal stretch marks. Am J Dermatopathol. 2000;22(1):34-7.

     

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  5. Mark Barberio appointed Chairman of the Board of Directors effective at 2021 Annual General Meeting

    DUBLIN, April 27, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) ("Endo" or the "Company") today announced that Mark Barberio, who currently serves as an independent member of Endo's Board of Directors (the "Board"), has been appointed Chairman of the Board effective at the Company's 2021 Annual General Meeting. Mr. Barberio's appointment is part of Endo's ongoing Board succession process, which has also included adding two new Board members since the Company's 2020 Annual General Meeting. In addition, Paul Campanelli, who has served as Chairman of the Board since 2019 and who served as President and Chief Executive Officer from 2016…

    Mark Barberio appointed Chairman of the Board of Directors effective at 2021 Annual General Meeting

    DUBLIN, April 27, 2021 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) ("Endo" or the "Company") today announced that Mark Barberio, who currently serves as an independent member of Endo's Board of Directors (the "Board"), has been appointed Chairman of the Board effective at the Company's 2021 Annual General Meeting. Mr. Barberio's appointment is part of Endo's ongoing Board succession process, which has also included adding two new Board members since the Company's 2020 Annual General Meeting. In addition, Paul Campanelli, who has served as Chairman of the Board since 2019 and who served as President and Chief Executive Officer from 2016 to 2020, will retire from the Board upon the expiration of his current term at the Company's 2021 Annual General Meeting.  Finally, Roger Kimmel, who has been Senior Independent Director since 2019 and who served as Chairman of the Board from 2014 to 2019, will also retire from the Board upon the expiration of his current term. 

    "I am honored to have been appointed Chairman during this important period of Endo's transformation," said Mr. Barberio. "I have seen firsthand the Board and management team's commitment to taking the actions necessary to deliver sustainable value over the long-term. On behalf of the Board, I want to thank Paul and Roger for their many years of service and dedication to Endo. Their leadership, insights and perspectives have been invaluable as Endo has advanced its strategic priorities."

    "Since joining the Board, Mark has provided valuable strategic perspectives and expertise. I look forward to working closely with him as we continue delivering life-enhancing products," said Blaise Coleman, President and Chief Executive Officer of Endo. "I also want to thank Roger for his many contributions during his years of service on the Board and Paul for his invaluable leadership and critical guidance."

    Mr. Barberio has been a member of the Board since February 2020. He has been a Principal of Markapital, LLC since May 2013 and currently serves as a Director of Gibraltar Industries, Inc. and Life Storage, Inc., where he has been Non-Executive Chairman since May 2018.

    About Endo

    Endo (NASDAQ:ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from a global team of passionate employees collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Learn more at www.endo.com or connect with us on LinkedIn.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the relevant Canadian securities legislation, including, but not limited to, the statements by Messrs. Barberio and Coleman and other statements regarding the Company and changes to the Board of Directors. 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 Endo's current views, expectations and beliefs concerning future events, they involve risks and uncertainties. Although Endo believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, readers should not place undue reliance on them, or any other forward-looking statements or information in this news release. Investors should note that many factors, as more fully described in the documents filed by Endo with the Securities and Exchange Commission and with securities regulators in Canada on the System for Electronic Document Analysis and Retrieval, including under the caption "Risk Factors" in Endo's Form 10-K, Form 10-Q and Form 8-K filings, and as otherwise enumerated herein or therein, could affect Endo's future results and could cause Endo's actual results to differ materially from those expressed in forward-looking statements contained in this communication. The forward-looking statements in this press release are qualified by these risk factors. Endo assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

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