ENDP Endo International plc

3.26
+0.02  (+1%)
Previous Close 3.24
Open 3.24
52 Week Low 2.08
52 Week High 7.1
Market Cap $749,200,176
Shares 223,103,410
Float 161,713,607
Enterprise Value $7,359,910,176
Volume 8,702,318
Av. Daily Volume 4,103,476
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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, Sept. 8, 2020 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) announced today that it will participate in the Citi 15th Annual BioPharma Virtual Conference being held September 8-10, 2020.  Members of management will host virtual meetings at the Conference on September 10, 2020.

    About Endo International plc
    Endo International plc (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…

    DUBLIN, Sept. 8, 2020 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) announced today that it will participate in the Citi 15th Annual BioPharma Virtual Conference being held September 8-10, 2020.  Members of management will host virtual meetings at the Conference on September 10, 2020.

    About Endo International plc

    Endo International plc (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. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania. Learn more at www.endo.com.

    Cision View original content:http://www.prnewswire.com/news-releases/endo-to-participate-at-citi-15th-annual-biopharma-virtual-conference-301125899.html

    SOURCE Endo International plc

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  2. CHARLOTTESVILLE, Va., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) ("Diffusion" or "the Company"), today announced that Robert ("Bob") J. Cobuzzi Jr., Ph.D., who has served as a member of the Company's Board of Directors since January 2020, will succeed David G. Kalergis as President and Chief Executive Officer effective immediately. Mr. Kalergis will retire from his operational responsibilities but continue to serve as Chairman of the Board.

    Dr. Cobuzzi is an accomplished pharmaceutical executive with significant and successful experience in the areas of drug development, business development and operational leadership across multiple therapeutic areas. Since joining the Diffusion board in January 2020…

    CHARLOTTESVILLE, Va., Sept. 08, 2020 (GLOBE NEWSWIRE) -- Diffusion Pharmaceuticals Inc. (NASDAQ:DFFN) ("Diffusion" or "the Company"), today announced that Robert ("Bob") J. Cobuzzi Jr., Ph.D., who has served as a member of the Company's Board of Directors since January 2020, will succeed David G. Kalergis as President and Chief Executive Officer effective immediately. Mr. Kalergis will retire from his operational responsibilities but continue to serve as Chairman of the Board.

    Dr. Cobuzzi is an accomplished pharmaceutical executive with significant and successful experience in the areas of drug development, business development and operational leadership across multiple therapeutic areas. Since joining the Diffusion board in January 2020, Bob has immersed himself in the science and development of Diffusion's lead-product candidate, trans sodium crocetinate ("TSC"), providing significant support to management as the Chairman of the Science and Technology Committee. 

    "Bob is uniquely qualified to lead Diffusion as it expands efforts to develop TSC for life-threatening medical conditions where the body has a decreased ability to deliver oxygen to the areas where it is needed most," said David Kalergis, Diffusion's Chairman. "His deep leadership expertise and broad industry experience make him the ideal leader to drive product development and Company growth." 

    "I am honored to build on David's legacy and excited to lead Diffusion into its next phase of development. I believe Diffusion has a significant opportunity with TSC to develop a unique and clinically meaningful asset that we believe will address an unmet medical need and create shareholder value," said Dr. Cobuzzi. "I would like to thank David and the Board for the opportunity to serve Diffusion, its patients and its shareholders."

    David G. Kalergis has retired as president and chief executive officer of the Company but will continue to serve as chairman of the board of the Company. "It has been a tremendous privilege, first to work with Dr. John Gainer on the development of TSC, and then to work with the entire Diffusion team to bring this exciting new drug to its current inflection point," said Mr. Kalergis. "Speaking on behalf of the entire board, we welcome Bob as president and CEO." 

    Dr. Cobuzzi has 25 years of cross-functional leadership experience in the pharmaceutical and biotechnology industries. He currently serves as a Venture Partner and chairman of the Business Development Board of Sunstone Life Sciences Ventures.  From 2005 until 2018, Dr. Cobuzzi held senior leadership roles with Endo International PLC (NASDAQ:ENDP), most recently as President of Endo Ventures Ltd. headquartered in Dublin, Ireland. Prior to joining Endo, Dr. Cobuzzi's experience included significant scientific licensing, regulatory, and clinical program experience with Adolor Corporation, Centocor Inc., and AstraMerck, Inc./Astra Pharmaceuticals LP. Dr. Cobuzzi graduated from Colby College with an A.B. in Biochemistry and Art History, received his Ph.D. in Molecular and Cellular Biochemistry from Loyola University Chicago and completed a post-doctoral fellowship in Experimental Therapeutics at Roswell Park Comprehensive Cancer Center in Buffalo, New York.

    About Diffusion Pharmaceuticals Inc.

    Diffusion Pharmaceuticals Inc. is an innovative biotechnology company developing new treatments that improve the body's ability to deliver oxygen to the areas where it is needed most, offering new hope for the treatment of life-threatening medical conditions. Diffusion's lead drug TSC was originally developed in conjunction with the United States ("U.S.") Office of Naval Research, which was seeking a way to treat multiple organ failure and its resulting mortality caused by low oxygen levels from blood loss on the battlefield. Evolutions in research have led to Diffusion's focus today on addressing some of medicine's most intractable and difficult-to-treat diseases, including multiple organ failure from respiratory distress, stroke and glioblastoma multiforme ("GBM") brain cancer. In each of these diseases, lack of available oxygen presents a significant obstacle for medical providers and is the target for TSC's novel mechanism. The Company is currently partnering with U.S. and European institutions on an expedited research program to develop TSC as a treatment for the low oxygen levels and associated multiple organ failure in COVID-19 patients.

    Preclinical data support the potential for TSC as a treatment for other conditions where low oxygen availability plays an important role, such as myocardial infarction, peripheral artery disease and neurodegenerative conditions such as Alzheimer's and Parkinson's disease. In addition to the development of TSC, RES-529, the Company's PI3K/AKT/mTOR pathway inhibitor that dissociates the mTORC1 and mTORC2 complexes, is in preclinical testing for GBM.

    Diffusion is headquartered in Charlottesville, Virginia – a hub of advancement in the life science and biopharmaceutical industries.

    Forward-Looking Statements

    To the extent any statements made in this news release deal with information that is not historical, these are forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the company's plans, objectives, expectations and intentions with respect to future operations and products, the potential of the company's technology and product candidates, and other statements that are not historical in nature, particularly those that utilize terminology such as "would," "will," "plans," "possibility," "potential," "future," "expects," "anticipates," "believes," "intends," "continue," "expects," other words of similar meaning, derivations of such words and the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause the Diffusion's actual results to be materially different than those expressed in or implied by such forward-looking statements. Particular uncertainties and risks include:  the ability to develop TSC to address an unmet medical need and create shareholder value including, without limitation, with respect to the treatment of COVID-19 patients; and the various risk factors (many of which are beyond Diffusion's control) as described under the heading "Risk Factors" in Diffusion's filings with the United States Securities and Exchange Commission. All forward-looking statements in this news release speak only as of the date of this news release and are based on management's current beliefs and expectations. Diffusion undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Contacts:

    Robert Cobuzzi, Ph.D., CEO

    Diffusion Pharmaceuticals Inc.

    (434) 220-0718

    LHA Investor Relations

    Kim Sutton Golodetz

    (212) 838-3777

    Media Contact:

    Jeffrey Freedman

    RooneyPartners

    646-432-0191

    Primary Logo

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  3. DUBLIN, Aug. 21, 2020 /PRNewswire/ -- Endo International plc (the "Company") (NASDAQ:ENDP) announced today the expiration and final tender results of the previously announced cash tender offer (the "Offer") by its wholly owned subsidiary Endo Finance LLC ("Endo Finance") for any and all of its outstanding 5.75% Senior Notes due 2022 (the "Notes"), which expired at 5:00 p.m., New York City time, on August 21, 2020 (the "Expiration Time").

    As of the Expiration Time, $10,431,000 aggregate principal amount of Notes, or approximately 5.72% of the aggregate principal amount of Notes outstanding, had been validly tendered and not validly withdrawn. There are no Notes that remain subject to guaranteed delivery procedures. The complete terms and conditions of the Offer were set forth in the Offer to Purchase, dated August 17, 2020 (the "Offer to Purchase"), and the related Notice of Guaranteed Delivery (together with the Offer to Purchase, the "Offer Documents").

    Endo Finance expects to accept for payment all Notes validly tendered and not validly withdrawn prior to the Expiration Time and, in accordance with the terms of the Offer to Purchase, will pay all holders of such Notes $950 per $1,000 principal amount for all Notes accepted in the Offer on August 26, 2020 (the "Payment Date"), including those properly tendered and not validly withdrawn prior to the Expiration Time and those tendered by the guaranteed delivery procedures described within the Offer to Purchase within two business days after the Expiration Time. Also, on the Payment Date, Endo Finance will pay accrued and unpaid interest from the July 15, 2020 interest payment date to, but not including, the Payment Date. For avoidance of doubt, interest on the Notes will cease to accrue on the Payment Date for all Notes accepted in the Offer. All Notes purchased on the Payment Date will subsequently be retired.

    D.F. King & Co., Inc. was the information agent and tender agent for the Offer.

    This press release shall not constitute an offer to buy or a solicitation of an offer to sell any Notes. The Offer was made solely pursuant to the Offer Documents. The Offer was not made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

    About Endo International plc

    Endo International plc (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. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania. Learn more at www.endo.com.

    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 regarding the settlement timing of the Offer. 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, including those risks related to our ability to consummate the Offer on the terms described herein and on the time period described or at all and such other 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 latest Form 10-K and subsequent 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.

     

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/endo-international-plc-announces-the-expiration-and-final-tender-results-of-its-previously-announced-tender-offer-301116605.html

    SOURCE Endo International plc

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  4. DUBLIN, Aug. 17, 2020 /PRNewswire/ -- Endo International plc (the "Company" or "Endo") (NASDAQ:ENDP) announced today that Endo Finance LLC ("Endo Finance"), a wholly-owned subsidiary of the Company, has commenced a cash tender offer for any and all of its outstanding 5.75% Senior Notes due 2022 (CUSIP No. 29271L AA2; U2918V AA3) (the "Notes"), on the terms and subject to the conditions set forth in the Offer to Purchase, dated as of the date hereof (the "Offer to Purchase") and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the "Notice of Guaranteed Delivery"). As of August 16, 2020, there were $182,479,000 principal amount of Notes outstanding. The tender offer is referred to herein as the "Offer." The Offer to…

    DUBLIN, Aug. 17, 2020 /PRNewswire/ -- Endo International plc (the "Company" or "Endo") (NASDAQ:ENDP) announced today that Endo Finance LLC ("Endo Finance"), a wholly-owned subsidiary of the Company, has commenced a cash tender offer for any and all of its outstanding 5.75% Senior Notes due 2022 (CUSIP No. 29271L AA2; U2918V AA3) (the "Notes"), on the terms and subject to the conditions set forth in the Offer to Purchase, dated as of the date hereof (the "Offer to Purchase") and the related Notice of Guaranteed Delivery attached to the Offer to Purchase (the "Notice of Guaranteed Delivery"). As of August 16, 2020, there were $182,479,000 principal amount of Notes outstanding. The tender offer is referred to herein as the "Offer." The Offer to Purchase and the Notice of Guaranteed Delivery are referred to herein collectively as the "Offer Documents."

    The tender offer consideration for each $1,000 principal amount of the Notes purchased pursuant to the Offer will be $950 (the "Tender Offer Consideration"). Holders must validly tender (and not validly withdraw) or deliver a properly completed and duly executed Notice of Guaranteed Delivery for their Notes at or before the Expiration Time (as defined below) in order to be eligible to receive the Tender Offer Consideration. In addition, holders whose Notes are purchased in the Offer will receive accrued and unpaid interest from the July 15, 2020 interest payment date to, but not including, the Payment Date (as defined in the Offer to Purchase) for the Notes. Endo Finance expects the Payment Date to occur on August 26, 2020.

    The Offer will expire at 5:00 p.m., New York City time, on August 21, 2020 (such time and date, as it may be extended, the "Expiration Time"), unless extended or earlier terminated by Endo Finance. The Notes tendered may be withdrawn at any time at or before the Expiration Time by following the procedures described in the Offer to Purchase.

    Endo Finance's obligation to accept for purchase and to pay for the Notes validly tendered and not validly withdrawn pursuant to the Offer is subject to the satisfaction or waiver, in Endo Finance's discretion, of certain conditions, which are more fully described in the Offer to Purchase. The complete terms and conditions of the Offer are set forth in the Offer Documents. Holders of the Notes are urged to read the Offer Documents carefully.

    Endo Finance has retained D.F. King & Co., Inc., as the tender agent and information agent for the Offer.

    Holders who would like additional copies of the Offer Documents may call or email the information agent, D.F. King & Co., Inc. at (212) 269-5550 (banks and brokers), (866) 796-1292 (all others), or . Copies of the Offer to Purchase and the related Notice of Guaranteed Delivery are also available at the following website: www.dfking.com/endo. Questions regarding the terms of the Offer should be directed to Endo Finance LLC (c/o Endo International plc) at (845) 364-4833 (collect) or via email at .

    This press release shall not constitute an offer to buy or a solicitation of an offer to sell any Notes. The Offer is being made solely pursuant to the Offer Documents. The Offer is not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of Endo Finance by one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

    About Endo International plc

    Endo International plc (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. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania. Learn more at www.endo.com.

    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 regarding the timing and results of the Offer. 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, including those risks related to our ability to consummate the Offer on the terms described herein and on the time period described or at all and such other 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 latest Form 10-K and subsequent 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.

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/endo-international-plc-commences-tender-offer-for-any-and-all-of-its-outstanding-5-75-senior-notes-due-2022--301112943.html

    SOURCE Endo International plc

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  5. — Revenues decreased 2% to $688 million compared to prior year —

    — On July 6, 2020, U.S. FDA approved Qwo™ (collagenase clostridium histolyticum-aaes), the first injectable treatment for cellulite —

    DUBLIN, Aug. 5, 2020 /PRNewswire/ -- Endo International plc (NASDAQ:ENDP) today reported financial results for the second quarter ended June 30, 2020.

    "I'm proud of what our team delivered in the second quarter. Our Branded Pharmaceuticals segment performed better than previously guided as COVID-19 related restrictions and physician office closures began easing throughout the quarter. Additionally, our Sterile Injectables segment delivered strong revenue growth versus prior year as customers built significant inventory levels of products used to treat certain COVID-19 patients," said Blaise Coleman, President and Chief Executive Officer at Endo. "I want to thank our team members for their tireless work and dedication to meeting our customers' needs in a challenging environment." 

    Mr. Coleman continued, "With the recent FDA approval of QWO and Endo's impending entry into the US medical aesthetics market, we are ready to embark on the next phase of our transformation. We have evolved our strategic priorities to focus on expanding and enhancing our portfolio of life-enhancing products while accelerating new ways to better serve our customers and to improve productivity. We look forward to executing against these priorities as we seek to realize Endo's full potential."

    SECOND-QUARTER FINANCIAL PERFORMANCE

    (
    in thousands, except per share amounts)



















    Three Months Ended June 30,







    Six Months Ended June 30,







    2020



    2019 (1)



    Change



    2020



    2019 (1)



    Change

    Total Revenues, Net

    $

    687,588





    $

    699,727





    (2)

    %



    $

    1,507,993





    $

    1,420,138





    6

    %

    Reported Income (Loss) from Continuing Operations

    $

    17,610





    $

    (98,052)





    NM



    $

    175,191





    $

    (110,664)





    NM

    Reported Diluted Weighted Average Shares

    233,681





    226,221





    3

    %



    233,348





    225,408





    4

    %

    Reported Diluted Net Income (Loss) per Share from Continuing Operations

    $

    0.08





    $

    (0.43)





    NM



    $

    0.75





    $

    (0.49)





    NM

    Reported Net Income (Loss)

    $

    10,558





    $

    (106,005)





    NM



    $

    140,488





    $

    (124,578)





    NM

    Adjusted Income from Continuing Operations

    $

    151,700





    $

    139,388





    9

    %



    $

    372,100





    $

    278,161





    34

    %

    Adjusted Diluted Weighted Average Shares (2)

    233,681





    232,713





    %



    233,348





    232,174





    1

    %

    Adjusted Diluted Net Income per Share from Continuing Operations

    $

    0.65





    $

    0.60





    8

    %



    $

    1.59





    $

    1.20





    33

    %

    Adjusted EBITDA

    $

    336,481





    $

    326,084





    3

    %



    $

    757,607





    $

    677,180





    12

    %













































    (1)

    Certain prior period adjusted amounts have been revised as a result of a change in the Company's definition of its adjusted financial metrics. Refer to the "Supplemental Financial Information" section below for additional discussion.

    (2)

    Reported Diluted Net Income (Loss) 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.



    CONSOLIDATED RESULTS

    Total revenues were $688 million in second-quarter 2020, a decrease of 2% compared to $700 million during the same period in 2019. This result was primarily attributable to decreased Branded Pharmaceuticals segment revenues due to reduced physician office activity and patient office visits compared to prior year because of the COVID-19 pandemic. This decrease was largely offset by an increase in Sterile Injectables segment revenues due to significant channel inventory stocking of products used to treat certain patients infected with COVID-19.

    Reported income from continuing operations in second-quarter 2020 was $18 million compared to reported loss from continuing operations of $98 million during the same period in 2019. This result was primarily attributable to lower asset impairment charges. Reported diluted net income per share from continuing operations in second-quarter 2020 was $0.08 compared to reported diluted net loss per share from continuing operations of $0.43 in second-quarter 2019.

    Adjusted income from continuing operations in second-quarter 2020 was $152 million compared to $139 million in second-quarter 2019. This increase was primarily attributable to lower second-quarter 2020 operating expenses. Adjusted diluted net income per share from continuing operations in second-quarter 2020 was $0.65 compared to $0.60 in second-quarter 2019.

    BRANDED PHARMACEUTICALS SEGMENT

    Second-quarter 2020 Branded Pharmaceuticals segment revenues were $130 million, a decrease of 38% compared to $209 million during second-quarter 2019. This decrease was primarily attributable to reduced volumes caused by the COVID-19 pandemic.

    Specialty Products revenues decreased 45% to $69 million in second-quarter 2020 compared to $124 million in second-quarter 2019, with sales of XIAFLEX® decreasing 55% to $34 million compared to $75 million in second-quarter 2019. This decrease was primarily a result of physician office closures and a decline in patients electing to be treated because of the COVID-19 pandemic. Established Products revenues decreased 28% to $61 million in second-quarter 2020 compared to $85 million in second-quarter 2019 due to competitive pressures and a temporary product supply disruption, which has been resolved.

    On July 6, 2020, the U.S. Food and Drug Administration (FDA) approved QWO (collagenase clostridium histolyticum-aaes) for the treatment of moderate to severe cellulite in the buttocks of adult women. QWO is the first FDA-approved injectable treatment for cellulite and is expected to be available throughout the United States beginning in spring 2021.

    STERILE INJECTABLES SEGMENT

    Second-quarter 2020 Sterile Injectables segment revenues were $319 million, an increase of 31% compared to $244 million during second-quarter 2019. This increase was primarily driven by significant channel inventory stocking of VASOSTRICT® in anticipation of treating vasodilatory shock in patients infected with COVID-19.

    GENERIC PHARMACEUTICALS SEGMENT

    Second-quarter 2020 Generic Pharmaceuticals segment revenues were $216 million, a decrease of 1% compared to $218 million during second-quarter 2019. This decrease was primarily attributable to continued competitive pressures on certain key products, which were partially offset by recent product launches. 

    INTERNATIONAL PHARMACEUTICALS SEGMENT

    Second-quarter 2020 International Pharmaceuticals segment revenues decreased 20% to $23 million compared to $29 million during second-quarter 2019.

    THIRD-QUARTER AND FULL YEAR 2020 GUIDANCE

    Endo is providing financial guidance for third-quarter and full year 2020. The third-quarter financial guidance reflects the anticipated unfavorable impact of new competitive events in Endo's Generic Pharmaceuticals segment and significant VASOSTRICT channel destocking. The outlook ranges below also reflect a number of other assumptions that are subject to change including, among other things, uncertainties related to the COVID-19 pandemic and the Company's expectation of a return to more normalized customer purchasing patterns during the fourth-quarter 2020. The Company estimates:



    Third-Quarter 2020



    Full Year 2020

    Total Revenues, Net

    $515M to $550M



    $2.60B to $2.70B

    Adjusted EBITDA

    $175M to $200M



    $1.19B to $1.23B

    Adjusted Diluted Net Income per Share from Continuing Operations

    $0.08 to $0.13



    $2.00 to $2.15

    Adjusted Gross Margin

    ~64.0% to ~65.0%



    ~66.5% to ~67.0%

    Adjusted Operating Expenses as a Percentage of Total Revenues, Net

    ~34.0%



    ~25.0% to ~25.5%

    Adjusted Interest Expense

    ~$140M



    ~$530M to ~$535M

    Adjusted Effective Tax Rate

    ~7.5% to ~8.5%



    ~14.0% to ~15.0%

    Adjusted Diluted Weighted Average Shares

    ~234M



    ~234M

    BALANCE SHEET, LIQUIDITY AND OTHER UPDATES

    As of June 30, 2020, the Company had approximately $1.8 billion in unrestricted cash; $8.3 billion of debt; and a net debt to adjusted EBITDA ratio of 4.5.

    Second-quarter 2020 cash provided by operating activities was $304 million, compared to $177 million of net cash provided by operating activities during second-quarter 2019.

    CONFERENCE CALL INFORMATION

    Endo will conduct a conference call with financial analysts to discuss this press release tomorrow at 7:00 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 2058864. Please dial in 10 minutes prior to the scheduled start time.

    A replay of the call will be available from August 6, 2020 at 10:00 a.m. ET until 10:00 a.m. ET on August 13, 2020 by dialing U.S./Canada (855) 859-2056, International (404) 537-3406, and entering the passcode 2058864.

    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 and six months ended June 30, 2020 and 2019 (dollars in thousands):



    Three Months Ended June 30,



    Percent Growth



    Six Months Ended June 30,



    Percent Growth



    2020



    2019





    2020



    2019



    Branded Pharmaceuticals:























    Specialty Products:























    XIAFLEX®

    $

    33,783





    $

    74,855





    (55)

    %



    $

    122,855





    $

    143,362





    (14)

    %

    SUPPRELIN® LA

    15,395





    23,714





    (35)

    %



    35,115





    45,770





    (23)

    %

    Other Specialty (1)

    19,566





    25,524





    (23)

    %



    45,071





    49,927





    (10)

    %

    Total Specialty Products

    $

    68,744





    $

    124,093





    (45)

    %



    $

    203,041





    $

    239,059





    (15)

    %

    Established Products:























    PERCOCET®

    $

    27,578





    $

    28,878





    (5)

    %



    $

    55,281





    $

    59,638





    (7)

    %

    LIDODERM®

    7,056





    9,051





    (22)

    %



    14,279





    17,120





    (17)

    %

    EDEX®

    6,604





    7,662





    (14)

    %



    15,172





    13,633





    11

    %

    Other Established (2)

    19,539





    39,329





    (50)

    %



    45,821





    83,088





    (45)

    %

    Total Established Products

    $

    60,777





    $

    84,920





    (28)

    %



    $

    130,553





    $

    173,479





    (25)

    %

    Total Branded Pharmaceuticals (3)

    $

    129,521





    $

    209,013





    (38)

    %



    $

    333,594





    $

    412,538





    (19)

    %

    Sterile Injectables:























    VASOSTRICT®

    $

    214,214





    $

    116,026





    85

    %



    $

    417,118





    $

    255,163





    63

    %

    ADRENALIN®

    33,161





    45,835





    (28)

    %



    89,673





    93,157





    (4)

    %

    Ertapenem for injection

    11,990





    25,547





    (53)

    %



    29,864





    57,766





    (48)

    %

    APLISOL®

    6,511





    15,530





    (58)

    %



    16,378





    27,911





    (41)

    %

    Other Sterile Injectables (4)

    53,338





    41,342





    29

    %



    102,571





    80,331





    28

    %

    Total Sterile Injectables (3)

    $

    319,214





    $

    244,280





    31

    %



    $

    655,604





    $

    514,328





    27

    %

    Total Generic Pharmaceuticals

    $

    215,879





    $

    217,784





    (1)

    %



    $

    467,162





    $

    436,310





    7

    %

    Total International Pharmaceuticals

    $

    22,974





    $

    28,650





    (20)

    %



    $

    51,633





    $

    56,962





    (9)

    %

    Total revenues, net

    $

    687,588





    $

    699,727





    (2)

    %



    $

    1,507,993





    $

    1,420,138





    6

    %

    __________

    (1)

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

    (2)

    Products included within Other Established include, but are not limited to, TESTOPEL®.

    (3)

    Individual products presented above represent the top two performing products in each product category for either the three or six months ended June 30, 2020 and/or any product having revenues in excess of $25 million during any quarterly period in 2020 or 2019.

    (4)

    Products included within Other Sterile Injectables include ephedrine sulfate injection and others.

     

    The following table presents unaudited Condensed Consolidated Statement of Operations data for the three and six months ended June 30, 2020 and 2019 (in thousands, except per share data):



    Three Months Ended June 30,



    Six Months Ended June 30,



    2020



    2019



    2020



    2019

    TOTAL REVENUES, NET

    $

    687,588





    $

    699,727





    $

    1,507,993





    $

    1,420,138



    COSTS AND EXPENSES:















    Cost of revenues

    336,096





    388,208





    724,895





    780,117



    Selling, general and administrative

    173,258





    152,297





    340,026





    303,420



    Research and development

    30,495





    26,348





    62,110





    59,834



    Litigation-related and other contingencies, net

    (8,572)





    10,315





    (25,748)





    10,321



    Asset impairment charges





    88,438





    97,785





    253,886



    Acquisition-related and integration items, net

    6,045





    (5,507)





    18,507





    (43,008)



    Interest expense, net

    129,164





    134,809





    262,041





    267,484



    Gain on extinguishment of debt













    (119,828)



    Other (income) expense, net

    (4,150)





    (597)





    (18,124)





    4,205



    INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX

    $

    25,252





    $

    (94,584)





    $

    46,501





    $

    (96,293)



    INCOME TAX EXPENSE (BENEFIT)

    7,642





    3,468





    (128,690)





    14,371



    INCOME (LOSS) FROM CONTINUING OPERATIONS

    $

    17,610





    $

    (98,052)





    $

    175,191





    $

    (110,664)



    DISCONTINUED OPERATIONS, NET OF TAX

    (7,052)





    (7,953)





    (34,703)





    (13,914)



    NET INCOME (LOSS)

    $

    10,558





    $

    (106,005)





    $

    140,488





    $

    (124,578)



    NET INCOME (LOSS) PER SHARE—BASIC:















    Continuing operations

    $

    0.08





    $

    (0.43)





    $

    0.77





    $

    (0.49)



    Discontinued operations

    (0.03)





    (0.04)





    (0.16)





    (0.06)



    Basic

    $

    0.05





    $

    (0.47)





    $

    0.61





    $

    (0.55)



    NET INCOME (LOSS) PER SHARE—DILUTED:















    Continuing operations

    $

    0.08





    $

    (0.43)





    $

    0.75





    $

    (0.49)



    Discontinued operations

    (0.03)





    (0.04)





    (0.15)





    (0.06)



    Diluted

    $

    0.05





    $

    (0.47)





    $

    0.60





    $

    (0.55)



    WEIGHTED AVERAGE SHARES:















    Basic

    229,716





    226,221





    228,457





    225,408



    Diluted

    233,681





    226,221





    233,348





    225,408



     

    The following table presents unaudited Condensed Consolidated Balance Sheet data at June 30, 2020 and December 31, 2019 (in thousands):



    June 30, 2020



    December 31, 2019

    ASSETS







    CURRENT ASSETS:







    Cash and cash equivalents

    $

    1,780,087





    $

    1,454,531



    Restricted cash and cash equivalents

    180,730





    247,457



    Accounts receivable

    271,893





    467,953



    Inventories, net

    330,540





    327,865



    Other current assets

    122,894





    88,412



    Total current assets

    $

    2,686,144





    $

    2,586,218



    TOTAL NON-CURRENT ASSETS

    6,478,990





    6,803,309



    TOTAL ASSETS

    $

    9,165,134





    $

    9,389,527



    LIABILITIES AND SHAREHOLDERS' DEFICIT







    CURRENT LIABILITIES:







    Accounts payable and accrued expenses, including legal settlement accruals

    $

    1,175,241





    $

    1,412,954



    Other current liabilities

    47,170





    47,335



    Total current liabilities

    $

    1,222,411





    $

    1,460,289



    LONG-TERM DEBT, LESS CURRENT PORTION, NET

    8,302,595





    8,359,899



    OTHER LIABILITIES

    354,995





    435,883



    SHAREHOLDERS' DEFICIT

    (714,867)





    (866,544)



    TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT

    $

    9,165,134





    $

    9,389,527



     

    The following table presents unaudited Condensed Consolidated Statement of Cash Flow data for the six months ended June 30, 2020 and 2019 (in thousands):



    Six Months Ended June 30,



    2020



    2019

    OPERATING ACTIVITIES:







    Net income (loss)

    $

    140,488





    $

    (124,578)



    Adjustments to reconcile Net income (loss) to Net cash provided by operating activities:







    Depreciation and amortization

    264,198





    320,788



    Asset impairment charges

    97,785





    253,886



    Other, including cash payments to claimants from Qualified Settlement Funds

    (135,583)





    (363,494)



    Net cash provided by operating activities

    $

    366,888





    $

    86,602



    INVESTING ACTIVITIES:







    Purchases of property, plant and equipment, excluding capitalized interest

    $

    (36,305)





    $

    (23,632)



    Proceeds from sale of business and other assets, net

    6,017





    2,594



    Other

    (1,125)





    (1,278)



    Net cash used in investing activities

    $

    (31,413)





    $

    (22,316)



    FINANCING ACTIVITIES:







    (Payments on) proceeds from borrowings, net

    $

    (66,685)





    $

    257,605



    Other

    (9,046)





    (22,676)



    Net cash (used in) provided by financing activities

    $

    (75,731)





    $

    234,929



    Effect of foreign exchange rate

    (915)





    841



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

    $

    258,829





    $

    300,056



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

    1,720,388





    1,476,837



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

    $

    1,979,217





    $

    1,776,893



     

    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.

    Effective January 1, 2020, the Company revised its definition of its adjusted financial metrics to exclude certain legal costs. The Company believes that such costs are not indicative of business performance and that excluding them more accurately reflects the Company's results and better enables management to compare financial results between periods. As a result of this change, the Company's adjusted financial metrics now exclude opioid-related legal expenses. Prior period adjusted results throughout this document have also been adjusted to reflect this change. The impact of excluding these costs during the three and six months ended June 30, 2020 and 2019 is reflected in the Certain legal costs lines of each of the following reconciliation tables.

    Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP)

    The following table provides a reconciliation of Net income (loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the three and six months ended June 30, 2020 and 2019 (in thousands):



    Three Months Ended June 30,



    Six Months Ended June 30,



    2020



    2019



    2020



    2019

    Net income (loss) (GAAP)

    $

    10,558





    $

    (106,005)





    $

    140,488





    $

    (124,578)



    Income tax expense (benefit)

    7,642





    3,468





    (128,690)





    14,371



    Interest expense, net

    129,164





    134,809





    262,041





    267,484



    Depreciation and amortization (13)

    120,855





    158,055





    255,813





    320,788



    EBITDA (non-GAAP)

    $

    268,219





    $

    190,327





    $

    529,652





    $

    478,065



















    Upfront and milestone-related payments (2)

    444





    1,444





    2,194





    2,383



    Continuity and separation benefits and other cost reductions (3)

    9,444





    2,124





    32,664





    4,149



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

    (8,572)





    10,315





    (25,748)





    10,321



    Certain legal costs (5)

    18,005





    18,984





    33,541





    35,673



    Asset impairment charges (6)





    88,438





    97,785





    253,886



    Fair value of contingent consideration (7)

    6,045





    (5,507)





    18,507





    (43,008)



    Gain on extinguishment of debt (8)













    (119,828)



    Share-based compensation (13)

    9,222





    12,600





    21,677





    37,333



    Other (income) expense, net (14)

    (4,150)





    (597)





    (18,124)





    4,205



    Other (9)

    30,772





    3





    30,756





    87



    Discontinued operations, net of tax (11)

    7,052





    7,953





    34,703





    13,914



    Adjusted EBITDA (non-GAAP)

    $

    336,481





    $

    326,084





    $

    757,607





    $

    677,180



     

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

    The following table provides a reconciliation of the Company's Income (loss) from continuing operations (GAAP) to Adjusted income from continuing operations (non-GAAP) for the three and six months ended June 30, 2020 and 2019 (in thousands):



    Three Months Ended June 30,



    Six Months Ended June 30,



    2020



    2019



    2020



    2019

    Income (loss) from continuing operations (GAAP)

    $

    17,610





    $

    (98,052)





    $

    175,191





    $

    (110,664)



    Non-GAAP adjustments:















    Amortization of intangible assets (1)

    104,498





    140,418





    221,735





    286,017



    Upfront and milestone-related payments (2)

    444





    1,444





    2,194





    2,383



    Continuity and separation benefits and other cost reductions (3)

    9,444





    2,124





    32,664





    4,149



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

    (8,572)





    10,315





    (25,748)





    10,321



    Certain legal costs (5)

    18,005





    18,984





    33,541





    35,673



    Asset impairment charges (6)





    88,438





    97,785





    253,886



    Fair value of contingent consideration (7)

    6,045





    (5,507)





    18,507





    (43,008)



    Gain on extinguishment of debt (8)













    (119,828)



    Other (9)

    29,755





    86





    15,335





    1,620



    Tax adjustments (10)

    (25,529)





    (18,862)





    (199,104)





    (42,388)



    Adjusted income from continuing operations (non-GAAP)

    $

    151,700





    $

    139,388





    $

    372,100





    $

    278,161



     

    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 and six months ended June 30, 2020 and 2019 (in thousands, except per share data):



    Three Months Ended June 30, 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 expense



    Effective tax rate



    Income from continuing operations



    Discontinued operations, net of tax



    Net income



    Diluted net income per share from continuing operations (12)

    Reported (GAAP)

    $   687,588



    $     336,096



    $   351,492



    51.1 %



    $     201,226



    29.3 %



    $   150,266



    21.9 %



    $ 125,014



    $       25,252



    $      7,642



    30.3 %



    $     17,610



    $         (7,052)



    $       10,558



    $            0.08

    Items impacting comparability:































































    Amortization of intangible assets (1)

    -



    (104,498)



    104,498







    -







    104,498







    -



    104,498



    -







    104,498



    -



    104,498





    Upfront and milestone-related payments (2)

    -



    (125)



    125







    (319)







    444







    -



    444



    -







    444



    -



    444





    Continuity and separation benefits and other cost reductions (3)

    -



    (904)



    904







    (8,540)







    9,444







    -



    9,444



    -







    9,444



    -



    9,444





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

    -



    -



    -







    8,572







    (8,572)







    -



    (8,572)



    -







    (8,572)



    -



    (8,572)





    Certain legal costs (5)

    -



    -



    -







    (18,005)







    18,005







    -



    18,005



    -







    18,005



    -



    18,005





    Fair value of contingent consideration (7)

    -



    -



    -







    (6,045)







    6,045







    -



    6,045



    -







    6,045



    -



    6,045





    Other (9)

    -



    -



    -







    (30,749)







    30,749







    994



    29,755



    -







    29,755



    -



    29,755





    Tax adjustments (10)

    -



    -



    -







    -







    -







    -



    -



    25,529







    (25,529)



    -



    (25,529)





    Exclude discontinued operations, net of tax (11)

    -



    -



    -







    -







    -







    -



    -



    -







    -



    7,052



    7,052





    After considering items (non-GAAP)

    $   687,588



    $     230,569



    $   457,019



    66.5 %



    $     146,140



    21.3 %



    $   310,879



    45.2 %



    $ 126,008



    $     184,871



    $    33,171



    17.9 %



    $   151,700



    $                  -



    $     151,700



    $            0.65

     



    Three Months Ended June 30, 2019



    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



    (Loss) income from continuing operations before income tax



    Income tax expense



    Effective tax rate



    (Loss) income from continuing operations



    Discontinued operations, net of tax



    Net (loss) income



    Diluted net (loss) income per share from continuing operations (12)

    Reported (GAAP)

    $   699,727



    $     388,208



    $   311,519



    44.5 %



    $     271,891



    38.9 %



    $     39,628



    5.7 %



    $ 134,212



    $     (94,584)



    $      3,468



    (3.7)%



    $   (98,052)



    $         (7,953)



    $   (106,005)



    $          (0.43)

    Items impacting comparability:































































    Amortization of intangible assets (1)

    -



    (140,418)



    140,418







    -







    140,418







    -



    140,418



    -







    140,418



    -



    140,418





    Upfront and milestone-related payments (2)

    -



    (739)



    739







    (705)







    1,444







    -



    1,444



    -







    1,444



    -



    1,444





    Continuity and separation benefits and other cost reductions (3)

    -



    -



    -







    (2,124)







    2,124







    -



    2,124



    -







    2,124



    -



    2,124





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

    -



    -



    -







    (10,315)







    10,315







    -



    10,315



    -







    10,315



    -



    10,315





    Certain legal costs (5)

    -



    -



    -







    (18,984)







    18,984







    -



    18,984



    -







    18,984



    -



    18,984





    Asset impairment charges (6)

    -



    -



    -







    (88,438)







    88,438







    -



    88,438



    -







    88,438



    -



    88,438





    Fair value of contingent consideration (7)

    -



    -



    -







    5,507







    (5,507)







    -



    (5,507)



    -







    (5,507)



    -



    (5,507)





    Other (9)

    -



    -



    -







    175







    (175)







    (261)



    86



    -







    86



    -



    86





    Tax adjustments (10)

    -



    -



    -







    -







    -







    -



    -



    18,862







    (18,862)



    -



    (18,862)





    Exclude discontinued operations, net of tax (11)

    -



    -



    -







    -







    -







    -



    -



    -







    -



    7,953



    7,953





    After considering items (non-GAAP)

    $   699,727



    $     247,051



    $   452,676



    64.7 %



    $     157,007



    22.4 %



    $   295,669



    42.3 %



    $ 133,951



    $     161,718



    $    22,330



    13.8 %



    $   139,388



    $                  -



    $     139,388



    $            0.60

































































     



    Six Months Ended June 30, 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 (12)

    Reported (GAAP)

    $1,507,993



    $     724,895



    $   783,098



    51.9 %



    $     492,680



    32.7 %



    $   290,418



    19.3 %



    $ 243,917



    $       46,501



    $(128,690)



    (276.7)%



    $   175,191



    $       (34,703)



    $     140,488



    $            0.75

    Items impacting comparability:































































    Amortization of intangible assets (1)

    -



    (221,735)



    221,735







    -







    221,735







    -



    221,735



    -







    221,735



    -



    221,735





    Upfront and milestone-related payments (2)

    -



    (667)



    667







    (1,527)







    2,194







    -



    2,194



    -







    2,194



    -



    2,194





    Continuity and separation benefits and other cost reductions (3)

    -



    (7,142)



    7,142







    (25,522)







    32,664







    -



    32,664



    -







    32,664



    -



    32,664





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

    -



    -



    -







    25,748







    (25,748)







    -



    (25,748)



    -







    (25,748)



    -



    (25,748)





    Certain legal costs (5)

    -



    -



    -







    (33,541)







    33,541







    -



    33,541



    -







    33,541



    -



    33,541





    Asset impairment charges (6)

    -



    -



    -







    (97,785)







    97,785







    -



    97,785



    -







    97,785



    -



    97,785





    Fair value of contingent consideration (7)

    -



    -



    -







    (18,507)







    18,507







    -



    18,507



    -







    18,507



    -



    18,507





    Other (9)

    -



    -



    -







    (30,749)







    30,749







    15,414



    15,335



    -







    15,335



    -



    15,335





    Tax adjustments (10)

    -



    -



    -







    -







    -







    -



    -



    199,104







    (199,104)



    -



    (199,104)





    Exclude discontinued operations, net of tax (11)

    -



    -



    -







    -







    -







    -



    -



    -







    -



    34,703



    34,703





    After considering items (non-GAAP)

    $1,507,993



    $     495,351



    $1,012,642



    67.2 %



    $     310,797



    20.6 %



    $   701,845



    46.5 %



    $ 259,331



    $     442,514



    $    70,414



    15.9 %



    $   372,100



    $                  -



    $     372,100



    $            1.59

     



    Six Months Ended June 30, 2019



    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



    (Loss) income from continuing operations before income tax



    Income tax expense



    Effective tax rate



    (Loss) income from continuing operations



    Discontinued operations, net of tax



    Net (loss) income



    Diluted net (loss) income per share from continuing operations (12)

    Reported (GAAP)

    $1,420,138



    $     780,117



    $   640,021



    45.1 %



    $     584,453



    41.2 %



    $     55,568



    3.9 %



    $ 151,861



    $     (96,293)



    $    14,371



    (14.9)%



    $ (110,664)



    $       (13,914)



    $   (124,578)



    $          (0.49)

    Items impacting comparability:































































    Amortization of intangible assets (1)

    -



    (286,017)



    286,017







    -







    286,017







    -



    286,017



    -







    286,017



    -



    286,017





    Upfront and milestone-related payments (2)

    -



    (1,400)



    1,400







    (983)







    2,383







    -



    2,383



    -







    2,383



    -



    2,383





    Continuity and separation benefits and other cost reductions (3)

    -



    -



    -







    (4,149)







    4,149







    -



    4,149



    -







    4,149



    -



    4,149





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

    -



    -



    -







    (10,321)







    10,321







    -



    10,321



    -







    10,321



    -



    10,321





    Certain legal costs (5)

    -



    -



    -







    (35,673)







    35,673







    -



    35,673



    -







    35,673



    -



    35,673





    Asset impairment charges (6)

    -



    -



    -







    (253,886)







    253,886







    -



    253,886



    -







    253,886



    -



    253,886





    Fair value of contingent consideration (7)

    -



    -



    -







    43,008







    (43,008)







    -



    (43,008)



    -







    (43,008)



    -



    (43,008)





    Gain on extinguishment of debt (8)

    -



    -



    -







    -







    -







    119,828



    (119,828)



    -







    (119,828)



    -



    (119,828)





    Other (9)

    -



    -



    -







    175







    (175)







    (1,795)



    1,620



    -







    1,620



    -



    1,620





    Tax adjustments (10)

    -



    -



    -







    -







    -







    -



    -



    42,388







    (42,388)



    -



    (42,388)





    Exclude discontinued operations, net of tax (11)

    -



    -



    -







    -







    -







    -



    -



    -







    -



    13,914



    13,914





    After considering items (non-GAAP)

    $1,420,138



    $     492,700



    $   927,438



    65.3 %



    $     322,624



    22.7 %



    $   604,814



    42.6 %



    $ 269,894



    $     334,920



    $    56,759



    16.9 %



    $   278,161



    $                  -



    $     278,161



    $            1.20

     

    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 and six months ended June 30, 2020 and 2019 are as follows:

    (1)

    Adjustments for amortization of commercial intangible assets included the following (in thousands):







    Three Months Ended June 30,



    Six Months Ended June 30,



    2020



    2019



    2020



    2019

    Amortization of intangible assets excluding fair value step-up from contingent consideration

    $

    103,681





    $

    134,473





    $

    220,101





    $

    271,338



    Amortization of intangible assets related to fair value step-up from contingent consideration

    817





    5,945





    1,634





    14,679



    Total

    $

    104,498





    $

    140,418





    $

    221,735





    $

    286,017



     

    (2)

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







    Three Months Ended June 30,



    2020



    2019



    Cost of revenues



    Operating expenses



    Cost of revenues



    Operating expenses

    Sales-based

    $

    125





    $





    $

    739





    $



    Development-based





    319









    705



    Total

    $

    125





    $

    319





    $

    739





    $

    705









    Six Months Ended June 30,



    2020



    2019



    Cost of revenues



    Operating expenses



    Cost of revenues



    Operating expenses

    Sales-based

    $

    667





    $





    $

    1,400





    $



    Development-based





    1,527









    983



    Total

    $

    667





    $

    1,527





    $

    1,400





    $

    983



     

    (3)

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







    Three Months Ended June 30,



    2020



    2019



    Cost of revenues



    Operating expenses



    Cost of revenues



    Operating expenses

    Continuity and separation benefits

    $

    515





    $

    3,606





    $





    $

    410



    Accelerated depreciation charges

    1,347





    408











    Other

    (958)





    4,526









    1,714



    Total

    $

    904





    $

    8,540





    $





    $

    2,124









    Six Months Ended June 30,



    2020



    2019



    Cost of revenues



    Operating expenses



    Cost of revenues



    Operating expenses

    Continuity and separation benefits

    $

    1,142





    $

    16,775





    $





    $

    2,212



    Accelerated depreciation charges

    6,026





    2,359











    Other

    (26)





    6,388









    1,937



    Total

    $

    7,142





    $

    25,522





    $





    $

    4,149



     

    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.



    (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 June 30,



    Six Months Ended June 30,



    2020



    2019



    2020



    2019

    Goodwill impairment charges

    $





    $

    65,108





    $

    32,786





    $

    151,108



    Other intangible asset impairment charges





    21,699





    63,751





    100,399



    Property, plant and equipment impairment charges





    1,631





    1,248





    2,379



    Total asset impairment charges

    $





    $

    88,438





    $

    97,785





    $

    253,886







    (7)

    To exclude the impact of changes in the fair value of contingent consideration liabilities resulting from changes to our 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.





    (8)

    To exclude the gain on the extinguishment of debt associated with the Company's March 2019 refinancing.





    (9)

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







    Three Months Ended June 30,



    2020



    2019



    Operating expenses



    Other non-operating expenses



    Operating expenses



    Other non-operating expenses

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

    $





    $

    3,005





    $





    $

    2,262



    (Gain) loss on sale of business and other assets





    (3,999)









    (2,001)



    Debt modification costs

    30,749















    Other miscellaneous









    (175)







    Total

    $

    30,749





    $

    (994)





    $

    (175)





    $

    261









    Six Months Ended June 30,



    2020



    2019



    Operating expenses



    Other non-operating expenses



    Operating expenses



    Other non-operating expenses

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

    $





    $

    (4,089)





    $





    $

    3,796



    (Gain) loss on sale of business and other assets





    (11,325)









    (2,001)



    Debt modification costs

    30,749















    Other miscellaneous









    (175)







    Total

    $

    30,749





    $

    (15,414)





    $

    (175)





    $

    1,795





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





    (10)

    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.





    (11)

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





    (12)

    Calculated as Net (loss) income 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 June 30,



    Six Months Ended June 30,



    2020



    2019



    2020



    2019

    GAAP

    233,681





    226,221





    233,348





    225,408



    Non-GAAP Adjusted

    233,681





    232,713





    233,348





    232,174







    (13)

    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.





    (14)

    To exclude Other (income) expense, 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 (loss) (GAAP) to Adjusted EBITDA (non-GAAP) for the twelve months ended June 30, 2020 (in thousands) and the calculation of the Company's Net Debt Leverage Ratio (non-GAAP):



    Twelve Months

    Ended June 30,

    2020

    Net loss (GAAP)

    $

    (157,570)



    Income tax benefit

    (127,381)



    Interest expense, net

    533,291



    Depreciation and amortization (13)

    547,887



    EBITDA (non-GAAP)

    $

    796,227







    Upfront and milestone-related payments

    $

    6,434



    Continuity and separation benefits and other cost reductions

    63,113



    Certain litigation-related and other contingencies, net

    (24,858)



    Certain legal costs

    63,150



    Asset impairment charges

    369,981



    Fair value of contingent consideration

    15,417



    Share-based compensation (13)

    43,486



    Other income, net

    (5,652)



    Other

    44,460



    Discontinued operations, net of tax

    82,841



    Adjusted EBITDA (non-GAAP)

    $

    1,454,599







    Calculation of Net Debt:



    Debt

    $

    8,336,745



    Cash (excluding Restricted Cash)

    1,780,087



    Net Debt (non-GAAP)

    $

    6,556,658







    Calculation of Net Debt Leverage:



    Net Debt Leverage Ratio (non-GAAP)

    4.5



     

    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 International plc (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. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania.

    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, market potential, corporate strategy, optimization efforts, expected growth and regulatory approvals, together with Endo's net income per share from continuing operations amounts, product net sales, revenue forecasts, 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. 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 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; 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 strategic 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; unfavorable publicity regarding the misuse of opioids; 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 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 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. 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.

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