What happened
Endo International (nasdaq: endp) was up as much as 13.6% before settling down to about half that gain after reporting preliminary third quarter revenue and earnings results yesterday. The drugmaker can't seem to sustain a rally since Endo's shares did the same thing yesterday, shooting up as much as 18% before ending the day up just 1.4%.
So what
Endo said that third quarter revenue came in at about $785 million with a loss of approximately $0.45 per share on a GAAP from continuing operations basis. Looking at adjusted earnings from continuing operations, Endo will post a profit of $0.85 per share.
The company also reaffirmed its revenue guidance for the year of between $3.38 billion and $3.53 billion. Endo's adjusted earnings from continuing operations is expected to be at the upper end of the guidance given in Aug. of $3.35 to $3.65 per share.
Endo also noted that it plans to defend and protect its Vasostrict franchise from competition, pointing to a lawsuit filed against the FDA asking the court to make the agency stop the non-sterile-to-sterile bulk compounding of vasopressin, the active ingredient in Vasostrict. Endo recently got three patents issued for Vasostrict, which bring the total patents to five, all of which expire in 2035.
