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Endo 1Q profit jumps without Indevus buyout costs

Fri, 04/30/2010 - 10:17am
The Associated Press

Endo Pharmaceuticals Holdings Inc. said Friday its profit rose 55 percent in the first quarter compared to a year ago, when it bought Indevus Pharmaceuticals for $370 million and took a series of one-time charges.

Endo said its profit rose to $60.4 million, or 51 cents per share, from $39 million, or 33 cents per share. The company said it earned 74 cents per share excluding one-time items such as amortization costs, payments to parters, and other costs. Revenue rose 9 percent, to $364.4 million from $335.3 million.

Thomson Reuters says analysts were looking for a profit of 75 cents per share and $379.3 million in revenue. Analyst estimates usually leave out one-time gains and costs.

Endo bought Indevus in February 2009, gaining a group of urology treatments in the process. The company took $40 million in one-time charges during that quarter, and most of them were related to the acquisition.

Endo reported stronger sales of its Lidoderm pain patch and other pain medications. Lidoderm revenue rose 6 percent to $182.6 million, the company said, while said of Opana and Opana ER rose 25 percent to $66.2 million combined. Sales of the migraine drug Frova rose to $15.1 million from $12.3 million and sales of Voltaren osteoarthritis gel increased to $20.4 million from $12.3 million.

Sales of Endo's pain drug Percocet fell 15 percent to $28.7 million because of competition from cheaper generic versions.

Revenue from the implant Supprelin LA, which is designed to treat early puberty in children, more than tripled to $10.6 million. Revenue from the prostate cancer implant Vantas more than doubled to $4.4 million. Sales of Valstar, a bladder cancer drug Endo launched in September, totaled $3.8 million.

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