Endo Shares Plunge On Imminent Bankruptcy Filing

  • Endo International plc's ENDP Q2 sales decreased 20% to $569.11 million, beating the consensus of $529.94 million.
  • The decrease was attributable to decreased revenues from the Sterile Injectables segment, partially offset by increased revenues from the Generic Pharmaceuticals segment.
  • Sterile Injectables segment revenues fell 58% to $123 million, primarily due to decreased Vasostrict revenues due to lower price and generic competition, channel inventory destocking, and lower overall market volumes as COVID-19-related hospitalizations decline.
  • The company remains in constructive negotiations with its creditors, and it expects that these negotiations will likely result in a pre-arranged filing under Chapter 11 Bankruptcy.
  • Also Read: Endo Weighing Chapter 11 Filing Before Junior Creditors, Opioid Settlements: Report.
  • Generic segment revenues were $203 million, up 22%, attributable to revenues from varenicline tablets.
  • Adjusted income from continuing operations fell 96% to $6.5 million. 
  • Adjusted EPS reached $0.03 compared to $0.62 a year ago.
  • Branded pharma segment revenues were $219 million, a decrease of 4%. Specialty Products revenues decreased 2% to $164 million, with Xiaflex increasing 8% to $121 million. 
  • Price Action: ENDP shares are down 41.39% at $0.39 during the market session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechEarningsNewsPenny StocksHealth CareMoversTrading IdeasGeneralbankruptcyBriefswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!