2014

Endo Pharmaceuticals Reports Strong Third-Quarter Financial Results and Reaffirms 2011 Financial Guidance

CHADDS FORD, Pa., Oct. 27, 2011 /PRNewswire/ --

  • Total quarterly revenues of $759 million increase 71 percent versus prior year; branded pharmaceuticals revenues grow 17 Percent, reflecting strong performance of OPANA® ER, Voltaren® Gel and LIDODERM®;
  • Reported quarterly diluted EPS of $0.34 versus $0.46 for prior year
  • Adjusted diluted EPS of $1.25 reflecting growth of 45 percent from 2010
  • Company reaffirms 2011 guidance for revenue of $2.72 to $2.80 billion and adjusted diluted EPS of $4.55 to $4.65; now expects reported or GAAP diluted EPS of $1.87 to $1.97
  • Company makes progress on integration and build-out of its urology franchise  

Endo Pharmaceuticals (Nasdaq: ENDP) today reported financial results for the third quarter of 2011.

Total revenues during the third quarter of 2011 increased 71 percent to $759.1 million, compared with $444.1 million in the same quarter of 2010.  Net income for the three months ended Sept. 30, 2011, was $40.6 million, compared with $54.2 million in the comparable 2010 period.  

Additionally, adjusted net income for the three months ended Sept. 30, 2011, was $151.1 million, up 50 percent compared with $100.8 million in the same period in 2010.  Reported diluted earnings per share for the quarter ended Sept. 30, 2011, were $0.34 compared with $0.46 reported in the third quarter of 2010. Adjusted diluted earnings per share for the same period were $1.25, up 45 percent from $0.86 reported in 2010.

"Endo had another strong quarter, with record revenues and adjusted earnings, led by Opana ER, generics and AMS's Men's Health business," said Dave Holveck, president and CEO of Endo. "This performance is a testament to our diversified business model, and our commitment to enhancing healthcare delivery, which allows us to continue to bring together the aggregate capabilities of all our companies to create more solutions for patients, payors and physicians particularly across the entire urology spectrum."

FINANCIAL PERFORMANCE AT A GLANCE

($ in thousands, except per share amounts)


3rd Quarter


Nine Months Ended September 30



2011

2010

Change

2011

2010

Change

Total Revenues

$759,078

$444,103

71%

$1,926,715

$1,205,039

60%

Reported Net Income

40,649

54,206

-25%

151,019

166,021

-9%

Reported Diluted EPS

0.34

0.46

-26%

1.24

1.42

-13%

Adjusted Net Income

151,089

100,839

50%

399,967

282,720

41%

Adjusted Diluted EPS

1.25

0.86

45%

3.29

2.41

37%




BRANDED PHARMACEUTICALS

Branded pharmaceutical sales of $425.5 million for the third quarter 2011 represented an increase of 17 percent versus the prior year. These results reflect strong commercial performance in our branded pain franchise, where net sales grew 18 percent year over year, with a strong third-quarter performance by OPANA® ER, Voltaren® Gel and LIDODERM®.  OPANA® ER net sales grew 66 percent on prescription growth of 56 percent.  Voltaren® Gel net sales grew 35 percent.  FORTESTA® Gel, a topical gel for the treatment of hypogonadism, recorded approximately $8 million in revenue, which includes the recognition of roughly $4 million previously classified as deferred revenue.  

GENERICS

Generic sales of $148 million for the third quarter 2011 represented an increase of 439 percent over last year, driven by our acquisition of Qualitest.  Quarter over quarter, generic sales increased $14.9 million, primarily as a result of having the operational flexibility to capitalize on certain market conditions that created new business opportunities for Endo's Qualitest business.  The company continues to execute on its ANDA pipeline in multiple therapeutic areas, with 50 ANDAs currently under U.S. Food and Drug Administration (FDA) review.  

DEVICES AND SERVICES

Devices and services sales, driven by our June 2011 acquisition of American Medical System (AMS), were $185.6 million for the third quarter, an increase of 259 percent over the prior year.  Men's Health, led by strong sales of the AMS 800 Artificial Urinary Sphincter, grew 21 percent on a pro forma basis in the third quarter of 2011, compared with same period last year.  In early September, an FDA advisory panel met to discuss the use of surgical mesh products in the repair of pelvic organ prolapse and stress urinary incontinence, which the company believes led to reduced procedural volumes during the quarter.  However, the company believes that the advisory panel addressed the questions raised and that a recovery in procedural volumes will emerge in the near term.  

UROLOGY CHANNEL STRATEGY

Endo Pharmaceuticals believes that strong relationships with urologists are an important component in the growth of its urology franchise, and the company continues to take steps to further strengthen these relationships.  During the third quarter of 2011, the AMS integration effort developed plans to deliver revenue and cost synergies associated with the transaction.  The company is launching commercial pilot programs to advance cross-selling initiatives for the AMS's Men's Health Products and Endo's Fortesta® Gel.  In addition, the company is exploring opportunities to expand the utilization of Endocare® cryoablation therapy and AMS' BPH laser through our HealthTronics franchise.

As part of an effort to increase and broaden the relationships within the urology community, HealthTronics recently committed to strategic investments in Intuitive Medical Software (IMS) and meridianEMR, Inc., two providers of electronic medical records for urologists.  Together, IMS and meridianEMR provide access to approximately 1,800 urologists using data platforms that will enhance service offerings in urology practice management.  

Balance Sheet Update

During the third-quarter of 2011, Endo made payments of $151 million to reduce the outstanding principal of term loan debt associated with the acquisition of AMS.  This action is consistent with the company's objective of reducing its debt to EBITDA ratio to 2.0 to 2.5 times by 2013.

2011 FINANCIAL GUIDANCE

Endo's estimates are based on actual results for the nine months ended Sept. 30, 2011.  The company's guidance for reported (GAAP) earnings per share does not include any estimates for the potential future changes in the fair value of contingent consideration, certain separation benefits, any asset impairment charges or for potential new corporate development transactions.  For the full year ended Dec. 31, 2011, Endo estimates:

  • Total revenue between $2.72 billion and $2.80 billion
  • Total Branded Pharmaceuticals segment revenue between $1.625 billion and $1.69 billion
  • Total Generics segment revenue between $550 million and $575 million
  • Total Device and Services segment revenue between $520 million and $550 million
  • Reported (GAAP) diluted earnings per share between $1.87 and $1.97
  • Adjusted diluted earnings per share between $4.55 and $4.65

The company's 2011 guidance is based on certain assumptions including:

  • Adjusted gross margin between 69 percent and 71 percent
  • Adjusted effective tax rate of approximately 28 percent
  • Weighted average number of common shares outstanding of 121 million shares for the year ended Dec. 31, 2011
  • No generic competition for Voltaren Gel in 2011

Conference Call Information

Endo will conduct a conference call with financial analysts to discuss this news release today at 10:00 a.m. ET.  Investors and other interested parties may call 800-901-5241 (domestic) or +1 617-786-2963 (international) and enter passcode 11948354.  Please dial in 10 minutes prior to the scheduled start time.

A replay of the call will be available from Oct. 27 at 1:00 p.m. ET until 12:00 p.m. ET on Nov. 10, 2011 by dialing 888-286-8010 (domestic) or +1 617-801-6888 (international) and entering passcode 77092041.

A simultaneous webcast of the call can be accessed by visiting www.endo.com.  In addition, a replay of the webcast will be available until 12:00 p.m. ET on Nov. 10, 2011.  The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.

Supplemental Financial Information

The following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the three months ended Sept. 30, 2011 and Sept. 30, 2010 (in thousands, except per share data):

Three Months Ended September 30, 2011 (unaudited)

Actual

Reported

(GAAP)

Adjustments


Adjusted

REVENUES

$  759,078

$  —


$  759,078






COSTS AND EXPENSES:





 Cost of revenues

302,172

(80,625)

(1)

221,547

 Selling, general and administrative

244,359

(15,761)

(2)

228,598

 Research and development

43,884

(2,355)

(3)

41,529

 Impairment of long-lived assets

22,691

(22,691)

(4)

 Acquisition-related items

5,818

(5,818)

(5)






OPERATING INCOME

$  140,154

$  127,250


$  267,404






INTEREST EXPENSE, NET

52,792

(4,754)

(6)

48,038

OTHER INCOME, NET

(3,000)

2,636

(7)

(364)






INCOME BEFORE INCOME TAXES

$  90,362

$  129,368


$  219,730






INCOME TAXES

34,057

18,928

(8)

52,985






CONSOLIDATED NET INCOME

$  56,305

$  110,440


$  166,745






Less: Net income attributable to noncontrolling interests

(15,656)


(15,656)






NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

$  40,649

110,440


$  151,089











DILUTED EARNINGS PER SHARE

$  0.34



$  1.25

DILUTED WEIGHTED AVERAGE SHARES

120,847



120,847



Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:

(1)

To exclude amortization of commercial intangible assets related to marketed products of $55,337, the impact of inventory step-up recorded as part of acquisition accounting of $23,937, and certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $1,351.

(2)

To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $12,252 and amortization of customer relationships of $3,509.

(3)

To exclude milestone and upfront payments to partners.

(4)

To exclude an impairment on long-lived assets.

(5)

To exclude acquisition-related costs of $6,046 and a gain of $228 recorded to reflect the change in fair value of the contingent consideration associated with the Qualitest acquisition.

(6)

To exclude additional interest expense as a result of adopting ASC 470-20.

(7)

To exclude the gain on hedging activities for foreign currencies.

(8)

To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.



Three Months Ended September 30, 2010 (unaudited)

Actual

Reported

(GAAP)

Adjustments


Adjusted

REVENUES

$  444,103

$  —


$  444,103






COSTS AND EXPENSES:





 Cost of revenues

133,920

(20,792  )

(1)

113,128

 Selling, general and administrative

137,816

(7,050)

(2)

130,766

 Research and development

31,445

(309)

(3)

31,136

 Acquisition-related items

24,990

(24,990)

(4)






OPERATING INCOME

$  115,932

$  53,141


$  169,073






INTEREST EXPENSE, NET

12,979

(4,245)

(5)

8,734

OTHER INCOME, NET

(59)


(59)






INCOME BEFORE INCOME TAXES

$  103,012

$  57,386


$  160,398






INCOME TAXES

33,540

10,753

(6)

44,293






CONSOLIDATED NET INCOME

$  69,472

$  46,633


$  116,105






Less: Net income attributable to noncontrolling interests

(15,266)


(15,266)






NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

$  54,206

46,633


$  100,839











DILUTED EARNINGS PER SHARE

$  0.46



$  0.86

DILUTED WEIGHTED AVERAGE SHARES

116,597



116,597



Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:

(1)

To exclude amortization of commercial intangible assets related to marketed products of $19,378 and the impact of a HealthTronics inventory step-up recorded as part of acquisition accounting of $1,414.

(2)

To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations.

(3)

To exclude milestone and upfront payments to partners.

(4)

To exclude acquisition-related costs of $23,960 as well as the impact, under purchasing accounting, of a loss recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus acquisition of $1,030.

(5)

To exclude additional interest expense as a result of adopting ASC 470-20 of $4,338 and to exclude amortization of the premium on debt acquired from Indevus of ($93).

(6)

To reflect the cash tax savings resulting from the Indevus, HealthTronics and Penwest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.  



The following tables provide a reconciliation of our reported (GAAP) statements of operations to our adjusted statements of operations for each of the nine months ended Sept. 30, 2011 and Sept. 30, 2010 (in thousands, except per share data):

Nine Months Ended September 30, 2011(unaudited)

Actual

Reported

(GAAP)

Adjustments


Adjusted

REVENUES

$  1,926,715

$  —


$  1,926,715






COSTS AND EXPENSES:





 Cost of revenues

770,427

(183,640)

(1)

586,787

 Selling, general and administrative

581,878

(20,177)

(2)

561,701

 Research and development

126,854

(18,346)

(3)

108,508

 Impairment of long-lived assets

22,691

(22,691)

(4)

 Acquisition-related items

29,517

(29,517)

(5)






OPERATING INCOME

$  395,348

$  274,371


$  669,719






INTEREST EXPENSE, NET

97,142

(14,014)

(6)

83,128

GAIN ON EXTINGUISHMENT OF DEBT, NET

8,548

(8,548)

(7)

OTHER INCOME, NET

(2,777)

2,636

(8)

(141)






INCOME BEFORE INCOME TAXES

$  292,435

$  294,297


$  586,732






INCOME TAXES

100,283

45,349

(9)

145,632






CONSOLIDATED NET INCOME

$  192,152

$  248,948


$  441,100






Less: Net income attributable to noncontrolling interests

(41,133)


(41,133)






NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

$  151,019

248,948


$  399,967











DILUTED EARNINGS PER SHARE

$  1.24



$  3.29

DILUTED WEIGHTED AVERAGE SHARES

121,432



121,432



Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:

(1)

To exclude amortization of commercial intangible assets related to marketed products of $132,571, the impact of inventory step-up recorded as part of acquisition accounting of $40,718, certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $1,351 and milestone payments to partners of $9,000.

(2)

To exclude certain integration costs and separation benefits incurred in connection with continued efforts to enhance the company's operations of $16,247 and amortization of customer relationships of $3,930.

(3)

To exclude milestone and upfront payments to partners.

(4)

To exclude an impairment on long-lived assets.

(5)

To exclude acquisition-related costs of $36,975 and a gain of $7,458 recorded to reflect the change in fair value of the contingent consideration associated with the Indevus and Qualitest acquisitions.

(6)

To exclude additional interest expense as a result of adopting ASC 470-20.

(7)

To exclude the unamortized debt issuance costs written off and recorded as a loss on extinguishment of debt upon the early termination of our 2010 Credit Facility.

(8)

To exclude the gain on hedging activities for foreign currencies.

(9)

To reflect the cash tax savings results from our recent acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.



Nine Months Ended September 30, 2010 (unaudited)

Actual

Reported

(GAAP)

Adjustments


Adjusted

REVENUES

$  1,205,039

$  —


$  1,205,039






COSTS AND EXPENSES:





  Cost of revenues

335,209

(55,144)

(1)

280,065

  Selling, general and administrative

404,402

(16,058)

(2)

388,344

  Research and development

105,269

(19,712)

(3)

85,557

  Impairment of other intangible assets

13,000

(13,000)

(4)

  Acquisition-related items

31,315

(31,315)

(5)






OPERATING INCOME

$  315,844

$  135,229


$  451,073






INTEREST EXPENSE, NET

32,767

(12,507)

(6)

20,260

OTHER INCOME, NET

(479)

(239)

(7)

(718)






INCOME BEFORE INCOME TAXES

$  283,556

$  147,975


$  431,531






INCOME TAXES

102,269

31,276

(8)

133,545






CONSOLIDATED NET INCOME

$  181,287

$  116,699


$  297,986






Less: Net income attributable to noncontrolling interests

(15,266)


(15,266)






NET INCOME ATTRIBUTABLE TO ENDO PHARMACEUTICALS HOLDINGS INC.

$  166,021

116,699


$  282,720











DILUTED EARNINGS PER SHARE

$  1.42



$  2.41

DILUTED WEIGHTED AVERAGE SHARES

117,096



117,096



Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations:

(1)

To exclude amortization of commercial intangible assets related to marketed products of $53,730 and the impact of a HealthTronics inventory step-up recorded as part of acquisition accounting of $1,414.

(2)

To exclude certain costs incurred with connection with continued efforts to enhance the Company's operations.

(3)

To exclude a milestone-like payment and milestone and upfront payments to partners of $19,200 and certain costs incurred in connection with continued efforts to enhance the cost structure of the company of $512.

(4)

To exclude an impairment of other intangible assets.

(5)

To exclude acquisition-related costs of $29,165 as well as the impact, under purchase accounting, of a loss recorded to reflect the change in the company's current estimate of fair value, in accordance with GAAP, of the contingent consideration associated with the Indevus acquisition of $2,150.

(6)

To exclude additional interest expense as a result of adopting ASC 470-20 of $12,788 and to exclude amortization of the premium on debt acquired from Indevus of ($281).

(7)

To exclude changes in fair value of financial instruments, net.

(8)

To reflect the cash tax savings resulting from the Indevus, HealthTronics and Penwest acquisitions and the tax effect of the pre-tax adjustments above at applicable tax rates.



For an explanation of Endo's reasons for using non-GAAP measures, see Endo's Current Report on Form 8-K filed today with the Securities and Exchange Commission.

Reconciliation of Projected GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance for 2011





Year Ending


December 31, 2011





Projected GAAP diluted income per common share

$1.87

To

$1.97

Upfront and milestone-related payments to partners

$0.25


$0.25

Amortization of commercial intangible assets and inventory step-up

$2.10


$2.10

Acquisition and integration costs related to recent acquisitions.

$0.48


$0.48

Impairment of long-lived assets through September 30, 2011

$0.19


$0.19

Interest expense adjustment for ASC 470-20

$0.16


$0.16

Tax effect of pre-tax adjustments at the applicable tax rates and certain other expected cash tax savings as a result of recent acquisitions

($0.50)


($0.50)

Diluted adjusted income per common share guidance

$4.55

To

$4.65





The company's guidance is being issued based on certain assumptions including:

  • Certain of the above amounts are based on estimates and there can be no assurance that Endo will achieve these results.
  • Includes all completed business development transactions as of October 27, 2011.



About Endo

Endo Pharmaceuticals is a U.S.-based, specialty healthcare solutions company with a diversified business model, operating in three key business segments – branded pharmaceuticals, generics and devices and services.  We deliver an innovative suite of complementary products and services to meet the needs of patients in areas such as pain management, pelvic health, urology, endocrinology and oncology. For more information about Endo Pharmaceuticals, and its wholly owned subsidiaries American Medical Systems, HealthTronics, Inc. and Qualitest Pharmaceuticals, please visit http://www.endo.com/.

(Tables Attached)



The following tables present Endo's unaudited Net Revenues for the three and nine months ended Sept. 30, 2011 and 2010:

Endo Pharmaceuticals Holdings Inc.

Net Revenues (unaudited)

(in thousands)




Three Months Ended

September 30


Nine Months Ended

September 30



2011

2010

Percent

Growth


2011

2010

Percent

Growth










Branded Pharmaceuticals


















LIDODERM®


$   207,364

$        196,263

6%


$   592,929

$    574,960

3%

OPANA® ER


97,753

58,809

66%


275,221

165,130

67%

Voltaren® Gel


36,260

26,947

35%


104,213

73,632

42%

PERCOCET®


28,130

29,950

-6%


82,765

90,428

-8%

FROVA®


14,815

14,136

5%


42,186

43,898

-4%



















SUPPRELIN® LA


12,695

11,018

15%


36,432

33,814

8%

VANTAS®


5,013

3,640

38%


10,612

12,989

-18%

VALSTAR®


6,295

1,598

294%


16,220

9,364

73%

FORTESTA® Gel


8,409

NM


9,468

NM










Other Branded Products(1)


4,948

$          19,472

-75%


17,527

$      58,528

-70%

Royalty and Other Revenue


3,829

3,153

21%


11,719

9,619

22%










Total Branded Pharmaceuticals


$   425,511

$  364,986

17%


$1,199,292

$  1,072,362

12%










Total Generics


$147,975

$         27,431

439%


$415,431

$      80,991

413%










Devices and Services









HealthTronics


$        54,073

$         51,686

5%


$        153,661

$      51,686

197%










AMS









Men's Health


$      66,548

$  —

NM


$        76,316

$  —

NM

Women's Health


38,240

NM


46,027

NM

BPH Therapy


26,731

NM


35,988

NM










Sub-total


$    131,519

$  —

NM


$      158,331

$  —

NM










Total Device and Services


$    185,592

$        51,686

259%


$      311,992

$      51,686

504%










Total Revenue


$    759,078

$      444,103

71%


$    1,926,715

$ 1,205,039

60%










(1) To conform to current year presentation, net sales from our non-time released formulation of OPANA® have been reclassified and are now included within other branded product results.



The following table presents Endo's unaudited Pro forma Net Revenues for the seven quarters ended Sept. 30, 2011 giving effect to the  AMS acquisition, the Qualitest acquisition, the Penwest acquisition and the HealthTronics, Inc acquisition as if they had occurred on Jan. 1, 2010 :

Endo Pharmaceuticals Holdings Inc.
Net Pro Forma Revenues (unaudited)
(in thousands)



2010

2011



Q1

Q2

Q3

Q4

Q1

Q2

Q3









Branded Pharmaceuticals
















LIDODERM®

$182,607

$196,090

$196,263

$207,649

$189,725

$195,840

$207,364

OPANA® ER

49,765

56,555

58,809

74,735

84,615

92,853

97,753

Voltaren® Gel

20,362

26,323

26,947

31,309

31,298

36,655

36,260

PERCOCET®

28,673

31,805

29,950

30,919

26,960

27,675

28,130

FROVA®

15,082

14,680

14,136

15,401

13,208

14,163

14,815

















SUPPRELIN® LA

10,587

12,209

11,018

13,096

11,222

12,515

12,695

VANTAS®

4,389

4,960

3,640

4,001

3,545

2,054

5,013

VALSTAR®

3,749

4,016

1,598

4,757

4,801

5,124

6,295

FORTESTA® Gel

(969)

2,028

8,409









Other Branded Products(1)

19,259

19,799

19,472

10,069

6,970

5,609

4,948

Royalty and Other Revenue

5,911

3,647

4,101

3,325

4,221

3,751

3,829









Total Branded Pharmaceuticals

$340,384

$370,084

$365,934

$395,261

$375,596

$398,267

$425,511









Total Generics

$105,809

$112,075

$126,663

$122,791

$134,409

$133,047

$147,975









Device and Services








HealthTronics

$  48,389

$  50,300

$  51,686

$  50,458

$  50,103

$  49,485

$  54,073









AMS








Men's Health

$  64,480

$  61,361

$  55,177

$  65,221

$  67,407

$  47,790

$  66,548

Women's Health

42,748

44,491

41,192

48,816

45,325

46,689

38,240

BPH Therapy

25,911

29,176

26,890

32,615

28,054

29,784

26,731

Uterine Health(2)

1,787

1,340

770

341









Sub-total

$134,926

$136,368

$124,029

$146,993

$140,786

$124,263

$131,519









Total Device and Services

$183,315

$186,668

$175,715

$197,451

$190,889

$173,748

$185,592

















Total Revenue

$629,508

$668,827

$668,312

$715,503

$700,894

$705,062

$759,078









(1) To conform to current year presentation, net sales from our non-time released formulation of Opana® have been reclassified and are now included within other branded product results.


(2) The uterine health product line, Her Option® was sold in February 2010.  Revenues for 2010 consist of end-customer revenue earned prior to the date of sale, in addition to revenue earned as part of the product supply agreement with CooperSurgical, Inc., which continued through the fourth quarter of 2010.



The following table presents unaudited condensed consolidated Balance Sheet data at Sept. 30, 2011 and Dec. 31, 2010:


September 30,

2011

December 31,

2010

ASSETS



CURRENT ASSETS:



Cash and cash equivalents

$  419,671

$  466,214

Marketable securities

41,010

Accounts receivable, net

721,984

547,807

Inventories, net

282,540

178,805

Other assets

211,899

166,708




Total current assets

$1,677,104

$  1,359,534




PROPERTY, PLANT AND EQUIPMENT, NET

273,488

215,295

GOODWILL

2,496,859

715,005

OTHER INTANGIBLES, NET

2,766,049

1,531,760

OTHER ASSETS

147,343

90,795




TOTAL ASSETS

$  7,360,843

$  3,912,389




LIABILITIES AND STOCKHOLDERS' EQUITY



CURRENT LIABILITIES:



Current liabilities

$  993,636

$  735,828




Total current liabilities

$  993,636

$  735,828




ACQUISITION-RELATED CONTINGENT CONSIDERATION

2,529

16,050

LONG-TERM DEBT, LESS CURRENT PORTION, NET

3,565,184

1,045,801

OTHER LIABILITIES

811,929

311,381




STOCKHOLDERS' EQUITY:



Total Endo Pharmaceuticals Holdings Inc. stockholders' equity

$  1,924,488

1,741,591




Noncontrolling interests

63,077

61,738




Total stockholders' equity

$  1,987,565

1,803,329




TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$  7,360,843

$  3,912,389






The following table presents unaudited condensed consolidated statement of cash flow data for the nine months ended Sept. 30, 2011 and 2010:


Nine Months Ended
September 30,


2011

2010

OPERATING ACTIVITIES:



Consolidated net income

$    192,152

$    181,287

Adjustments to reconcile consolidated net income to net cash provided by operating activities:



Depreciation and amortization

169,187

69,859

Stock-based compensation

34,224

16,753

Amortization of debt issuance costs and premium / discount

24,283

17,484

Other

10,433

2,071

Changes in assets and liabilities which provided cash:

(11,748)

(4,470)




Net cash provided by operating activities

418,531

282,984




INVESTING ACTIVITIES:



Purchases of property, plant and equipment, net

(38,462)

(11,318)

Acquisition, net of cash acquired

(2,368,357)

(333,349)

Other

39,631

229,219




Net cash provided by (used in) investing activities

(2,367,188)

(115,448)




FINANCING ACTIVITIES:



Proceeds from debt, net of principal payments

2,030,449

(38,770)

Deferred financing fees

(81,535)

-

Purchase of common stock

(34,702)

(58,974)

Other

(12,495)

(4,179)




Net cash used in financing activities

1,901,717

(101,923)




Effect of foreign exchange rate

397

-

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(46,453)

65,613

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

466,214

708,462




CASH AND CASH EQUIVALENTS, END OF PERIOD

$    419,671

$    774,075



Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  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 our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors, as more fully described under the caption "Risk Factors" in our Form 10-K, Form 10-Q and Form 8-K filings with the Securities and Exchange Commission and as otherwise enumerated herein or therein, could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in our Annual Report on Form 10-K. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

SOURCE Endo Pharmaceuticals



RELATED LINKS
http://www.endo.com

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