Endo International (NSDQ:ENDP) posted a net loss in the second quarter of this year, citing charges like the $775 million it has set aside to resolve 22,000 remaining lawsuits relating to the company’s vaginal-mesh implants.
The generic drugmaker faced other setbacks this quarter, including the FDA asking that Endo pull its painkiller, Opana ER, from the market. The regulatory watchdog said that the benefits of the abuse-deterrent drug no longer outweigh the risks.
The move marked the first time that the FDA has urged a company to remove an opioid painkiller due to concerns of abuse. Endo voluntarily withdrew the drug at the start of June.
The Dublin-based company posted a net loss of -$1.39 billion, or -$6.26 per share, on sales of $875.7 million for the 3 months ended June 30. During the same period last year, Endo posted a profit of $343.6 million.
Revenue fell -4.9% this quarter, but was ahead of consensus on The Street, where analysts were looking for sales of $836.4 million
Adjusted to exclude 1-time items, earnings per share were 93¢, ahead of estimates.
“We are very pleased to report another solid quarter of operating performance, with impressive contributions from our core growth areas. Sterile injectables and branded specialty products continue to perform well, as each unit again achieved strong double-digit growth,” president & CEO Paul Campanelli said in prepared remarks. “This performance provides evidence of the progress we are making on the strategic priorities we outlined earlier this year.”
“In addition to solid quarterly execution, we continue to make significant progress across an array of strategic initiatives, including settling mesh litigation, divesting Litha, signing a definitive agreement to divest Somar, and the restructuring of our manufacturing network. Through these actions, we continue to position Endo to compete and succeed in the future,” Campanelli added.
ENDP shares were trading at $9.38 apiece today in morning activity, up 0.7%.