Shares in Endo Pharmaceuticals (NSDQ:ENDP ) have risen nearly 20% so far today after the medical giant beat expectations on Wall Street with its second quarter results.
The Dublin, Ireland-based company posted losses of $60.9 million, or 27¢ per share, on sales of $714.7 million for the three months ended June 30, seeing losses shrink 95.6% while sales shrunk 18.4% compared with the same period last year.
Adjusted to exclude one-time items, earnings per share were 76¢, well ahead of the 54¢ consensus on The Street, where analysts were looking for sales of $678.4 million, which the company also beat.
“Throughout 2018, we successfully executed on our strategic initiatives. We continued to reinvest into our specialty segment, which delivered record Xiaflex sales in the second-quarter. The recent growth of our U.S. Branded Sterile Injectables business has focused our efforts on completing the Somerset/Wintac acquisition, which remains on track to close in the fourth quarter. Additionally, we are proud to announce a new collaboration with Nevakar, Inc. We believe this collaboration will bring several critical care products to our sterile portfolio. Lastly, while our U.S. generic pharmaceuticals segment has faced a challenging market environment, we are cautiously optimistic that the portfolio decisions we made over the past 18 months position us well for the future,” prez & CEO Paul Campanelli said in a prepared statement.
The company lifted its financial guidance for the remaining year, now expecting to see sales of between $2.75 billion and $2.85 billion and adjusted EPS of between $2.50 and $2.60.
Shares in Endo have risen 18.5% so far today, at $14.99 as of 10:06 a.m. EDT.
In January, Endo was hit by a grand jury subpoena from the U.S. Attorney’s Office for the Southern District of Florida over its oxymorphone products.