Endo Cuts EPS View, CEO to Retire - Analyst Blog
14 12월 2012 - 5:20PM
Zacks
Endo Health Solutions
Inc. (ENDP), a diversified healthcare company,
recently announced that there will be a change at its helm next
year. The incumbent Chief Executive Officer (CEO) and president of
the company, Mr. David P. Holveck, will step down by May 2013. Endo
Health stated in its press release that Mr. Holveck will also
resign from its board of directors following his retirement from
the post of CEO.
Mr. Holveck, who joined the company in April 2008, will continue
serving Endo Health in his present capacities until his successor
is found or the annual meeting for Endo Health’s shareholders
scheduled for May 2013, whichever is earlier. Endo Health is
currently on the lookout for a suitable candidate to replace Mr.
Holveck. The company is considering candidates from both inside as
well as outside the company for the purpose.
Apart from announcing the impending management change, Endo Health
also trimmed its earnings projection for 2012. Endo Health, which
performed disappointingly in the third quarter of 2012 mainly due
to the lackluster sales of its painkiller, Opana ER, now expects to
end 2012 with adjusted earnings at or below the low end of its
previously forecasted range of $5.00 -$5.10 per share. The Zacks
Consensus Estimate for 2012 is $5.01 per share.
The company also withdrew its guidance for 2013. Endo Health had
earlier forecasted 2013 adjusted earnings in the range of
$5.20-$5.40 per share on revenues of $3.0 - $3.2 billion. Endo,
however, believes that it is no longer in a position to achieve the
guidance. The company intends to unveil its new guidance for 2013
next month. We believe that the continued lackluster performance of
Opana ER and the entry of a generic competitor, Watson
Pharma (WPI), for Endo Health’s lead drug Lidoderm in
September 2013 are responsible for the company withdrawing its 2013
guidance.
We have a Neutral recommendation on Endo Health. The stock carries
a Zacks #3 Rank (Hold) in the short run. Health care stocks which
carry a Zacks #2 Rank (Buy) include Allergan, Inc.
(AGN).
ALLERGAN INC (AGN): Free Stock Analysis Report
ENDO PHARMACEUT (ENDP): Free Stock Analysis Report
WATSON PHARMA (WPI): Free Stock Analysis Report
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