Endo Slashes Loss Despite Generics Slide
Endo sharply reduced its net loss in the first quarter, beating analysts’ earnings forecasts. While generics sales slid, revenues from its higher-margin sterile injectables unit soared.
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Endo has announced that it will not pursue a previously-announced US$190 million deal to augment its injectables portfolio and pipeline by acquiring Somerset Therapeutics and its India-based Wintac contract development and manufacturing business. The news comes as Endo has reported US generics sales down by a third – and total turnover down by 15% – in 2018.
Endo has no appetite for “going back and redeveloping” injectable drugs that are in short supply, because the firm’s focus remains on higher-value “technically-challenging products” and paragraph IV patent-challenge opportunities, according to the company’s president and chief executive officer, Paul Campanelli.