MALVERN, Pa., May 30, 2024 /PRNewswire/ -- Endo, Inc. ("Endo" or the "Company"), a newly formed entity that recently acquired (the "Acquisition") substantially all of the assets of Endo International plc ("EIP") as contemplated by EIP's plan of reorganization (the "Plan"), today made select first-quarter 2024 financial results for EIP available to investors. EIP's first-quarter financial results were in-line with its previously provided expectations.
Endo is providing the following historical financial information of EIP because, from Endo's formation through March 31, 2024, it had no operations, business transactions or activities other than those incidental to its formation or taken in contemplation of the Plan (including the Acquisition). Endo had no other assets or liabilities during the periods presented in this release. The following historical financial information of EIP does not give effect to the transactions contemplated by the Plan or the application of fresh start accounting expected to apply to Endo's financial information beginning in the second quarter of 2024.
EIPFIRST-QUARTER FINANCIAL PERFORMANCE
(in thousands)
Three Months Ended March 31, | |||||
2024 | 2023 | Change | |||
Total Revenues, Net | $ 419,507 | $ 515,267 | (19) % | ||
Reported Net Loss | $ (154,230) | $ (3,279) | NM | ||
Adjusted Net Income (a) | $ 131,415 | $ 193,328 | (32) % | ||
Adjusted EBITDA (a) | $ 146,302 | $ 209,030 | (30) % | ||
__________ | |
(a) | The information presented in the table above includes non-GAAP financial measures such as Adjusted Net Income and Adjusted EBITDA. Refer to the "Supplemental Financial Information" section below for reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures. |
EIP CONSOLIDATED FINANCIAL RESULTS
Total revenues were $420 million in first-quarter 2024, a decrease of 19% compared to $515 million in first-quarter 2023. This decrease was primarily attributable to decreased revenues from the Generic Pharmaceuticals segment.
Reported Net Loss in first-quarter 2024 was $154 million compared to reported Net Loss of $3 million in first-quarter 2023. This change was primarily due to increased expenses related to the Chapter 11 reorganization process and decreased revenues.
Adjusted Net Income in first-quarter 2024 was $131 million compared to $193 million in first-quarter 2023. This change was primarily driven by decreased revenues.
BRANDED PHARMACEUTICALS SEGMENT
First-quarter 2024 Branded Pharmaceuticals segment revenues were $201 million compared to $198 million during first-quarter 2023.
Specialty Products revenues increased 4% to $148 million in first-quarter 2024 compared to $142 million in first-quarter 2023. This change was primarily due to an increase in XIAFLEX® revenues, partially offset by a decrease in SUPPRELIN® LA revenues mainly driven by lower volumes. First-quarter 2024 XIAFLEX® revenues were $113 million, an increase of 17% compared to $97 million during first-quarter 2023 driven by increased net selling price and increased volumes.
STERILE INJECTABLES SEGMENT
First-quarter 2024 Sterile Injectables segment revenues were $98 million, a decrease of 3% compared to $101 million during first-quarter 2023. This decrease was primarily attributable to competitive pressure on a number of products and was partially offset by increased VASOSTRICT® and ADRENALIN® revenues driven by higher volumes.
GENERIC PHARMACEUTICALS SEGMENT
First-quarter 2024 Generic Pharmaceuticals segment revenues were $103 million, a decrease of 48% compared to $198 million during first-quarter 2023. This decrease was primarily attributable to competitive pressure on varenicline tablets, the generic version of Chantix®, and dexlansoprazole delayed release capsules, the generic version of Dexilant®, partially offset by increased revenues from lidocaine patch 5%, the generic version of LIDODERM®.
INTERNATIONAL PHARMACEUTICALS SEGMENT
First-quarter 2024 International Pharmaceuticals segment revenues were $17 million compared to $18 million during first-quarter 2023.
CASH, CASH FLOW AND OTHER UPDATES
As of March 31, 2024, EIP had approximately $641 million in unrestricted cash and cash equivalents. First-quarter 2024 net cash provided by operating activities was approximately $26 million compared to approximately $62 million net cash provided by operating activities during first-quarter 2023. This change was primarily driven by decreased revenues.
2024 FINANCIAL EXPECTATIONS
Endo is providing financial guidance for the full-year ending December 31, 2024, which guidance includes EIP's financial results prior to the Acquisition. All expectations provided by Endo, which are unchanged from expectations previously provided by EIP, are forward-looking and actual results may differ materially and adversely from such expectations, as further discussed below under the heading "Cautionary Note Regarding Forward-Looking Statements."
Full-Year 2024 | |
($ in millions) | |
Total Revenues, Net | $1,685 - $1,770 |
Adjusted EBITDA | $615 - $645 |
Assumptions: | |
Segment Revenues: | |
Branded Pharmaceuticals | $860 - $905 |
Sterile Injectables | $370 - $390 |
Generic Pharmaceuticals | $395 - $415 |
International Pharmaceuticals | ~$60 |
Adjusted Gross Margin as a Percentage of Total Revenues, Net | ~67% |
Adjusted Operating Expenses | $585 - $605 |
CONFERENCE CALL INFORMATION
Endo will host a conference call to discuss this press release tomorrow, May 31, 2024, at 8:30 a.m. ET for registered holders of its debt and equity securities. There are three ways to join the call:
- Phone link to register and receive an automatic callback when conference call begins: https://emportal.ink/4bj94IH
- Phone dial-in number with operator support: 800-836-8184 (U.S. and Canada toll-free) or 646-357-8785
- Webcast: https://app.webinar.net/YmzKP3Ylp79
Please dial in 10 minutes prior to the scheduled start time.
Dexilant® is a registered trademark of Takeda Pharmaceutical U.S.A., Inc.
Chantix® is a registered trademark of Pfizer Inc.
LIDODERM® is a registered trademark of Endo, Inc.
FINANCIAL SCHEDULES
The following table presents Endo International plc's unaudited Total revenues, net for the three months ended March 31, 2024 and 2023 (dollars in thousands):
Three Months Ended March 31, | Percent | ||||
2024 | 2023 | ||||
Branded Pharmaceuticals: | |||||
Specialty Products: | |||||
XIAFLEX® | $ 113,049 | $ 96,910 | 17 % | ||
SUPPRELIN® LA | 20,135 | 23,577 | (15) % | ||
Other Specialty (1) | 15,219 | 21,694 | (30) % | ||
Total Specialty Products | $ 148,403 | $ 142,181 | 4 % | ||
Established Products: | |||||
PERCOCET® | $ 24,544 | $ 26,056 | (6) % | ||
TESTOPEL® | 10,491 | 10,989 | (5) % | ||
Other Established (2) | 17,358 | 18,347 | (5) % | ||
Total Established Products | $ 52,393 | $ 55,392 | (5) % | ||
Total Branded Pharmaceuticals (3) | $ 200,796 | $ 197,573 | 2 % | ||
Sterile Injectables: | |||||
ADRENALIN® | $ 27,367 | $ 25,575 | 7 % | ||
VASOSTRICT® | 26,953 | 25,951 | 4 % | ||
Other Sterile Injectables (4) | 43,914 | 49,729 | (12) % | ||
Total Sterile Injectables (3) | $ 98,234 | $ 101,255 | (3) % | ||
Total Generic Pharmaceuticals (5) | $ 103,317 | $ 198,180 | (48) % | ||
Total International Pharmaceuticals (6) | $ 17,160 | $ 18,259 | (6) % | ||
Total revenues, net | $ 419,507 | $ 515,267 | (19) % | ||
__________ | |
(1) | Products included within Other Specialty include AVEED® and NASCOBAL® Nasal Spray. |
(2) | Products included within Other Established include, but are not limited to, EDEX®. |
(3) | Individual products presented above represent the top two performing products in each product category for the three months ended March 31, 2024 and/or any product having revenues in excess of $25 million during any completed quarterly period in 2024 or 2023. |
(4) | No individual product within Other Sterile Injectables has exceeded 5% of consolidated total revenues for the periods presented. |
(5) | The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily through the same wholesalers, generally have limited or no intellectual property protection and are sold within the U.S. For the three months ended March 31, 2024 and 2023, Dexlansoprazole delayed release capsules (the generic version of Takeda Pharmaceuticals USA, Inc.'s Dexilant®), which launched in November 2022, made up 5% and 6%, respectively, of consolidated total revenues. For the three months ended March 31, 2024, Lidocaine patch 5% (the generic version of LIDODERM®), made up 7% of consolidated total revenues. For the three months ended March 31, 2023, varenicline tablets (the generic version of Pfizer Inc.'s Chantix®), which launched in September 2021, made up 15% of consolidated total revenues. No other individual product within this segment has exceeded 5% of consolidated total revenues for the periods presented. |
(6) | The International Pharmaceuticals segment, which accounted for less than 5% of consolidated total revenues for each of the periods presented, includes a variety of specialty pharmaceutical products sold outside the U.S., primarily in Canada through EIP's operating company Paladin Labs Inc. |
The following table presents unaudited Condensed Consolidated Statement of Operations data of Endo International plc for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, | |||
2024 | 2023 | ||
TOTAL REVENUES, NET | $ 419,507 | $ 515,267 | |
COSTS AND EXPENSES: | |||
Cost of revenues | 199,013 | 232,742 | |
Selling, general and administrative | 130,068 | 150,793 | |
Research and development | 25,902 | 27,703 | |
Acquired in-process research and development | 750 | - | |
Litigation-related and other contingencies, net | - | 15,200 | |
Asset impairment charges | 304 | 146 | |
Acquisition-related and integration items, net | 621 | 397 | |
Interest expense, net | - | 109 | |
Reorganization items, net | 203,046 | 85,352 | |
Other expense (income), net | 5,755 | (125) | |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX | $ (145,952) | $ 2,950 | |
INCOME TAX EXPENSE | 7,882 | 5,773 | |
LOSS FROM CONTINUING OPERATIONS | $ (153,834) | $ (2,823) | |
DISCONTINUED OPERATIONS, NET OF TAX | (396) | (456) | |
NET LOSS | $ (154,230) | $ (3,279) | |
The following table presents unaudited Condensed Consolidated Balance Sheet data of Endo International plc at March 31, 2024 and December 31, 2023 (in thousands):
March 31, 2024 | December 31, 2023 | ||
ASSETS | |||
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 641,373 | $ 777,919 | |
Restricted cash and cash equivalents | 250,476 | 167,702 | |
Accounts receivable | 364,081 | 386,919 | |
Inventories, net | 265,985 | 246,017 | |
Other current assets | 106,687 | 89,944 | |
Total current assets | $ 1,628,602 | $ 1,668,501 | |
TOTAL NON-CURRENT ASSETS | 3,321,173 | 3,468,793 | |
TOTAL ASSETS | $ 4,949,775 | $ 5,137,294 | |
LIABILITIES AND SHAREHOLDERS' DEFICIT | |||
CURRENT LIABILITIES: | |||
Accounts payable and accrued expenses, including legal settlement accruals | $ 492,812 | $ 537,736 | |
Other current liabilities | 2,736 | 1,058 | |
Total current liabilities | $ 495,548 | $ 538,794 | |
OTHER LIABILITIES | 105,684 | 100,192 | |
LIABILITIES SUBJECT TO COMPROMISE | 11,103,258 | 11,095,868 | |
SHAREHOLDERS' DEFICIT | (6,754,715) | (6,597,560) | |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 4,949,775 | $ 5,137,294 |
The following table presents unaudited Condensed Consolidated Statement of Cash Flow data of Endo International plc for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, | |||
2024 | 2023 | ||
OPERATING ACTIVITIES: | |||
Net loss | $ (154,230) | $ (3,279) | |
Adjustments to reconcile Net loss to Net cash provided by operating activities: | |||
Depreciation and amortization | 74,527 | 77,873 | |
Asset impairment charges | 304 | 146 | |
Non-cash reorganization items, net | 150,948 | - | |
Other, including cash payments to claimants from Qualified Settlement Funds | (45,755) | (12,644) | |
Net cash provided by operating activities | $ 25,794 | $ 62,096 | |
INVESTING ACTIVITIES: | |||
Capital expenditures, excluding capitalized interest | $ (16,602) | $ (31,280) | |
Acquisitions, including in-process research and development, net of cash and restricted cash acquired | (705) | - | |
Proceeds from sale of business and other assets | 1,565 | 978 | |
Other | 5,324 | 8,938 | |
Net cash used in investing activities | $ (10,463) | $ (21,364) | |
FINANCING ACTIVITIES: | |||
Payments on borrowings, including certain adequate protection payments, net (a) | $ (152,343) | $ (144,508) | |
Other | (976) | (207) | |
Net cash used in financing activities | $ (153,319) | $ (144,715) | |
Effect of foreign exchange rate | (784) | 394 | |
NET DECREASE IN CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED | $ (138,772) | $ (103,589) | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, | 1,030,621 | 1,249,241 | |
CASH, CASH EQUIVALENTS, RESTRICTED CASH AND RESTRICTED CASH EQUIVALENTS, | $ 891,849 | $ 1,145,652 | |
__________ | |
(a) | Beginning during the third quarter of 2022, Endo International plc became obligated to make certain adequate protection payments as a result of its previously disclosed Chapter 11 proceedings. |
SUPPLEMENTAL FINANCIAL INFORMATION
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company provides certain financial information of Endo International in this release that are not prescribed by or prepared in accordance with GAAP. The Company utilizes these non-GAAP financial measures as supplements to financial measures determined in accordance with GAAP when evaluating operating performance and the Company believes that these measures will be used by certain investors to evaluate operating results. The Company believes that presenting these non-GAAP financial measures provides useful information about performance across reporting periods on a consistent basis by excluding certain items, which may be favorable or unfavorable, as more fully described in the reconciliation tables below.
Despite the importance of these measures to management in goal setting and performance measurement, the Company stresses that these are non-GAAP financial measures that have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, non-GAAP adjusted EBITDA and non-GAAP adjusted net income (unlike GAAP net income and its components) may differ from, and may not be comparable to, the calculation of similar measures of other companies. These non-GAAP financial measures are presented solely to permit investors to more fully understand how management assesses performance.
These non-GAAP financial measures should not be viewed in isolation or as substitutes for, or superior to, financial measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of the non-GAAP financial measures used in this press release to their most directly comparable GAAP financial measures. However, the Company does not provide reconciliations of projected non-GAAP financial measures to GAAP financial measures, nor does it provide comparable projected GAAP financial measures for such projected non-GAAP financial measures. The Company is unable to provide such reconciliations without unreasonable efforts due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for asset impairments, contingent consideration adjustments, legal settlements, gain / loss on extinguishment of debt, adjustments to inventory and other charges reflected in the reconciliation of historic numbers, the amounts of which could be significant.
The tables below provide reconciliations of certain of the non-GAAP financial measures included in this release to their most directly comparable GAAP metrics. Refer to the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional details regarding the adjustments to the non-GAAP financial measures detailed throughout this Supplemental Financial Information section.
Reconciliation of Net Loss (GAAP) to EBITDA (non-GAAP) and Adjusted EBITDA (non-GAAP)
The following table provides a reconciliation of Net loss (GAAP) to Adjusted EBITDA (non-GAAP) for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, | |||
2024 | 2023 | ||
Net loss (GAAP) | $ (154,230) | $ (3,279) | |
Income tax expense | 7,882 | 5,773 | |
Interest expense, net | - | 109 | |
Depreciation and amortization (1) | 74,527 | 77,873 | |
EBITDA (non-GAAP) | $ (71,821) | $ 80,476 | |
Amounts related to continuity and separation benefits, cost reductions and strategic review | 4,961 | 11,673 | |
Certain litigation-related and other contingencies, net (3) | - | 15,200 | |
Certain legal costs (4) | 2,069 | 1,560 | |
Asset impairment charges (5) | 304 | 146 | |
Fair value of contingent consideration (6) | 621 | 397 | |
Share-based compensation (1) | - | 2,091 | |
Other expense (income), net (7) | 5,755 | (125) | |
Reorganization items, net (8) | 203,046 | 85,352 | |
Other (9) | 971 | 11,804 | |
Discontinued operations, net of tax (10) | 396 | 456 | |
Adjusted EBITDA (non-GAAP) (13) | $ 146,302 | $ 209,030 | |
Reconciliation of Net Loss (GAAP) to Adjusted Net Income (non-GAAP)
The following table provides a reconciliation of the Endo International plc's Net Loss (GAAP) to Adjusted Net Income (non-GAAP) for the three months ended March 31, 2024 and 2023 (in thousands):
Three Months Ended March 31, | |||
2024 | 2023 | ||
Net Loss (GAAP) | $ (154,230) | $ (3,279) | |
Non-GAAP adjustments: | |||
Amortization of intangible assets (11) | 61,908 | 65,256 | |
Amounts related to continuity and separation benefits, cost reductions and strategic review | 4,961 | 11,673 | |
Certain litigation-related and other contingencies, net (3) | - | 15,200 | |
Certain legal costs (4) | 2,069 | 1,560 | |
Asset impairment charges (5) | 304 | 146 | |
Fair value of contingent consideration (6) | 621 | 397 | |
Reorganization items, net (8) | 203,046 | 85,352 | |
Discontinued operations, net of tax (10) | 396 | 456 | |
Other (9) | 4,848 | 12,089 | |
Tax adjustments (12) | 7,492 | 4,478 | |
Adjusted Net Income (non-GAAP) (13) | $ 131,415 | $ 193,328 | |
Reconciliation of Select Other Adjusted Income Statement Data (non-GAAP)
The following tables provide detailed reconciliations of select other income statement data for Endo International between the GAAP and non-GAAP amounts for the three months ended March 31, 2024 and 2023 (in thousands, except per share data):
Three Months Ended March 31, 2024 | |||||||||||||
Cost of | Gross | Gross margin (a) | Total operating | Reorganization | Other expense | Income tax | |||||||
Reported (GAAP) | $ 199,013 | $ 220,494 | 52.6 % | $ 157,645 | $ 203,046 | $ 5,755 | $ 7,882 | ||||||
Adjustments: | |||||||||||||
Amortization of intangible assets (11) | (61,908) | 61,908 | - | - | - | - | |||||||
Amounts related to continuity and separation benefits, | (3,623) | 3,623 | (1,338) | - | - | - | |||||||
Certain legal costs (4) | - | - | (2,069) | - | - | - | |||||||
Asset impairment charges (5) | - | - | (304) | - | - | - | |||||||
Fair value of contingent consideration (6) | - | - | (621) | - | - | - | |||||||
Reorganization items, net (8) | - | - | - | (203,046) | - | - | |||||||
Other (9) | (125) | 125 | (846) | - | (3,877) | - | |||||||
Tax adjustments (12) | - | - | - | - | - | (7,492) | |||||||
Non-GAAP (13) | $ 133,357 | $ 286,150 | 68.2 % | $ 152,467 | $ - | $ 1,878 | $ 390 | ||||||
Three Months Ended March 31, 2023 | |||||||||||||
Cost of | Gross | Gross | Total operating | Reorganization items, net | Other expense | Income tax expense | |||||||
Reported (GAAP) | $ 232,742 | $ 282,525 | 54.8 % | $ 194,239 | $ 85,336 | $ (125) | $ 5,773 | ||||||
Adjustments: | |||||||||||||
Amortization of intangible assets (11) | (65,256) | 65,256 | - | - | - | - | |||||||
Amounts related to continuity and separation benefits, cost | (1,982) | 1,982 | (9,691) | - | - | - | |||||||
Certain litigation-related and other contingencies, net (3) | - | - | (15,200) | - | - | - | |||||||
Certain legal costs (4) | - | - | (1,560) | - | - | - | |||||||
Asset impairment charges (5) | - | - | (146) | - | - | - | |||||||
Fair value of contingent consideration (6) | - | - | (397) | - | - | - | |||||||
Reorganization items, net (8) | - | - | - | (85,352) | - | - | |||||||
Other (9) | (653) | 653 | (11,152) | - | (284) | - | |||||||
Tax adjustments (12) | - | - | - | - | - | (4,478) | |||||||
Non-GAAP (13) | $ 164,851 | $ 350,416 | 68.0 % | $ 156,093 | $ - | $ (409) | $ 1,295 | ||||||
__________ | |
(a) | Gross profit is calculated as total revenues less cost of revenues. Gross margin is calculated as gross profit divided by total revenues. Adjusted gross profit is calculated as total revenues less adjusted cost of sales. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues. |
(b) | Total operating expenses is calculated as the total of: (i) Selling, general and administrative; (ii) Research and development; (iii) Acquired in-process research and development; (iv) Litigation-related and other contingencies, net; (v) Asset impairment charges; and (vi) Acquisition related and integration items, net. |
Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures
Notes to certain line items included in the reconciliations of the GAAP financial measures to the non-GAAP financial measures for the three months ended March 31, 2024 and 2023 are as follows: | |
(1) | Depreciation and amortization and Share-based compensation amounts per the Adjusted EBITDA reconciliations do not include amounts reflected in other lines of the reconciliations, including Amounts related to continuity and separation benefits, cost reductions and strategic review initiatives. |
(2) | Adjustments for amounts related to continuity and separation benefits, cost reductions and strategic review initiatives included the following (in thousands): |
Three Months Ended March 31, | |||||||
2024 | 2023 | ||||||
Cost of | Operating expenses | Cost of | Operating | ||||
Continuity and separation benefits | $ 3,623 | $ 1,338 | $ 1,124 | $ 9,673 | |||
Inventory adjustments | - | - | 267 | - | |||
Other, including strategic review initiatives | - | - | 591 | 18 | |||
Total | $ 3,623 | $ 1,338 | $ 1,982 | $ 9,691 | |||
The amounts in the tables above include adjustments related to previously announced restructuring activities, certain continuity and transitional compensation arrangements, certain other cost reduction initiatives and certain strategic review initiatives. | |
(3) | To exclude adjustments to accruals for litigation-related settlement charges. |
(4) | To exclude amounts related to opioid-related legal expenses. |
(5) | Adjustments for asset impairment charges included in the following (in thousands): |
Three Months Ended March 31, | |||
2024 | 2023 | ||
Property, plant and equipment impairment charges | $ 304 | $ 146 | |
(6) | To exclude the impact of changes in the fair value of contingent consideration liabilities resulting from changes to estimates regarding the timing and amount of the future revenues of the underlying products and changes in other assumptions impacting the probability of incurring, and extent to which Endo International plc could incur, related contingent obligations. |
(7) | To exclude Other expense (income), net per the Condensed Consolidated Statements of Operations. |
(8) | Amounts relate to the net expense or income recognized during Endo International plc's bankruptcy proceedings required to be presented as Reorganization items, net under Accounting Standards Codification Topic 852, Reorganizations. For the three months ended March 31, 2024, this amount includes approximately $150.5 million of adequate protection payments. For the three months ended March 31, 2023, approximately $142.9 million of adequate protection payments were reflected as a reduction to the carrying value of the related debt instruments. |
(9) | The "Other" row included in the above reconciliation of Net Loss (GAAP) to Adjusted Net Income (non-GAAP) includes the following adjustments: |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cost of | Operating | Other | Cost of | Operating | Other | ||||||
Foreign currency impact related to the re-measurement of | $ - | $ - | $ (2,123) | $ - | $ - | $ 284 | |||||
Other miscellaneous | 125 | 846 | 6,000 | 653 | 11,152 | - | |||||
Total | $ 125 | $ 846 | $ 3,877 | $ 653 | $ 11,152 | $ 284 | |||||
The "Other" row included in the above reconciliation of Net loss (GAAP) to Adjusted EBITDA (non-GAAP) includes the adjustments in the "Cost of revenues" and "Operating expenses" columns. The adjustments in the other non-operating expenses column are included in the Other expense (income), net row, further explained in footnote 7. | |
(10) | To exclude the results of the businesses reported as discontinued operations, net of tax. |
(11) | To exclude amortization expense related to intangible assets. |
(12) | Adjusted income taxes are calculated by tax effecting adjusted pre-tax income and permanent book-tax differences at the applicable effective tax rate that will be determined by reference to statutory tax rates in the relevant jurisdictions in which Endo International plc operates. Adjusted income taxes include current and deferred income tax expense commensurate with the non-GAAP measure of profitability. |
(13) | Amounts of Acquired in-process research and development charges included within these non-GAAP financial measures are set forth in the table below (in thousands): |
Three Months Ended March 31, | |||
2024 | 2023 | ||
Acquired in-process research and development charges | $ 750 | $ - | |
SEC Review
Endo has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission (the "SEC") to effectuate its previously announced goal of listing its common stock on a national stock exchange. The registration statement includes a description of Endo's business, financial and other information, some of which is included in this press release. Comments by the SEC on the registration statement may require modification or reformulation of the description of Endo's business. As a result, financial information that Endo presents in the future may differ in presentation or calculation from the information presented herein. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.
About Endo
Endo is a diversified specialty pharmaceutical company boldly transforming insights into life-enhancing therapies. Our passionate team members collaborate to develop and deliver these essential medicines. Together, we are committed to helping everyone we serve live their best life. Learn more at www.endo.com or connect with us on LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements, claims, estimates, predictions and other information prepared and provided by Endo with respect to the anticipated future performance of Endo and its subsidiaries. Such statements include or are based on "forward looking statements" including, but not limited to, statements relating to financial expectations or guidance and any other statements that refer to expected, estimated or anticipated future results or that do not relate solely to historical facts. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intends," "guidance," "future," "potential" or similar expressions are forward-looking statements. Because these statements reflect Endo's current views, expectations and beliefs concerning future events, they involve risks and uncertainties, some of which Endo may not currently be able to predict. Although Endo believes that these forward-looking statements and other information are based upon reasonable assumptions and expectations, readers should not place undue reliance on these or any other forward-looking statements and information. Actual results may differ materially and adversely from current expectations based on a number of factors, including, among other things, the following: the effects of the emergence of EIP's operating assets from the Chapter 11 financial restructuring process, including as it relates to the accounting for the effects of the Plan and the application of fresh start accounting; changes in competitive, market or regulatory conditions; changes in legislation or regulations; the ability to obtain and maintain adequate protection for intellectual property rights; the impacts of competition such as those related to XIAFLEX®; the timing and uncertainty of the results of both the research and development and regulatory processes; health care and cost containment reforms, including government pricing, tax and reimbursement policies; the performance including the approval, introduction and consumer and physician acceptance of current and new products; the ability to develop and expand our product pipeline and to continue to develop the market for XIAFLEX® and other branded or unbranded products; the effectiveness of advertising and other promotional campaigns; and the timely and successful implementation of any strategic priorities. Endo assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.
Copies of the Company's press releases and additional information about the Company are available at www.endo.com or you can contact the Company's Investor Relations Department at investor.relations@endo.com.
SOURCE Endo, Inc.
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