Endo stock rises 6% after Q3 beats and upbeat 2018 guidance
Endo International PLC shares rose 6% in Thursday premarket trade after the company reported third-quarter adjusted profit and revenue beats and upbeat 2018 guidance. The company reported a net loss of $173.2 million, or a loss of 77 cents per share, after a loss of $96.7 million, or a loss of 43 cents per share in the year-earlier period. Endo said its adjusted earnings-per-share from continuing operations were 71 cents, above the FactSet consensus of 59 cents. Revenue declined to $745.5 million from $786.9 million in the year-earlier period, above the FactSet consensus of $694.9 million. The latest results reflect Endo's voluntary market withdrawal of the opioid pain medication Opana ER (notably, at the Food and Drug Administration's request), the company said, along with other factors like competitive pressures and discontinuations of U.S. generic drugs. Growth in the quarter, meanwhile, came from the company's launch of the antibiotic ertapenem for injection, an authorized generic for the brand-name of the antibiotic, Merck's Invanz, and continued growth in its U.S. brand-name sterile injectables products. Endo now expects 2018 revenue of $2.87 billion to $2.92 billion, above the FactSet consensus of $2.81 billion, and adjusted EPS from continuing operations of between $2.65 and $2.75, above the FactSet consensus of $2.60. Company shares have declined 1.2% over the last three months, compared with a 1.5% decline in the S&P 500 and a 2.3% rise in the Dow Jones Industrial Average . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.