Endo Pharmaceuticals sees sales jump 33% year over year

By Angela McDaniels

Seattle, Feb. 15 - Endo Pharmaceuticals Holdings Inc.'s net income increased to $202.3 million for the year ended Dec. 31 from $143.3 million in 2004, according to a company news release.

Adjusted net income was $230.2 million, a $75.5 million increase over adjusted net income of $154.8 million for the year ended Dec. 31, 2004.

Net income for the fourth quarter ended Dec. 31 increased to $72.9 million from $29.2 million in the fourth quarter of 2004, and adjusted net income increased to $77.8 million from $31.5 million a year earlier.

Diluted earnings per share for the year ended Dec. 31 were $1.52, compared with $1.08 for the year ended Dec 31, 2004. Adjusted diluted earnings per share for the year were $1.73, compared with $1.17 for 2004.

Diluted earnings per share for the quarter increased to $0.54 from $0.22 in the fourth quarter of 2004, and adjusted diluted earnings per share increased to $0.58 from $0.24 a year earlier.

"The continued growth of Lidoderm, our largest-selling product, was a significant factor behind our strong financial performance in 2005," president and chief executive officer Peter A. Lankau said in the release.

Net sales for the year ended Dec. 31 were $820.2 million, an increase of 33% over $615.1 million for the year ended Dec. 31, 2004.

Net sales for the fourth quarter increased 53% to $240.8 million from $157.3 million a year earlier.

Endo said it expects net sales in 2006 to be $860 million to $880 million and adjusted earnings to be $1.75 to $1.80 per diluted share.

These 2006 estimates include estimated net sales of the company's generic OxyContin of $50 million to $60 million and estimated earnings attributable to its generic OxyContin sales of $0.20 to $0.24 per diluted share.

The company may face liability for patent infringement, however, if Purdue Pharma LP's patents on OxyContin are found to be enforceable. The patent is the subject of an ongoing court case being heard by the U.S. District Court for the Southern District of New York, according to the release.

Endo is a specialty pharmaceutical company based in Chadds Ford, Pa., that develops branded and generic pharmaceuticals with a focus on pain management products.

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