Endo revises earnings picture, says CEO to retire
Endo Health Solutions ($ENDP) downgraded its earnings prospects for this year and next at the same time that it announced its CEO will retire by May.
The company said late Wednesday that David P. Holveck, 67, president and CEO, will leave when a successor is named or at the company's annual meeting in May. He also will leave the board. Endo said it will look at candidates inside and outside the company.
The pain drug specialist also told investors that it now expects its 2012 adjusted diluted earnings per share will fall at the low end of its previous guidance of $5 to $5.10. It also can no longer see next year's sales reaching the $3 billion to $3.2 billion it had earlier indicated, or earnings hitting the $5.20 to $5.40 per share range it had expected.
Endo didn't say why it now expects its finances to fall short, noting it will provide guidance next month. The company last week significantly expand the recall of some of its pain medications. In September, Qualitest, the generics subsidiary of Endo Health Solutions, voluntarily recalled one lot of two pain drugs that it called "super potent" because both exceeded their prescribed weights. Now Endo has added 100 more lots to that removal.
- here's the release