Endo records large loss on unit write-down

Posted: March 01, 2013

Endo Health Solutions Inc., of Malvern, reported a net loss of $716.3 million, or $6.35 per share, for its fourth quarter - largely from a $640 million write-down of its American Medical Systems device business.

That compares with net income of $36.6 million, or 30 cents per share, for the same quarter of 2011. Total revenues were largely flat at $801 million compared with $803 million.

Endo, which makes branded and generic drugs, also said it took a charge in connection with a government investigation into the sales, marketing and promotion of its Lidoderm pain medicine.

The company estimated it will pay $194 million under a tentative agreement with the federal government. Excluding all noncash charges, Endo said it reported a 16 percent increase in adjusted earnings per share.    - Mike Armstrong

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