NEW YORK (AP) -- Endo Pharmaceuticals Holdings Corp. said Wednesday it has completed its $1.2 billion purchase of pain and generic drug maker Qualitest Pharmaceuticals and raised its revenue outlook for the full year.
The purchase broadens Endo's portfolio of pain drugs, which is led by its Lidoderm patch and the drug Opana ER, and gives it the ability to sell low-cost generic versions of more products. Endo said the deal, which was announced on Sept. 28, closed sooner than expected.
The deal follows Endo's purchase of Penwest Pharmaceuticals, its partner on Opana ER, in November for $144 million.
As a result, Endo has adjusted its profit and sales expectations for 2010 and 2011 to include acquisition-related costs. It now expects a profit of $1.66 to $1.74 per share this year, down from an earlier estimate of $1.91 to $1.99 per share. But excluding one-time expenses related to buying Qualitest, it expects to earn $3.35 to $3.40 per share rather than $3.30 to $3.40 per share as previously forecast. The company raised its revenue forecast for the year to about $1.7 billion in revenue, from $1.63 billion to $1.68 billion.
Analysts expect Endo to earn $3.34 per share on $1.66 billion in revenue, according to a Thomson Reuters survey. Analyst estimates usually exclude one-time charges.
In 2011, Endo said it will earn $2.42 to $2.52 per share rather than the $2.05 to $2.15 per share it previously expected. Excluding one-time items, however, its forecast remains unchanged at $4.15 to $4.25 per share on revenue of $2.2 billion to $2.3 billion.
Analysts are looking for a profit of $4.20 per share and $2.27 billion in revenue for the 2011 fiscal year, on average.
In morning trading, Endo shares rose 65 cents to $36.66.
