Endo International PLC (NASDAQ: ENDP) saw its shares make a solid gain to start off the week after the firm announced preliminary financial results for its third quarter. Endo also affirmed its guidance for the 2017 full year. Third-quarter results are expected November 9.
For the third quarter, the company expects to see $0.85 in earnings per share (EPS) and revenue of roughly $785 million. The consensus estimates from Thomson Reuters are $0.66 in EPS on revenue of $784.88 million. The same period of last year reportedly had EPS of $1.01 and $884.34 in revenue.
As mentioned, Endo also affirmed its outlook for the 2017 full year. The company expects to see EPS in the range of $3.35 to $3.65 and revenues between $3.38 billion and $3.53 billion. Analysts are looking for EPS of $3.52 in EPS and $3.47 billion in revenue.
One of the big developments for Endo in this quarter is that the U.S. Patent and Trademark Office (PTO) issued to Endo’s Par Pharmaceutical operating company three new patents relating to Vasostrict (vasopressin injection, USP). All of these patents expire in January 2035.
The company said that it plans to “aggressively defend and protect” its Vasostrict product franchise and intellectual property. This includes seeking to prevent the unapproved, non-sterile-to-sterile bulk compounding of vasopressin through a previously announced lawsuit filed by certain of its subsidiaries against the U.S. Food and Drug Administration (FDA) on October 26, 2017.
Currently Vasostrict remains the only FDA-approved vasopressin injection product indicated to increase blood pressure in adults with vasodilatory.
Shares of Endo traded up 10% at $6.47 on Monday, with a consensus analyst price target of $11.88 and a 52-week range of $5.77 to $19.93.