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CHADDS FORD, Pa. Strong generic sales helped Endo edge analyst expectations for the third quarter, the company noted.
Net income reached $54.2 million, compared with $49.4 million during the period ended Sept. 30. Net sales jumped 23% to $444.1 million, versus $361 million during the same period a year ago. Analysts had estimated sales of $443.36 million for the quarter.
“Endo had another strong quarter, with record revenues and adjusted earnings,” said CEO Dave Holveck. “I'm excited that we achieved these results while completing important steps in our ongoing transformation of Endo into a leading provider of healthcare solutions.”
Driven by growth in pain, urology and oncology products, sales on the branded pharmaceutical side of the business were up 8% during the third quarter, while generic drug sales rose 20%.
Endo noted the company has completed clinical trials and awaits regulatory approval for several pipeline products, including long-acting, crush-resistant pain drug oxymorphone.