(Reuters) – Endo International (NSDQ:ENDP) raised its 2014 forecast for the 3rd time and reported a better-than-expected quarterly profit, its recent acquisitions helping boost generic drug sales in the U.S. by nearly 74%.
The company’s shares rose as much as 3.4% to $71 in light premarket trade today.
The Dublin-based maker of drugs and medical devices, which last month clinched a deal to buy Auxilium Pharmaceuticals, raised its 2014 adjusted profit forecast to $4.10-$4.25 per share, from $4.00-$4.20 per share earlier. It also raised its sales outlook for the year to $2.80 million to $2.88 billion from $2.78 million to $2.86 billion.
Endo’s medical device segment posted a -0.9% sales decline, to $110 million, compared with Q3 2013. The company earned $319.4 million in U.S. generic drugs sales in the 3rd quarter ended Sept. 30, up from $183.94 million a year earlier, benefiting from its acquisitions of Boca Pharmacal and DAVA Pharmaceuticals.
It also gained from higher sales of its generic version of its own pain patch, Lidoderm. Endo last month said it would buy Auxilium for $1.67 billion to bolster its men’s healthcare business. The company’s adjusted net income rose to $182.3 million in the third quarter from $160.7 million a year earlier.
On a per-share basis, however, profit fell to $1.15 from $1.34 due to a 32% increase in the shares outstanding. Revenue rose 15.5% to $763.9 million.
Analysts on average had expected earnings of $1.00 per share on revenue of about $725.71 million, according to Thomson Reuters I/B/E/S.
Shares of Endo International, formerly known as Endo Health Solutions, closed at $68.67 yesterday.
Endo last month agreed to settle as many as 20,000 lawsuits filed in U.S. courts against its American Medical Systems subsidiary over its pelvic mesh implants.