Endo Health lowers outlooks; CEO to retire
Endo Health says CEO Holveck will retire; company says it may miss forecasts in 2012 and 2013
CHADDS FORD, Pa. (AP) -- Endo Health Solutions Inc. said Wednesday that its President and CEO David Holveck will retire in 2013.
Endo also lowered its earnings forecast for 2012 and 2013. It shares fell about 6 percent in aftermarket trading.
The company said Holveck, 67, will resign from the board of directors and leave the company by May 2013. He will leave when a successor is in place or by the time of the company's annual meeting in May, whichever comes first. Endo said it is searching for a new CEO and is considering candidates from inside and outside the company.
Holveck joined the Endo in April 2008. In 2010 and 2011 the company remade itself, spending about $4.5 billion to buy urology company HealthTronics, drugmaker Penwest Pharmaceuticals, women's health product and pain drug maker Qualitest Pharmaceuticals, and American Medical Systems, which makes devices and therapies for urology, pelvic health and gynecology.
The company changed its name to Endo Health Solutions from Endo Pharmaceutical Holdings earlier in 2012.
Endo had forecast adjusted net income of $5 to $5.10 per share in 2012, but it now says it will be at or below the low end of that range.
Endo said it also doesn't expect to reach its 2013 guidance of $5.20 to $5.40 per share in adjusted net income and $3 billion to $3.2 billion in revenue.
It said it would provide an updated forecast for 2013 in January. It did not give a reason for the lower forecasts.
Analysts had forecast income of $5.01 per share in 2012, and net income of $5.21 per share and $3.08 billion in revenue in 2013.
Endo shares fell 51 cents to $27.60 Wednesday, and lost $1.58, or 5.7 percent, to $26.02 in aftermarket trading.
