MALVERN, PA — Endo, Inc., the newly formed entity that acquired most assets of Endo International plc, has released select first-quarter 2024 financial results for EIP. The results align with previously provided expectations, revealing a 19% drop in total revenues compared to the same period last year.
Endo’s financials highlight the transition phase post-acquisition. From its formation through March 31, 2024, Endo had no operations or significant business activities outside the acquisition process.
EIP reported first-quarter 2024 revenues of $420 million, down from $515 million in the first quarter of 2023. This decline was primarily due to decreased revenues in the Generic Pharmaceuticals segment.
Net loss for the first quarter of 2024 stood at $154 million, a stark contrast to the $3 million net loss reported in the first quarter of 2023. Increased expenses related to the Chapter 11 reorganization and reduced revenues contributed to this change.
Adjusted net income also fell, reaching $131 million in the first quarter of 2024 compared to $193 million in the same period last year. This drop was mainly driven by decreased revenues.
However, not all segments saw declines. Branded Pharmaceuticals segment revenues increased slightly to $201 million from $198 million in the first quarter of 2023. Specialty Products revenues rose 4% to $148 million, driven by a 17% increase in XIAFLEX® revenues, offsetting a decrease in SUPPRELIN® LA revenues.
In contrast, Sterile Injectables segment revenues dipped 3% to $98 million, influenced by competitive pressures despite higher volumes of VASOSTRICT® and ADRENALIN®.
The largest decline came from the Generic Pharmaceuticals segment, where revenues plummeted 48% to $103 million. This was due to competitive pressures on generic versions of Chantix® and Dexilant®, though revenues from the generic version of LIDODERM® saw an increase.
International Pharmaceuticals segment revenues remained relatively stable, slightly decreasing to $17 million from $18 million.
As of March 31, 2024, EIP held approximately $641 million in unrestricted cash and cash equivalents. Net cash provided by operating activities in the first quarter of 2024 was $26 million, down from $62 million in the same period last year, largely due to decreased revenues.
Endo, Inc. faces a challenging landscape as it navigates through its reorganization and competitive pressures in various segments. The company remains focused on stabilizing and growing its revenue streams while managing the aftermath of the acquisition and reorganization process.
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