Endo International plc – Ordinary Shares (NASDAQ:ENDP) announced that its Board of Directors has named Paul V. Campanelli President and Chief Executive Officer, effective immediately. Mr. Campanelli currently serves as President of Endo’s Generic and OTC drugs business, Par Pharmaceutical, which accounts for approximately 60 percent of Endo’s total revenues through the first half of 2016. Campanelli, who will also join Endo’s Board of Directors, succeeds Rajiv De Silva, who has stepped down as President, CEO and a member of the Board.
Campanelli, 54, joined Endo in 2015 following Endo’s acquisition of Par Pharmaceutical, where he had served as Chief Executive Officer since 2012. While CEO of Par, Campanelli built a strong leadership team and an industry-leading generics business. Specifically, during his tenure, Par significantly increased total revenue, acquired JHP Pharmaceuticals and established a presence in the European generics market. Since joining Endo, Campanelli has overseen the Company’s U.S. Generic Pharmaceuticals business.
“Given the continued evolution of Endo’s business and Paul’s impressive track record of delivering strong operating results, the Board concluded that Paul is the right leader for Endo at this juncture as we focus on execution and increasing the value of our attractive U.S. Branded, U.S. Generic and International pharmaceutical assets,” stated Roger H. Kimmel, Chairman of the Board of Endo. “Paul has spent a significant portion of his career leading and operating complex generics businesses and overseeing Par’s branded business. The Board believes his experience positions him to drive a broad range of growth initiatives across Endo’s entire portfolio, generating better health outcomes for patients and creating value for Endo’s shareholders.”
“I am very excited to lead Endo at this important time and, together with a strong senior management team, address the challenges of today’s healthcare environment,” said Campanelli. “Endo has differentiated operating businesses that provide diverse products ranging from high-value branded pharmaceuticals to cost-effective generics and is powered by a dedicated global workforce. I look forward to working closely and collaboratively with our leadership team and Endo’s Board to build on our strengths and help position the Company to thrive over the long-term.”
“It has been a pleasure and an honor leading Endo, building a talented management team and working with our dedicated employees over the past three and a half years,” said De Silva. “Now, with an international footprint, one year after the acquisition of Par and with a new President at the helm of our U.S. Branded business, the time is right for me to move on to new professional opportunities. I am working closely with the Board, Paul and the entire senior leadership team to ensure a smooth transition and remain fully committed to Endo’s future success.”
Kimmel added, “On behalf of the Board, I would like to thank Rajiv De Silva for his leadership. He played a critical role in assembling valuable assets, establishing a global footprint and in building strong teams, and we wish him all the best in his future endeavors.”
Prior to becoming CEO of Par in 2012, Campanelli served as Chief Operating Officer of Par Pharmaceutical, driving growth in both its branded and generic pharmaceutical businesses. Previously, he held roles of increasing responsibility at Par, including President, Par Generics, and Executive Vice President, Business Development & Licensing for branded and generic products. Campanelli has more than 25 years of experience in the generics and branded pharmaceutical industry.
Third Quarter and Full Year 2016 Financial Guidance
Endo is affirming its third quarter and full year financial guidance:
Third Quarter 2016
- Total revenues between $830 million and $870 million; and
- Adjusted diluted EPS from continuing operations between $0.77 and $0.82.
Full Year 2016
- Total revenues between $3.87 billion and $4.03 billion;
- Adjusted diluted EPS from continuing operations between $4.50 and $4.80. (Original Source)
Shares of Endo International closed yesterday at $20.26, up $0.17 or 0.85%. ENDP has a 1-year high of $74.70 and a 1-year low of $12.56. The stock’s 50-day moving average is $21.15 and its 200-day moving average is $22.01.
On the ratings front, ENDP stock has been the subject of a number of recent research reports. In a report issued on September 16, Mizuho analyst Irina Rivkind Koffler reiterated a Buy rating on ENDP, with a price target of $29, which implies an upside of 43% from current levels. Separately, on September 8, Morgan Stanley’s David Risinger reiterated a Hold rating on the stock and has a price target of $16.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Irina Rivkind Koffler and David Risinger have a total average return of 21.9% and -2.8% respectively. Koffler has a success rate of 55% and is ranked #38 out of 4189 analysts, while Risinger has a success rate of 43% and is ranked #3550.
Overall, 5 research analysts have assigned a Hold rating and 5 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $34.33 which is 69% above where the stock closed yesterday.
Endo International Plc operates as a pharmaceutical company. It focuses on developing, manufacturing, and distributing of branded and generic pharmaceutical products. It operates through the following segments U.S. Branded Pharmaceuticals, U.S. Generic pharmaceuticals, Devices, and International Pharmaceuticals. The U.S. Branded Pharmaceuticals offers products that focus on the treatment and management of conditions in urology, urologic oncology, endocrinology, and orthopedics. The U.S. Generic pharmaceuticals segment consist of a differentiated product portfolio including high-barrier-to-entry products, first-to-file or first-to-market opportunities that are difficult to formulate, difficult to manufacture or face complex legal and regulatory challenges. The Devices segment offers medical devices that deliver innovative medical technology solutions to physicians treating female incontinence and pelvic floor repair. The International Pharmaceuticals segment includes a variety of pharmaceutical products for the Canadian, Latin American, South African, and world markets.