MALVERN, Pa., May 30, 2024 /CNW/ -- Endo, Inc. ("Endo" or the "Company"), a newly formed entity that recently acquired (the "Acquisition") substantially all of the assets of Endo International plc ("EIP") as contemplated by EIP's plan of reorganization (the "Plan"), today made select first-quarter 2024 financial results for EIP available to investors. EIP's first-quarter financial results were in-line with its previously provided expectations.   Endo is providing the following historical financial information of EIP because, from Endo's formation through March 31, 2024, it had no operations, business transactions or activities other than those incidental to its formation or taken in contemplation of the Plan (including the Acquisition).  Endo had no other assets or liabilities during the periods presented in this release.  The following historical financial information of EIP does not give effect to the transactions contemplated by the Plan or the application of fresh start accounting expected to apply to Endo's financial information beginning in the second quarter of 2024.   EIP FIRST-QUARTER FINANCIAL PERFORMANCE(in thousands) Three Months Ended March 31, 2024 2023 Change Total Revenues, Net $         419,507 $         515,267 (19) % Reported Net Loss $        (154,230) $            (3,279) NM Adjusted Net Income (a) $         131,415 $         193,328 (32) % Adjusted EBITDA (a) $         146,302 $         209,030 (30) % __________ (a)    The information presented in the table above includes non-GAAP financial measures such as Adjusted Net Income and Adjusted EBITDA. Refer to the "Supplemental Financial Information" section below for reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures. EIP CONSOLIDATED FINANCIAL RESULTSTotal revenues were $420 million in first-quarter 2024, a decrease of 19% compared to $515 million in first-quarter 2023. This decrease was primarily attributable to decreased revenues from the Generic Pharmaceuticals segment. Reported Net Loss in first-quarter 2024 was $154 million compared to reported Net Loss of $3 million in first-quarter 2023. This change was primarily due to increased expenses related to the Chapter 11 reorganization process and decreased revenues. Adjusted Net Income in first-quarter 2024 was $131 million compared to $193 million in first-quarter 2023. This change was primarily driven by decreased revenues. BRANDED PHARMACEUTICALS SEGMENTFirst-quarter 2024 Branded Pharmaceuticals segment revenues were $201 million compared to $198 million during first-quarter 2023. Specialty Products revenues increased 4% to $148 million in first-quarter 2024 compared to $142 million in first-quarter 2023. This change was primarily due to an increase in XIAFLEX® revenues, partially offset by a decrease in SUPPRELIN® LA revenues mainly driven by lower volumes. First-quarter 2024 XIAFLEX® revenues were $113 million, an increase of 17% compared to $97 million during first-quarter 2023 driven by increased net selling price and increased volumes. STERILE INJECTABLES SEGMENTFirst-quarter 2024 Sterile Injectables segment revenues were $98 million, a decrease of 3% compared to $101 million during first-quarter 2023. This decrease was primarily attributable to competitive pressure on a number of products and was partially offset by increased VASOSTRICT® and ADRENALIN® revenues driven by higher volumes. GENERIC PHARMACEUTICALS SEGMENTFirst-quarter 2024 Generic Pharmaceuticals segment revenues were $103 million, a decrease of 48% compared to $198 million during first-quarter 2023. This decrease was primarily attributable to competitive pressure on varenicline tablets, the generic version of Chantix®, and dexlansoprazole delayed release capsules, the generic version of Dexilant®, partially offset by increased revenues from lidocaine patch 5%, the generic version of LIDODERM®. INTERNATIONAL PHARMACEUTICALS SEGMENTFirst-quarter 2024 International Pharmaceuticals segment revenues were $17 million compared to $18 million during first-quarter 2023. CASH, CASH FLOW AND OTHER UPDATESAs of March 31, 2024, EIP had approximately $641 million in unrestricted cash and cash equivalents. First-quarter 2024 net cash provided by operating activities was approximately $26 million compared to approximately $62 million net cash provided by operating activities during first-quarter 2023. This change was primarily driven by decreased revenues. 2024 FINANCIAL EXPECTATIONSEndo is providing financial guidance for the full-year ending December 31, 2024, which guidance includes EIP's financial results prior to the Acquisition.  All expectations provided by Endo, which are unchanged from expectations previously provided by EIP, are forward-looking and actual results may differ materially and adversely from such expectations, as further discussed below under the heading "Cautionary Note Regarding Forward-Looking Statements." Full-Year 2024 ($ in millions) Total Revenues, Net $1,685 - $1,770 Adjusted EBITDA $615 - $645 Assumptions: Segment Revenues: Branded Pharmaceuticals $860 - $905 Sterile Injectables $370 - $390 Generic Pharmaceuticals $395 - $415 International Pharmaceuticals ~$60 Adjusted Gross Margin as a Percentage of Total Revenues, Net ~67% Adjusted Operating Expenses $585 - $605 CONFERENCE CALL INFORMATION Endo will host a conference call to discuss this press release tomorrow, May 31, 2024, at 8:30 a.m. ET for registered holders of its debt and equity securities.   There are three ways to join the call: Phone link to register and receive an automatic callback when conference call begins: https://emportal.ink/4bj94IH Phone dial-in number with operator support: 800-836-8184 (U.S. and Canada toll-free) or 646-357-8785 Webcast: https://app.webinar.net/YmzKP3Ylp79 Please dial in 10 minutes prior to the scheduled start time. Dexilant® is a registered trademark of Takeda Pharmaceutical U.S.A., Inc.Chantix® is a registered trademark of Pfizer Inc.LIDODERM® is a registered trademark of Endo, Inc. FINANCIAL SCHEDULESThe following table presents Endo International plc's unaudited Total revenues, net for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, Percent Growth 2024 2023 Branded Pharmaceuticals: Specialty Products: XIAFLEX® $         113,049 $           96,910 17 % SUPPRELIN® LA 20,135 23,577 (15) % Other Specialty (1) 15,219 21,694 (30) % Total Specialty Products $         148,403 $         142,181 4 % Established Products: PERCOCET® $           24,544 $           26,056 (6) % TESTOPEL® 10,491 10,989 (5) % Other Established (2) 17,358 18,347 (5) % Total Established Products $           52,393 $           55,392 (5) % Total Branded Pharmaceuticals (3) $         200,796 $         197,573 2 % Sterile Injectables: ADRENALIN® $           27,367 $           25,575 7 % VASOSTRICT® 26,953 25,951 4 % Other Sterile Injectables (4) 43,914 49,729 (12) % Total Sterile Injectables (3) $           98,234 $         101,255 (3) % Total Generic Pharmaceuticals (5) $         103,317 $         198,180 (48) % Total International Pharmaceuticals (6) $           17,160 $           18,259 (6) % Total revenues, net $         419,507 $         515,267 (19) % __________ (1) Products included within Other Specialty include AVEED® and NASCOBAL® Nasal Spray. (2) Products included within Other Established include, but are not limited to, EDEX®. (3) Individual products presented above represent the top two performing products in each product category for the three months ended March 31, 2024 and/or any product having revenues in excess of $25 million during any completed quarterly period in 2024 or 2023. (4) No individual product within Other Sterile Injectables has exceeded 5% of consolidated total revenues for the periods presented. (5) The Generic Pharmaceuticals segment is comprised of a portfolio of products that are generic versions of branded products, are distributed primarily through the same wholesalers, generally have limited or no intellectual property protection and are sold within the U.S. For the three months ended March 31, 2024 and 2023, Dexlansoprazole delayed release capsules (the generic version of Takeda Pharmaceuticals USA, Inc.'s Dexilant®), which launched in November 2022, made up 5% and 6%, respectively, of consolidated total revenues. For the three months ended March 31, 2024, Lidocaine patch 5% (the generic version of LIDODERM®), made up 7% of consolidated total revenues. For the three months ended March 31, 2023, varenicline tablets (the generic version of Pfizer Inc.'s Chantix®), which launched in September 2021, made up 15% of consolidated total revenues. No other individual product within this segment has exceeded 5% of consolidated total revenues for the periods presented. (6) The International Pharmaceuticals segment, which accounted for less than 5% of consolidated total revenues for each of the periods presented, includes a variety of specialty pharmaceutical products sold outside the U.S., primarily in Canada through EIP's operating company Paladin Labs Inc. The following table presents unaudited Condensed Consolidated Statement of Operations data of Endo International plc for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 TOTAL REVENUES, NET $         419,507 $         515,267 COSTS AND EXPENSES: Cost of revenues 199,013 232,742 Selling, general and administrative 130,068 150,793 Research and development 25,902 27,703 Acquired in-process research and development 750 — Litigation-related and other contingencies, net — 15,200 Asset impairment charges 304 146 Acquisition-related and integration items, net 621 397 Interest expense, net — 109 Reorganization items, net 203,046 85,352 Other expense (income), net 5,755 (125) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAX $      (145,952) $              2,950 INCOME TAX EXPENSE 7,882 5,773 LOSS FROM CONTINUING OPERATIONS $      (153,834) $            (2,823) DISCONTINUED OPERATIONS, NET OF TAX (396) (456) NET LOSS $      (154,230) $            (3,279) The following table presents unaudited Condensed Consolidated Balance Sheet data of Endo International plc at March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents