Endo International PLC ENDP, +4.29% shares rose 16.3% in Wednesday premarket trade after the company reported second-quarter profit and revenue beats and increased 2018 guidance. The company reported a loss of $52.48 million, or a loss of 23 cents per share, after a loss of $696.02 million, or a loss of $3.12 per share in the year-earlier period. Adjusted earnings-per-share were 76 cents, above the FactSet consensus of 54 cents. Revenue declined to $714.7 million from $875.7 million, above the FactSet consensus of $679.7 million. Generic pharmaceutical sales were below the FactSet consensus, while U.S. branded sales and international pharmaceuticals beat the consensus. Chief Executive Paul Campanelli said that although generic pharmaceuticals have "faced a challenging market environment, we are cautiously optimistic that the portfolio decisions we made over the past 18 months position us well for the future." Endo now expects 2018 revenue of $2.75 billion to $2.85 billion, an increase from previous guidance of $2.6 billion to $2.8 billion, and 2018 adjusted EPS of $2.50 to $2.60, up from previous guidance of $2.15 to $2.55. Endo also announced on Wednesday a licensing agreement with the privately-held specialty pharmaceutical company Nevakar to develop five sterile injectable products. Endo shares have surged 118.5% over the last three months to $12.65, compared with a 7% rise in the S&P 500 SPX, +0.28% and a 5.2% rise in the Dow Jones Industrial Average DJIA, +0.50%
Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.