Endo Pharmaceuticals Holdings Inc., Chadds Ford, said today first-quarter profit more than doubled on higher sales of its pain medications.
Net income was $57.1 million, or 43 cents a share, compared to $20.5 million, or 15 cents, in the year-earlier quarter. Revenue increased to $254.4 million from $205 million, exceeding analysts' average estimate of $236.6 million.
Endo said the results were favorably affected by $13.8 million in deferred revenue from pain products Opana ER and Opana.
"Our strong performance was due primarily to a 39 percent increase from the year-ago first quarter in net sales from our branded products despite the loss of sales from our discontinued generic oxycodone extended-release tablets, which were $9 million in the first quarter of 2006," said Endo president and chief executive officer Peter A. Lankau.
Shares rose 78 cents to $31.40 on the Nasdaq.