Concordia International (CXRX) Misses Q3 EPS by 35c; Guidance Suspended

November 7, 2016 7:06 AM EST
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Concordia International (NASDAQ: CXRX) reported Q3 EPS of $0.69, $0.35 worse than the analyst estimate of $1.04. Revenue for the quarter came in at $185.5 million versus the consensus estimate of $206 million.

Concordia is suspending guidance as the Company assesses the business under new leadership

The Company commented, "Concordia's International segment, on a constant currency basis2, delivered consistent results in the third quarter compared to the second quarter of 2016. In addition, the International segment remains on track to meet or exceed our target of 60 new product launches by the fourth quarter of 2018. The Company continues to assess the competitive environment affecting the North America and International segments, and is implementing actions to manage these challenges. Due to recent pressures from generic competition on Plaquenil® and Nilandron®, as well as increased pressure on Donnatal® from competition in the category and what we consider to be an illegal commercial product, we have experienced variability in forecasting the North American business. Additionally, with the recent leadership changes, the Company has determined it will suspend its financial guidance. Concordia's management team is committed to expeditiously evaluating all aspects of its business to ensure appropriate actions are taken to rebuild value for all stakeholders."

For earnings history and earnings-related data on Concordia International (CXRX) click here.

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