Endo Int'l (ENDP) CEO De Silva Resigns; New CEO Appointed; Guidance Reaffirmed
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Endo International plc (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.
Conference Call and Webcast
Endo will host a conference call and webcast at 9:00 a.m. ET today. Investors and other interested parties may call (866) 497-0462 (domestic) or (678) 509-7598 (international) and enter passcode 88046538. Please dial in 10 minutes prior to the scheduled start time.
A replay of the call will be available from September 23, 2016 at 11:30 a.m. ET until 11:59pm ET on October 07, 2016 by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering passcode 88046538.
A simultaneous webcast of the call may be accessed by visiting www.endo.com. In addition, a replay of the webcast will be available until 11:59 ET on October 07, 2016. The replay can be accessed by clicking on "News & Events" in the Investor Relations section of the website.
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