Concordia Healthcare (CXRX) Misses Q1 EPS by 17c; Announces Acquisition of Four Products

Concordia Healthcare (NASDAQ: CXRX) reported Q1 EPS of $1.35, $0.17 worse than the analyst estimate of $1.52. Revenue for the quarter came in at $228.5 million versus the consensus estimate of $231 million.

The Company also announced today that subsequent to quarter end, it entered into an agreement to acquire the global rights to four generic products, for the treatment of anemia, depression and urticaria, for a £21 million initial payment and up to £7 million in subsequent earn-out payments that would be payable in the first quarter of 2017 if certain performance and supply targets are achieved. The Company paid a revenue multiple of 2.6 times for this acquisition. The transaction is expected to close on or about May 31, 2016. The Company intends to pay for the acquisition with cash on hand.

GUIDANCE:

Concordia Healthcare sees FY2016 EPS of $6.29-$6.77. Concordia Healthcare sees FY2016 revenue of $1.02-1.06 billion.

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

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