ENDP - Earnings call transcript Q1 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning. My name is Lisa and I will be your conference operator today. At this time, I would like to welcome everyone to the Q1 2020 Endo International Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. Instructions] [Operator

like Vice call Corporate President, go ma'am. now Laure to Affairs. turn ahead Senior Park, Investor to would over the Ms. Please I Relations and

Laure Park

our you us Good results. for and XXXX financial thank to morning discuss first quarter joining

of call President Commercial Chief Joining Vice CFO; President and Bradley, CFO; Pat Injectibles President Operations; and hief Ciarico, Financial Sterile Barry, Blaise CEO me are Officer Coleman, Global Endo; and Generics. of Domenico Commercial on Mark Vice President, today's and Executive and Officer Executive

We a that the prepared posted other slide have today's presentation in webcast, presentation, materials to and Investor online as endo.com. accompany section at as well are

Act to our laws and by you under release uncertainties Private to covered are of would any forward-looking press and the in Reform U.S. subject Canadian risks filings. U.S. remind applicable and Canadian XXXX management like and the and securities are described statements made changes, the securities yesterday's I Litigation in that Securities

of may In with the call, are accepted companies. measures principles prepared different used in non-GAAP and may from refer measures financial by be in addition, that generally that course to accounting United accordance non-GAAP financial States not during this the other we

directly report current reconciliation of unless financial non-GAAP the for to Form therein. including GAAP and the otherwise presentation. issued earnings prior The Investors measures measures release comparable today's press most to financial in review our call those in for financial Endo's are encouraged to Endo's X-K with non-GAAP today is furnished on release SEC reasons our noted contained the earnings measures

over call the Blaise. turn like Blaise? now would I to

Blaise Coleman

performance good we and provide expectations. will with my an financial on with as are morning pipeline an our business and update our update and organization Beginning everyone. you, X, I how certain on start discuss quarter an remarks and dealing COVID-XX first on then today, Thank Slide Laure

deepest families members Endo Prior of behalf sympathies global have been all to our their to like I'd who and of for affected the our this, team those pandemic. by share on COVID-XX

who safe crisis, been frontlines to us on workers selfless entire Endo those you. also Their us on have behalf working inspiration through all all the thank an site. COVID-XX of are to of I and keep and We commitment at team sincerely acts say particularly of those the our healthcare to thank

we the X, Slide healthcare well with to response COVID-XX a we work, and providers the Moving supply medicines needed by to implemented take an our and they members commitment to for, a reliably are care of where organization. as live how and moment to by the at communities look let's COVID-XX. as the continue our critical has to patients safety comprehensive Guided as team commitment dealing Endo

home are To mandatory practices from who provide for to safety our working work alternative for team, perform members including jobs their able team implemented the we've of requirements from home.

our professionals, a to transitioned supporting model force and virtual engagement also sales We medicines. to patient continue care access to healthcare

of have how across and all of reinvented working business. the it. as This a reimagining we during to months how do valuable working technology accelerated going and two way of extraordinary our during and forward parts serve have We new all do last how will our us period this use we lesson we're

supply Endo important. disruption. sites care XXX% manufacturing our kept that the continued with critical manufacturing without burden never significant the our on has of pleased From related global distribution products I supply perspectives, channels team am supply COVID-XX hospitals, more the supply operational of and been of

commitment critical our As demand meet necessary medically and the part those care operations. of to products, prioritized for we

workers, so including social that work once, are distancing, site essential to each our schedules, of implemented modified cleaning facilities, In increased access enhanced restricted protocols. present only addition, at we've colleagues safety fewer measures manufacturing at enhanced

to team compensation delivering our additional members necessary provided to and to to support operation patients. onsite gratitude further medicines In show addition, commitment to certain we've

supply care the the our $X to we've maintaining our million support of addition Red Americares and COVID-XX help critical to COVID-XX pledged monetary products to in in the commitment product Cross also and In address related over continuous to fight support against needs. of

every commitment part to for presented reflecting of I'm these XXXX each thank them very Endo's response challenging each in times company. proud purpose we to globe. their unwavering the the who to our truly Overall company's I their of of be for nearly sense as want a of response and COVID-XX. the and more doing are around members team of challenges couldn’t I by appreciative of and one

Moving on with impact a context our of first-quarter start business, In the review to our will ongoing of impact pandemic to additional X. impacts. Slide its and the expectations business we our order COVID-XX of the to to provide

quarter We will our then further financial discuss first reported results.

both quarter, with and experienced unfavorable COVID-XX. Starting we first favorable the with impacts

a with visits In in on specialty a This in office unfavorable patient an number branded started terms doctors offices significant performance of had unfavorable physician of impact portfolio. along to product the impacts, March. our decline closures, of high

impacts, sterile in an treatment consolidated ongoing of that the million. reported in impact approximately products hospital-based quarter an demand was fulfillment first the of COVID-XX patients, our Generic injectable segment. favorable increase accelerated XXXX our we $XX well utilized million of terms In prescription as for total, in on Pharmaceutical saw critical COVID-XX In revenues as $XXX of estimate increase we our care

future of by Branded In first of at XIAFLEX due segment end customers stocking to there the quarter the concerns. Pharmaceutical some inventory access was

quarter, a of orders. shelter-in-place slowing However, essentially offset last a physician visits in of from decline by and activity office the due in the to patient this was in overall reduction the weeks demand two resulting

aided segment utilization $XX growth of treat quarter to Our and primarily due Sterile patients. higher by to million Injectable approximately first was revenue VASOSTRICT ADRENALIN COVID-XX

by fulfillment patients as COVID-XX. Our suffering consumers saw prescription concerns to certain first-quarter approximately Generic their of were generic medications treat to impacted $XX increased access as Pharmaceuticals as from million positively segment accelerating revenues due we well utilization

of the given the Slide the moving duration financial are severity business, XXXX Now our on accordingly pandemic we remainder our its and we on impact of estimate and its our reliably unable and to guidance. to XXXX results X, are surrounding COVID-XX uncertainties withdrawing for impact

we segments. on each withdrawing are the expectations to COVID-XX our well of as our on share of want ongoing impact we guidance, our our as While business current

our and demand For XIAFLEX patients LA Pharmaceuticals office a SUPPRELIN revenue products, segment, we quarter electing anticipate including quarter Branded physician decline second to decline due first in decreased be to administered of in and compared because closures the the to treated. in XXXX for

are to for being XXXX delayed second procedures return pre-COVID-XX remain towards gradual the beginning demand XIAFLEX that underlying of the in patient the a levels. of elective physicians both While and increase strong indications we currently, as half we expect see believe activities and

revenues. Additionally, decline we expect to full-year compared to full-year XXXX XXXX revenues

we channel segment in of second stocking. Injectables XXXX anticipate the Sterile to quarter revenues increased compared to first due utilization Looking increase primarily to quarter and XXXX, segment, of

we half During a destocking second with the pre-COVID-XX XXXX, of towards the anticipate of return subsequent levels. period purchasing

expect to revenues full-year full-year We compared revenues. Injectables increase Sterile XXXX XXXX to

the experienced segment, quarter XXXX, driven to XXXX we second filament anticipate following first versus prescription the accelerated Pharmaceuticals Generic revenues prescription quarter. by the trends in For decline lower first quarter

a our of temporary in and in operations schedules modified certain result expect to a launches maintain we potential products COVID-XX, response this As margin certain to segment. product delays lower in supply safely decreased for production

to We compared to Generic full-year XXXX decline revenues revenues. expect full year XXXX segment

XXXX Sterile of new and segments. Pharmaceuticals potential our delays regulatory for product planned in anticipate filings some Injectables we Generic Additionally, for

The CCH is cellulite the July PDUFA for treatment X, date for our of XXXX. product

quarter spending, continuing consumer aesthetics prelaunch the are we While physician and anticipated assuming result XXXX. anticipated we our a COVID-XX, our are as office commercialization approval launch closures the medical activities first of impact to of moving

tactical treats injectable in to shift timing launch broader The we This return when intended timing the on is launch as physicians to therapeutic product a to pre-COVID-XX towards will patients, the as is the based change welcome to believe better market and allow medical be cellulite. in aesthetics positioned their environment. well first entirely market

of excited for grow approval more day as our FDA quarter first its XXXX. forward by to we and in cellulite preparing We receiving CCH continue are expected learn and the to about launch We successful look highly for potential. the

see X, our adjusted Slide of a revenues snapshot to segment for EBITDA our quarter. you'll Turning the first consolidated and

year. of increased versus First $XXX quarter prior consolidated revenues reported million XX% to

approximately Reported mix. in of $XXX COVID-XX, to adjusted significantly prior in quarter increased grew year favorable Excluding versus first the the versus million due prior revenues changes EBITDA of the year. the impact higher quarter and X% revenues

revenues X, the Slide we year-over-year in investments the continue its to to quarter, first The products portfolio reported continued strong double-digit. Specialty positive portfolio Moving with Branded In Specialty of grew impact of Sterile XX%. areas. growth segment performance revenue see core Injectables Branded growth and the products our our

growth demand products first Overall, due of quarter of of by established another the the The growth. the to quarter buying generic portfolio prior period of portfolio. to same segment franchise The in our revenue reflects Our continued continued in competition growth The were underlying had compared total the offset revenues resulting was specialty XIAFLEX was commercial franchise products XX% outstanding quarter year. our first XXXX. XIAFLEX. of to revenue Pharmaceuticals in Branded year-over-year execution saw decline revenue that to primarily decline comparable and due growth outstanding

The impact first growth the quarter VASOSTRICT revenue were by underlying and in VASOSTRICT comparable of to X% million compared continued prior XX% to COVID-XX in compared XX% growth quarter, Our VASOSTRICT. or approximately of price the excluding excluding both to increase the the ADRENALIN period of year increase an or the COVID-XX. compared COVID-XX. was strong impact continues revenues the Injectables in segment were volume. the impact of of XX% growth to of revenues XXXX XXXX to $XX the $XXX in million Sterile year a deliver excluding or driven to prior due XX% same approximately

XX% Pharmaceuticals new during in the flat underlying the launches increased first segment, Turning recent The certain events. impact impact impact but revenues of our of essentially the of to by excluding COVID-XX. quarter were reflects by competitive the performance quarter, offset Generic product the

quarter, the first launched we new products. During four

year. International Pharmaceuticals XXXX to the segment the quarter were of in period comparable $XX prior First revenues same million

shift trials to our ongoing Turning to data X, Slide our focus and studies. generation clinical we

and investing indications specialty franchise, portfolio unmet product of our we patients of a the initiated our represent part fibromatosis were treatment. strategy As adhesive plantar nonsurgical treatment who need large development that We for a of long-term XIAFLEX our believe XIAFLEX management for seeking both capsulitis. lifecycle approach programs and in

capsulitis, and capsule shoulder a or frozen of in can and thickening case adhesive fibrosis the restriction painful. results the of shoulder be shoulder motion In

pain fascia feet and Additionally, the of the presents as plantar on fibromatosis have in majority cases nodules plantar patients condition. associated the with in

second the site about the option a impact to only patient a only recruitment trials modest new of in enthusiastic indications enrollment potential we of both as delays for the of surgery. prone begin and result Currently, and remain estimate We both COVID-XX for in XXXX. half clinical complication for removal selection currently is anticipate trials and

currently are and study label in Phase PK We clinical physicians. plasma we volunteers running clearance may further on Vasopressin advance believe of healthy expansion work a X which our help

for CCH the treat FDA we enter to the approved medical opportunity to first buttocks. cellulite in aesthetics are potentially excited about the the cellulite, market Moving option to with injectable U.S.

robust market, plan. to this As preparing enter we part of have data generation

While as ambition to advance RELEASE-I trial conducted, ambition and real-world of largest aesthetics the advance provide to our CCH, medical continue meaningful ever the cellulite the cellulite. shared of the RELEASE-II well data to of for community comprised to science is as

strategies. plans in target to as are analysis our and well presentation technique, durability. dosing, as responses publication and studies on rollover Our studies focused populations, on key include and these development from Results injection patient

course Slide core Sterile better X, Generics to actively our portfolio to growth as our pipeline review the reflect normal opportunities. Moving and of and part Injectables we manage

no you forward. will we growth Sterile going believe increasingly meaningful In are strategy. choose While R&D commercialize value reflective create us our context, of of pipeline can Injectables success, to we projects are guarantees see our that there those that the for is

and We have profile. a level Injectables opportunities high durable revenue believe a differentiation our of Sterile more

product and in care. We opportunities needs Sterile to products. R&D XX% can that products meet be we filings we the XX% regulatory pipeline are and help of potentially or XXXX for more Sterile Injectables Injectables new believe differentiated improve our for will our is customers evolving of estimate Almost pursuing patient our of

We relationships by Nevakar in five partners anticipate third-party supplemented differentiated Nevakar XXX strategic with first as is hospital will the products. XXXX. (b)(X) and launching product potentially This late which based critical provide such care

the to results. further company's Now, let to discuss over call financial the turn me Mark? Mark

Mark Bradley

you and to Thank to with morning I are pleased I'm speak healthy. you you, have morning good and the Blaise that families everyone. this opportunity hope and your

continuing On On a $XXX a basis of snapshot operations XXXX income first from the was the continuing and a quarter million segment Slide a not XX quarter GAAP Blaise share on million in diluted or $X.XX first earlier, basis, from $X.XX GAAP per covered loss share financial that so to you per again. basis first of $XX or non-GAAP will see of operations on review of in company results. compared I a will revenues the quarter XXXX. diluted and

was arising was that benefit strong discrete This operating the from purposes primarily for of recorded attributable performance, GAAP increase quarter tax to CARES with the ACT coupled in XXXX. the first

of a favorable first from share the in first increase a quarter basis, $XXX of first or XXXX. on operations of revenue and compared continuing to the mix quarter higher was the XXXX quarter per On primarily on income diluted the in operations to adjusted a basis $XXX basis $X.XX income This share in continuing adjusted XXXX due first XXXX. to million in change per product an quarter adjusted $X.XX of diluted of compared from million or was

was higher product XX, to in the of to ratio in primarily $XX the ended payments times. adjusted X.X quarter quarter first unrestricted net XXXX revenues increase approximately XXXX. due cash $X.X $XXX in to This a to Slide XXXX EBITDA to prior billion and million of negative Advancing was and debt first flow mix. cash with We of favorable first compared unrestricted debt million quarter

Moving to not Slide guidance. we XX, providing as XXXX Blaise previously, mentioned are full-year

first do that think XXXX of our want for results, quarter you to segment results second the direction help provide we consolidated some not indicative about given be However, to future results. financial quarter and may period

range reduction specialty compared patients driven quarter to be closures compared in in first decline the to reflects range low-to-mid in XX% by in treated. the quarter, Branded products revenues of total This resulting from quarter revenue expected the to XXXX. a to first XX% included the decline a decline expect in primarily in we office second low administered the physician First, an Pharmaceuticals portfolio, electing and products decline in

by to expect following in first first trends Pharmaceuticals quarter a in accelerated the fulfillment. quarter decline Generic lower compared also the the low driven We our segment XX% range prescription prescription

in unfavorable range in In competitive driven addition, quarter the foreign low events, Pharmaceuticals and product rates. compared decline discontinuations impact a expect segment exchange first of primarily we our International to the by XX% an

our our increases will declines by the care these products. in be in Injectables demand expect to in percentage We compared by the segment offset first partially an single-digit continued increase low-to-mid range Sterile driven for critical quarter

the XX% gross second approximately adjusted expect we be Secondly, margin to quarter XXXX. of revenues for

shift adjusted margin reduction in portfolio. sales in expectation including gross Our Specialty mix the a a reflects primarily products Branded

for Additionally, we growth core expect second the reflects XXXX. other expenses. adjusted in operating expenses of our investments to reduction be certain approximately quarter XX% areas continued in of the revenues This of and

full-year in legal in Qualified expect expenses, approximately Fund the Mesh to previously into to $XXX and million legal for Mesh related approximately million Settlement settlements. Finally, $XX the make opioid payments opioid and for expenses incur announced and we

our now back to manage me question-and-answer Laure Let period. turn the to over Laure? call

Laure Park

us many the as questions period, to complete we limit to question-and-answer allow final would Thank have appreciate we In time, interest will comments. in initial get possible, you, if Mark. could After you it. the Blaise of some your as

can Operator, question? the first we have

Operator

Instructions] from comes Sandler. first with Amsellem [Operator Your David question Piper

David Amsellem

Thanks.

we're just maybe ordering is in rhetoric destocking drill and what see you're patterns ways talk second the I quarter in seeing around products? sure stocking increase COVID-XX here seeing year and regarding could Thanks. to think potential this ADRENALIN. year. thus country VASOSTRICT will overly Do two the far, parts wanted I of conservative later you on we the then given cases regarding the additional significant guess that for be on that about commentary to destocking there So the how destocking that actually a you expect that the and you are lot and of see is, later question down in

Blaise Coleman

Injectables we're let around business. QX me our that have Yes. question. little around more purchasing Hey, Dominic significant but Dominic carried currently as going we we David, let bit some quickly, thank have we seeing. I'm real that, seen the the you about talked on to in talk dynamics changes into levels very much upfront, QX just that for Sterile a jump in saw really But and

Domenico Ciarico

Yes, good morning, David.

terms April. of significant of weeks between seen X in into the run in pretty times shipments And March late to Those anywhere normal mid of some starting XX we've couple seeing In shipments reduction some through significant - the were significant seeing pull increase and VASOSTRICT, at times sorry, in weekly I'm rate. through. we're order some pull from March mid-April, we're first

both today. in and we're that pull a triggered distributors, that but So, stockings, the seeing ramp through fall there a hospitals in was

Blaise Coleman

just as of year in we utilization our here the occur we haven't even the that would weeks product to Can guidance please? level many destocking and Yes half the the question provided April destocking first are door how that, several so, see second half out the of to add the And just in inventory of went out. Dominic start looks uncertainties beginning given quarter. obviously what just of we and third year Injectables second expect said, like for the to to expectations then next Sterile that of in that the including are ultimately that take plays there that

Operator

Your RBC line comes next Stanicky the with Capital Markets. from Randall of question

Ashley Ryu

launches Hi, filing delays. about a talk are potential from, Blaise, little can more good well for coming Ashley you where on morning. as bit delay is as Ryu Randall. the in This certain the

the seems may because other withdrawn more or that only in out conservatism? I think swing that light more peers to is assumptions it this factors to is Endo so variable guidance, some of filing and and [indiscernible] your have of of than companies one Endo delays certain of

R&D we playing studies thinking facilities up all you. about and be or both some shared this so running? are India, by in year? Thank secondly, how the follow growth are for And that have out, to segments, are be i.e. facilities then profile you impact expected they should will the know short-dated I instance, these next that for

Blaise Coleman

you second I'm we didn't catch repeat it? the your just sorry, question, can part of

Ashley Ryu

sure. Yes, of Yes, course.

Just the Injectables this so growth profile plays to of wondering how filing be going will segment, know out? for next kind short-dated to such or just wanting I'm important year, if are impact delays kind that an is of Sterile the these obviously

Blaise Coleman

Yes.

question. So, thanks for that

is, and launches, has as our manufacturing our globe the team So, our part of an manufacturing significantly facilities. put at let this job of all to of in those filings members the have safety about new potential the in the facilities. to And talked one on which COVID-XX, same comment the number done been product outstanding delays that global are the manufacturing reduce have the I how of number on through of measures, has factor, priority me And previous front. my because probability workflows they comments, around team the related at shifts we with our our place we transmission staggered on as the our obviously really of happening

As normally product over also trade-offs and changes, XX%. in commercial but then the new that, value launches They're anywhere as that around impacts different so said, capacity to care analyzing cases have filings, all of levels our to R&D critical well. they're going and prioritizing at shifted all part of our operational some terms our capacity facilities products products. to higher XX% and and we those all of that we lower both of That from be ranges and and operational are the capacity have. some do in they're We capacity

We're capacity the on play out working our That's going So of environment obviously that's can we how to third we the play as rest quarter. in but that quarter going something increase Again, will through can, happening where to into quickly that the be that's to that's part as uncertainties. current and this out? of what's front.

see On on out, more get so, we question we on the say around please? question. unclear, your of second much probably that we timeline [indiscernible] that not exact in Can it's how and next question playing can terms that,

Operator

line Gary comes of Markets. Your Capital next the from with Nachman question BMO

Gary Nachman

Hi, guys. good morning

you if Sorry on been calls. jumping around I've different addressed this,

structure going XQ headwinds that? then, changes do perhaps for your set And much there's to that's of how are launch, from in CCH a you year, potentially, with go expenses situation the of out COVID-XX? are now with cost next crisped to terms to other what able actually With you

margins given that change yes we second some us And you mix then, one would if about can the how give just beyond other, guidance trending Thanks. directional quarter, in from COVID, the think be gross helpful? should

Blaise Coleman

cellulite around cellulite Okay, could XXXX. so by a questions, got that you've investment mean. commercial the about start just saying, I from in CCH three on for and we've our standpoint one talked what never expense to CCH want shift

obviously we're we say, going So, delay we would are that to that, not a change. to with but size see going

sales way to part it really for start one push a about then, year, latter And back the to the there. to it's the spend half we the to is, of force think or so about way the wouldn't the recruiting think

thinking In just terms to how of management what maybe our the in of in to question, gross cost I'll Mark world. doing we're structure COVID-XX over it cost turn we're comment a margin terms about and on

Mark Bradley

Yes, sure. question. for the Thanks

I seen, to kind disciplined those growth. look XX%. guided We we structure of our second operating in you've quarter only as as optimize So while think allocation always as cost a would core and capital of a of would usual, areas of and approach investing expenses to take revenue still to percent we've

has And So, that changed. continue with nothing discipline. same COVID, to employ we really would

With percentages, respect we gross to quarter. margin to guided second have

profile forward. And everything we mix. able going really are of course, I we to driven would We to And think have that, cost is gross said beyond do before, that. we to provide we anything not that structure optimize product and gross could margin our the guided margin like by

Blaise Coleman

Thanks, we question next the have please? Great. Can Mark.

Gary Nachman

you. thank Okay,

Blaise Coleman

Thanks, Gary.

Operator

next SVB comes of Amy the Your Instructions] from line with Fadia question [Operator Leerink.

Eason Lee

Thanks to are taking Eason This Hi, first some for question, our good Maybe we states start Amy. questions. on for is up. seeing open morning.

immediate, thoughts could just as Just a come it curious your sort how SUPPRELIN will be of there? quickly lag, XIAFLEX, occurs, do like back will be products you there this think

Blaise Coleman

one let Pat and our that? Obviously, Why around I'll we some second provide think talk of seeing we're question. thoughts around is don't that about half, as the let what uncertainties on I our that. about very key Sure. Pat comments

Patrick Barry

Yes, to our the continue on I that and we reopen lots would second as obviously And with approaching and feel customers. how we're go-forward. having downward see we're said, we pressure that as as communications we're desire - in to open Again, there's prudent offices a see we as in half, mean going QX. we'll see is that's of guiding to up like anecdotally, second the QX soon and with to we'll begin and the half, co-travel building into do that recovery in also momentum

to that of so customers' we're our and they to are prepared meet of to Some our control is when us. ready be meet out obviously, where and going

And in us call, to high is. in technology level, we've engage put regardless so mentioned as that some allow the was what at we a the - enablers of environment

And to half. the beginning again, guiding in we're second recovery so

Blaise Coleman

Okay.

Eason Lee

follow-up a a - just add I please? had could just I could if Maybe

Blaise Coleman

you Eason. go Sure, can

Eason Lee

I supply your Just, ADRENALIN what is sort second of into into adequate of your Sterile of XXXX? and sort half visibility for, guess VASOSTRICT particularly Injectables

Blaise Coleman

half say you XXXX? did sorry I'm Yes. of second

Eason Lee

Yes.

second just like into potential of supply mentioned the like year, So you of disruptions. half supply, the sort

Blaise Coleman

yes. no. absolutely No, yes, yes, Yes,

minute. supply for let's So, talk about

continuity. Protocols very place So Injectables for all of long time. business VASOPRESSIN, our products, particularly been robust products, of have key all we in a key around have our a ADRENALIN, Sterile

and also multi-sourcing how those we products have we we have and terms those API around finished So, stocked products. products well source in of

both in of those Dominic right about supply confident the and products. what terms what's have of between in are channel on around our terms terms now of in both that - in talked in supply out extremely continuity we finished goods we hand, API, So,

Eason Lee

you. thank Okay,

Blaise Coleman

other any there questions, Is operator? Okay.

Operator

questions. like closing further At the turn back CEO this Blaise over are time to for no Coleman, call to now would there I remarks.

Blaise Coleman

Sure. very Thank much, operator. you

combat the the you've and to to XXXX, the today clear So do to we virus. quick a collective message of close, In terrible think challenges presented one. were in to first COVID-XX, to part efforts quarter is our by our heard this I respond

the and demonstrate deliver of ability diversified portfolio also to benefits times. challenging continued performance We execute our strong our during underlying and

business be While way. period by see to a safe the system optimistic reopen over and we the term, near overall we our uncertainty and care our will a sustainable of are pandemic health face in U.S. expect we impacted

continue on In and investing to We're a before this we manage us, as how value executing continue aspire context, creation. future we've respect opportunities will and priorities excited focused long-term the to be. become against by for approach taken our our take to company working we long-term the with we business, strategic to

We forward. Thank joining Endo and updates and appreciate with your providing move day. of continued you rest your this a we support interest of to look and us forward you as for we morning have great in

Operator

This today’s conference. concludes

now may disconnect. You

Endo International (ENDPQ) 7 May 202020 Q1 Earnings call transcript