Endo’s 1Q Meets Expectations, But Challenges Persist
We don’t anticipate any major changes to our fair value estimate for Endo as the company’s first-quarter results remain fairly close to our projections, and management reaffirmed its year-end outlook. Overall, we still think this no-moat company faces a number of significant challenges among its branded and generic drug segments combined with high financial leverage, which was at 5.1 times net debt/adjusted EBITDA for the quarter. Therefore, we’re leaving our no-moat and extreme uncertainty rati...
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