Endo’s First Quarter Reflects Ongoing Weakness, but Our Fair Value Estimate Remains Unchanged
We plan to leave our fair value estimate for Endo unchanged following the firm's first-quarter results. Revenue growth of 8% and an adjusted operating margin of 42% mostly matched our expectations, and despite a lower expected revenue contribution from its recently launched generic versions of Zetia and Seroquel, management reaffirmed its year-end outlook thanks to other recent and upcoming product launches. Our no-moat rating for Endo continues to reflect our concern over the company's long-ter...
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