Shares of Endo International PLC tumbled 6.8% in morning trade Tuesday, hitting the lowest level seen since January 2003, after the drug maker swung to a large loss for the second quarter. The net loss was $1.4 billion, or $6.26 a share, after a profit of $343.6 million, or $1.54 a share, in the same period a year ago. Excluding non-recurring items, such as impairment charges related to the market withdrawal of its opioid Opana ER at the request of the Food and Drug Administration, adjusted earnings per share came to 93 cents, beating the FactSet consensus of 73 cents. Revenue fell to $875.7 million from $920.9 million, beating the FactSet consensus of $832.7 million. U.S. generics revenue was little changed at $563.3 million, above expectations of $525.0 million, but U.S. generics base revenue fell 34% while sterile injectables grew 27% and new launches and alternative dosages rose 70%. Endo's stock has been tumbling recently after disappointing results and commentary from Teva Pharmaceutical Industries Ltd. cast a pall on generic drug makers. Endo's stock has shed 20% over the past three months, while the S&P 500 has gained 3.3%.
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