Endo CEO De Silva Steps Down, Replaced By Former Par CEO

By Tomi KilgoreMarketsMarketWatch Pulse

Endo International PLC said Rajiv De Silva has stepped down as chief executive officer and as a member of the board, a year after the drug maker completed its acquisition of Par Pharmaceuticals. Endo named Paul Campanelli as its CEO, effective immediately. Campanelli was CEO of Par, then became president of Endo's generic and over-the-counter drugs business after the deal closed. "Given the continued evolution of Endo's business and Paul's impressive track record of delivering strong operating results, the Board concluded that Paul is the right leader for Endo at this juncture as we focus on execution and increasing the value of our attractive U.S. branded, U.S. generic and international pharmaceutical assets," said Chairman Roger Kimmel. Separately, Endo affirmed its third-quarter adjusted earnings-per-share outlook of 77 cents to 82 cents and its revenue outlook of $830 million to $870 million. The FactSet consensus for EPS is 81 cents and for revenue is $865 million. The stock, which was still inactive in premarket trade, has plunged 67% year to date, while the SPDR Health Care Select Sector ETF has gained 1.8% and the S&P 500 has climbed 6.5%.

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