Endo International plc (NASDAQ:ENDP) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 07:30 am ET


Endo International plc (NASDAQ:ENDP) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Q2 2020 Endo International plc Earnings Conference Call. At this time all participation's are listen only-mode. Later we will conduct a question-and-answer section. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host, Ms. Laure Park, Senior Vice President of Investor Relations and Corporate Affairs.

Laure Park

Thank you, Crystal. Good morning, and thank you for joining us to discuss our second quarter 2020 financial results. Joining me on today's call are Blaise Coleman, President and CEO of Endo; Mark Bradley, Executive Vice President and Chief Financial Officer; and Patrick Barry, President of Global Commercial Operations.

We have prepared a slide presentation to accompany today's webcast, and that presentation as well as other materials are posted online in the Investors section at endo.com. I would like to remind you that any forward-looking statements made by management are covered under the U.S. Private Securities Litigation Reform Act of 1995 and the applicable Canadian securities laws, and are subject to the changes, risks and uncertainties described in the press release and in our U.S. and Canadian securities filings.

In addition, during the course of this call, we may refer to non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States and that may be different from non-GAAP financial measures used by other companies. Investors are encouraged to review Endo's current report on Form 8-K furnished with the SEC for Endo's reasons for including those non-GAAP financial measures in our earnings release and presentation. The reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is contained in our earnings press release issued last night, unless otherwise noted therein.

I'd now like to turn the call over to Blaise. Blaise?

Blaise Coleman

Well, good morning, everyone, and thank you for joining us for this early morning call. Let me start by saying in what are truly challenging times for everyone. I'm proud of what our entire Endo team delivered in second quarter. I want to thank the team for their tireless efforts in prioritizing the safety of our people and communities, ensuring the resiliency of our supply chain and supporting our customers.

If we move to the agenda on Slide 2, I'll start with a discussion of our second quarter business performance, followed by an update on our evolved strategic priorities. Also provide an update on our pipeline. Then Mark will address our second quarter financial results and provide financial expectations for the third quarter and full year of 2020.

Slide 3 is a snapshot of our segment and consolidated revenues and our adjusted EBITDA for the quarter. Second quarter revenues of $688 million decreased 2% compared to prior year, primarily due to decreased branded segment revenues, resulting from a reduction in physician office activity and patient office visits related to the COVID-19 pandemic.

This was largely offset by an increase in Sterile Injectables segment