A global pharmaceutical company that focuses heavily on improving patients’ lives while creating value, Endo International PLC (NASDAQ: ENDP), has appointed Paul V. Campanelli as new Chief Executive Officer after Rajiv De Silva has stepped down as CEO, President and left the board of directors.
Mr. Campanelli is now President of Endo's Generic and Over the Counter (OTC) drugs business, Par Pharmaceutical, which is approximately 60 percent of Endo's total revenues over the first half of this year.
"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," stated Roger H. Kimmel, Chairman of the Board of Endo. "Paul has spent a significant portion of his career leading and operating complex generics businesses and overseeing Par's branded business. The Board believes his experience positions him to drive a broad range of growth initiatives across Endo's entire portfolio, generating better health outcomes for patients and creating value for Endo's shareholders."
"I am very excited to lead Endo at this important time and, together with a strong senior management team, address the challenges of today's healthcare environment," said Campanelli. "Endo has differentiated operating businesses that provide diverse products ranging from high-value branded pharmaceuticals to cost-effective generics and is powered by a dedicated global workforce. I look forward to working closely and collaboratively with our leadership team and Endo's Board to build on our strengths and help position the Company to thrive over the long-term."
"It has been a pleasure and an honor leading Endo, building a talented management team and working with our dedicated employees over the past three and a half years," said De Silva. "Now, with an international footprint, one year after the acquisition of Par and with a new President at the helm of our U.S. Branded business, the time is right for me to move on to new professional opportunities. I am working closely with the Board, Paul and the entire senior leadership team to ensure a smooth transition and remain fully committed to Endo's future success."
Readjusted third quarter and full year financial guidance:
Third Quarter 2016- Total revenues between $830 million to $870 million and adjusted diluted EPS from continuing operations between $0.77 and $0.82.
Full Year 2016- Total revenues between $3.87 billion to $4.03 billion and adjusted diluted EPS from continuing operations between $4.50 and $4.80.