ENDO REPORTS THIRD QUARTER 2022 FINANCIAL RESULTS.

DUBLIN: Endo International plc (OTC: ENDPQ) today reported financial results for the third-quarter ended September 30, 2022.

THIRD-QUARTER FINANCIAL PERFORMANCE

(in thousands, except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2022

2021

Change

2022

2021

Change

Total Revenues, Net

$ 541,690

$ 772,028

(30) %

$ 1,763,063

$ 2,203,777

(20) %

Reported Loss from Continuing

Operations

$ (718,272)

$ (49,289)

NM

$ (2,664,455)

$ (12,414)

NM

Reported Diluted Weighted Average

Shares

235,160

233,578

1 %

234,719

232,487

1 %

Reported Diluted Net Loss per Share

from Continuing Operations

$ (3.05)

$ (0.21)

NM

$ (11.35)

$ (0.05)

NM

Reported Net Loss

$ (722,169)

$ (77,207)

NM

$ (2,679,570)

$ (51,183)

NM

Adjusted Income from Continuing

Operations (2)(3)

$ 111,858

$ 189,277

(41) %

$ 274,329

$ 511,315

(46) %

Adjusted Diluted Weighted Average

Shares (1)(2)

236,183

235,527

-- %

236,372

236,538

-- %

Adjusted Diluted Net Income per

Share from Continuing Operations

(2)(3)

$ 0.47

$ 0.80

(41) %

$ 1.16

$ 2.16

(46) %

Adjusted EBITDA (2)(3)

$ 210,816

$ 386,883

(46) %

$ 681,948

$ 1,089,298

(37) %

__________

(1)

Reported Diluted Net Loss per Share from Continuing Operations is computed based on weighted average shares outstanding and, if there is income from continuing operations during the period, the dilutive impact of ordinary share equivalents outstanding during the period. In the case of Adjusted Diluted Weighted Average Shares, Adjusted Income from Continuing Operations is used in determining whether to include such dilutive impact.

(2)

The information presented in the table above includes non-GAAP financial measures such as Adjusted Income from Continuing Operations, Adjusted Diluted Weighted Average Shares, Adjusted Diluted Net Income per Share from Continuing Operations and Adjusted EBITDA. Refer to the "Supplemental Financial Information" section below for reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP financial measures.

(3)

Effective January 1, 2022, these non-GAAP financial measures now include acquired in-process research and development charges which were previously excluded under Endo's legacy non-GAAP policy. This change has been applied retrospectively to all periods presented. Refer to note (15) in the "Notes to the Reconciliations of GAAP and Non-GAAP Financial Measures" section below for additional discussion.

COMPANY UPDATE

Endo and certain of its direct and indirect subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on August 16, 2022, after entering into a restructuring support agreement with holders of more than a majority of Endo's first lien debt on a sale transaction for substantially all of the Company's assets that would reduce outstanding indebtedness, address remaining opioid and other litigation-related claims, and best position Endo for the future.

For additional information about Endo's Chapter 11 proceedings, please review Endo's most recent Quarterly Report on Form 10-Q and other filings with the U.S. Securities and Exchange Commission. Information can also be found on the website of Endo's noticing and claims agent at restructuring.ra.kroll.com/endo.

CONSOLIDATED FINANCIAL RESULTS

Total revenues were $542 million in third-quarter 2022, a decrease of 30% compared to $772 million in third-quarter 2021. This decrease was primarily attributable to decreased revenues from the Sterile Injectables and Branded Pharmaceuticals segments, partially offset by increased revenues from the Generic Pharmaceuticals segment.

Reported loss from continuing operations in third-quarter 2022 was $718 million compared to $49 million in third-quarter 2021. Reported diluted net loss per share from continuing operations in third-quarter 2022 was $3.05 compared to $0.21 in third-quarter 2021. These results were primarily due to higher litigation-related charges in third-quarter 2022 adjusting the Company's estimate of opioid-related liabilities to be consistent with the voluntary trust proposed to be funded by the purchaser, higher asset impairment charges, expenses related to the Chapter 11 reorganization process and decreased revenues, which were partially offset by lower operating expenses and lower interest expense as a result of the Chapter 11 filing.

Adjusted income from continuing operations in third-quarter 2022 was $112 million compared to $189 million in third-quarter 2021. Adjusted diluted net income per share from continuing operations in third-quarter 2022 was $0.47 compared to $0.80 in third-quarter 2021. These results were primarily driven by decreased revenues, which were partially offset by lower operating expenses.

BRANDED PHARMACEUTICALS SEGMENT

Third-quarter 2022 Branded Pharmaceuticals segment revenues were $204 million, a decrease of 12% compared to $231 million during third-quarter 2021.

Specialty Products revenues decreased 10% to $146 million in third-quarter 2022 compared to $162 million in third-quarter 2021, with sales of XIAFLEX(r) decreasing 1% to $104 million compared to $106 million in third-quarter 2021. XIAFLEX(r) third-quarter 2022 revenues were unfavorably impacted by a disruption experienced by our third-party specialty pharmacy provider and challenging market conditions for specialty product office-based elective procedures. Other Specialty Products revenues decreased 58% to $11 million in third-quarter 2022 compared to $26 million in third-quarter 2021, driven primarily by NASCOBAL(r) and QWO(r). Established Products revenues decreased 17% to $57 million in third-quarter 2022 compared to $69 million in third-quarter 2021, driven primarily by ongoing generic competition.

STERILE INJECTABLES SEGMENT

Third-quarter 2022 Sterile Injectables segment revenues were $119 million, a decrease of 65% compared to $344 million during third-quarter...