UPDATE 1-Endo Health to slash 15 pct jobs, looks to sell some assets

Wed Jun 5, 2013 7:10pm EDT
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* Says will lay off 15 percent of workforce

* Expects $325 mln in annual cost savings by mid-2014

* Cuts FY adj profit view to $4.10-$4.40/shr from $4.40-$4.70/shr

* Cuts FY rev view to $2.65-$2.80 bln from $2.80-$2.95 bln

By Zeba Siddiqui and Vrinda Manocha

June 5 (Reuters) - Endo Health Solutions Inc said it plans to cut about 15 percent of its workforce and explore strategic alternatives for some assets as the company looks to cut costs ahead of generic competition for two of its biggest drugs.

The company's chief revenue driver, the Lidoderm pain-relieving patch, will face competition from September after Actavis Inc launches a generic. Endo's petition to block copies of its widely-abused prescription pain drug Opana ER was turned down by the U.S. Food and Drug Administration last month.

Lidoderm had net sales of $947.7 million in 2012, accounting for about 31 percent of the company's total revenue. Opana accounted for about 10 percent of its sales in the same period.

The restructuring comes after last month's exit of Endo's chief operating officer and chief financial officer.   Continued...