Endo Health Solutions Inc. said Chief Executive Officer David Holveck will retire in May or when his successor is found, whichever comes first.
Endo, the maker of the painkiller Lidoderm, also announced that annual earnings would be “at or below” the low end of its forecast of $5 a share to $5.10 a share and it “no longer expects to achieve” revenue next year of $3 billion to $3.2 billion. Endo will update its forecast in January, the Chadds Ford, Pennsylvania-based company said in a statement.
The company had disruptions in its supply of the Opana ER painkiller, Endo’s second-biggest product, that reduced its sales in the third quarter. Endo also is preparing for generic competition to its top-seller Lidoderm in September 2013.
Holveck, 67, has been CEO since April 2008. The search firm Korn/Ferry will assist Endo’s board is seeking a new chief executive officer, the company said yesterday in the statement.
Endo has made “significant progress” during Holveck’s tenure, including diversifying to reduce its dependence on Lidoderm,” Roger Kimmel, Endo’s chairman, said in the statement. “We are moving quickly and have already begun a comprehensive search for our next CEO.”
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