Total revenues during the second quarter of 2009 increased 22 percent to $373.1 million compared with $306.2 million in the second quarter of 2008. Net income for the three months ended June 30, 2009, was $30.0 million, compared with $57.1 million in the comparable 2008 period. As detailed in the supplemental financial information below, adjusted net income for the three months ended June 30, 2009, was $85.9 million, compared with $72.7 million in the same period in 2008. Diluted earnings per share for the three months ended June 30, 2009, were $0.26 compared with $0.46 in the second quarter of 2008. Adjusted diluted earnings per share for the three months ended June 30, 2009, were $0.73, compared with $0.59 in the same period in 2008.

Total revenues for the six months ended June 30, 2009, were $708.4 million, compared with $596.4 million in the comparable 2008 period. Diluted earnings per share for the six months ended June 30, 2009, were $0.59, compared with $0.90 in the comparable 2008 period. Adjusted diluted earnings per share for the six months ended June 30, 2009, were $1.41, compared with $1.09 in the same period in 2008.

   ($in thousands, except    per share amounts)                             Second Quarter             Year-to-Date                       2009      2008   Change     2009      2008      Change   Total Revenues    $373,108  $306,161    22%   $708,408   $596,432     19%   Reported Net    Income             30,029    57,128   (47%)    69,066    116,656    (41%)   Reported Diluted    EPS                  0.26      0.46   (43%)      0.59       0.90    (34%)   Adjusted Income     85,867    72,708    18%    164,890    140,914     17%   Adjusted Diluted    EPS                 $0.73     $0.59    24%      $1.41      $1.09     29%    

"Our business continues to perform well, with a solid performance for Lidoderm and strong growth in sales of Opana, Voltaren Gel and Supprelin LA," said Dave Holveck, president and CEO of Endo. "On the base of this strong foundation, we are continuing to build out our presence in urology and endocrinology, two therapeutic areas that we've entered, with our acquisition of Indevus Pharmaceuticals, Inc. earlier this year. Our new oncology/endocrinology products also performed well during the quarter, and we are very excited about the potential for our long acting testosterone injectable product. We believe that it can have an important place in testosterone replacement therapy, a market with approximately $900 million in sales last year in the US and growing at more than 20% per annum. We continue to work closely with the FDA as their regulatory review moves forward."

2009 Financial Guidance

The company reiterates guidance for 2009 annual total revenues to be between $1.390 billion and $1.440 billion. Adjusted diluted earnings per share are projected to be between $2.59 and $2.67. The company now believes that it is likely to achieve the upper end of the adjusted diluted earnings per share guidance range. We now forecast reported (GAAP) diluted earnings per share to be between $1.26 and $1.34, primarily attributable to the changes in the value of contingent consideration associated with the Indevus transaction and the addition of milestone payments associated with our Bioniche Life Sciences deal. This reported (GAAP) guidance does not include any estimates for future changes in the fair value of contingent consideration, which could have a significant impact to the actual reported (GAAP) diluted earnings per share in the future. Attached in this press release is a reconciliation of GAAP to non-GAAP calculations.

   Selected Product Review    PAIN PRODUCTS  

LIDODERM : In September, Endo will celebrate the tenth anniversary of the FDA approval of LIDODERM. During the month, we will be highlighting key milestones and patient successes through the past decade through a variety of external channels.

In addition, the Patchwork of Hope Network(TM), an unbranded grass-roots education program on shingles and after-shingles pain in partnership with the National Pain Foundation, The National Council on Aging, and the Visiting Nurse Associations of America, was launched in April 2009 with the unveiling of the campaign website http://www.aftershingles.com/.

For the quarter ended June 30, 2009, net sales of LIDODERM increased 6 percent to $195.5 million compared with $185.1 million in the same period a year ago. For the six months ended June 30, 2009, net sales of LIDODERM increased to $367.1 million compared with $365.6 million in the same period a year ago.

OPANA ER and OPANA : Combined net sales for the OPANA franchise increased 19 percent to $55.2 million for the second quarter 2009 compared with $46.4 million in the same period a year ago. For the six months ended June 30, 2009, combined net sales for the OPANA franchise increased 25 percent to $108.0 million compared with $86.7 million in the same period a year ago.

FROVA : Net sales of FROVA were $15.2 million for the three months ended June 30, 2009 compared with $12.9 million for the same period in 2008. Net sales of FROVA were $27.5 million for the six months ended June 30, 2009 compared with $26.9 million for the same period in 2008.

Voltaren Gel: In April 2009, we launched the Go Ahead Rub It In(TM) patient support program which includes assistance with patient co-pays for therapeutic doses of 3 to 5 tubes of Voltaren Gel. The program has been well received by patients and will continue to be supported by Endo.

Net sales of Voltaren Gel were $25.5 million for the three months ended June 30, 2009 compared with $1.0 million for the same period in 2008. Voltaren Gel was launched in April 2008. Net sales of Voltaren Gel were $37.9 million for the six months ended June 30, 2009 compared with $1.0 million for the same period in 2008.

ONCOLOGY/ENDOCRINOLOGY PRODUCTS

SUPPRELIN LA: SUPPRELIN LA is indicated for the treatment of central precocious puberty (CPP). Endo recently launched a new web site (http://www.supplrellinla.com/), which contains in-depth information about this condition for parents and healthcare providers from medical specialists and the Magic Foundation, a national nonprofit support organization for parents of children with CPP.

Net Sales of SUPPRELIN LA for the second quarter were $7.3 million. Net Sales of SUPPRELIN LA for the six months ended June 30, 2009 were $10.0 million.

VANTAS : Net Sales of VANTAS for the second quarter were $5.7 million. Net Sales of VANTAS for the six months ended June 30, 2009 were $7.6 million.

OTHER BRANDED PRODUCTS

For the second quarter of 2009, net sales of other branded products were $3.9 million compared with $3.5 million in the same period in 2008. For the six months ended June 30, 2009, net sales of other branded products were $8.3 million compared with $5.3 million in the same period in 2008.

GENERIC AND NON-PROMOTED PRODUCTS

For the second quarter of 2009, net sales from the company's generic products were $30.3 million compared with $24.0 million in the same period in 2008. Net sales of Percocet were $32.0 million for the three months ended June 30, 2009 compared with $33.4 million in the same period in 2008. For the six months ended June 30, 2009, net sales from the company's generic products were $72.7 million compared with $45.8 million in the same period in 2008. Net sales of Percocet were $65.7 million for the six months ended June 30, 2009 compared with $65.2 million in the same period in 2008. During the second quarter of 2009, the company continued to benefit from a market dislocation in the supply for certain generic products. Market conditions have now essentially normalized for these products.

Conference Call Information

Endo will conduct a conference call with financial analysts to discuss this news release today at 9:00 a.m. ET. Investors and other interested parties may call 800-901-5248 (domestic) or 617-786-4512 (international) and enter code 39225165. Please dial in 10 minutes prior to the scheduled start time.

A replay of the call will be available from July 30 at 1:30 p.m. ET until 12:00 a.m. ET on August 7 by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and enter passcode 74683162.

A simultaneous webcast of the call may be accessed by visiting http://www.endo.com/. In addition, a replay of the webcast will be available until 12:00 a.m. ET on August 7. The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.