On Wednesday, Shares of Endo International plc – Ordinary Shares (NASDAQ:ENDP), subtract -4.15% and closed at $17.10 in the last trading session. The last trading range of the stock ranges between $17.07 and $17.79. Endo International plc develops, manufactures, and distributes pharmaceutical products and devices worldwide. Its U.S. Branded Pharmaceuticals segment offers chronic pain administration products, such as BELBUCA, OPANA ER, and Percocet; Lidoderm for opioid analgesics; and Voltaren gel for osteoarthritis pain, in addition to XIAFLEX for treating Peyronies and Dupuytrens contracture diseases. This segment also provides Supprelin LA for central precocious puberty treatment; testosterone replacement therapies, such as Aveed and TESTOPEL, in addition to Fortesta and Testim gels; Frova and Sumavel DosePro for migraine headaches; Valstar, a sterile solution for intravesical instillation of valrubicin; and Vantas for the palliative treatment of prostate cancer. The companys U.S. Generic Pharmaceuticals segment provides tablets, capsules, powders, injectables, liquids, nasal sprays, ophthalmics, and transdermal patches for pain administration, urology, central nervous system disorders, immunosuppression, oncology, womens health, and cardiovascular disease markets. Its International Pharmaceuticals segment offers specialty pharmaceutical products in various therapeutic areas, counting attention deficit hyperactivity disorder, pain, womens health, and oncology; generic, branded generic, and over-the-counter products in the areas of dermatology and anti-infectives; injectables for the treatment of pain, anti-infectives, cardiovascular, and other therapeutics areas; and healthcare services, products, and solutions to hospitals, pharmacies, and practitioners, in addition to for government healthcare programs.
Marvell Technology Group Ltd. (NASDAQ:MRVL), remained flat and closed at $13.43 in the last trading session. The last trading range of the stock ranges between $13.36 and $13.52. The company’s Market capitalization is $7.00 Billion with the total Outstanding Shares of 511.70 million. Marvell Technology Group Ltd. (MRVL), a leader in storage, networking, and connectivity semiconductor solutions, recently declared restructuring actions intended to refocus its research and development (R&D), increase operational efficiency and improve profitability. These actions are expected to be fully implemented by the end of October 2017 to lower annual operating expenses from a current annualized run rate of $1.08 billion to the $820-840 million range.
Matt Murphy, Marvell’s President and Chief Executive Officer, explained, “The single biggest factor limiting the potential of the Cloud and utilization of billions of connected devices is the bandwidth of recently’s technology. By focusing on our strengths in storing, moving, and accessing data at high speeds, Marvell is well-positioned to facilitate the technology of tomorrow.”
Marvell is pursuing two programs to achieve this focus:
Discontinuing specific R&D programs, streamlining engineering processes, and consolidating R&D sites for greater efficiency, which will eliminate about 900 positions worldwide. The Company also anticipates a noteworthyreduction in legal and accounting costs. Altogether, these changes are expected to lower annual operating expenses by $180-200 million.
In addition, the Company plans to divest non-planned businesses with about $60 million in operating expenses and $100 million in revenue, based on a first half of fiscal 2017 annualized run rate.
As a result of these actions, the Company anticipates to incur charges of $90-110 million over the next four quarters, counting cash charges of $35-50 million. Restructuring and restructuring-related charges include an estimate of severance, asset impairment, lease termination fees, and other costs.
“These are difficult but necessary changes,” Murphy said. “I’m confident these actions will yield a greater return on our R&D investments, deliver the innovation our customers need, and generate the value our shareholders expect.”