Health Care and Manufacturing

Perrigo's first quarter of FY13 shows record net income

November 8, 2012
| By Pete Daly |
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Perrigo (Nasdaq:PRGO), the Allegan-based global company that is among the world’s largest manufacturers of over-the-counter pharmaceuticals, has just reported adjusted net income in the first quarter of a record $119 million or $1.27 per diluted share. Management has also raised Perrigo’s adjusted EPS guidance for the new fiscal year to reflect the acquisition of Sergeant’s Pet Care Products.

“We have started fiscal 2013 well, delivering record first quarter revenue and adjusted earnings,” said Perrigo chairman/CEO Joseph C. Papa. “We also delivered all-time record adjusted gross and operating margins. Store brand OTC market share continues to grow. Our Consumer Healthcare segment’s revenue grew 9.4 percent” over the first quarter of last year.

Papa said Perrigo’s prescription drug business “continued its excellent performance, which was driven by the acquisition of Paddock Labs, new product sales and strong organic prescription results, combined with our continued focus on quality and R&D. Clearly we are focused on the results from our Nutritionals segment and the team has an action plan in place for the rest of the year. We believe our value proposition continues to resonate well with consumers.”

Net sales for the first quarter were $770 million, an increase of 6 percent over the first quarter of FY 2012. Those results were driven mainly by acquisitions and new products.

The full-year FY 2013 guidance on adjusted earnings per share is estimated to be in a range of $5.45 to $5.65 per diluted share. Last fiscal year the EPS was $4.99 per diluted share.

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