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Perrigo posts record 1Q sales, income
ALLEGAN — Perrigo Co. reported first quarter 2009 revenue of $480 million, an increase of $97 million over the first quarter of last year. Net income for the quarter was $37.9 million, or 40 cents per share, compared with $34 million, or 36 cents per share in the year ago quarter.
“Fiscal 2009 is off to the strong start we had anticipated,” said Chairman and CEO Joseph C. Papa. “In the first quarter we achieved both record sales and record earnings, with our new products contributing $71 million to top line growth.”
In the first quarter Perrigo’s over-the-counter category grew nearly 4 percent and store brands grew nearly 13 percent over the year-ago quarter. In the prescription pharmaceutical segment, net sales were down from $35 million a year ago to $33.2 million at quarter’s end. In the company’s Active Pharmaceutical Ingredients segment net sales dipped from $38.8 million in the prior year’s first quarter to $34.2 million. Perrigo’s Israel Consumer Products and Israel Pharmaceutical and Diagnostic Products segments posted $46.6 million in the just passed quarter, up from $40.7 million a year ago.