Allegan-based Perrigo Co. (NASDAQ: PRGO) Tuesday reported record sales and profits for its third fiscal quarter ended March 29.
For the quarter, revenue was $503.7 million, up 39 percent from $362.3 million a year earlier. Net income was $40 million or 42 cents a share, up 144 percent from $17.1 million or 18 cents a share a year earlier.
For the nine months, revenue was $1.32 billion, up from $1.07 billion in the first nine months of the prior fiscal year. Net income was $108.3 million or $1.14 a share, up from $55 million or 59 cents a share a year earlier.
The results include the acquisition-related write-off of the in-process research and development of $2 million after-tax and a charge for an inventory write-off of $2.1 million after-tax, both related to the Jan. 9 acquisition of Galpharm Healthcare Ltd., a supplier of over-the-counter store brand pharmaceuticals in the United Kingdom.
"For the second quarter in a row, we delivered record sales and earnings with successful launches of two of the largest products in our 120 year history, Omeprazole and Cetirizine," said Perrigo chairman and CEO Joseph C. Papa. "We also began shipping products from our Galpharm acquisition in the United Kingdom and launched Clobetasol Foam in Rx. The results this quarter clearly show the benefits of our long term commitment to our new product pipeline."
The company boosted its estimate of earnings per share for the full fiscal year to $1.60 a share from the prior $1.55, excluding acquisition and restructuring related charges. The company still expects to generate cash from operations in the range of $180 million to $200 million for the full fiscal year.
Perrigo develops, manufactures and distributes over-the-counter and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients and consumer products.
More at www.perrigo.com.
E-Mail Story
Print Story
