Allegan-based Perrigo Co. (NASDAQ: PRGO) reported an 84 percent increase in net income on a 26 percent increase in revenue for the fiscal year ended June 28.
Revenue rose to a record $1.8 billion, including $500 million for the fourth quarter. Net income was $135.8 million or $1.43 a share.
The company also posted record cash flow from operations of $248 million for the year.
Management also announced expected net income for the fiscal year that has just begun at $1.90 to $1.98 per share. Revenue is expected to grow 13 to 18 percent.
"For the third quarter in a row, we delivered year over year record sales and earnings," Perrigo chairman and CEO Joseph C. Papa said. "Our team is executing well -- growing market share, managing our supply chain and delivering strong returns. And by bringing innovative new products to market, we continue to make quality healthcare more affordable at a time when consumers need to save money more than ever. We continue to invest in research and development, building our pipeline for future innovation as well."
For the fourth quarter, sales reached $500.2 million, up from $374.3 million a year earlier. Net income was $27.5 million or 29 cents a share, up from $18.8 million or 20 cents a share a year earlier. Among the company's product lines, consumer health care sales rose 46 percent to $375 million, while prescription pharmaceutical sales fell 13 percent to $38.4 million. Sales of active pharmaceutical ingredients rose 13 percent to $38.3 million. Other revenue rose 24 precent to $48.8 million.
Perrigo develops, manufactures and distributes over-the-counter and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients and consumer products. It is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. Perrigo has manufacturing plants in the United States, Israel, Mexico and the United Kingdom.
More at www.perrigo.com.
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