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Perrigo's fiscal 3Q profit soars 43 percent

Tue, 05/03/2011 - 12:17pm
The Associated Press

Perrigo Co., which makes store-brand, over-the-counter drugs and infant formulas, said Tuesday its fiscal third-quarter earnings jumped 43 percent, helped by new product sales and gains in some existing categories.

The Allegan, Mich., company earned $89.1 million, or 95 cents per share, in the three months that ended March 26. That compares to earnings of $62.2 million, or 67 cents per share, in the same quarter last year.

Perrigo reported adjusted income from continuing operations of $1.07 per share.

Revenue rose 29 percent to $691.6 million.

Analysts surveyed by FactSet expected, on average, earnings of 96 cents per share on $685.8 million in revenue.

The company's performance included $44 million in new product sales. Nutritionals segment sales more than doubled to $124 million because of the acquisition of PBM Holdings Inc.

Its segment that makes generic prescription drugs saw revenue rise 66 percent to $84 million on new product sales.

Sales from the company's consumer health care segment climbed 13 percent to $425 million, mainly due to additional existing analgesics and cough/cold product sales.

The company's cost of sales and selling and administrative expenses both climbed 29 percent to $452.5 million and $84.1 million, respectively.

Perrigo said it now expects adjusted earnings per share from continuing operations to come in between $3.90 and $4 per share, up from a previously announced range of $3.75 to $3.90.

Analysts expect earnings per share of $3.87.

Company shares fell 2.3 percent, or $2.05, to $87.93 in afternoon trading.

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