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    Perrigo 2Q profit rises with new product help

    Associated Press – Tue, Feb 7, 2012

    ALLEGAN, Mich. (AP) — Perrigo Co.'s fiscal second-quarter earnings climbed 11 percent, as revenue for the maker of infant formula and store-brand drugs rose due to new products and an acquisition.

    The Allegan, Mich., company also said Tuesday it raised the low end of its outlook for the fiscal year by 5 cents per share.

    Company shares climbed 2.8 percent, or $2.65, to $96.66 in morning trading while broader indexes rose slightly.

    Perrigo earned $99.7 million, or $1.06 per share, in the three months that ended Dec. 31. That compares to earnings of $90.2 million, or 97 cents per share, in the fiscal 2011 quarter. Adjusted earnings were $1.20 per share.

    Revenue climbed 17 percent to $838.2 million.

    Analysts surveyed by FactSet expected, on average, earnings of $1.15 per share on $810.3 million in revenue.

    Perrigo said new products contributed $55 million to the revenue increase, which was mainly driven by $69 million from the purchase of generic drugmaker Paddock Laboratories. Perrigo completed that $540 million acquisition in July.

    Sales for Perrigo's consumer healthcare segment climbed 10 percent, helped by new product sales for diabetes care and the antihistamine fexofenadine.

    Nutritionals sales fell about 4 percent to $128 million due to declines in infant formula, vitamins, minerals and supplements. Perrigo saw increased demand of $12 million for formula in the previous year's quarter due to a competitor's product recall.

    For the full fiscal year, the company now expects adjusted earnings to range from $4.70 to $4.80 per share.

    Analysts expect, on average, earnings of $4.73 per share.

     

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