Perrigo Co. Earnings: Here’s Why Shares are Down Now
Perrigo Co. (NASDAQ:PRGO) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 1.45%.
Perrigo Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 0.71% to $1.42 in the quarter versus EPS of $1.41 in the year-earlier quarter.
Revenue: Rose 18.22% to $919.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Perrigo Co. reported adjusted EPS income of $1.42 per share. By that measure, the company missed the mean analyst estimate of $1.44. It missed the average revenue estimate of $935.44 million.
Quoting Management: Perrigo’s Chairman and CEO Joseph C. Papa commented, “We are very pleased with our performance, as the team delivered all-time record quarterly revenue and adjusted diluted earnings per share. It was a very busy quarter for the team. We signed and closed the acquisition of Rosemont Pharmaceuticals, a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations. We shipped Guaifenesin 600mg Extended-Release tablets with $135 million in branded sales. It is the first product that is generically equivalent to Mucinex® 600mg Extended-Release tablets. We launched the generic equivalents of Luxiq® Foam and Nicorette® mini lozenges and the authorized generic of Acetadote® injection. Finally, we filed an ANDA for the generic equivalent of Androgel® 1.62% and we believe we are the first to file. After the quarter ended, we closed our acquisition of Velcera, further expanding our recent entry into companion animal health and broadening our product offering. All of these great milestones were achieved while expanding margins in a record sales quarter.”
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