Perrigo Company (NYSE: PRGO; TASE:PRGO) forecasts strong full-year growth, after reporting higher revenue for its second fiscal quarter of 2014, mainly due to acquisitions over the past year.
Revenue rose 11% to $979 million for the second fiscal quarter from $883 million for the corresponding quarter. Perrigo attributes the growth to $53 million in new product sales and $39 million to the acquisitions of Rosemont Pharmaceuticals Ltd., Fera Pharmaceuticals LLC, Elan Corporation plc, and Velcera, Inc.
GAAP-based net profit loss was $86 million, or ($0.87 per share) for the second fiscal quarter from the corresponding quarter, but non-GAAP net profit rose 45% to 185.3 million ($1.87 per share) from $128.1 million. The GAAP-based net loss was mainly due to $269 million of acquisition-related charges, including $94 million in administrative expenses and a loss on debt repayment of $166 million.
In its guidance for fiscal year 2014, Perrigo expects GAAP-based earnings per share of $2.45-2.70, down from $4.68 in 2013, but expects non-GAAP earnings per share to rise 15-19% to $6.45-6.70 from $5.61.
"This was an exceptional quarter for Perrigo as the team delivered record results and closed the largest acquisition in our history ahead of schedule. The Elan acquisition provides Perrigo with a platform to execute our strategic growth plan into the future," said Perrigo chairman, president and CEO Joseph Papa.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2014
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