Perrigo selling OTC drugs through Amazon

Perrigo: It is also a platform for obtaining good information about consumer behavior.

Perrigo Company (NYSE:PRGO; TASE:PRGO) is selling OTC drugs online via Amazon.com, Perrigo EVP and general manager International Sharon Kochan and Israel operations manager Itzhak Maayan said at an analysts' conference at the Tel Aviv Stock Exchange (TASE) today.

Perrigo specializes in the production of generic over-the-counter drugs that are sold under the house labels of retailers, such as Wal-Mart Stores Inc. (NYSE: WMT).

"Amazon.com is another retail customer for all intents and purposes," said Maayan. "Besides being another sales channel, it is a platform through which we can obtain a good idea of consumer behavior, and leverage this knowledge with our customers."

Maayan added that operations with Amazon.com Inc. (Nasdaq: AMZN) began six months ago and are growing. However, Perrigo has not disclosed any financial information about the activity. Kochan said that Amazon.com buys the goods from Perrigo, paying in advance, and sets the prices. Perrigo products available through Amazon include allergy treatments and muscle pain ointments.

Following Perrigo's analysts' conference in New York last week, UBS raised its target price for the share from $176 to $190, while reiterating its "Buy" recommendation. The new target price reflects a 15% premium on Friday's closing price on the New York Stock Exchange of $166.44, giving a market cap of $22 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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