The drugmaker also announced that company president John Hendrickson will replace Joseph Papa as CEO.
Pharmaceutical company Perrigo Company (NYSE:PRGO; TASE:PRGO) has issued a profit warning and its shares are down 8.9% in premarket trading on Wall Street. The company has also announced the appointment of company president John Hendrickson as the CEO to succeed Joseph Papa who resigned at the weekend to become CEO of Valeant.
In a profit warning, Perrigo said it expects revenue of $1.33-1.35 billion and earnings per share of $1.71-1.77 in the first quarter of 2016, well below the analysts' consensus of $1.4 billion revenue and $1.89 per share.
Perrigo also updated its 2016 full year guidance - $8.20-8.60 per share compared with $7.59 in 2015. But Perrigo has already lowered its earnings-per-share forecast from $9.50-10.10 to $9.50-9.80.
Published by Globes [online], Israel business news - www.globes-online.com - on April 25, 2016
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Joseph Papa