Perrigo Company (Nasdaq:PRGO; TASE:PRGO) reported results for its fiscal first quarter of 2008. Revenue for the first quarter of fiscal 2008 was $382.7 million, an increase of 12%. Net profit on a GAAP basis was $34 million, or $0.36 per share, compared with $16.9 million, or $0.18 per share, a year ago, which included expense for a product recall of $0.7 million after-tax, or $0.01 per share.
Perrigo Chairman and CEO Joseph C. Papa stated, "In the first quarter we achieved both record sales and record earnings. It was another strong new product quarter with $11 million in new product sales, led by smoking cessation. On top of that, we had more than $20 million in incremental new business sales due to issues at a competitor. The Rx segment similarly contributed strong operating results, led by our new products acquired from Glades."
Mr. Papa continued, "We are raising our fiscal year 2008 earnings guidance to $1.12 to $1.22 per share, a growth of 26% to 37% over adjusted EPS last year. This range is exclusive of the Omeprazole new product launch. Our initial guidance was based, in part, on the public comments of our competitor that they would return to the market in December. With one solid quarter behind us, our team feels more comfortable in our ability to retain this business. "
On July 11, the Company announced it had closed its transaction to acquire Qualis, Inc., a manufacturer of store brand pediculicide products that compare to Rid and Nix. Shipments began this quarter.
On September 19, the Company announced it had received final approval from the FDA for ciclopirox topical solution, 8% (equivalent to Penlac Nail Lacquer), indicated for the treatment of fingernail and toenail infections. Shipments began immediately.
Consumer healthcare revenue totaled $268 million in the quarter, up from $241.8 million in the corresponding quarter of fiscal 2007. The firm's category which consists of its Israel Consumer Products and Israel Pharmaceutical and Diagnostic Products segments, reported sales of $40.7 million, compared with $37.2 million a year ago.
Shares in Perrigo were up almost 9% in afternoon Nasdaq trading.
Perrigo Company develops, manufactures and distributes over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products.
Published by Globes [online], Israel business news - www.globes.co.il - on November 1, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007