Israeli-US generic drug maker Perrigo Company (Nasdaq:PRGO; TASE:PRGO) today published its financial report for the third fiscal quarter. Despite record results that beat analysts' forecasts, the share was down over 10% in early trading on Nasdaq to $37.96, giving a market cap of $3.5 billion. The share fell 11.3% on the TASE.
Perrigo posted $503.7 million revenue for the third fiscal quarter, 39% more than the $362.3 million for the corresponding quarter of 2007. Net profit more than doubled to $40 million ($0.42 per share) from $17.1 million for the corresponding quarter. Non-GAAP net profit, excluding tax charges, was $44.3 million for the third fiscal quarter ($0.47 per share), double the $22.1 million for the corresponding quarter.
The company beat the analysts' consensus for non-GAAP earnings per share of $0.42 by $0.05 per share. It also beat the revenue consensus of $450.6 million.
Perrigo chairman and CEO Joseph C. Papa said, "For the second quarter in a row, we delivered record sales and earnings with successful launches of two of the largest products in our 120-year history, Omeprazole and Cetirizine. We also began shipping products from our Galpharm Healthcare acquisition in the UK and launched Clobetasol Foam in Rx. The results this quarter clearly show the benefits of our long term commitment to our new product pipeline."
Perrigo revised its non-GAAP EPS guidance for the 2008 fiscal year to $1.55-1.60 per share, excluding acquisition and restructuring related charges, and reiterated its operating revenue of $180-200 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 6, 2008
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