Over the counter pharmaceuticals company Perrigo Company (Nasdaq:PRGO; TASE:PRGO) opened its fiscal 2010 with a strong quarter, beating analyst expectations.
Fiscal first quarter revenue from continuing operations rose $72 million, or 16%, to $528 million, higher than analyst expectations of $494.8 million.
On a non-GAAP basis, net profit was 61.18 million, or $0.66 per share. Analysts had expected $0.50 per share.
Perrigo management raised full-year fiscal 2010 adjusted earnings from continuing operations to $2.35-$2.45 per share, from its previous estimate of $2-$2.12 per share.
CEO Joseph Papa said the strong performance was across all business segments. Papa said, "Cash flow from operations continues to be strong as we generated $38 million during a period when we are preparing for the cough, cold, flu season. Store brands grew nearly 13% during a period when the over-the-counter (OTC) category grew only 3%. Rx sales continued to gain market share as a result of our strong investment in quality and high customer service levels along with the continued growth of over-the-counter Rx (ORx) sales."
Perrigo shares rose 2.45% to $38.10 today.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009