Perrigo Company (Nasdaq:PRGO; TASE:PRGO) opened its fiscal year 2013 with mixed results. In its first fiscal quarter, to the end of September, revenue grew 6.1% to $769.8 million. The consensus analysts' estimate was much higher, at $825.8 million.
On the other hand, Perrigo's earnings per share, at $1.27, beat the consensus estimate of $1.23. Net profit was $105.6 million, 49.8% more than in the corresponding quarter, while on a non-GAAP basis, net profit was $119.5 million, 15.6% more than in the corresponding quarter.
Perrigo is a generic drugs company mainly specializing in over the counter drugs and related products. It recently expanded into veterinary drugs with the acquisition of Sergeant's Pet Care for $285 million.
The acquisition has affected Perrigo's guidance. Today, the company said that its adjusted earnings per share in the 2013 fiscal year would be $5.45-5.65, 9-13% more than in 2012. The previous guidance was $5.3-5.5. The company cited the Sergeant's Pet Care acquisition, tax benefits, and performance in its core business as the reasons for the rise in its guidance.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2012
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