Perrigo Company (Nasdaq:PRGO; TASE:PRGO) has acquired Pennsylvania animal healthcare products company Velcera In (Bulletin Board: VLCR) for $160 million in cash.
Velcera sells the PetArmor anti flea and tick products line through subsidiary FidoPharm. fleas and ticks. It has also developed the ProMist spray delivery system, which eliminates the struggle to get pets to swallow pills or liquids. Perrigo chairman and CEO Joseph Papa said that the acquisition of Valcera extends the company's animal healthcare business, following the acquisition of Sergeant Pet Care Products for $285 million in October 2012.
In a separate development, Perrigo beat the analysts' revenue earnings per share consensus for the second fiscal quarter of 2013, which ended in December 2012. Perrigo's revenue rose 5% to $883 million for the second fiscal quarter from $838.3 million for the corresponding fiscal quarter of 2012. Most the growth was due to $34 million revenue from Sergeant's and CanAm Care LLC, which Perrigo acquired during 2012, and $25 million in new products sales.
GAAP-based net profit rose 6% to $106 million ($1.12 per share) for the second fiscal quarter from $99.8 million for the corresponding quarter, and non-GAAP net profit rose 14% to $128.1 million ($1.36 per share). Cash flow from operations was a record $185 million from $112.4 million.
Perrigo beat the analysts' consensus of $1.31 earnings per share consensus on $881.3 million revenue for the second fiscal quarter.
Perrigo reaffirmed its 2013 fiscal year non-GAAP earnings per share guidance of $5.45-5.65 per share, in line with the analysts' consensus of $5.54.
Perrigo's share price jumpred 4.75% on Nasdaq on Friday, giving a market cap of $9.88 billion. The share price rose 5.3% on the TASE this morning to NIS 387.30.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2013
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