Perrigo Co.
Perrigo is the nation's largest manufacturer of store brand over-the-counter (non-prescription) pharmaceutical products and it manufactures store brand nutritional products. Store brand products are sold by national and regional supermarket, drugstore and mass merchandise chains under their own labels and compete with nationally advertised brands. The Company's products include analgesics, cough and cold remedies, antacids, laxatives, feminine hygiene and smoking cessation products, and vitamins, nutritional supplements and nutritional drinks.
Recent Events
The company recently announced that it was dismissed from a patent infringement lawsuit. Earlier Johnson & Johnson’s (JNJ) McNeil unit tried sue Perrigo.
PRGO also recently acquired drug and nutritional products maker JB Laboratories for about $44 million in cash. PRGO mentioned that the acquisition is expected to add more than $70 million of annual sales.
Record Results
The company announced record fiscal fourth-quarter results in mid-August. The company's profit increased by 46% thanks to the hike seen in demand for its consumer health care products.
Record net sales of $500.2 million jumped 34% year-over-year, while net income of $27.5 million climbed from last year's $18.8 million.
Management noted that this was the third consecutive quarter of year-over year-record sales and earnings, adding that the company also generated $248 million in cash from operations for the year.
Perrigo's Chairman and CEO Joseph C. Papa said, “our team is executing well -- growing market share, managing our supply chain and delivering strong returns. And by bringing innovative new products to market, we continue to make quality healthcare more affordable at a time when consumers need to save money more than ever. We continue to invest in research and development, building our pipeline for future innovation as well."
Higher Estimates
The company's earnings outlook for the full fiscal year 2009 stands at $1.90 to $1.98 per share.
Wall Street hiked the fiscal year projection on strong quarterly results. Current forecasts of $1.96 per share are up 2% in just the past week.