Perrigo's shares fall on weak 1Q revenue
ALLEGAN, Mich. (AP) — Perrigo Co.'s shares fell Wednesday after the drugmaker reported fiscal first-quarter revenue that fell far short of market expectations.
The company, based in Allegan, Mich., sells prescription drugs, store-brand versions of over-the-counter drugs and nutritional and pharmaceutical ingredients.
Perrigo earned $105.6 million, or $1.12 per share, for the quarter that ended Sept. 29. That's up 50 percent from $70.5 million, or $1.10 per share, earned in the first quarter last year. After adjusting for acquisition costs and other special items, it earned $1.27 per share versus $1.10 last year.
Its revenue rose 6.1 percent to $769.8 million, driven largely by its recently acquired Paddock Laboratories and CanAm Care businesses. The company also got a boost in new product sales that were partially offset by weaker sales of certain nutritional and other products. It also suffered due to unfavorable changes in foreign currency exchange rates.
Analysts polled by FactSet were expecting the company to earn $1.23 per share on revenue of $826.2 million.
For the full 2013 fiscal year, Perrigo expects to earn $5.45 to $5.65 per share on an adjusted basis; analysts forecast $4.98 per share.
Shares fell 5.5 percent, or $6.34, to $109.03 in midday trading as the broader markets sold off. Its shares have traded between $87.06 and $120.78 in the past 52 weeks.