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Perrigo Reports Record Sales and Earnings for Third Quarter Fiscal 2008
Date:5/6/2008

cals in the United Kingdom. (Refer to Table II at the end of this press release for additional adjustments in the current year and prior year periods and additional non-GAAP disclosure information.)

Third Quarter results

Net sales for the third quarter of fiscal 2008 were a record $503.7 million, an increase of $141.4 million, or 39 percent, compared with $362.3 million last year. Reported net income was $40.0 million, or $0.42 per share, compared with net income of $17.1 million, or $0.18 per share a year ago. In the third quarter of fiscal 2008 and fiscal 2007, the Company recorded several net of tax charges, summarized as follows:

2008 2007

-- Write-off of IPR&D $2.0 $4.8

-- Inventory step-up 2.1 -

-- Restructuring 0.2 0.2

$4.3 $5.0

Excluding the impact of the charges noted above, adjusted net income for the third quarter of fiscal 2008 was $44.3 million, or $0.47 per share. For the third quarter of fiscal year 2007, adjusted net income was $22.1 million, or $0.24 per share.

(Refer to Table II at the end of this press release for additional non- GAAP disclosure information.)

Perrigo's Chairman and CEO Joseph C. Papa commented, "For the second quarter in a row, we delivered record sales and earnings with successful launches of two of the largest products in our 120 year history, Omeprazole and Cetirizine. We also began shipping products from our Galpharm acquisition in the United Kingdom and launched Clobetasol Foam in Rx. The results this quarter clearly show the benefits of our long term commitment to our new product pipeline."

Nine Months Results

Net sales for the nine months ended March 29, 2008 were $1,321.9 million, compared with $1,073.1 million last
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SOURCE Perrigo Company
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