Perrigo Reports Record Sales and Earnings for Third Quarter F... (year an increase of $249million or 23 pe...)

Perrigo Reports Record Sales and Earnings for Third Quarter Fiscal 2008

Date:5/6/2008

year, an increase of $249 million, or 23 percent. Reported net income for the nine months was $108.3 million, or $1.14 per share, compared with $55.0 million, or $0.59 per share last year. In the first nine months of fiscal 2008 and fiscal 2007, the Company recorded several net of tax charges, summarized as follows:

2008 2007

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

-- Inventory step-up 2.1 -

-- Restructuring 0.2 0.6

$4.3 $5.4

Excluding the impact of the charges noted above, adjusted net income for the nine months of fiscal 2008 was $112.6 million, or $1.18 per share. For the nine months of fiscal 2007, adjusted net income was $60.5 million, or $0.65 per share.

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

Consumer Healthcare

Consumer Healthcare segment net sales for the quarter were a record $373 million, up $111 million, or 42 percent, compared with $262 million last year. The sales increase included $97 million in new product revenue, led by Omeprazole and Cetirizine, strong sales in the cough/cold, analgesic and smoking cessation product categories. Reported operating income was $51.7 million, compared with $21.9 million last year. Adjusted operating income was $54.9 million, compared with adjusted operating income of $22.2 million a year ago.

On December 28, 2007, Perrigo announced it received final approval from the FDA for its Abbreviated New Drug Application (ANDA) for OTC Cetirizine Hydrochloride Tablets, 5 and 10 mg. The product is being marketed under store brand labels and is comparable to McNeil Consumer Healthcare's Zyrtec(R) Tablets. Store brand shipments began in January.

On January 9, 2008, the Company a
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SOURCE Perrigo Company
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