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Perrigo Reports Record Second Quarter Sales
Date:2/3/2009

nting Standard 115 "Accounting for Certain Investments in Debt and Equity Securities," the impairment of these securities can no longer be considered to be temporary.

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

Perrigo's Chairman and CEO Joseph C. Papa stated, "In the second quarter, we achieved record sales with our new products contributing $84 million to top line growth. This past quarter, the over-the-counter category grew 4% versus second quarter last year and the store brand category grew nearly 17%, while Perrigo grew 39%. Store brand offerings continue to perform well as our retailers promote these products to help their customers through these trying times."

Six Months Results

Net sales for the first half of fiscal 2009 were $1,041.7 million, an increase of 27% over fiscal 2008. The increase was driven primarily by the Consumer Healthcare segment and included consolidated new product sales of approximately $156 million. Reported gross profit was $298.5 million, up 20% over fiscal 2008, driven by the Consumer Healthcare segment. The reported gross profit percentage in the first half of fiscal 2009 was 29%, down from 30% last year. Operating expenses were $179.2 million, an increase of 18% over fiscal 2008, but as a percent of sales were slightly lower than fiscal 2008. Reported net income was $63.0 million, a decrease of 8% from fiscal 2008. Adjusted net income was $81.3 million or an increase of 19% from fiscal 2008.

Consumer Healthcare

Consumer Healthcare segment net sales in the second quarter were a record $446.4 million compared with $320.2 million in the second quarter last year, an increase of $126.2 million or 39%. The increase resulted from approximately $77 million of new product sales, and a $15.3 million increase in domestic sal
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SOURCE Perrigo Company
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