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

line of approximately $13.3 million in sales of two key products, partially offset by $6.0 million in increased volume on the remaining portfolio of existing products, favorable changes in the foreign currency exchange rate and new product sales.

Other

The Other category, consisting of the Israel Consumer Products and Israel Pharmaceutical and Diagnostic Products operating segments, reported second quarter net sales of $42.8 million, compared with $42.0 million a year ago. Operating income was $0.5 million, down from $3.4 million last year, due primarily to recognizing a loss on assets that fund the Israeli post employment obligations. Year-to-date net sales for fiscal 2009 increased 8% or $6.7 million, compared to fiscal 2008. The increase was due primarily to approximately $8.7 million of favorable changes in the foreign currency exchange rate.

Chairman and CEO Joseph C. Papa concluded, "The Perrigo business model remains strong. Despite an unprecedented negative economic environment, we have grown our business and expect to continue to do so given the momentum we have in our healthy OTC business and our strong balance sheet. But we are not immune to the effects of this economy. The API market is changing rapidly as our customers consolidate and manage their own costs, changing the timing of new product development activities. The requirement to recognize a loss on the assets that fund our Israeli post employment obligations was an unexpected result of global financial distress. As a result of unusually volatile foreign currency markets, our international businesses were atypically impacted by exchange rates. Increased sales in our nutrition product category as a result of high customer demand were offset by increased materials costs and additional costs of managing through short-term capacity constraints. To counteract these forces, we are in the process of changing our cost base in Israel, cut
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SOURCE Perrigo Company
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