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Perrigo Company plc Reports Record Fourth Quarter And Fiscal Year Revenue, Adjusted Operating Income And Adjusted Margins
Date:8/14/2014

DUBLIN, Aug. 14, 2014 /PRNewswire/ --

  • Fiscal fourth quarter net sales increased 18% year-over-year to a record $1.14 billion.
  • Fiscal fourth quarter adjusted net income increased 58% to $234 million, or $1.74 per diluted share; GAAP net income of $132 million, or $0.98 per diluted share, includes amortization expense and other charges.
  • Record quarterly adjusted gross margin of 44.5%, with GAAP gross margin of 36.3% and record quarterly adjusted operating margin of 28.4%, with GAAP operating margin of 17.3%.
  • Fiscal 2014 net sales increased 15% year-over-year to a record $4.06 billion, with organic growth of 7%.
  • Fiscal 2014 adjusted net income increased 40% to $740 million or $6.39 per diluted share; GAAP net income of $205 million, or $1.77 per diluted share, includes amortization expense and other charges.
  • Management expects full-year fiscal 2015 adjusted earnings range of $7.20 to $7.50 per diluted share, an increase of 13% to 17% over fiscal 2014 adjusted earnings per share, and reported earnings of between $4.05 and $4.35 per diluted share.
  • Perrigo Company plc (NYSE: PRGO; TASE) today announced results for its fourth quarter and fiscal year ended June 28, 2014.

    Perrigo's Chairman, President and CEO Joseph C. Papa commented, "I am pleased to report that Perrigo has delivered year-over-year record sales and adjusted earnings for the ninth straight fiscal year. While the year was not without its challenges, including an historically weak cough/cold season among other headwinds, this team was able to deliver record results. I am proud of our top line organic growth of 7%, driven by $231 million in new product sales and great execution in our business segments. We transformed Perrigo into a truly global organization with the acquisition of Elan and are uniquely positioned to continue our growth, while making quality healthcare products more affordable for the world."

    Refer to Tables I, II, III, and IV at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information. The Company's reported results are summarized in the attached Consolidated Statements of Income, Balance Sheets and Cash Flows.Perrigo Company plc(in millions, except per share amounts)(see the attached Table I for reconciliation to GAAP numbers)(YoY % Change may not calculate due to rounding)Fiscal 2014

    Fiscal 2013Fourth Quarter

    Ended

    Fourth Quarter

    Ended

    YoY6/28/2014

    6/29/2013

    % ChangeNet Sales

    $1,144.2

    $967.2

    18

    %Reported Net Income

    $131.7

    $118.5

    11

    %Adjusted Net Income

    $234.1

    $148.1

    58

    %Reported Diluted EPS

    $0.98

    $1.25

    -22

    %Adjusted Diluted EPS

    $1.74

    $1.57

    11

    %Diluted Shares

    134.3

    94.6

    42

    %Fourth Quarter Results

    Net sales in the quarter were $1.14 billion, an increase of 18% over the fourth quarter of fiscal 2013, driven primarily by new product sales of $65 million, $112 million in sales attributable the acquisition of Elan Corporation plc ("Elan"), and product acquisitions from Fera Pharmaceuticals, LLC ("Fera") and Aspen Global Inc. ("Aspen"). Excluding charges as outlined in Table I at the end of this release, fourth quarter fiscal 2014 adjusted net income increased 58% to $234 million or $1.74 per diluted share. Reported net income was $132 million, or $0.98 per diluted share. The difference between the reported net income and adjusted net income was attributable primarily to amortization expense and other items not related to the ongoing operations the Company's business.Perrigo Company plc(in millions, except per share amounts)(see the attached Table I for reconciliation to GAAP numbers)(YoY % Change may not calculate due to rounding)Fiscal 2014

    Fiscal 2013Year Ended

     

    Year Ended

     

    YoY

    6/28/2014

    6/29/2013

    % ChangeNet Sales

    $4,060.8

    $3,539.8

    15

    %Reported Net Income

    $205.3

    $441.9

    -54

    %Adjusted Net Income

    $739.5

    $529.7

    40

    %Reported Diluted EPS

    $1.77

    $4.68

    -62

    %Adjusted Diluted EPS

    $6.39

    $5.61

    14

    %Diluted Shares

    115.6

    94.5

    22

    %Fiscal Year Results

    Net sales in the year were $4.06 billion, an increase of 15% over fiscal 2013, driven primarily by $290 million in sales attributable to the Elan, Rosemont Pharmaceuticals, Ltd., Sergeant's Pet Care Products, Inc., Fera, Velcera Inc. and Aspen acquisitions and new product sales of $231 million. Excluding charges as outlined in Table I at the end of this release, fiscal 2014 adjusted net income increased 40% to $740 million or $6.39 per diluted share. Reported net income was $205 million, or $1.77 per diluted share. The difference between the reported net income and adjusted net income was attributable primarily to amortization expense and other items not related to the ongoing operations the Company's business

    Consumer HealthcareConsumer Healthcare Segment(in millions)(see the attached Table II for reconciliation to GAAP numbers)(YoY % Change may not calculate due to rounding)Fiscal 2014Fiscal 2013Fourth Quarter

    EndedFourth Quarter

    Ended


    YoY

    6/28/20146/29/2013% ChangeNet Sales

    $606.9$562.5+8

    %Reported Gross Profit

    $202.0$199.1+1

    %Adjusted Gross Profit

    $205.7$202.3+2

    %Reported Operating Income

    $104.7$101.9+3

    %Adjusted Operating Income

    $113.3$112.7+1

    %Reported Gross Margin

    33.3

    %

    35.4

    %

    -210 bpsAdjusted Gross Margin

    33.9

    %

    36.0

    %

    -210 bpsReported Operating Margin

    17.3

    %

    18.1

    %

    -80 bpsAdjusted Operating Margin

    18.7

    %

    20.0

    %

    -130 bpsConsumer Healthcare segment net sales were $607 million, reflecting an increase in sales of existing products of $52 million (primarily in the antacids and smoking cessation categories), new product sales of $15 million and $6 million attributable to the recent acquisition of OTC products from Aspen. These combined increases were offset by a decline of $29 million in sales of existing products (primarily in the contract manufacturing and animal health categories) due primarily to relatively lower sales in third party contract manufacturing and a delayed start to the flea and tick season in the U.S. due to weather. 

    Adjusted gross margin contracted 210 basis points due to an under absorption of fixed production costs and lower sales of higher margin animal health products versus last year.
    Adjusted operating margin included increased R&D investments as more products move from prescription to over-the-counter status.

    NutritionalsNutritionals Segment(in millions)(see the attached Table II for reconciliation to GAAP numbers)(YoY % Change may not calculate due to rounding)Fiscal 2014Fiscal 2013Fourth Quarter

    EndedFourth Quarter

    EndedYoY6/28/20146/29/2013% ChangeNet Sales

    $145.2$149.7-3

    %Reported Gross Profit

    $36.8$40.1-8

    %Adjusted Gross Profit

    $39.9$43.2-8

    %Reported Operating Income

    $12.1$17.2-30

    %Adjusted Operating Income

    $20.2$24.5-18

    %Reported Gross Margin

    25.3

    %

    26.8

    %

    -150 bpsAdjusted Gross Margin

    27.5

    %

    28.9

    %

    -140 bpsReported Operating Margin

    8.3

    %

    11.5

    %

    -320 bpsAdjusted Operating Margin

    13.9

    %

    16.4

    %

    -250 bpsThe Nutritionals segment reported fourth quarter net sales of $145 million as new product sales of $6 million were more than offset by $4 million in discontinued products and lower year-over-year sales in the infant/toddler food and VMS categories.

    Fourth quarter gross margin was impacted by the timing of maintenance at the manufacturing facilities, while operating margin was impacted by increased promotional investments to support the launch of the branded probiotic insync®.

    Rx PharmaceuticalsRx Pharmaceuticals Segment(in millions)(see the attached Table II for reconciliation to GAAP numbers)(YoY % Change may not calculate due to rounding)Fiscal 2014Fiscal 2013Fourth Quarter

    EndedFourth Quarter

    Ended


    YoY

    6/28/20146/29/2013% ChangeNet Sales

    $253.4$194.7+30

    %Reported Gross Profit

    $135.6$92.3+47

    %Adjusted Gross Profit

    $153.1$109.0+40

    %Reported Operating Income

    $89.3$57.2+56

    %Adjusted Operating Income

    $122.3$83.0+47

    %Reported Gross Margin

    53.5

    %

    47.4

    %

    +610 bpsAdjusted Gross Margin

    60.4

    %

    56.0

    %

    +440 bpsReported Operating Margin

    35.2

    %

    29.4

    %

    +580 bpsAdjusted Operating Margin

    48.3

    %

    42.7

    %

    +560 bpsThe Rx Pharmaceuticals segment fourth quarter net sales increased 30% to $253 million due primarily to new product sales of $35 million and $20 million in sales related to the Fera acquisition.

    Gross and operating margin expanded due primarily to higher margin product sales related to the Fera acquisition and favorable product mix despite higher clinical costs and continued investments to grow the specialty sales force.

    APIAPI Segment(in millions)(see the attached Table II for reconciliation to GAAP numbers)(YoY % Change may not calculate due to rounding)Fiscal 2014Fiscal 2013Fourth Quarter

    EndedFourth Quarter

    Ended


    YoY

    6/28/20146/29/2013% ChangeNet Sales

    $32.5$40.9-21

    %Reported Gross Profit

    $16.8$18.7-10

    %Adjusted Gross Profit

    $17.3$19.2-10

    %Reported Operating Income

    $8.8$10.0-12

    %Adjusted Operating Income

    $9.5$10.5-10

    %Reported Gross Margin

    51.7

    %

    45.7

    %

    +600 bpsAdjusted Gross Margin

    53.4

    %

    46.9

    %

    +650 bpsReported Operating Margin

    27.0

    %

    24.5

    %

    +250 bpsAdjusted Operating Margin

    29.3

    %

    25.7

    %

    +360 bpsThe API segment's fourth quarter net sales declined to $33 million due primarily to a decrease in sales of existing products of $17 million as a result of increased competition on certain products, partially offset by $8 million in new product sales.

    Margins expanded due primarily to product mix.

    Specialty SciencesSpecialty Sciences Segment(in millions)(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2014Fourth Quarter

    Ended6/28/2014Net Sales

    $85.9Reported Gross Profit

    $18.1Adjusted Gross Profit

    $85.9Reported Operating Income

    $4.9Adjusted Operating Income

    $78.5Reported Gross Margin

    21.1

    %Adjusted Gross Margin

    100.0

    %Reported Operating Margin

    5.8

    %Adjusted Operating Margin

    91.4

    %During the fourth quarter, the Company recognized $86 million of royalty revenue related to global sales of Multiple Sclerosis drug Tysabri®.

    Reported gross and operating losses were impacted by $68 million of amortization expense and $6 million of restructuring charges, respectively. Operating expenses included administrative costs.

    Closing

    Excluding the charges outlined in Table III at the end of this release, the Company expects fiscal 2015 adjusted earnings to be between $7.20 and $7.50 per diluted share as compared to $6.39 in fiscal 2014. This range implies a year-over-year growth rate in adjusted earnings of 13% to 17% over fiscal 2014's adjusted earnings per diluted share. The Company also expects fiscal 2015 reported earnings to be between $4.02 and $4.32 per diluted share as compared to $1.77 in fiscal 2014. A reconciliation to GAAP measures are attached in Table III.

    Chairman, President and CEO Joseph C. Papa concluded, "We enter fiscal 2015 excited about the prospects for our durable business model and plan to grow adjusted net income between 31% and 37% year-over-year. We expect to launch greater than $235 million in new products, including multiple products that have recently switched from prescription to OTC status, and are enthusiastic about the number of categories currently being considered to switch. We have the deepest Rx pipeline in our history and are excited about the global prospects for Tysabri®. For these reasons, we remain confident in our ability to make quality healthcare more affordable for consumers around the globe."

    The conference call will be available live via webcast to interested parties in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcasts or by phone at 877-248-9413, International 973-582-2737, and reference ID#68427536. A taped replay of the call will be available beginning at approximately 1:00 p.m. (ET) Thursday, August 14, until midnight Friday, August 29, 2014. To listen to the replay, dial 855-859-2056, International 404-537-3406, and use access code 68427536.

    From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and has a specialty sciences business comprised of assets focused on the treatment of Multiple Sclerosis. The Company is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products®," and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America. Visit Perrigo on the Internet (http://www.perrigo.com).

    Note: Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company's expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology.

    Please see the Company's documents filed with the Securities and Exchange Commission, including the Company's annual reports filed on Form 10-K and quarterly reports on Form 10-Q, and any amendments thereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this report. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

     PERRIGO COMPANY PLCCONSOLIDATED STATEMENTS OF INCOME(in millions, except per share amounts)Fiscal Year EndedJune 28, 2014June 29, 2013June 30, 2012Net sales

    $

    4,060.8$

    3,539.8$

    3,173.2Cost of sales

    2,613.12,259.82,077.7Gross profit

    1,447.71,280.01,095.6Operating expensesDistribution

    55.347.539.1Research and development

    152.5115.2105.8Selling

    208.6186.1148.3Administration

    411.3240.2224.4Write-off of in-process research and development

    6.09.0Restructuring

    47.02.98.8Total

    880.7600.9526.4Operating income

    567.0679.1569.2Interest, net

    103.565.860.7Other expense (income), net

    12.40.9(3.5)Loss on sales of investments

    12.74.7Loss on extinguishment of debt

    165.8Income from continuing operations before income taxes

    272.6607.7512.0Income tax expense

    67.3165.8119.0Income from continuing operations

    205.3441.9393.0Income from discontinued operations, net of tax

    8.6Net income

    $

    205.3$

    441.9$

    401.6Earnings per shareBasicContinuing operations

    $

    1.78$

    4.71$

    4.22Discontinued operations

    0.09Basic earnings per share

    $

    1.78$

    4.71$

    4.31DilutedContinuing operations

    $

    1.77$

    4.68$

    4.18Discontinued operations

    0.09Diluted earnings per share

    $

    1.77$

    4.68$

    4.27Weighted average shares outstandingBasic

    115.193.993.2Diluted

    115.694.594.1Dividends declared per share

    $

    0.39$

    0.35$

    0.31 

     PERRIGO COMPANY PLCCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in millions)Fiscal Year EndedJune 28, 2014June 29, 2013June 30, 2012Net income

    $

    205.3$

    441.9$

    401.6Other comprehensive income (loss):Foreign currency translation adjustments

    83.826.9(76.7)Change in fair value of derivative financial instruments, net of tax of$(1.2) million, $3.2 million, and $5.1 million, respectively

    (11.6)6.0(9.4)Change in fair value of investment securities, net of tax of $1.2 million,$0.0 million, and $0.1 million, respectively

    2.44.4(1.0)Post-retirement liability adjustments, net of tax of $0.0 million, $0.2 million,and $0.3 million, respectively

    (12.0)0.3(0.6)Other comprehensive income (loss), net of tax

    62.637.6(87.6)Comprehensive income

    $

    267.9$

    479.6$

    314.0 

     PERRIGO COMPANY PLCCONSOLIDATED BALANCE SHEETS(in millions)June 28, 2014June 29, 2013AssetsCurrent assetsCash and cash equivalents

    $

    799.5$

    779.9Investment securities

    5.9Accounts receivable, net of allowance for doubtful accounts of $2.7 million and $2.1 million, respectively

    935.1651.9Inventories

    631.6703.9Current deferred income taxes

    62.847.1Prepaid expenses and other current assets

    116.054.1Total current assets

    2,550.92,236.9Non-current assetsFixed assets, net

    779.9681.4Goodwill and other indefinite-lived intangible assets

    3,543.81,174.1Other intangible assets, net

    6,787.01,157.6Non-current deferred income taxes

    23.620.3Other non-current assets

    195.080.6Total non-current assets

    11,329.33,114.0Total assets13,880.25,350.8Liabilities and shareholders' equityCurrent liabilitiesAccounts payable

    $

    364.3$

    382.0Short-term debt

    2.15.0Payroll and related taxes

    112.382.1Accrued customer programs

    256.5131.7Accrued liabilities

    179.495.7Accrued income taxes

    17.411.6Current deferred income taxes

    1.10.2Current portion of long-term debt

    141.641.2Total current liabilities

    1,074.7749.4Non-current liabilitiesLong-term debt, less current portion

    3,090.51,927.8Non-current deferred income taxes

    727.9127.8Other non-current liabilities

    293.4213.2Total non-current liabilities

    4,111.82,268.8Total liabilities

    5,186.53,018.2Shareholders' equityControlling interest:Preferred shares, $0.0001 par value, 10 million shares authorized

    Ordinary shares, €0.001 par value, 10 billion shares authorized

    6,678.2538.5Accumulated other comprehensive income

    139.677.0Retained earnings

    1,875.11,715.98,692.92,331.4Noncontrolling interest

    0.81.2Total shareholders' equity

    8,693.72,332.6Total liabilities and shareholders' equity$

    13,880.2$

    5,350.8Supplemental Disclosures of Balance Sheet InformationPreferred shares, issued and outstanding

    Ordinary shares, issued and outstanding

    133.894.1 

     PERRIGO COMPANY PLCCONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)Fiscal Year EndedJune 28, 2014June 29, 2013June 30, 2012Cash Flows From (For) Operating ActivitiesNet income

    $

    205.3$

    441.9$

    401.6Adjustments to derive cash flowsLoss on extinguishment of debt

    165.8Write-off of in-process research and development

    6.09.0Gain on sale of pipeline development projects

    (3.5)Losses on sales of investments

    12.74.7Gain on sale of business

    (8.6)Restructuring and asset impairment

    47.02.98.7Depreciation and amortization

    358.9160.2135.3Share-based compensation

    24.618.419.0Income tax benefit from exercise of stock options

    (2.5)(1.4)(1.8)Excess tax benefit of stock transactions

    (5.7)(15.7)(12.9)Deferred income taxes

    (53.8)5.727.5Subtotal

    758.3625.6565.2Changes in operating assets and liabilities, net of asset and business acquisitions and dispositionAccounts receivable

    (226.7)(37.0)(49.3)Inventories

    83.0(94.6)5.4Accounts payable

    (24.9)6.5(23.6)Payroll and related taxes

    (55.5)(11.9)5.0Accrued customer programs

    113.112.6(1.6)Accrued liabilities

    23.08.44.2Accrued income taxes

    (10.7)28.913.7Other

    33.915.3(5.7)Subtotal

    (64.8)(71.8)(51.8)Net cash from operating activities

    693.5553.8513.4Cash Flows (For) From Investing ActivitiesAcquisitions of businesses, net of cash acquired

    (1,605.8)(852.3)(582.3)Purchase of securities

    (15.0)Proceeds from sale of securities

    81.48.6Additions to property and equipment

    (171.6)(104.1)(120.2)Proceeds from sales of property and equipment

    6.2Proceeds from sale of intangible assets and pipeline development projects

    10.5Proceeds from sale of business

    8.6Acquisitions of assets

    (0.8)Net cash for investing activities

    (1,704.8)(947.8)(684.1)Cash Flows (For) From Financing ActivitiesPurchase of noncontrolling interest

    (7.2)Borrowings (repayments) of short-term debt, net

    (3.0)5.0(2.7)Premium on early retirement of debt

    (133.5)Net proceeds from debt issuances

    3,293.6637.31,089.2Repayments of long-term debt

    (2,035.0)(40.0)(610.0)Deferred financing fees

    (48.8)(6.0)(5.1)Excess tax benefit of stock transactions

    5.715.712.9Issuance of common stock

    9.810.711.6Repurchase of common stock

    (7.5)(12.4)(8.2)Cash dividends

    (46.1)(33.0)(29.0)Net cash from financing activities

    1,028.0577.2458.7Effect of exchange rate changes on cash

    2.9(5.8)4.4Net increase in cash and cash equivalents

    19.6177.4292.4Cash and cash equivalents, beginning of period

    779.9602.5310.1Cash and cash equivalents, end of period

    $

    799.5$

    779.9$

    602.5Fiscal Year EndedJune 28, 2014June 29, 2013June 30, 2012Supplemental Disclosures of Cash Flow InformationCash paid/received during the year for:Interest paid

    $

    98.4$

    58.5$

    53.7Interest received

    $

    2.4$

    3.9$

    4.0Income taxes paid

    $

    93.2$

    133.2$

    82.3Income taxes refunded

    $

    4.3$

    1.3$

    0.9 

     PERRIGO COMPANY PLCCONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY(in millions, except per share amounts)Common StockIssuedAccumulatedOtherComprehensiveIncome (Loss)RetainedEarningsTotalSharesAmountBalance at June 25, 2011

    92.8$

    467.7$

    127.1$

    934.3$

    1,529.1Net income

    401.6401.6Other comprehensive loss

    (87.6)(87.6)Issuance of common stock under:Stock options

    0.511.611.6Restricted stock plan

    0.3Compensation for stock options

    5.05.0Compensation for restricted stock

    14.014.0Cash dividends, $0.31 per share

    (29.0)(29.0)Tax effect from stock transactions

    14.714.7Repurchases of common stock

    (0.1)(8.2)(8.2)Balance at June 30, 2012

    93.5504.739.41,306.91,851.0Net income

    441.9441.9Other comprehensive income

    37.637.6Issuance of common stock under:Stock options

    0.410.710.7Restricted stock plan

    0.4Compensation for stock options

    6.16.1Compensation for restricted stock

    12.312.3Cash dividends, $0.35 per share

    (33.0)(33.0)Tax effect from stock transactions

    17.117.1Repurchases of common stock

    (0.1)(12.4)(12.4)Balance at June 29, 2013

    94.1538.577.01,715.92,331.4Net income

    205.3205.3Other comprehensive income

    62.662.6Issuance of common stock under:Elan acquisition

    39.46,117.26,117.2Stock options

    0.29.89.8Restricted stock plan

    0.2Compensation for stock options

    6.56.5Compensation for restricted stock

    18.118.1Cash dividends, $0.39 per share

    (46.1)(46.1)Tax effect from stock transactions

    8.28.2Repurchases of common stock

    (0.1)(7.5)(7.5)Registration of ordinary shares

    (5.4)(5.4)Purchase of noncontrolling interest

    (7.2)(7.2)Balance at June 28, 2014

    133.8$

    6,678.2$

    139.6$

    1,875.1$

    8,692.9Table IPERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURES(in millions, except per share amounts)(unaudited)Three Months EndedConsolidatedJune 28, 2014June 29, 2013% ChangeGAAP*Non-GAAP Adjustments*As Adjusted*GAAP*Non-GAAP Adjustments*As Adjusted*GAAPAs AdjustedNet sales

    $

    1,144.2$

    $

    1,144.2$

    967.2$

    $

    967.218

    %18

    %Cost of sales

    728.593.0(a)

    635.4611.023.9(a)

    587.119

    %8

    %Gross profit

    415.793.0508.8356.223.9380.117

    %34

    %Operating expensesDistribution

    14.114.112.512.513

    %13

    %Research and development

    38.138.130.930.923

    %23

    %Selling

    58.65.8(a)

    52.856.55.6(a)

    50.94

    %4

    %Administration

    97.017.8(a,b)

    79.264.33.7(a,f)

    60.651

    %31

    %Write-off of in-process research and development

    9.09.0-100

    %NMRestructuring

    10.510.5(c)

    2.92.9264

    %NMTotal operating expenses

    218.334.1184.2176.121.2154.924

    %19

    %Operating income

    197.4127.1324.6180.145.1225.210

    %44

    %Interest, net

    26.326.318.618.641

    %41

    %Other expense, net

    5.63.5(d)

    2.10.10.1NMNMIncome before income taxes

    165.5130.6296.2161.445.1206.63

    %43

    %Income tax expense

    33.828.3(e)

    62.143.015.5(e)

    58.5-21

    %6

    %Net income

    $

    131.7$

    102.3$

    234.1$

    118.5$

    29.6$

    148.111

    %58

    %Diluted earnings per share

    $

    0.98$

    1.74$

    1.25$

    1.57-22

    %11

    %Diluted weighted average shares outstanding

    134.3134.394.694.6Selected ratios as a percentage of net sales**Gross profit

    36.3

    %44.5

    %36.8

    %39.3

    %Operating expenses

    19.1

    %16.1

    %18.2

    %16.0

    %Operating income

    17.3

    %28.4

    %18.6

    %23.3

    %Twelve Months EndedConsolidatedJune 28, 2014June 29, 2013% ChangeGAAP*Non-GAAP Adjustments*As Adjusted*GAAP*Non-GAAP Adjustments*As Adjusted*GAAPAs AdjustedNet sales

    $

    4,060.8$

    $

    4,060.8$

    3,539.8$

    $

    3,539.815

    %15

    %Cost of sales

    2,613.1255.2(a)

    2,357.92,259.881.1(a,h)

    2,178.716

    %8

    %Gross profit

    1,447.7255.21,702.91,280.081.11,361.113

    %25

    %Operating expensesDistribution

    55.3

    SOURCE Perrigo Company plc
    Copyright©2014 PR Newswire.
    All rights reserved


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