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Perrigo Reports Record Earnings and Raises Full Year Adjusted EPS Guidance
Date:11/2/2010

ALLEGAN, Mich., Nov. 2, 2010 /PRNewswire-FirstCall/ --

  • Fiscal first quarter revenue from continuing operations increased $113 million, or 21 percent, to a record $641 million
  • Fiscal first quarter adjusted income from continuing operations increased 22 percent to a record $81 million, or $0.87 per share
  • Fiscal first quarter GAAP income from continuing operations increased 44 percent to $74 million, or $0.79 per share
  • Rx segment revenue grew 47 percent with reported operating income of $18 million and adjusted operating income of $20 million
  • Management raises expected full-year fiscal 2011 adjusted diluted earnings from continuing operations to be in a range of $3.60 to $3.75 per share, an increase of 19 percent to 24 percent compared to fiscal 2010 adjusted diluted EPS

  • Perrigo Company (Nasdaq: PRGO; TASE) today announced results for its first quarter ended September 25, 2010.

    Perrigo's Chairman and CEO Joseph C. Papa commented, "We have started fiscal 2011 well, delivering record earnings for the quarter. The market for store brands continues to grow, now representing approximately 29% of over-the-counter (OTC) and nutritional sales dollars at retail and up 400 basis points in the past two years. Our Rx segment continued its strong performance, which was driven by new product sales and growth in over-the-counter Rx (ORx) combined with our continued focus on quality and R&D. Our value proposition continues to resonate well with consumers in all economic conditions."

    Following the acquisition of PBM Holdings, Inc. (PBM), the Company has realigned its reportable segments to include a new reportable segment, Nutritionals. The financial information in this press release, including the attached tables, reflects the realignment of the Company's reportable segments, as well as the elimination of the prior one-month reporting lag in international subsidiaries.

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

    The Company's reported results are summarized in the attached Condensed Consolidated Statements of Income, Balance Sheets and Statements of Cash Flows. Perrigo Company(from continuing operations, in thousands, except per share amounts)(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2011

    Fiscal 2010First Quarter Ended

    First Quarter Ended9/25/2010

    9/26/2009Net Sales

    $641,322

    $528,333Reported Income

    $73,678

    $51,100Adjusted Income

    $81,350

    $66,663Reported Diluted EPS

    $0.79

    $0.55Adjusted Diluted EPS

    $0.87

    $0.71Diluted Shares

    93,269

    93,396First Quarter Results

    Net sales from continuing operations for the first quarter of fiscal 2011 were $641 million, an increase of 21%. Reported income from continuing operations was $74 million, or $0.79 per share, up 44% from $51 million, or $0.55 per share, a year ago. Excluding charges as outlined in Table II at the end of this release, first quarter fiscal 2011 adjusted income from continuing operations was $81 million, or $0.87 per share.

    Consumer Healthcare

    Consumer Healthcare segment net sales in the first quarter were $396 million compared with $381 million in the first quarter last year, an increase of $15 million or 4%. The increase resulted from approximately $18 million of sales in existing products, primarily in cough/cold and analgesics plus $17 million of new product sales. These increases were partially offset by the impact of competition in the smoking cessation category, as well as a decrease in contract manufacturing. Reported operating income was $71 million, compared to $74 million a year ago, largely as a result of decreased sales in smoking cessation. On an adjusted basis, operating income was $73 million compared to $76 million in fiscal 2010. Adjusted operating margin decreased 140 basis points year-over-year for the quarter due primarily to additional spending in quality and increased sales promotional spending.

    On July 26, 2010, the Company announced that it received final approval from the U.S. Food and Drug Administration (FDA) to manufacture and market OTC Cetirizine Cherry Syrup, 1mg/ml. Shipments began in the first quarter of fiscal 2011. Cherry joins grape flavor cetirizine syrup in the Company's product portfolio, giving patients a choice of store brand flavors.

    Nutritionals

    The Nutritionals segment, which consists of infant formulas, infant and toddler foods, vitamins, minerals and supplements, as well as oral electrolyte solutions, reported first quarter net sales of $123 million, compared with $56 million a year ago. The increase in sales was primarily the result of the acquisition of PBM. Adjusted operating income was $24 million compared to a loss of $2 million last year due to the addition of higher margin PBM sales and improved productivity in the Company's operations.

    On August 25, 2010, the Company announced that it received FDA clearance to manufacture infant formula liquid concentrate and ready-to-use products through its partner Kerry Proteins and Nutritionals located in Sainte Claire, Quebec.

    Rx Pharmaceuticals

    The Rx Pharmaceuticals segment first quarter net sales were $69 million compared with $47 million a year ago, an increase of 47%. The increase in sales was driven by new product sales, primarily as a result of the Company obtaining the generic distribution rights to Aldara®, as well as by higher volumes on existing products. Adjusted operating income was $20 million, an increase of $3 million from last year.

    On September 8, 2010 the Company announced that it received FDA approval to manufacture and market Imiquimod Cream, 5%. The product is the generic equivalent of Aldara® Cream, 5%, a topical treatment for actinic keratoses on the face or scalp, superficial basal cell carcinoma, and external genital and perianal warts in patients 12 years old or older. The Company will manufacture and supply the active ingredient. Aldara® had sales of approximately $382 million prior to generic market formation, as measured by Wolters Kluwer Health.

    API

    The API segment reported first quarter net sales of $37 million compared with $33 million a year ago. The increase was due primarily to sales of temozolomide in Europe, partially offset by a decline in existing products and $2 million in unfavorable changes in foreign currency exchange rates. Adjusted operating income increased $6 million or 141% due to strong gross margins.

    Other

    Continuing operations for the Other category, consisting of the Israel Pharmaceutical and Diagnostic Products operating segment, reported first quarter net sales of $16 million, compared with $12 million a year ago. The increase was due to increased sales of new and existing products, slightly offset by unfavorable changes in foreign currency exchange rates. Adjusted operating income was $1 million, up 42% from last year.

    Guidance

    Chairman and CEO Joseph C. Papa concluded, "Particularly in these challenging economic times, Perrigo is uniquely positioned to continue to save consumers billions of dollars annually on their healthcare spend while also adding value for our customers and shareholders. As a result of our first quarter performance, continued strong demand for our products in the Consumer Healthcare and Nutritionals businesses, and great execution and new product growth in the Rx and API businesses, we are raising our full year EPS guidance. We expect fiscal 2011 reported diluted earnings from continuing operations to be between $3.28 and $3.43 per share as compared to $2.42 in fiscal 2010. Excluding the charges outlined in Table III at the end of this release, we expect fiscal 2011 adjusted diluted earnings from continuing operations to be between $3.60 and $3.75 per share, which implies a growth rate of 19% to 24% over last year. Perrigo is the right company, in the right place, at the right time."

    Perrigo will host a conference call to discuss fiscal 2011 first quarter at 10:00 a.m. (ET) on Tuesday, November 2. The conference call will be available live via webcast to interested parties on the Perrigo website http://www.perrigo.com or by phone 877-248-9413, International 973-582-2737 and reference ID# 17701913.  A taped replay of the call will be available beginning at approximately 2:00 p.m. (ET) Tuesday, November 2, until midnight Friday, November 19, 2010. To listen to the replay, call 800-642-1687, International 706-645-9291, access code 17701913.

    Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients (API) and pharmaceutical and medical diagnostic products.  The Company is the world's largest store brand manufacturer of OTC pharmaceutical products and infant formulas. The Company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico, the United Kingdom and Australia. 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 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 other comparable terminology. 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, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 26, 2010, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release 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 COMPANYCONDENSED CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share amounts)(unaudited)First Quarter20112010
    As Adjusted
    (Note 1)Net sales$

    641,322$

    528,333Cost of sales427,368365,121Gross profit213,954163,212Operating expenses   Distribution8,3336,471   Research and development17,72718,752   Selling and administration76,12751,860Subtotal 102,18777,083   Write-off of in-processresearch and development-14,000Total102,18791,083Operating income111,76772,129Interest, net10,0876,495Other expense (income), net(559)704Income from continuing operations beforeincome taxes102,23964,930Income tax expense28,56113,830Income from continuing operations73,67851,100Income from discontinued operations,net of tax697761Net income$

    74,375$

    51,861Earnings per share (1)   BasicContinuing operations$

    0.80$

    0.56Discontinued operations0.010.01Basic earnings per share$

    0.81$

    0.56   DilutedContinuing operations$

    0.79$

    0.55Discontinued operations0.010.01Diluted earnings per share $

    0.80$

    0.56Weighted average shares outstanding   Basic91,82492,044   Diluted93,26993,396Dividends declared per share$

    0.0625$

    0.055(1) The sum of individual per share amounts may not equal due to rounding.PERRIGO COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) June 26, 2010 September 26, 2009 September 25, 2010 As Adjusted
    (Note 1) As Adjusted
    (Note 1) Assets Current assets Cash and cash equivalents

    $

    56,098$

    109,765$

    243,965Restricted cash -400,000-Investment securities 560559568Accounts receivable, net 417,870357,185335,365Inventories 461,244452,980390,588Current deferred income taxes 30,75326,13528,366Income taxes refundable 1,77114,4395,565Prepaid expenses and other current assets 42,08228,40324,528Current assets of discontinued operations  6,6157,37573,018Total current assets 1,016,9931,396,8411,101,963 Property and equipment 906,100885,169785,705Less accumulated depreciation (454,490)(436,586)(423,404)451,610448,583362,301 Restricted cash --400,000 Goodwill and other indefinite-lived intangible assets 635,189624,663277,073 Other intangible assets, net 583,226587,000211,667 Non-current deferred income taxes 12,707-- Other non-current assets 72,03152,67753,510 $

    2,771,756$

    3,109,764$

    2,406,514 Liabilities and Shareholders' Equity Current liabilities Accounts payable

    $

    261,959$

    267,311$

    231,290Short-term debt 64,5249,000-Payroll and related taxes 58,56879,21955,633Accrued customer programs 70,98459,89860,160Accrued liabilities 73,37690,04654,553Accrued income taxes 37,1489,12516,245Current portion of long-term debt -400,00018,292Current liabilities of discontinued operations  4,2065,37023,026Total current liabilities 570,765919,969459,199 Non-current liabilities Long-term debt, less current portion 840,000935,000825,000Non-current deferred income taxes 17,00054,06459,985Other non-current liabilities 139,200106,79199,111Total non-current liabilities 996,2001,095,855984,096 Shareholders' equity Controlling interest shareholders' equity: Preferred stock, without par value, 10,000 shares authorized  ---Common stock, without par value, 200,000 shares authorized   435,482428,457435,278Accumulated other comprehensive income 78,41843,20060,429Retained earnings 689,035620,439465,7221,202,9351,092,096961,429Noncontrolling interest 1,8561,8441,790Total shareholders' equity 1,204,7911,093,940963,219 $

    2,771,756$

    3,109,764$

    2,406,514Supplemental Disclosures of Balance Sheet Information   Related to Continuing OperationsAllowance for doubtful accounts

    $

    8,128$

    8,015$

    12,984Working capital

    $

    443,819$

    474,867$

    592,772Preferred stock, shares issued and outstanding---Common stock, shares issued and outstanding92,20591,69491,779PERRIGO COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)First Quarter20112010
    As Adjusted
    (Note 1)Cash Flows (For) From Operating Activities   Net income

    $

    74,375$

    51,861   Adjustments to derive cash flowsWrite-off of in-process research and development-14,000Depreciation and amortization23,43616,229Share-based compensation3,6822,917Income tax benefit from exercise of stock options1,941647Excess tax benefit of stock transactions(9,465)(2,430)Deferred income taxes(59,069)(12,752)   Sub-total34,90070,472   Changes in operating assets and liabilities, net of asset and businessacquisitions Accounts receivable(58,401)(23,901)Inventories(3,559)(3,408)Income taxes refundable12,6682,653Accounts payable(9,636)(29,907)Payroll and related taxes(21,191)3,468Accrued customer programs11,2015,769Accrued liabilities(12,899)(4,497)Accrued income taxes36,48420,524Other4,271(4,816)   Sub-total(41,062)(34,115)Net cash (for) from operating activities(6,162)36,357Cash Flows (For) From Investing Activities   Acquired research and development-(14,000)   Acquisition of business - purchase price adjustment1,998-   Acquisition of business, net of cash acquired-(10,059)   Additions to property and equipment(9,194)(7,515)   Acquisitions of assets-(5,110)Net cash for investing activities(7,196)(36,684)Cash Flows (For) From Financing Activities   Repayments of short-term debt, net(7,476)-   Repayments of long-term debt(95,000)(50,000)   Net borrowings under accounts receivable securitization program63,000-   Excess tax benefit of stock transactions9,4652,430   Issuance of common stock3,9873,620   Repurchase of common stock(8,168)(25,286)   Cash dividends(5,780)(5,106)Net cash for financing activities(39,972)(74,342)Effect of exchange rate changes on cash(337)997Net decrease in cash and cash equivalents(53,667)(73,672)Cash and cash equivalents of continuing operations, beginning of period109,765317,638Cash balance of discontinued operations, beginning of period-4Cash and cash equivalents, end of period56,098243,970Less cash balance of discontinued operations, end of period-(5)Cash and cash equivalents of continuing operations, end of period

    $

    56,098$

    243,965Supplemental Disclosures of Cash Flow Information   Cash paid/received during the period for:Interest paid

    $

    6,885$

    5,231Interest received

    $

    1,986$

    5,368Income taxes paid

    $

    29,856$

    3,096Income taxes refunded

    $

    893$

    938Table IPERRIGO COMPANYSEGMENT INFORMATION(in thousands)(unaudited)First Quarter*20112010Segment Net SalesConsumer Healthcare

    $ 396,104$ 380,821Nutritionals

    122,68455,792Rx Pharmaceuticals

    69,33347,131API37,36132,920Other15,84011,669Total

    $ 641,322$ 528,333Segment Operating Income (Loss)Consumer Healthcare

    $   71,319$   74,417Nutritionals

    18,079(2,590)Rx Pharmaceuticals

    17,75560API10,3233,949Other805288Unallocated expenses

    (6,514)(3,995)Total

    $ 111,767$   72,129*All information based on continuing operations.Table II PERRIGO COMPANYRECONCILIATION OF NON-GAAP MEASURES(in thousands, except per share amounts)(unaudited)First Quarter*20112010% Change Net sales

    $ 641,322$ 528,33321%Reported gross profit

    $ 213,954$ 163,21231%   Deal-related amortization (1)

    7,1744,157Inventory step-up

    -320Adjusted gross profit

    $ 221,128$ 167,68932%Adjusted gross profit %

    34.5%31.7%Reported operating expenses

    $ 102,187$   91,08312%   Deal-related amortization (1)

    (4,113)(1,135)Write-off of in-process R&D

    -(14,000)Adjusted operating expenses

    $   98,074$   75,94829%Adjusted operating expenses %

    15.3%14.4%Reported operating income

    $ 111,767$   72,12955%   Deal-related amortization (1)

    11,2875,292Inventory step-up

    -320Write-off of in-process R&D

    -14,000Adjusted operating income

    $ 123,054$   91,74134%Adjusted operating income %

    19.2%17.4%Reported income from continuing operations

    $   73,678$   51,10044%   Deal-related amortization (1,2)

    7,6723,881Inventory step-up (2)

    -240Write-off of in-process R&D (2)

    -11,442Adjusted income from continuing operations

    $   81,350$   66,66322%Diluted earnings per share from continuing operationsReported

    $
    .79$
    .5544%Adjusted

    $
    .87$
    .7123%Diluted weighted average shares outstanding

    93,26993,396(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions   (2)  Net of taxes   *All information based on continuing operations. Table II (Continued)REPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)First Quarter*20112010% Change Consumer HealthcareNet sales

    $ 396,104$ 380,8214%Reported gross profit

    $ 125,592$ 122,9372%   Deal-related amortization (1)

    802617Adjusted gross profit

    $ 126,394$ 123,5542%Adjusted gross profit %

    31.9%32.4%Reported operating expenses

    $   54,273$   48,52012%   Deal-related amortization (1)

    (1,312)(644)Adjusted operating expenses

    $   52,961$   47,87611%Adjusted operating expenses %

    13.4%12.6%Reported operating income

    $   71,319$   74,417-4%   Deal-related amortization (1)

    2,1141,261Adjusted operating income

    $   73,433$   75,678-3%Adjusted operating income %

    18.5%19.9%NutritionalsNet sales

    $ 122,684$   55,792120%Reported gross profit

    $   38,390$
    3,1651113%   Deal-related amortization (1)

    3,000-Adjusted gross profit

    $   41,390$
    3,1651208%Adjusted gross profit %

    33.7%5.7%Reported operating expenses

    $   20,311$
    5,755253%   Deal-related amortization (1)

    (2,801)(450)Adjusted operating expenses

    $   17,510$
    5,305230%Adjusted operating expenses %

    14.3%9.5%Reported operating income (loss)

    $   18,079$   (2,590)798%   Deal-related amortization (1)

    5,801450Adjusted operating income (loss)

    $   23,880$   (2,140)Adjusted operating income (loss) %

    19.5%-3.8%Rx PharmaceuticalsNet sales

    $   69,333$   47,13147%Reported gross profit

    $   27,772$   22,39924%   Deal-related amortization (1)

    2,4592,795Adjusted gross profit

    $   30,231$   25,19420%Adjusted gross profit %

    43.6%53.5%Reported operating expenses

    $   10,017$   22,339-55%   Write-off of in-process R&D

    -(14,000)Adjusted operating expenses

    $   10,017$
    8,33920%Adjusted operating expenses %

    14.4%17.7%Reported operating income

    $   17,755$29492%   Deal-related amortization (1)

    2,4592,795   Write-off of in-process R&D

    -14,000Adjusted operating income

    $   20,214$   16,85520%Adjusted operating income %

    29.2%35.8%APINet sales

    $   37,361$   32,92013%Reported gross profit

    $   16,781$   10,75856%   Deal-related amortization (1)

    492489Adjusted gross profit

    $   17,273$   11,24754%Adjusted gross profit %

    46.2%34.2%Reported operating expenses

    $
    ,458$
    ,809-5%   Deal-related amortization (1)

    -(41)Adjusted operating expenses

    $
    ,458$
    ,768-5%Adjusted operating expenses %

    17.3%20.6%Reported operating income

    $   10,323$
    3,949161%   Deal-related amortization (1)

    492530Adjusted operating income

    $   10,815$
    4,479141%Adjusted operating income %

    28.9%13.6%OtherNet sales

    $   15,840$   11,66936%Reported gross profit

    $
    5,419$
    3,95337%   Deal-related amortization (1)

    421256   Inventory step-up

    -320Adjusted gross profit

    $
    5,840$
    4,52929%Adjusted gross profit %

    36.9%38.8%Reported operating income

    $
    805$
    288180%   Deal-related amortization (1)

    421256   Inventory step-up

    -320Adjusted operating income

    $
    ,226$
    86442%Adjusted operating income %

    7.7%7.4%(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions   *All information based on continuing operations.Table III FY 2011 GUIDANCE AND FY 2010 EPSRECONCILIATION OF NON-GAAP MEASURES(unaudited)Full YearFiscal 2011 Guidance*FY11 reported diluted EPS from continuing operations range

    $3.28 - $3.43   Deal-related amortization (1)

    0.32FY11 adjusted diluted EPS from continuing operations range

    $3.60 - $3.75Fiscal 2010*FY10 reported diluted EPS from continuing operations

    $2.42   Charges associated with acquisition costs

    0.083   Deal-related amortization (1)

    0.195   Charges associated with inventory step-ups

    0.075   Charges associated with restructuring

    0.100   Charges associated with acquired research and development

    0.157FY10 adjusted diluted EPS from continuing operations

    $3.03(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions   *All information based on continuing operations.Table IVPERRIGO COMPANYRECONCILIATION OF NON-GAAP MEASURES(in thousands, except per share amounts)(unaudited)Q1 FY10*Q2 FY10*Q3 FY10*Q4 FY10*FY 2010*Net sales

    $ 528,333$ 582,425$ 537,632$ 623,514$ 2,271,904Reported gross profit

    $ 163,212$ 197,625$ 187,395$ 198,001$
    746,233Deal-related amortization (1)

    4,1574,5054,2285,84618,736Inventory step-ups

    320617949,87310,904Adjusted gross profit

    $ 167,689$ 202,747$ 191,717$ 213,720$
    775,873Adjusted gross profit %

    31.7%34.8%35.7%34.3%34.2%Reported operating expenses

    $   91,083$   99,592$   98,243$ 121,416$
    410,334Acquisition costs

    --(3,052)(5,137)(8,189)Deal-related amortization (1)

    (1,135)(1,262)(1,146)(2,848)(6,391)Restructuring charges

    --(7,474)(2,049)(9,523)Write-off of in-process R&D

    (14,000)--(5,000)(19,000)Adjusted operating expenses

    $   75,948$   98,330$   86,571$ 106,382$
    367,231Adjusted operating expenses %

    14.4%16.9%16.1%17.1%16.2%Reported operating income

    $   72,129$   98,033$   89,153$   76,584$
    335,899Acquisition costs

    --3,0525,1378,189Deal-related amortization (1)

    5,2925,7675,3748,69425,127Inventory step-ups

    320617949,87310,904Restructuring charges

    --7,4742,0499,523Write-off of in-process R&D

    14,000--5,00019,000Adjusted operating income

    $   91,741$ 104,417$ 105,147$ 107,337$
    408,642Adjusted operating income %

    17.4%17.9%19.6%17.2%18.0%Reported interest and other, net

    $
    7,199$
    4,425$
    4,560$   11,067$
    27,251Acquisition costs

    --(700)(2,800)(3,500)Adjusted interest and other, net

    $
    7,199$
    4,425$
    3,860$
    8,267$
    23,751Reported income from continuing operations

    $   51,100$   62,792$   61,541$   49,000$
    224,433Acquisition costs - Orion (3)

    --600-600Acquisition costs - PBM (2)

    --2,0335,1197,152Deal-related amortization (1,2)

    3,8814,2103,9786,04118,110Inventory step-ups (2)

    240463706,1596,932Restructuring charges - Florida (2)

    --431-431Restructuring charges - Germany (3)

    --6,7752,0498,824Write-off of in-process R&D (2)

    11,442--3,17014,612Adjusted income from continuing operations

    $   66,663$   67,465$   75,428$   71,538$
    281,094Diluted earnings per share from continuing operations (4)Reported

    $
    .55$
    .68$
    .66$
    .53$
    2.42Adjusted

    $
    .71$
    .73$
    .81$
    .77$
    3.03Diluted weighted average shares outstanding

    93,39692,99992,58992,94892,845(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions   (2)  Net of taxes   (3)  Not tax affected   (4)  The sum of individual per share amounts may not equal due to rounding   *All information based on continuing operations.Table VREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands, except per share amounts)(unaudited)Q1 FY10*Q2 FY10*Q3 FY10*Q4 FY10*FY 2010*Consumer HealthcareNet sales

    $ 380,821

    $ 417,002

    $ 377,064

    $ 398,862

    $ 1,573,749Reported gross profit

    $ 122,937

    $ 142,137

    $ 126,854

    $ 131,481

    $
    523,409Deal-related amortization (1)

    617

    750

    661

    580

    2,608Inventory step-up

    -

    -

    -

    471

    471Adjusted gross profit

    $ 123,554

    $ 142,887

    $ 127,515

    $ 132,532

    $
    526,488Adjusted gross profit %

    32.4%

    34.3%

    33.8%

    33.2%

    33.5%Reported operating expenses

    $   48,520

    $   57,680

    $   51,395

    $   62,137

    $
    219,732Deal-related amortization (1)

    (644)

    (868)

    (696)

    (1,082)

    (3,290)Adjusted operating expenses

    $   47,876

    $   56,812

    $   50,699

    $   61,055

    $
    216,442Adjusted operating expenses %

    12.6%

    13.6%

    13.4%

    15.3%

    13.8%Reported operating income

    $   74,417

    $   84,457

    $   75,459

    $   69,343

    $
    303,676Deal-related amortization (1)

    1,261

    1,618

    1,357

    1,662

    5,898Inventory step-up

    -

    -

    -

    471

    471Adjusted operating income

    $   75,678

    $   86,075

    $   76,816

    $   71,476

    $
    310,045Adjusted operating income %

    19.9%

    20.6%

    20.4%

    17.9%

    19.7%NutritionalsNet sales

    $   55,792

    $   61,009

    $   58,723

    $   83,751

    $
    259,275Reported gross profit

    $
    3,165

    $
    9,510

    $   11,281

    $   14,648

    $
    38,604Deal-related amortization (1)

    -

    -

    -

    1,894

    1,894Inventory step-up

    -

    -

    -

    9,402

    9,402Adjusted gross profit

    $
    3,165

    $
    9,510

    $   11,281

    $   25,944

    $
    49,900Adjusted gross profit %

    5.7%

    15.6%

    19.2%

    31.0%

    19.2%Reported operating expenses

    $
    5,755

    $
    ,913

    $
    7,928

    $   15,751

    $
    36,347Deal-related amortization (1)

    (450)

    (449)

    (450)

    (1,766)

    (3,115)Restructuring charges

    -

    -

    (699)

    -

    (699)Adjusted operating expenses

    $
    5,305

    $
    ,464

    $
    ,779

    $   13,985

    $
    32,533Adjusted operating expenses %

    9.5%

    10.6%

    11.5%

    16.7%

    12.5%Reported operating income (loss)

    $   (2,590)

    $
    2,597

    $
    3,353

    $   (1,104)

    $
    2,256Deal-related amortization (1)

    450

    449

    450

    3,660

    5,009Restructuring charges

    -

    -

    699

    -

    699Inventory step-up

    -

    -

    -

    9,402

    9,402Adjusted operating income (loss)

    $   (2,140)

    $
    3,046

    $
    4,502

    $   11,958

    $
    7,366Adjusted operating income (loss) %

    -3.8%

    5.0%

    7.7%

    14.3%

    6.7%Rx PharmaceuticalsNet sales

    $   47,131

    $   56,761

    $   50,802

    $   82,875

    $
    237,569Reported gross profit

    $   22,399

    $   28,054

    $   27,174

    $   30,501

    $
    8,128Deal-related amortization (1)

    2,795

    2,897

    2,645

    2,463

    10,800Adjusted gross profit

    $   25,194

    $   30,951

    $   29,819

    $   32,964

    $
    8,928Adjusted gross profit %

    53.5%

    54.5%

    58.7%

    39.8%

    50.1%Reported operating expenses

    $   22,339

    $
    9,837

    $   10,606

    $   16,843

    $
    59,625Write-off of in-process R&D

    (14,000)

    -

    -

    (5,000)

    (19,000)Adjusted operating expenses

    $
    8,339

    $
    9,837

    $   10,606

    $   11,843

    $
    40,625Adjusted operating expenses %

    17.7%

    17.3%

    20.9%

    14.3%

    17.1%Reported operating income

    $$   18,216

    $   16,568

    $   13,658

    $
    48,502Deal-related amortization (1)

    2,795

    2,897

    2,645

    2,463

    10,800Write-off of in-process R&D

    14,000

    -

    -

    5,000

    19,000Adjusted operating income

    $   16,855

    $   21,113

    $   19,213

    $   21,121

    $
    78,302Adjusted operating income %

    35.8%

    37.2%

    37.8%

    25.5%

    33.0%(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions   *All information based on continuing operations.Table V (Continued)REPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands, except per share amounts)(unaudited)Q1 FY10*Q2 FY10*Q3 FY10*Q4 FY10*FY 2010*APINet sales

    $ 32,920

    $ 35,271

    $ 32,802

    $ 42,741

    $ 143,734Reported gross profit

    $ 10,758

    $ 14,221

    $ 14,630

    $ 15,873

    $   55,482   Deal-related amortization (1)

    489

    497

    500

    494

    1,980Adjusted gross profit

    $ 11,247

    $ 14,718

    $ 15,130

    $ 16,367

    $   57,462Adjusted gross profit %

    34.2%

    41.7%

    46.1%

    38.3%

    40.0%Reported operating expenses

    $   6,809

    $   9,243

    $ 15,177

    $   8,940

    $   40,169   Deal-related amortization (1)

    (41)

    55

    -

    -

    14Restructuring charges

    -

    -

    (6,775)

    (2,049)

    (8,824)Adjusted operating expenses

    $   6,768

    $   9,298

    $   8,402

    $   6,891

    $   31,359Adjusted operating expenses %

    20.6%

    26.4%

    25.6%

    16.1%

    21.8%Reported operating income (loss)

    $   3,949

    $   4,978

    $
    (546)

    $   6,933

    $   15,314   Deal-related amortization (1)

    530

    442

    500

    494

    1,966Restructuring charges

    -

    -

    6,775

    2,049

    8,824Adjusted operating income

    $   4,479

    $   5,420

    $   6,729

    $   9,476

    $   26,104Adjusted operating income %

    13.6%

    15.4%

    20.5%

    22.2%

    18.2%OtherNet sales

    $ 11,669

    $ 12,382

    $ 18,241

    $ 15,285

    $   57,577Reported gross profit

    $   3,953

    $   3,703

    $   7,456

    $   5,498

    $   20,610   Deal-related amortization (1)

    256

    361

    422

    415

    1,454Inventory step-ups

    320

    617

    94

    -

    1,031Adjusted gross profit

    $   4,529

    $   4,681

    $   7,972

    $   5,913

    $   23,095Adjusted gross profit %

    38.8%

    37.8%

    43.7%

    38.7%

    40.1%Reported operating income (loss)

    $
    288

    $
    (803)

    $   2,114

    $
    2

    $
    2,201   Deal-related amortization (1)

    256

    361

    422

    415

    1,454   Inventory step-ups

    320

    617

    94

    -

    1,031Adjusted operating income

    $
    864

    $
    75

    $   2,630

    $   1,017

    $
    4,686Adjusted operating income %

    7.4%

    1.4%

    14.4%

    6.7%

    8.1%(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions   *All information based on continuing operations.
    '/>"/>

    SOURCE Perrigo Company
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