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Perrigo Reports Record First Quarter Revenue, Adjusted Earnings And Margins
Date:10/31/2013

g cessation categories). These combined increases were partially offset by a decline of $7 million in sales of existing products (primarily contract category) and $3 million in discontinued products.

Adjusted gross margin expanded 90 basis points due to new products, acquisitions and strong volumes/product mix. Adjusted operating margin declined 30 basis points due primarily to incremental operating expenses from the Sergeant's and Velcera acquisitions and the absence of an indemnification settlement received in the prior year.

NutritionalsNutritionals Segment (in millions)(see the attached Table II for reconciliation to GAAP numbers)

(YoY % Change may not calculate due to rounding)Fiscal 2014

Fiscal 2013First Quarter

Ended

First Quarter

Ended

 

YoY 9/28/2013

9/29/2012

% ChangeNet Sales

$129.0

$103.4

+24.8%Reported Gross Profit

$30.8

$25.8

+19.3%Adjusted Gross Profit

$33.9

$28.9

+17.4%Reported Operating Income

$7.7

$3.9

+97.8%Adjusted Operating Income

$15.1

$11.2

+34.8%Reported Gross Margin

23.9%

25.0%

-110 bpsAdjusted Gross Margin

26.3%

27.9%

-170 bpsReported Operating Margin

6.0%

3.8%

+220 bpsAdjusted Operating Margin

11.7%

10.8%

+90 bpsThe Nutritionals segment reported first quarter net sales of $129 million, compared with $103 million a year ago, an increase of 25%. All product categories within the segment grew year-over-year, existing product sales increased $21 million and new product sales were $5 million.

First quarter adjusted gross margin decreased due primarily to product mix and higher relative production costs, while the adjusted operating margin was favorably impacted by operating expense efficienci
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SOURCE Perrigo Company
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