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Perrigo Reports Record First Quarter Revenue And Adjusted Earnings And Raises Full Year Adjusted EPS Guidance
Date:11/7/2012

ALLEGAN, Mich., Nov. 7, 2012 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE: PRGO) today announced results for its first quarter ended September 29, 2012.

(Logo: http://photos.prnewswire.com/prnh/20120301/DE62255LOGO )

Perrigo's Chairman and CEO Joseph C. Papa commented, "We have started fiscal 2013 well, delivering record first quarter revenue and adjusted earnings. We also delivered all-time record adjusted gross and operating margins. Store brand OTC market share continues to grow. Our Consumer Healthcare segment's revenue grew 9.4% from a record first quarter last year. Our Rx segment continued its excellent performance, which was driven by the acquisition of Paddock Labs, new product sales and strong organic Rx results, combined with our continued focus on quality and R&D. Clearly we are focused on the results from our Nutritionals segment and the team has an action plan in place for the rest of the year. We believe our value proposition continues to resonate well with consumers."

Refer to Table I 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 Cash Flows. Perrigo Company
(in thousands, except per share amounts)
(see the attached Table I for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012First Quarter

Ended

First Quarter

Ended

 

YoY 9/29/2012

9/24/2011

% ChangeNet Sales

$769,810

$725,295

6.1%Reported Net Income

$105,580

$70,458

49.8%Adjusted Net Income

$119,467

$103,320

15.6%Reported Diluted EPS

$1.12

$0.75

49.3%Adjusted Diluted EPS

$1.27

$1.10

15.5%Diluted Shares

94,335

93,953

0.4%First Quarter Results

Net sales in the quarter were $770 million, an increase of 6% over the first quarter of fiscal 2012, driven primarily by $28 million attributable to the Paddock Laboratories, Inc. ("Paddock") and CanAm Care, LLC ("CanAm") acquisitions and new product sales of $26 million, partially offset by decreases in sales of certain existing products in the Nutritionals and API segments and $5 million due to unfavorable changes in foreign currency exchange rates. Excluding charges as outlined in Table I at the end of this release, first quarter fiscal 2013 adjusted net income increased 16% to $119 million, or $1.27 per share. Reported net income increased 50% to $106 million, or $1.12 per diluted share, due primarily to $0.21 per diluted share in acquisition-related costs in the first quarter of fiscal 2012.Consumer HealthcareConsumer Healthcare Segment
(in thousands)
(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012First Quarter

Ended

First Quarter

Ended

 

YoY 9/29/2012

9/24/2011

% ChangeNet Sales

$450,416

$411,681

9.4%Reported Gross Profit

$145,835

$129,358

12.7%Adjusted Gross Profit

$146,850

$130,380

12.6%Reported Operating Income

$79,288

$69,189

14.6%Adjusted Operating Income

$81,551

$71,433

14.2%Reported Gross Margin

32.4%

31.4%

+100 bpsAdjusted Gross Margin

32.6%

31.7%

+90 bpsReported Operating Margin

17.6%

16.8%

+80 bpsAdjusted Operating Margin

18.1%

17.4%

+70 bpsConsumer Healthcare segment net sales increased 9% to $450 million due to an increase in sales of existing products of $36 million (contract, cough/cold and smoking cessation categories), new product sales of $13 million (gastrointestinal, cough/cold and dermatological categories) and $9 million in incremental sales attributable to the acquisition of CanAm. These combined increases were partially offset by a decline of $17 million in sales of existing products (analgesics and feminine hygiene categories) and a decline of $4 million due to discontinued products.

Adjusted gross and operating margins expanded 90 and 70 basis points, respectively, due to new products, product mix and cost controls in the Company's manufacturing plants.

NutritionalsNutritionals Segment
(in thousands)
(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012First Quarter

Ended

First Quarter

Ended

 

YoY 9/29/2012

9/24/2011

% ChangeNet Sales

$103,423

$119,861

-13.7%Reported Gross Profit

$25,835

$29,569

-12.6%Adjusted Gross Profit

$28,885

$35,418

-18.4%Reported Operating Income

$3,883

$7,241

-46.4%Adjusted Operating Income

$11,183

$16,705

-33.1%Reported Gross Margin

25.0%

24.7%

+30 bpsAdjusted Gross Margin

27.9%

29.5%

-160 bpsReported Operating Margin

3.8%

6.0%

-220 bpsAdjusted Operating Margin

10.8%

13.9%

-310 bpsThe Nutritionals segment reported first quarter net sales of $103 million, compared with $120 million a year ago as existing product sales declined $20 million, partially offset by new product sales of $3 million (infant formula category). The decrease in sales was due primarily to a decline in existing product sales in the vitamin, minerals and dietary supplements ("VMS") category driven by increased competition and increased retail shipments of infant formula placed in the fourth quarter of fiscal 2012 in advance of the planned July 1st shutdown of the Company's Vermont Plant to perform an SAP conversion and prepare for the installation of a new packaging line. Reported and adjusted gross profit and margin were impacted by relatively lower volumes in infant formula and VMS, along with increased inventory costs.

Operating income and margin were impacted by higher combined research and development and distribution, selling, general and administration expenses as a percent to net sales, though they were lower on a dollar basis, year-over-year.

Rx PharmaceuticalsRx Pharmaceuticals Segment
(in thousands)
(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012First Quarter

Ended

First Quarter

Ended

 

YoY 9/29/2012

9/24/2011

% ChangeNet Sales

$162,942

$127,627

27.7%Reported Gross Profit

$86,684

$41,460

109.1%Adjusted Gross Profit

$95,086

$75,992

25.1%Reported Operating Income

$68,504

$24,485

179.8%Adjusted Operating Income

$76,906

$58,673

31.1%Reported Gross Margin

53.2%

32.5%

+2,070 bpsAdjusted Gross Margin

58.4%

59.5%

-110 bpsReported Operating Margin

42.0%

19.2%

+2,280 bpsAdjusted Operating Margin

47.2%

46.0%

+120 bpsThe Rx Pharmaceuticals segment first quarter net sales increased 28% to $163 million due primarily to incremental net sales of $19 million from the July 26, 2011 Paddock acquisition, new product sales of $8 million and improved pricing on select products.

Year-over-year percent changes in reported gross profit and operating income were impacted by the absence of a one-time charge of $27 million to cost of sales as a result of the step-up of inventory value related to the Paddock acquisition in the first quarter of fiscal 2012.

APIAPI Segment
(in thousands)
(see the attached Table II for reconciliation to GAAP numbers)Fiscal 2013

Fiscal 2012First Quarter

Ended

First Quarter

Ended

 

YoY 9/29/2012

9/24/2011

% ChangeNet Sales

$36,419

$47,644

-23.6%Reported Gross Profit

$21,360

$21,608

-1.1%Adjusted Gross Profit

$21,823

$22,129

-1.4%Reported Operating Income

$13,319

$14,215

-6.3%Adjusted Operating Income

$13,782

$14,736

-6.5%Reported Gross Margin

58.7%

45.4%

+1,330 bpsAdjusted Gross Margin

59.9%

46.4%

+1,350 bpsReported Operating Margin

36.6%

29.8%

+680 bpsAdjusted Operating Margin

37.8%

30.9%

+690 bpsThe API segment's net sales declined by 24% to $36 million due primarily to a decrease in existing product sales of approximately $17 million as a result of increased competition and pricing pressures on select products, along with a negative impact of $2 million due to changes in foreign currency, partially offset by $7 million related to the launch of a customer's product with 180-day exclusivity status.

Gross and operating margins were positively impacted by the product launch referred to above.

Other

The Other category reported decreased first quarter net sales of approximately $17 million, compared with $18 million a year ago, due primarily to the impact of unfavorable changes in foreign currency exchange rates.

Adjusted operating income was approximately $1 million, representing an increase in adjusted operating margin of 100 basis points from last year due to product mix.

Guidance

Chairman, President and CEO Joseph C. Papa concluded, "The strength of our diversified business model was evident this quarter. Margin expansion remains a top priority for the Company and we continue to make ROIC positive investments in operations and products. As we look forward to the rest of fiscal 2013, we continue to expect strong new product launches and further conversion of consumers to store brand."

The Company expects fiscal 2013 reported earnings to be between $4.71 and $4.91 per diluted share as compared to $4.18 in fiscal 2012. Excluding the charges outlined in Table III at the end of this release, the Company expects fiscal 2013 adjusted earnings to be between $5.45 and $5.65 per diluted share as compared to $4.99 in fiscal 2012 reflecting the acquisition of Sergeant's Pet Care Products, Inc., the realization of tax benefits and continued execution of the core businesses. This new range implies a year-over-year growth rate in adjusted earnings of 9% to 13% over fiscal 2012's adjusted earnings from continuing operations per diluted share.The conference call will be available live via webcast to interested parties on the Perrigo website http://perrigo.investorroom.com/events-webcasts or by phone at 877-248-9413, International 973-582-2737, and reference ID# 46994711. A taped replay of the call will be available beginning at approximately 2:00 p.m. (ET) Wednesday, November 7, 2012 until midnight Friday, November 23, 2012. To listen to the replay, dial 855-859-2056, International 404-537-3406, and use access code 46994711.From its beginnings as a packager of generic home remedies in 1887, Perrigo Company, based in Allegan, Michigan, has grown to become a leading global provider of quality, affordable healthcare products. The Company develops, manufactures and distributes over-the-counter ("OTC") and generic prescription ("Rx") pharmaceuticals, nutritional products and active pharmaceutical ingredients ("API") and is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. 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 certain other markets throughout the world, 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 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 30, 2012, 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 Quarter20132012Net sales

$
769,810$
725,295Cost of sales

484,541497,716Gross profit

285,269227,579Operating expensesDistribution

10,76710,264Research and development

27,39519,638Selling and administration

90,53496,125Total operating expenses

128,696126,027Operating income

156,573101,552Interest, net

15,85312,570Other (income) expense, net

(62)229Income before income taxes

140,78288,753Income tax expense

35,20218,295Net income

$
5,580$
70,458Earnings per shareBasic earnings per share

$
.13$
.76Diluted earnings per share

$
.12$
.75Weighted average shares outstandingBasic

93,60792,900Diluted

94,33593,953Dividends declared per share

$
.08$
.07See accompanying notes to condensed consolidated financial statements.PERRIGO COMPANYCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands)(unaudited)First Quarter20132012Net Income

$
5,580$
70,458Other comprehensive income (loss):Change in fair value of derivative financial instruments, net of tax

1,462(7,796)Foreign currency translation adjustments

5,424(52,960)Post-retirement liability adjustments, net of tax

(41)(17)Other comprehensive income (loss), net of tax

6,845(60,773)Comprehensive income

$
2,425$
9,685See accompanying notes to condensed consolidated financial statements.PERRIGO COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited)September 29,June 30,September 24,201220122011AssetsCurrent assetsCash and cash equivalents

$
31,993$
2,489$
,615Accounts receivable, net

584,008572,582521,263Inventories

598,825547,455563,257Current deferred income taxes

45,78145,73850,276Income taxes refundable

4,2521,0478,891Prepaid expenses and other current assets

35,87226,61038,789Total current assets

1,900,7311,795,9211,299,091Property and equipment

1,135,5021,118,8371,037,270Less accumulated depreciation

(555,241)(540,487)(504,389)580,261578,350532,881Goodwill and other indefinite-lived intangible assets

822,359820,122812,924Other intangible assets, net

711,104729,253771,677Non-current deferred income taxes

14,62713,44413,479Other non-current assets

88,34886,95784,035$
4,117,430$
4,024,047$
3,514,087Liabilities and Shareholders' EquityCurrent liabilitiesAccounts payable

$
306,972$
317,341$
303,549Short-term debt

1,609903,750Payroll and related taxes

57,86489,93472,106Accrued customer programs

122,495116,055112,592Accrued liabilities

79,75676,40683,374Accrued income taxes

21,22812,9056,677Current portion of long-term debt

40,00040,00040,000Total current liabilities

629,924652,731622,048Non-current liabilitiesLong-term debt, less current portion

1,329,8271,329,2351,155,787Non-current deferred income taxes

26,29724,1269,604Other non-current liabilities

166,064165,310182,207Total non-current liabilities

1,522,1881,518,6711,347,598Shareholders' EquityControlling interest:Preferred stock, without par value, 10,000 shares authorized

---Common stock, without par value, 200,000 shares authorized

512,658504,708478,035Accumulated other comprehensive income

46,24939,40466,277Retained earnings

1,404,9771,306,925998,2561,963,8841,851,0371,542,568Noncontrolling interest

1,4341,6081,873Total shareholders' equity

1,965,3181,852,6451,544,441$
4,117,430$
4,024,047$
3,514,087Supplemental Disclosures of Balance Sheet InformationAllowance for doubtful accounts

$
2,224$
2,556$
9,617Working capital

$
,270,807$
,143,190$
77,043Preferred stock, shares issued and outstanding

---Common stock, shares issued and outstanding

93,84093,48493,189See accompanying notes to condensed consolidated financial statements.PERRIGO COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)First Quarter20132012Cash Flows (For) From Operating ActivitiesNet income$
5,580$
70,458Adjustments to derive cash flowsGain on sale of pipeline development projects-(3,500)Depreciation and amortization33,42434,720Share-based compensation4,7723,935Income tax benefit from exercise of stock options2,0682,125Excess tax benefit of stock transactions(13,342)(10,578)Deferred income taxes (3,483)(3,084)Subtotal129,01994,076Changes in operating assets and liabilities, net of business acquisitionAccounts receivable(6,682)8,581Inventories(48,110)(7,156)Accounts payable(12,574)(47,249)Payroll and related taxes(32,298)(10,681)Accrued customer programs6,440(5,708)Accrued liabilities2,71317,678Accrued income taxes15,674(878)Other(9,327)5,484Subtotal(84,164)(39,929)Net cash from operating activities44,85554,147Cash Flows (For) From Investing ActivitiesAcquisition of business, net of cash acquired-(547,052)Proceeds from sale of intangible assets and pipeline development projects-10,500Additions to property and equipment(14,804)(18,953)Other-(250)Net cash for investing activities(14,804)(555,755)Cash Flows (For) From Financing ActivitiesBorrowings of short-term debt, net1,519980Net borrowings under accounts receivable securitization program-55,000Borrowings of long-term debt592250,787Deferred financing fees-(2,468)Excess tax benefit of stock transactions13,34210,578Issuance of common stock4,0635,884Repurchase of common stock(12,159)(7,899)Cash dividends(7,528)(6,535)Net cash (for) from financing activities(171)306,327Effect of exchange rate changes on cash(376)1,792Net increase (decrease) in cash and cash equivalents29,504(193,489)Cash and cash equivalents, beginning of period602,489310,104Cash and cash equivalents, end of period$
31,993$
,615Supplemental Disclosures of Cash Flow InformationCash paid/received during the period for:Interest paid$
2,096$
3,240Interest received$
,276$
,127Income taxes paid$
20,514$
9,151Income taxes refunded$
526$
768See accompanying notes to condensed consolidated financial statements.Table IPERRIGO COMPANYRECONCILIATION OF NON-GAAP MEASURES(in thousands, except per share amounts)(unaudited)Three Months EndedConsolidatedSeptember 29, 2012September 24, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
769,810$
-$
769,810$
725,295$
-$
725,2956 %6 %Cost of sales

484,54113,323

(a)

471,218497,71642,362

(a,d)

455,354-3 %3 %Gross profit

285,26913,323298,592227,57942,362269,94125 %11 %Operating expensesDistribution

10,767-10,76710,264-10,2645 %5 %Research and development

27,395-27,39519,638(3,500)

(e)

23,13839 %18 %Selling and administration

90,5347,375

(a,b)

83,15996,12513,620

(a,f)

82,505-6 %1 %Total operating expenses

128,6967,375121,321126,02710,120115,9072 %5 %Operating income

156,57320,698177,271101,55252,482154,03454 %15 %Interest, net

15,853-15,85312,570-12,57026 %26 %Other (income) expense, net

(62)-(62)229-229--Income before income taxes

140,78220,698161,48088,75352,482141,23559 %14 %Income tax expense

35,2026,811

(c)

42,01318,29519,620

(c)

37,91592 %11 %Net income

$
5,580$
3,887$
9,467$
70,458$
32,862$
3,32050 %16 %Diluted earnings per share

$
.12$
.27$
.75$
.1049 %15 %Diluted weighted average shares outstanding

94,33594,33593,95393,953Selected ratios as a percentage of net salesGross profit

37.1 %38.8 %31.4 %37.2 %Operating expenses

16.7 %15.8 %17.4 %16.0 %Operating income

20.3 %23.0 %14.0 %21.2 %(a) Deal-related amortization(b) Acquisition costs of $1,877(c) Total tax effect for non-GAAP pre-tax adjustments(d) Inventory step-up of $27,179(e) Proceeds from sale of pipeline development projects(f) Acquisition-related and severance costs of $8,782Table IIPERRIGO COMPANYREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)Three Months EndedConsumer HealthcareSeptember 29, 2012September 24, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
450,416$
-$
450,416$
411,681$
-$
411,6819 %9 %Cost of sales

304,5811,015

(a)

303,566282,3231,022

(a)

281,3018 %8 %Gross profit

145,8351,015146,850129,3581,022130,38013 %13 %Operating expenses

66,5471,248

(a)

65,29960,1691,222

(a)

58,94711 %11 %Operating income

$
79,288$
2,263$
81,551$
9,189$
2,244$
71,43315 %14 %Selected ratios as a percentage of net salesGross profit

32.4 %32.6 %31.4 %31.7 %Operating expenses

14.8 %14.5 %14.6 %14.3 %Operating income

17.6 %18.1 %16.8 %17.4 %Three Months EndedNutritionalsSeptember 29, 2012September 24, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
3,423$
-$
3,423$
9,861$
-$
9,861-14 %-14 %Cost of sales

77,5883,050

(a)

74,53890,2925,849

(a)

84,443-14 %-12 %Gross profit

25,8353,05028,88529,5695,84935,418-13 %-18 %Operating expenses

21,9524,250

(a)

17,70222,3283,615

(a)

18,713-2 %-5 %Operating income

$
3,883$
7,300$
,183$
7,241$
9,464$
,705-46 %-33 %Selected ratios as a percentage of net salesGross profit

25.0 %27.9 %24.7 %29.5 %Operating expenses

21.2 %17.1 %18.6 %15.6 %Operating income

3.8 %10.8 %6.0 %13.9 %Three Months EndedRx PharmaceuticalsSeptember 29, 2012September 24, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
2,942$
-$
2,942$
27,627$
-$
27,62728 %28 %Cost of sales

76,2588,402

(a)

67,85686,16734,532

(a,b)

51,635-11 %31 %Gross profit

86,6848,40295,08641,46034,53275,992109 %25 %Operating expenses

18,180-18,18016,975(344)

(c,d)

17,3197 %5 %Operating income

$
8,504$
8,402$
76,906$
24,485$
34,188$
58,673180 %31 %Selected ratios as a percentage of net salesGross profit

53.2 %58.4 %32.5 %59.5 %Operating expenses

11.2 %11.2 %13.3 %13.6 %Operating income

42.0 %47.2 %19.2 %46.0 %(a) Deal-related amortization(b) Inventory step-up of $27,179(c) Proceeds of $3,500 from sale of pipeline development projects(d) Severance costs of $3,156Table II (Continued)PERRIGO COMPANYREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)Three Months EndedAPISeptember 29, 2012September 24, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
36,419$
-$
36,419$
47,644$
-$
47,644-24 %-24 %Cost of sales

15,059463

(a)

14,59626,036521

(a)

25,515-42 %-43 %Gross profit

21,36046321,82321,60852122,129-1 %-1 %Operating expenses

8,041-8,0417,393-7,3939 %9 %Operating income

$
3,319$
463$
3,782$
4,215$
521$
4,736-6 %-6 %Selected ratios as a percentage of net salesGross profit

58.7 %59.9 %45.4 %46.4 %Operating expenses

22.1 %22.1 %15.5 %15.5 %Operating income

36.6 %37.8 %29.8 %30.9 %Three Months EndedOtherSeptember 29, 2012September 24, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
,610$
-$
,610$
8,482$
-$
8,482-10 %-10 %Cost of sales

11,055393

(a)

10,66212,898437

(a)

12,461-14 %-14 %Gross profit

5,5553935,9485,5844376,021-1 %-1 %Operating expenses

5,130-5,1305,299-5,299-3 %-3 %Operating income

$
425$
393$
818$
285$
437$
72249 %13 %Selected ratios as a percentage of net salesGross profit

33.4 %35.8 %30.2 %32.6 %Operating expenses

30.9 %30.9 %28.7 %28.7 %Operating income

2.6 %4.9 %1.5 %3.9 %(a) Deal-related amortization(b) Inventory step-up of $27,179(c) Proceeds of $3,500 from sale of pipeline development projects(d) Severance costs of $3,156Table IIIPERRIGO COMPANYFY 2013 GUIDANCE AND FY 2012 EPSRECONCILIATION OF NON-GAAP MEASURES(unaudited)Full YearFiscal 2013 GuidanceFY13 reported diluted EPS range$4.71 - $4.91Deal-related amortization (1)0.62Charge associated with inventory step-up0.11Charges associated with acquisition costs0.01FY13 adjusted diluted EPS range$5.45 - $5.65Fiscal 2012*FY12 reported diluted EPS from continuing operations$4.18Deal-related amortization (1)0.523Charge associated with inventory step-up0.181Charges associated with acquisition-related and severance costs0.062Charges associated with restructuring0.061Net charge associated with acquired R&D and proceeds from sale of IPR&D projects0.012Earnings associated with sale of pipeline development projects(0.026)FY12 adjusted diluted EPS from continuing operations$4.99(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions*All information based on continuing operations.Table IVPERRIGO COMPANYREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)Q1 FY12*Q2 FY12*Q3 FY12*Q4 FY12*FY 2012*Consumer HealthcareNet sales

$
411,681$
471,277$
448,848$
483,982$
,815,788Reported gross profit

$
29,358$
48,813$
40,417$
53,169$
571,757Deal-related amortization(1)

1,0221,0061,0101,0084,046Adjusted gross profit

$
30,380$
49,819$
41,427$
54,177$
575,803Adjusted gross profit %

31.7%31.8%31.5%31.9%31.7%Reported operating expenses

$
,169$
,563$
,034$
8,689$
256,455Deal-related amortization(1)

(1,222)(1,214)(1,411)(1,419)(5,266)Adjusted operating expenses 

$
58,947$
5,349$
59,623$
7,270$
251,189Adjusted operating expenses %

14.3%13.9%13.3%13.9%13.8%Reported operating income 

$
9,189$
82,250$
79,383$
84,480$
315,302Deal-related amortization(1)

2,2442,2202,4212,4279,312Adjusted operating income 

$
71,433$
84,470$
81,804$
86,907$
324,614Adjusted operating income %

17.4%17.9%18.2%18.0%17.9%NutritionalsNet sales

$
9,861$
28,147$
7,683$
35,335$
501,026Reported gross profit

$
29,569$
28,230$
30,350$
37,196$
25,345Deal-related amortization(1)

5,8493,0223,0213,02114,913Adjusted gross profit

$
35,418$
31,252$
33,371$
40,217$
40,258Adjusted gross profit %

29.5%24.4%28.4%29.7%28.0%Reported operating expenses

$
22,328$
23,677$
28,505$
25,387$
99,897Deal-related amortization(1)

(3,615)(3,615)(3,616)(3,615)(14,461)Restructuring charges

--(7,081)(1,674)(8,755)Adjusted operating expenses

$
8,713$
20,062$
7,808$
20,098$
76,681Adjusted operating expenses %

15.6%15.7%15.1%14.9%15.3%Reported operating income 

$
7,241$
4,553$
,845$
,809$
25,448Deal-related amortization(1)

9,4646,6376,6376,63629,374Restructuring charges

--7,0811,6748,755Adjusted operating income 

$
,705$
,190$
5,563$
20,119$
3,577Adjusted operating income %

13.9%8.7%13.2%14.9%12.7%Rx PharmaceuticalsNet sales

$
27,627$
77,196$
55,591$
56,975$
7,389Reported gross profit

$
41,460$
91,380$
83,331$
72,450$
288,621Deal-related amortization(1)

7,3537,9698,5748,53232,428Inventory step-up

27,179---27,179Adjusted gross profit

$
75,992$
99,349$
91,905$
80,982$
348,228Adjusted gross profit %

59.5%56.1%59.1%51.6%56.4%Reported operating expenses

$
,975$
21,404$
,076$
20,671$
75,126Acquisition-related costs

(3,156)(599)--(3,755)Earnings associated with sale of IPR&D projects

3,500---3,500Write-off of in-process R&D 

---(750)(750)Adjusted operating expenses 

$
7,319$
20,805$
,076$
9,921$
74,121Adjusted operating expenses %

13.6%11.7%10.3%12.7%12.0%Reported operating income 

$
24,485$
9,976$
7,255$
51,779$
213,495Deal-related amortization(1)

7,3537,9698,5748,53232,428Inventory step-up

27,179---27,179Acquisition-related costs

3,156599--3,755Earnings associated with sale of IPR&D projects

(3,500)---(3,500)Write-off of in-process R&D 

---750750Adjusted operating income 

$
58,673$
78,544$
75,829$
,061$
274,107Adjusted operating income %

46.0%44.3%48.7%38.9%44.4%(1)
Amortization of acquired intangible assets related to business combinations and asset acquisitions*All information based on continuing operations.Table IV (Continued)PERRIGO COMPANYREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)Q1 FY12*Q2 FY12*Q3 FY12*Q4 FY12*FY 2012*APINet sales

$
47,644$
42,751$
36,952$
38,434$
5,781Reported gross profit

$
21,608$
20,150$
8,676$
25,674$
86,108Deal-related amortization (1)

5214964904821,989Adjusted gross profit

$
22,129$
20,646$
9,166$
26,156$
88,097Adjusted gross profit %

46.4%48.3%51.9%68.1%53.1%Reported operating income

$
4,215$
,692$
,462$
7,512$
53,881Deal-related amortization (1)

5214964904821,989Adjusted operating income 

$
4,736$
2,188$
,952$
7,994$
55,870Adjusted operating income %

30.9%28.5%29.6%46.8%33.7%OtherNet sales

$
8,482$
8,798$
8,943$
7,041$
73,264Reported gross profit

$
5,584$
,303$
,498$
5,382$
23,767Deal-related amortization (1)

4374384104031,688Adjusted gross profit

$
,021$
,741$
,908$
5,785$
25,455Adjusted gross profit %

32.6%35.9%36.5%33.9%34.7%Reported operating income (loss)

$
285$
924$
846$
(37)$
2,018Deal-related amortization (1)

4374384104031,688Adjusted operating income 

$
722$
,362$
,256$
366$
3,706Adjusted operating income %

3.9%7.2%6.6%2.1%5.1%(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions*All information based on continuing operations.


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SOURCE Perrigo Company
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