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

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 supplement
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SOURCE Perrigo Company
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