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

s ("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 inco
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SOURCE Perrigo Company
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