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Perrigo Reports Record First Quarter Revenue And Adjusted Earnings And Raises Full Year Adjusted EPS Guidance

me 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


First Quarter



YoY 9/29/2012


% ChangeNet Sales



-23.6%Reported Gross Profit



-1.1%Adjusted Gross Profit



-1.4%Reported Operating Income



-6.3%Adjusted Operating Income



-6.5%Reported Gross Margin



+1,330 bpsAdjusted Gross Margin



+1,350 bpsReported Operating Margin



+680 bpsAdjusted Operating Margin



+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.


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

SOURCE Perrigo Company
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