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Perrigo Reports Record Quarterly Revenue and Earnings and Raises Full Year Adjusted EPS Guidance

ALLEGAN, Mich., May 3, 2011 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE) today announced results for its third quarter ended March 26, 2011.

Perrigo's Chairman and CEO Joseph C. Papa commented, "We are very pleased with this quarter's record revenue and earnings performance. The main contributors to this strong performance were $44 million of new product sales, continued operational execution in our Rx and API segments and another solid quarter in Nutritionals. In Consumer Healthcare, revenue grew 13% in the quarter as we continue to see very strong demand for our products. At the same time, we have been experiencing some throughput pressure in manufacturing, but we are in the process of making investments that we believe will enhance output in the near future."

Mr. Papa continued, "The April resolution of the 2010 FDA warning letter in less than one year is a major achievement. We are convinced that this process has made us a better company, as it helped us to further enhance the quality of our production. Our retailers and consumers continue to realize the value proposition of Perrigo's high quality, affordable healthcare products and we look forward to increasing our production volumes further to meet their growing demand."  

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 Statements of Cash Flows.

Perrigo Company(from continuing operations, in thousands, except per share amounts)(see the attached Table I for reconciliation to GAAP numbers)Third Quarter

Nine Months2011



2010Net Sales





SOURCE Perrigo Company
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