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Perrigo Reports Record Second Quarter Revenue, Adjusted Earnings and Operating Cash Flow
Date:2/1/2013

40 bps 

Consumer Healthcare segment net sales increased 14% to $539 million, driven by an increase in sales of existing products of $38 million (contract,  analgesics and smoking cessation categories), $34 million attributable to the Sergeant's and CanAm acquisitions, and new product sales of $12 million (cough/cold, dermatologic and gastrointestinal categories). These combined increases were partially offset by a decline of $13 million in sales of existing products (allergy products and gastrointestinal category) and approximately $5 million in discontinued products.

Adjusted gross and operating margins expanded 30 and 40 basis points, respectively, due to new products and increased manufacturing efficiencies. The disparity between the reported and adjusted margins was due primarily to a charge of approximately $8 million to cost of sales as a result of the step-up of inventory acquired and sold related to the Sergeant's acquisition.

 

Nutritionals

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

Fiscal 2012Second

Quarter

Ended

Second

Quarter

Ended

 

 

YoY12/29/2012

12/31/2011

% ChangeNet Sales

$121,938

$128,147

-4.8%Reported Gross Profit

$30,145

$28,230

+6.8%Adjusted Gross Profit

$33,194

$31,252

+6.2%Reported Operating Income

$7,160

$4,552

+57.3%Adjusted Operating Income

$14,470

$11,189

+29.3%Reported Gross Margin

24.7%

22.0%

+270 bpsAdjusted Gross Margin

27.2%

24.4%

+280 bpsReported Operating Margin

5.9%

3.6%

+230 bpsAdjusted Operating Margin

11.9%

8.7%

+320 bps 

The Nutritionals segment repo
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SOURCE Perrigo Company
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