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Perrigo Reports Record Third Quarter Revenue And Earnings And Raises Full Year EPS Guidance
Date:5/8/2012

ALLEGAN, Mich., May 8, 2012 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE) today announced results for its third quarter ended March 31, 2012.

(Logo:  http://photos.prnewswire.com/prnh/20120301/DE62255LOGO)

Perrigo's Chairman and CEO Joseph C. Papa commented, "We are very pleased with our record fiscal third quarter revenue and earnings performance. These strong results were made possible by the continued operational excellence of the team. Headlining this execution were the $64 million in new product launches, mostly in OTC, which keep us on track to exceed our $190 million new product sales goal for fiscal 2012. Global Consumer Healthcare sales grew 6% in the quarter, driven mainly by U.S. OTC sales growth of 8% despite a historically mild cough/cold and flu season. In Nutritionals, we were able to improve adjusted margins from last quarter as measures put in place partially offset the volatility in raw materials pricing. Our Rx segment continues to exceed our expectations in both our existing and newly acquired business. We are continuing to make quality healthcare more affordable to consumers around the globe."

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 Months2012201120122011Net Sales

$778,017

$691,563

$2,341,482

$2,050,400Reported Income

$115,727

$91,531

$285,924

$254,988Adjusted Income

$132,679

$100,212

$348,430

$279,944Reported Diluted EPS

$1.23

$0.98

$3.04

$2.73Adjusted Diluted EPS

$1.41

$1.07

$3.71

$3.00Diluted Shares

94,124

93,549

94,028

93,371Third Quarter Results

Net sales for the third quarter of fiscal 2012 were $778 million, an increase of 13% over fiscal 2011. The increase was driven primarily by $70 million of net sales attributable to the Paddock Laboratories, Inc. (Paddock) and CanAm Care, LLC acquisitions and new product sales of $64 million, partially offset by decreases in sales of certain existing products, primarily in the Consumer Healthcare and Nutritionals segments. Reported income from continuing operations was approximately $116 million, or $1.23 per diluted share, an increase over $92 million, or $0.98 per diluted share, a year ago. Excluding charges as outlined in Table I at the end of this release, third quarter fiscal 2012 adjusted income from continuing operations was $133 million, or $1.41 per diluted share, up 32% over fiscal 2011. In the quarter, there was a $0.20 per diluted share tax benefit as a result of the closing of various tax audits and statutory expirations. Reported gross margin increased 130 basis points to 35.9%, while adjusted gross margin increased 190 basis points to 37.6%. Reported operating margin increased 100 basis points to 18.8%, while adjusted operating margin increased by 250 basis points to 22.1%.Nine Months Results

Net sales for the first nine months of fiscal 2012 were $2,341 million, an increase of 14% over fiscal 2011. The increase was driven primarily by $177 million of net sales attributable to the Paddock and CanAm Care acquisitions and new product sales of $160 million, partially offset by decreases in sales of certain existing products, primarily in the Consumer Healthcare and Nutritionals segments. Reported gross profit was $802 million, an increase of 14% over fiscal 2011, and reported gross margin was 34.2%, as compared to 34.3% last year. Adjusted gross profit was approximately $871 million, an increase of 20% over fiscal 2011, and adjusted gross margin increased 180 basis points to 37.2%. Reported operating income was $408 million, an increase of 11% over fiscal 2011, and reported operating margin was 17.4%, as compared to 17.9% last year. Adjusted operating income was $505 million, an increase of 25% over fiscal 2011, and adjusted operating margin increased 190 basis points to 21.6%.

Consumer Healthcare

Consumer Healthcare segment net sales for the third quarter rose to $449 million from $425 million in the third quarter last year, an increase of 6%, due to new product sales of $34 million (primarily in the cough/cold and dermatological categories), an increase in sales of existing products of $5 million (primarily in the smoking cessation category), and net sales attributable to the acquisition of CanAm Care of approximately $8 million. These increases were partially offset by a decline of approximately $25 million in existing product sales due primarily to a historically mild cough/cold and flu season. Reported operating income increased by $2 million to approximately $75 million, while adjusted operating income increased by $3 million to $77 million, driven by profit contribution on new product sales. Gross and operating margins were impacted year-over-year by increased competition on a key product in the gastrointestinal category and under absorption of fixed production costs relative to lower volume output caused by a historically mild cough/cold and flu season.Year-to-date net sales increased 6% or $81 million compared to fiscal 2011 driven by new product sales of $76 million (mainly in the cough/cold, diabetes and dermatological care categories), along with an increase in sales of existing products of approximately $29 million in the cough/cold and smoking cessation categories. These increases were partially offset by a decline of $32 million in sales of existing products within the gastrointestinal and analgesics product categories.  

On January 6, 2012, the Company signed a definitive agreement to acquire substantially all of the assets of CanAm Care, a privately-held, Alpharetta, Georgia-based distributor of diabetes care products, for approximately $36 million in cash.

On January 12, 2012, the Company announced that the United States District Court for the Western District of Michigan granted summary judgment in its favor in patent litigation involving Guaifenesin Extended-Release Tablets, 600 mg, a generic version of Mucinex® tablets.

On February 14, 2012, the Company announced that it began shipping Loratadine-D 12 hour extended release tablets, the store brand equivalent to Schering-Plough's Claritin-D® 12 hour extended release tablets.

On March 1, 2012, the Company announced that it initiated market launch and made its first shipments of Minoxidil 5% Foam, comparable to Rogaine® 5% Foam Hair Regrowth Treatment, to its retail and wholesale customers.

Nutritionals

Nutritionals segment net sales for the third quarter decreased $6 million to $118 million compared to fiscal 2011 due to lower existing product sales of $27 million in the Vitamins, Minerals and Supplements (VMS) and infant formula categories. These decreases were largely offset by new product sales of $20 million, primarily in the infant formula category. The decrease in sales of existing infant formula products was primarily due to the transition to next generation formulas within the portfolio. Infant formula sales were also impacted by the absence of increased demand of approximately $8 million in net sales that the Company experienced last year as a result of a competitor's product recall, along with a decline in U.S. birth rates year-over-year, while the decrease in the VMS category was driven by increased competition. Reported operating margin decreased 1,140 basis points to 3.1%, impacted by restructuring at the Company's Florida facility disclosed last quarter. Adjusted operating margin decreased 430 basis points to 14.8% due to under absorption of fixed production costs relative to lower volume output year-over-year, increased costs of raw materials for infant formula and change in product mix.

For the first nine months of fiscal 2012, net sales decreased approximately $15 million or 4% to $366 million, compared to fiscal 2011, due to a decline in existing product sales of $72 million partially offset by new product sales of $57 million, primarily in the infant formula category.

Rx Pharmaceuticals

The Rx Pharmaceuticals segment third quarter net sales increased 84%, or $71 million, to approximately $156 million compared to fiscal 2011. This increase was due to net sales of $62 million from the Paddock acquisition as well as continued growth of $9 million in the base business. Reported operating margin increased 780 basis points to 44.7%, while adjusted operating margin increased 990 basis points to 50.2%. These increases were due to gross profit contribution from the Paddock acquisition and new product sales, along with favorable pricing on select products.  

For the first nine months of fiscal 2012, net sales increased 83% or $209 million to $460 million, as compared to fiscal 2011. This increase was due to net sales of $169 million from the Paddock acquisition, new product sales of $18 million and favorable pricing on select products.

On January 23, 2012, the Company announced that it filed with the U.S. Food and Drug Administration (FDA) an Abbreviated New Drug Application (ANDA) for Azelastine Hydrochloride Nasal Spray (0.15%).

API

The API segment reported third quarter net sales of $37 million, a 10% decrease compared to fiscal 2011. The decrease was due to lower existing product sales of approximately $5 million driven by lower demand of certain products and pricing pressures on a key product. This decrease was partially offset by new product sales of $1 million. Reported operating margin increased 190 basis points to 29.4%, while adjusted operating margin increased 210 basis points to 30.8%.  

For the first nine months of fiscal 2012, net sales increased 7% or $8 million to $127 million, compared to $119 million in fiscal 2011. This increase was due to new product sales of $6 million, increased sales of existing products of $1 million, and favorable changes in foreign currency exchange rates of $1 million.

On March 21, 2012, the Company announced that it received a final "Approval for Registration" letter from the Australian Therapeutic Goods Administration permitting the Company to sell generic temozolomide in Australia.

Other

Continuing operations for the Other category, consisting of the Israel Pharmaceutical and Diagnostic Products operating segment, reported third quarter net sales of $19 million, an increase of 12% compared to fiscal 2011. This increase was due to new product sales of $1 million, along with an increase in sales of existing products of $1 million. For the first nine months of fiscal year 2012, net sales were $56 million, an increase of 15% compared to fiscal 2011, driven by new product sales of $4 million and an increase in sales of existing products of approximately $4 million.

Guidance

Reported fiscal 2012 earnings from continuing operations are expected to be between $4.10 and $4.20 per diluted share. Excluding the charges outlined in Table III at the end of this release, expected fiscal 2012 adjusted earnings from continuing operations are expected to be between $4.90 and $5.00 per diluted share, up from previously announced guidance of $4.70 to $4.80 per diluted share, due to the inclusion of the $0.20 per diluted share tax benefit realized in the fiscal third quarter. This new range implies a year-over-year growth rate of adjusted earnings from continuing operations of 22% to 25% over fiscal 2011 adjusted earnings per share.

Chairman and CEO Joseph C. Papa concluded, "The strength of our diversified business model and the excellent execution by the team was clearly evident this quarter. With numerous exciting new product launches expected, we are looking forward to a strong end to the fiscal year."

Perrigo will host a conference call to discuss fiscal third quarter 2012 results at 10:00 a.m. (ET) on Tuesday, May 8, 2012. The conference call will be available live via webcast to interested parties on the Perrigo website http://www.perrigo.com or by phone 877-248-9413, International 973-582-2737, and reference ID# 69598952. A taped replay of the call will be available beginning at approximately 2:00 p.m. (ET) Tuesday, May 8, 2012, until midnight Friday, May 25, 2012. To listen to the replay, call 855-859-2056, International 404-537-3406, access code 69598952.

Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, and active pharmaceutical ingredients (API). The Company is the world's largest manufacturer of OTC pharmaceutical products and infant formulas for the store brand market. The Company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico, the United Kingdom and Australia. Visit Perrigo on the Internet (http://www.perrigo.com).

Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections.  While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 25, 2011, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.PERRIGO COMPANYCONDENSED CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share amounts)(unaudited)Third QuarterYear-to-Date2012201120122011Net sales$

778,017$

691,563$

2,341,482$

2,050,400Cost of sales498,744452,4291,539,7551,347,808Gross profit279,273239,134801,727702,592Operating expenses   Distribution10,1818,52529,54025,722   Research and development27,95023,51178,73665,842   Selling and administration87,99184,185278,080244,109   Restructuring7,081-7,081-Total operating expenses133,203116,221393,437335,673Operating income146,070122,913408,290366,919Interest, net16,65110,91544,86231,718Other income, net(5,202)(753)(4,221)(1,945)Income from continuing operations beforeincome taxes134,621112,751367,649337,146Income tax expense18,89421,22081,72582,158Income from continuing operations115,72791,531285,924254,988Loss from discontinued operations,net of tax-(2,446)-(1,361)Net income$

115,727$

89,085$

285,924$

253,627Earnings (loss) per share (1)   BasicContinuing operations$

1.24$

0.99$

3.07$

2.77Discontinued operations-(0.03)-(0.01)Basic earnings per share$

1.24$

0.96$

3.07$

2.75   DilutedContinuing operations$

1.23$

0.98$

3.04$

2.73Discontinued operations-(0.03)-(0.01)Diluted earnings per share $

1.23$

0.95$

3.04$

2.72Weighted average shares outstanding   Basic93,33092,45993,15292,175   Diluted94,12493,54994,02893,371Dividends declared per share$

0.0800$

0.0700$

0.2300$

0.2025(1) The sum of individual per share amounts may not equal due to rounding.See accompanying notes to condensed consolidated financial statements.PERRIGO COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited)March 31, 2012June 25, 2011March 26, 2011AssetsCurrent assets   Cash and cash equivalents$

554,280$

310,104$

223,237Accounts receivable, net560,740477,851464,190Inventories589,947505,576494,278Current deferred income taxes51,26930,47422,930Income taxes refundable7663702,103Prepaid expenses and other current assets33,88650,35050,112Current assets of discontinued operations-2,5682,797Total current assets1,790,8881,377,2931,259,647Property and equipment1,096,7491,005,798950,478   Less accumulated depreciation(532,335)(498,490)(484,575)564,414507,308465,903Goodwill and other indefinite-lived intangible assets830,689644,902640,107Other intangible assets, net752,600567,573576,436Non-current deferred income taxes12,39010,53113,786Other non-current assets89,07381,61481,612$

4,040,054$

3,189,221$

3,037,491Liabilities and Shareholders' EquityCurrent liabilities   Accounts payable$

307,017$

343,278$

286,795   Short-term debt-2,7701,180   Payroll and related taxes74,45081,45571,521   Accrued customer programs103,86891,37491,704   Accrued liabilities83,88657,51479,485   Accrued income taxes20,53010,55117,351   Current portion of long-term debt40,00015,00015,000   Current liabilities of discontinued operations -4,0933,570Total current liabilities629,751606,035566,606Non-current liabilities   Long-term debt, less current portion1,454,620875,000875,442   Non-current deferred income taxes19,54310,60111,900   Other non-current liabilities163,466166,598158,444Total non-current liabilities1,637,6291,052,1991,045,786Shareholders' equity   Controlling interest shareholders' equity:Preferred stock, without par value, 10,000 shares authorized ---Common stock, without par value, 200,000 shares authorized  496,320467,661458,811Accumulated other comprehensive income75,800127,050109,080Retained earnings1,198,740934,333855,2871,770,8601,529,0441,423,178   Noncontrolling interest1,8141,9431,921Total shareholders' equity1,772,6741,530,9871,425,099$

4,040,054$

3,189,221$

3,037,491Supplemental Disclosures of Balance Sheet Information   Related to Continuing OperationsAllowance for doubtful accounts$

2,483$

7,837$

7,618Working capital $

1,161,137$

772,783$

693,814Preferred stock, shares issued and outstanding---Common stock, shares issued and outstanding93,40592,77892,682See accompanying notes to condensed consolidated financial statements.PERRIGO COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)Year-to-Date20122011Cash Flows (For) From Operating Activities   Net income

$

285,924$

253,627   Adjustments to derive cash flowsGain on sale of pipeline development projects(3,500)- Restructuring7,081-Depreciation and amortization101,71276,257Share-based compensation13,92411,526 Loss on sale of business-2,151Income tax benefit from exercise of stock options(447)1,621Excess tax benefit of stock transactions(12,202)(16,256)Deferred income taxes (credit)12,021(60,845)   Subtotal404,513268,081   Changes in operating assets and liabilities, net of business acquisitionsAccounts receivable(28,723)(104,197)Inventories(27,523)(31,304)Accounts payable(43,867)15,521Payroll and related taxes(9,707)(9,072)Accrued customer programs(13,755)31,770Accrued liabilities17,584(10,739)Accrued income taxes19,07759,546Other(5,979)9,428   Subtotal(92,893)(39,047)Net cash from operating activities311,620229,034Cash Flows (For) From Investing Activities   Proceeds from sales of securities-560Return of proceeds from sale of business-(3,558)   Acquisitions of businesses, net of cash acquired(582,329)2,624Proceeds from sale of intangible assets and pipeline development projects10,500-   Acquisitions of assets(750)(10,000)   Additions to property and equipment(85,715)(46,542)Net cash for investing activities(658,294)(56,916)Cash Flows (For) From Financing Activities   Repayments of short-term debt, net(2,770)(7,820)   Borrowings of long-term debt1,089,620150,442   Repayments of long-term debt(485,000)(195,000)   Deferred financing fees(5,108)(5,158)   Excess tax benefit of stock transactions12,20216,256   Issuance of common stock10,04012,476   Repurchase of common stock(7,954)(8,285)   Cash dividends(21,516)(18,779)Net cash from (for) financing activities589,514(55,868)Effect of exchange rate changes on cash1,336(2,778)Net increase in cash and cash equivalents244,176113,472Cash and cash equivalents, beginning of period310,104109,765Cash and cash equivalents, end of period$
554,280$
223,237Supplemental Disclosures of Cash Flow Information   Cash paid/received during the period for:Interest paid

$

29,234$

27,759Interest received

$

2,222$

2,594Income taxes paid

$

53,216$

83,494Income taxes refunded

$

830$

1,303See accompanying notes to condensed consolidated financial statements.Table IPERRIGO COMPANYRECONCILIATION OF NON-GAAP MEASURES(in thousands, except per share amounts)(unaudited)Three Months EndedConsolidatedMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
778,017$
-$
778,017$
91,563$
-$
91,56313 %13 %Cost of sales

498,74413,505

(a)

485,239452,4297,703

(a)

444,72610 %9 %Gross profit

279,27313,505292,778239,1347,703246,83717 %19 %Operating expensesDistribution

10,181-10,1818,525-8,52519 %19 %Research and development

27,950-27,95023,511-23,51119 %19 %Selling and administration

87,9915,027

(a)

82,96484,1855,095

(a,d)

79,0905 %5 %Restructuring

7,0817,081

(b)

------Total operating expenses

133,20312,108121,095116,2215,095111,12615 %9 %Operating income

146,07025,613171,683122,91312,798135,71119 %27 %Interest, net

16,651-16,65110,915-10,91553 %53 %Other income, net

(5,202)-(5,202)(753)-(753)591 %591 %Income from continuing operations before income taxes

134,62125,613160,234112,75112,798125,54919 %28 %Income tax expense

18,8948,661

(c)

27,55521,2204,117

(c)

25,337(11)%9 %Income from continuing operations

$
5,727$
,952$
32,679$
91,531$
8,681$
,21226 %32 %Diluted earnings per share from continuing operations

$
.23$
.41$
.98$
.0726 %32 %Diluted weighted average shares outstanding

94,12494,12493,54993,549Selected ratios as a percentage of net salesGross profit

35.9 %37.6 %34.6 %35.7 %Operating expenses

17.1 %15.6 %16.8 %16.1 %Operating income

18.8 %22.1 %17.8 %19.6 %Nine Months EndedConsolidated

March 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
2,341,482$
-$
2,341,482$
2,050,400$
-$
2,050,40014 %14 %Cost of sales

1,539,75568,797

(a,e)

1,470,9581,347,80822,271

(a)

1,325,53714 %11 %Gross profit

801,72768,797870,524702,59222,271724,86314 %20 %Operating expensesDistribution

29,540-29,54025,722-25,72215 %15 %Research and development

78,736(3,500)

(f)

82,23665,842-65,84220 %25 %Selling and administration

278,08024,076

(a,g)

254,004244,10914,504

(a,h)

229,60514 %11 %Restructuring

7,0817,081

(b)

------Total operating expenses

393,43727,657365,780335,67314,504321,16917 %14 %Operating income

408,29096,454504,744366,91936,775403,69411 %25 %Interest, net

44,862-44,86231,718-31,71841 %41 %Other income, net

(4,221)-(4,221)(1,945)-(1,945)117 %117 %Income from continuing operations before income taxes

367,64996,454464,103337,14636,775373,9219 %24 %Income tax expense

81,72533,948

(c)

115,67382,15811,819

(c)

93,977(1)%23 %Income from continuing operations

$
285,924$
2,506$
348,430$
254,988$
24,956$
279,94412 %24 %Diluted earnings per share from continuing operations

$
3.04$
3.71$
2.73$
3.0011 %24 %Diluted weighted average shares outstanding

94,02894,02893,37193,371Selected ratios as a percentage of net salesGross profit

34.2 %37.2 %34.3 %35.4 %Operating expenses

16.8 %15.6 %16.4 %15.7 %Operating income

17.4 %21.6 %17.9 %19.7 %(a) Deal-related amortization(b) Restructuring charges related to Florida(c) Total tax effect for non-GAAP pre-tax adjustments(d) Acquisition-related costs of $1,095(e) Inventory step-up of $27,179(f) Proceeds from sale of pipeline development projects(g) Acquisition-related and severance costs of $9,381(h) Acquisition-related costs of $2,410Table IIPERRIGO COMPANYREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)Three Months EndedConsumer HealthcareMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
448,848$
-$
448,848$
425,025$
-$
425,0256 %6 %Cost of sales

311,1211,010

(a)

310,111289,825918

(a)

288,9077 %7 %Gross profit

137,7271,010138,737135,200918136,1182 %2 %Operating expenses

63,1051,411

(a)

61,69462,9961,210

(a)

61,7860 %(0)%Operating income

$
74,622$
2,421$
77,043$
72,204$
2,128$
74,3323 %4 %Selected ratios as a percentage of net salesGross profit

30.7 %30.9 %31.8 %32.0 %Operating expenses

14.1 %13.7 %14.8 %14.5 %Operating income

16.6 %17.2 %17.0 %17.5 %Nine Months EndedConsumer HealthcareMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
,331,806$
-$
,331,806$
,251,125$
-$
,251,1256 %6 %Cost of sales

921,6703,038

(a)

918,632853,1192,414

(a)

850,7058 %8 %Gross profit

410,1363,038413,174398,0062,414400,4203 %3 %Operating expenses

193,7943,848

(a)

189,946179,0893,710

(a)

175,3798 %8 %Operating income

216,3426,886223,228218,9176,124225,041(1)%(1)%Selected ratios as a percentage of net salesGross profit

30.8 %31.0 %31.8 %32.0 %Operating expenses

14.6 %14.3 %14.3 %14.0 %Operating income

16.2 %16.8 %17.5 %18.0 %Three Months EndedNutritionalsMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
7,683$
-$
7,683$
24,077$
-$
24,077(5)%(5)%Cost of sales

86,3123,021

(a)

83,29186,0473,000

(a)

83,0470 %0 %Gross profit

31,3713,02134,39238,0303,00041,030(18)%(16)%Operating expenses

27,69710,697

(a,b)

17,00020,0982,790

(a)

17,30838 %(2)%Operating income

$
3,674$
3,718$
7,392$
7,932$
5,790$
23,722(80)%(27)%Selected ratios as a percentage of net salesGross profit

26.7 %29.2 %30.7 %33.1 %Operating expenses

23.5 %14.4 %16.2 %13.9 %Operating income

3.1 %14.8 %14.5 %19.1 %Nine Months EndedNutritionalsMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
365,691$
-$
365,691$
380,219$
-$
380,219(4)%(4)%Cost of sales

274,32911,892

(a)

262,437258,2738,999

(a)

249,2746 %5 %Gross profit

91,36211,892103,254121,9468,999130,945(25)%(21)%Operating expenses

72,12817,928

(a,b)

54,20065,7728,384

(a)

57,38810 %(6)%Operating income

$
9,234$
29,820$
49,054$
56,174$
7,383$
73,557(66)%(33)%Selected ratios as a percentage of net salesGross profit

25.0 %28.2 %32.1 %34.4 %Operating expenses

19.7 %14.8 %17.3 %15.1 %Operating income

5.3 %13.4 %14.8 %19.3 %Three Months EndedRx PharmaceuticalsMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
55,591$
-$
55,591$
84,383$
-$
84,38384 %84 %Cost of sales

70,9468,574

(a)

62,37243,3512,827

(a)

40,52464 %54 %Gross profit

84,6458,57493,21941,0322,82743,859106 %113 %Operating expenses

15,051-15,0519,891-9,89152 %52 %Operating income

$
9,594$
8,574$
78,168$
31,141$
2,827$
33,968123 %130 %Selected ratios as a percentage of net salesGross profit

54.4 %59.9 %48.6 %52.0 %Operating expenses

9.7 %9.7 %11.7 %11.7 %Operating income

44.7 %50.2 %36.9 %40.3 %Nine Months EndedRx PharmaceuticalsMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
460,414$
-$
460,414$
251,250$
-$
251,25083 %83 %Cost of sales

240,09651,075

(a,c)

189,021138,1908,035

(a)

130,15574 %45 %Gross profit

220,31851,075271,393113,0608,035121,09595 %124 %Operating expenses

51,426255

(d,e)

51,17130,969-30,96966 %65 %Operating income

$
8,892$
51,330$
220,222$
82,091$
8,035$
90,126106 %144 %Selected ratios as a percentage of net salesGross profit

47.9 %58.9 %45.0 %48.2 %Operating expenses

11.2 %11.1 %12.3 %12.3 %Operating income

36.7 %47.8 %32.7 %35.9 %(a) Deal-related amortization(b) Restructuring charges of $7,081 related to Florida(c) Inventory step-up of $27,179(d) Proceeds of $3,500 from sale of pipeline development projects(e) Severance costs of $3,755Table II (Continued)PERRIGO COMPANYREPORTABLE SEGMENTSRECONCILIATION OF NON-GAAP MEASURES(in thousands)(unaudited)Three Months EndedAPIMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
36,951$
-$
36,951$
41,206$
-$
41,206(10)%(10)%Cost of sales

18,029490

(a)

17,53922,070519

(a)

21,551(18)%(19)%Gross profit

18,92249019,41219,13651919,655(1)%(1)%Operating expenses

8,048-8,0487,818-7,8183 %3 %Operating income

$
,874$
490$
,364$
,318$
519$
,837(4)%(4)%Selected ratios as a percentage of net salesGross profit

51.2 %52.5 %46.4 %47.7 %Operating expenses

21.8 %21.8 %19.0 %19.0 %Operating income

29.4 %30.8 %27.5 %28.7 %Nine Months EndedAPIMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
27,347$
-$
27,347$
8,900$
-$
8,9007 %7 %Cost of sales

66,1561,507

(a)

64,64965,4301,527

(a)

63,9031 %1 %Gross profit

61,1911,50762,69853,4701,52754,99714 %14 %Operating expenses

23,637-23,63721,797-21,7978 %8 %Operating income

$
37,554$
,507$
39,061$
31,673$
,527$
33,20019 %18 %Selected ratios as a percentage of net salesGross profit

48.1 %49.2 %45.0 %46.3 %Operating expenses

18.6 %18.6 %18.3 %18.3 %Operating income

29.5 %30.7 %26.6 %27.9 %Three Months EndedOtherMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
8,944$
-$
8,944$
,872$
-$
,87212 %12 %Cost of sales

12,336410

(a)

11,92611,136439

(a)

10,69711 %11 %Gross profit

6,6084107,0185,7364396,17515 %14 %Operating expenses

5,579-5,5795,435-5,4353 %3 %Operating income

$
,029$
410$
,439$
301$
439$
740242 %94 %Selected ratios as a percentage of net salesGross profit

34.9 %37.0 %34.0 %36.6 %Operating expenses

29.4 %29.4 %32.2 %32.2 %Operating income

5.4 %7.6 %1.8 %4.4 %Nine Months EndedOtherMarch 31, 2012March 26, 2011% ChangeGAAPNon-GAAP AdjustmentsAs AdjustedGAAPNon-GAAP AdjustmentsAs AdjustedGAAPAs AdjustedNet sales

$
56,224$
-$
56,224$
48,906$
-$
48,90615 %15 %Cost of sales

37,5041,285

(a)

36,21932,7961,296

(a)

31,50014 %15 %Gross profit

18,7201,28520,00516,1101,29617,40616 %15 %Operating expenses

16,141-16,14115,012-15,0128 %8 %Operating income

$
2,579$
,285$
3,864$
,098$
,296$
2,394135 %61 %Selected ratios as a percentage of net salesGross profit

33.3 %35.6 %32.9 %35.6 %Operating expenses

28.7 %28.7 %30.7 %30.7 %Operating income

4.6 %6.9 %2.2 %4.9 %(a) Deal-related amortization(b) Restructuring charges of $7,081 related to Florida(c) Inventory step-up of $27,179(d) Proceeds of $3,500 from sale of pipeline development projects(e) Severance costs of $3,755Table IIIPERRIGO COMPANYFY 2012 GUIDANCE AND FY 2011 EPSRECONCILIATION OF NON-GAAP MEASURES(unaudited)Full YearFiscal 2012 Guidance*FY12 reported diluted EPS from continuing operations range$4.10 - $4.20Deal-related amortization (1)0.53Charge associated with inventory step-up0.18Charges associated with acquisition-related and severance costs0.06Charges associated with restructuring0.06Earnings associated with sale of pipeline development projects(0.03)FY12 adjusted diluted EPS from continuing operations range$4.90 - $5.00Fiscal 2011*FY11 reported diluted EPS from continuing operations$3.64Deal-related amortization (1)0.34Charges associated with acquisition-related costs0.02Charges associated with restructuring0.01FY11 adjusted diluted EPS from continuing operations$4.01(1)  Amortization of acquired intangible assets related to business combinations and asset acquisitions*All information based on continuing operations.
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SOURCE Perrigo Company
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