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

ition. 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 millio
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SOURCE Perrigo Company
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