Perrigo reports record quarterly revenue, raises guidance Over the counter pharmaceuticals company Perrigo Company (Nasdaq:PRGO; TASE:PRGO) today reported its financial results for the second fiscal quarter of 2010. The company reported record revenue and cash flow and raised its guidance for all of fiscal year 2010.

Revenue for the second fiscal quarter of 2010 was $583 million, an increase of 9% from $537 million in the corresponding quarter of 2009.

GAAP-based net profit was $53 million ($0.57 per share), up 121% from $24 million ($0.26 per share) in the corresponding quarter of 2009.

Perrigo also reported record second quarter cash flow of $122 million.

the company raised full fiscal year 2010 adjusted earnings from continuing operations to $2.55-$2.65 per share from the previously announced $2.35-$2.45 per share.

Perrigo chairman and CEO Joseph C. Papa said, "This new range implies a year-over-year growth rate of adjusted earnings from continuing operations of 36% to 42% over fiscal 2009 adjusted EPS. This revised guidance does not include any incremental contribution from the profit split associated with the anticipated US launch of Temozolomide, the generic version of Temodar."

Perrigo's share was down 3.4% on the TASE at NIS 160. In premarket trading on Nasdaq the share was down 3.3% to $42.74, giving a market cap of $4.04 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on February 2, 2010

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