Over-the-counter drugs, nutritionals, and healthcare products maker Perrigo Company (Nasdaq:PRGO; TASE:PRGO) posted record results for its fourth fiscal quarter and 2011 full fiscal year, which ended in June.
Revenue rose 21% to $2.76 billion in fiscal 2011 from $2.27 billion in fiscal 2010, driven by the acquisitions of PBM Holdings Inc. (PBM) and Orion Laboratories Pty Ltd., as well as $192 million in new product sales. GAAP-based net profit rose to $340 million ($3.64 per share) from $224.4 million in fiscal 2010, and non-GAAP net profit rose 34% to $375.4 million ($4.01 per share) from $281.1 million.
Fourth fiscal quarter revenue rose 12% to $704.6 million from $619.8 million for the corresponding fiscal quarter in 2010. GAAP-based net profit rose 75% to $85.6 million ($0.91 per share) from $49 million for the corresponding quarter. Non-GAAP net profit rose to $95.4 million ($1.02 per share) from $71 million. The company beat the US analysts' consensus of $0.99 earnings per share on $706 million revenue, but missed the Israeli analysts' earnings per share consensus of $1.05.
Perrigo chairman and CEO Joseph Papa said that the company achieved its fifth consecutive year of record revenue, cash flow from operations and net profit. In the guidance he expects GAAP-based earnings per share to rise 4-8% to $3.79-3.94 and 12-16% non-GAAP earnings per share growth to $4.50-4.65. The analysts' consensus is $4.50.
Perrigo's share price fell 4.1% at the opening on Nasdaq to $84.64, giving a market cap of $7.85 billion, after falling 4.5% on the TASE to NIS 293.50.
Published by Globes [online], Israel business news - www.globes-online.com - on August 16, 2011
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