Pharmaceuticals company Perrigo Company plc beat its guidance for the first quarter of the year, but has suspended its annual guidance because of the uncertainty created by the Covid-19 crisis. In its financials released today, Perrigo surpassed the preliminary figures it published a few weeks ago.
The first quarter ended with revenue of over $1.3 billion, representing growth of 14.2% in comparison with the corresponding quarter. Operating profit on a GAAP basis was $145.7 million. Perrigo's preliminary results indicated operating profit of $140-145 million. On a non-GAAP basis, operating profit in the quarter was $225.2 million, above the upper end of the range in the preliminary results.
Net profit on a GAAP basis was $106 million, which compares with $63.9 million in the corresponding quarter. On a non-GAAP basis, net profit was $157 million, or $1.14 per share, ahead of the analysts' consensus estimate.
Perrigo underwent a switch of focus to what it describes as self-care (as opposed to healthcare), that is, consumer products for preventing illness and improving quality of life. Consumer Self-Care Sales Americas sales were $701 million in the first quarter, representing a 20.4% increase over the corresponding quarter. Ranir, acquired last year, contributed $55 million to revenue. In the rest of the world, this segment grew by 9.1% to $383 million, while Prescription Pharmaceuticals sales grew 6.5% to $258 million.
The annual guidance provided in the previous quarter, which is no longer current, spoke of revenue growth of 6-7% and non-GAAP earnings per share of $3.95-4.15. Perrigo has a market cap of $7.4 billion.
Published by Globes, Israel business news - en.globes.co.il - on April 30, 2020
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