Perrigo Company (NYSE:PRGO; TASE:PRGO) opened a new factory in Yerucham on Wednesday, "Reuters "reports. The pharmaceutical firm invested some NIS 175 million to expand its facility in the southern Israeli town.
The generic drugmaker expects the plant, which manufactures non-oral medications like nasal sprays and creams, to increase its revenue by $100 million annually. In an interview with "Reuters", Perrigo president John Hendrickson said the investment is "a big prescription drug growth platform for us, primarily for the US market, but not solely. It allows us to stay on the cutting edge of being a leader of complex products."
Many market analysts were disappointed at the start of last week with the Irish-based drugmaker's fourth quarter results. However, most did not change their recommendations or price targets. The company is dual-listed on the Nasdaq and the Tel Aviv Stock Exchange.
It became active in Israel in 2005 after purchasing Agis Industries and last year fought off a hostile takeover by Mylan. But the fourth quarter results which disappointed analysts have not caused grave concern to Perrigo’s president, who maintained the company remained in a good position.
"We've got a pretty fruitful pipeline. When you look out I think over the next 2-1/2 years, 3 years we have about $1.2 billion of new products in our pipeline," Hendrickson told "Reuters."
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2016
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