Perrigo Co posted a better-than-expected quarterly profit, but the generic drugmaker's revenue fell short of estimates as growth in its major segments lagged. The company posted first-quarter revenue of $725.3 million, below market expectation of $750.1 million, according to Thomson Reuters I/B/E/S.
"Perrigo missed the top-line on both (consumer healthcare) and nutritional which raises some concern around fundamentals and growth in these segments," UBS analysts said in a note.
Consumer healthcare and the nutritionals segments together contribute almost two-thirds of the company's revenue. Nutritionals revenue fell $3 million to $120 million as increased competition hurt sales of vitamins, minerals and dietary supplements category. Consumer healthcare revenue rose 4 percent to $412 million, but fell short of market expectation.
Perrigo develops, manufactures and distributes over-the-counter and generic pharmaceuticals nutritional products, infant formulas, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products.
For fiscal 2012, the company raised its adjusted earnings per share view to $4.65-$4.80 from $4.50-$4.65 a share. "While we appreciate the increased (earnings per share) guidance, it was mostly tax rate driven...," UBS analysts said.
For the first quarter ended Sept. 24, Perrigo's net income fell to $70.5 million, or 75 cents a share, from $74.4 million, or 80 cents a share, a year ago. Excluding items, it earned $1.10 a share, beating analysts' estimate of $1.05 a share.
PRGO is currently down 5.87 to 92.91
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