Perrigo reports record revenues

Strong growth at its nutritionals and store brand pharmaceutcials divisions drove revenue at Perrigo to record highs in the second quarter of its 2014 fiscal year.

In its first set of results as an Irish-headquartered company, Perrigo said growth was driven by strong new product sales of $53 million offset by a relatively late start to the cough, cold and flu season compared to last year.

However, costs associated with its recent acquisition of Irish drugmaker Elan saw the group slip to a loss of $86 million, or 87 US cents a share, for the three months to December 28th. That compared with a year earlier profit of $106 million, or $1.12 a share.

The company reported $269 million in acquisition-related charges.

Excluding acquisition-
related expenses and other items, earnings rose to $1.87 a share from $1.36.

Net sales rose 11 per cent to $979 million, including $39 million in gains from acquisitions and a $53 million benefit from new-product sales.

It was also the first period in which Perrigo reported patent royalty income from the multiple sclerosis drug Tysabri.

Chief executive Joe Papa said it was an exceptional quarter for Perrigo.