Dublin-based Perrigo reports lower-than-expected profit

Drugmaker posts 33% jump in fourth quarter revenues to $1.42bn

Perrigo chief executive Joe Papa

Perrigo chief executive Joe Papa

 

Drugmaker Perrigo reported lower-than-expeced quarterly profit, hurt by higher costs and disappointing performance in its branded consumer healthcare unit, sending its shares down 4 percent in premarket trading on Thursday.

The Dublin-headquartered company reported net loss of $107 million, or 74 cents per share, in the fourth quarter ended December 31st, compared with a profit of $70.2 million, or 51 cents per share, a year earlier.

The quarterly net loss includes an impairment charge of $185 million.

On an adjusted basis, the company earned $1.80 per share, compared with average analysts’ estimate of $1.93 according to Thomson Reuters I/B/E/S.

Total GAAP operating expense rose to $653.3 million in the quarter, from $199.4 million a year earlier.

Revenue rose 33 per cent to $1.42 billion, but missed analyst estimates of $1.46 billion, for the fourth quarter.

Perrigo said it expects adjusted earnings for the full year 2016 to be between $9.50 and $9.80 per share. Analysts on an average expect the company to earn $9.74 per share for the full year.

Reuters