Drugmaker Perrigo said its net income rose 5 percent in the fiscal first quarter as a series of acquisitions boosted its sales.
Since late 2012 Perrigo Co. has bought Sergeant’s Pet Care Products, Rosemont Pharmaceuticals and Velcera Inc., which makes the flea and tick treatment PetArmor. Sales were also aided by new products for coughs and colds and smoking-cessation products. The company’s fiscal first quarter ended on Sept. 28.
In July it agreed to buy Irish drugmaker Elan Corp. PLC in its largest acquisition. Perrigo expects the $8.6 billion deal to close by the end of December.
Perrigo said its net income grew to $111.4 million, or $1.18 per share, from $105.6 million, or $1.12 per share. Excluding one-time charges the company said it earned $1.52 per share. Revenue grew 21 percent to $933.4 million.
Analysts expected net income of $1.39 per share and $896.4 million in revenue, according to FactSet.
Perrigo still expects to earn between $6.35 and $6.60 per share in the current fiscal year. Analysts are forecasting adjusted net income of $6.56 per share.
Date: October 31, 2013
Source: Associated Press
Filed Under: Drug Discovery