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Perrigo is a leading global consumer-focused self-care company. Our vision is to make lives better by bringing “Quality, Affordable Self-Care Products” that consumers trust everywhere they are sold. The Company is a leading provider of health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed.

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Perrigo Company Reports First Quarter Fiscal 2002 Earnings Up 24 Percent at $0.17 Per Share

Perrigo Company (NASDAQ: PRGO) today announced results for the first quarter of fiscal 2002 ended September 29, 2001.

Net sales for fiscal 2002's first quarter increased 13 percent to $217.1 million from $192.1 million last year. Net income for the quarter was $13.1 million, up 24 percent from $10.5 million a year ago. Diluted earnings per share were $0.17 versus $0.14 a year ago.

"We are pleased with the first quarter's financial performance, which resulted from positive business trends and tight operating controls," stated David T. Gibbons, President and Chief Executive Officer. "It was a good start to the new year as we experienced broad-based volume increases in our OTC pharmaceutical and nutritional segments, recorded incremental new product business, and benefited from the sales contribution of Wrafton Laboratories, which was acquired in June. Operating profit improved significantly as operating expenses as a percent of sales declined. Selling and administration expenses continue to be managed closely.

"In June, Perrigo began selling the OTC famotidine antacid tablet, which is comparable to the national brand Pepcid® AC. We are pleased with the strong distribution of this important product in the antacid category. Earlier this month we began shipping the ibuprofen/pseudoephedrine combination tablet, a cough and cold remedy comparable to the national brand Advil® Cold & Sinus. Further, we expect new product introductions over the course of the year to continue to bolster our product portfolio. A store brand equivalent to Rogaine® Extra Strength will become available soon and we look forward to approval of additional applications now pending with the FDA.

"For the second quarter of fiscal 2002, the Company anticipates earnings in a range of $0.21 to $0.24 per share. For the full year, the Company continues to expect earnings between $0.60 and $0.62 per share."

Perrigo will host a conference call to discuss first quarter fiscal 2002 results at 11:00 a.m. (EDT) today. The call and replay will be available via webcast on the Company's web site at . The conference call may also be accessed by phone on a listen-only basis by calling 1-866-233-3844 and asking for Perrigo's first quarter review. A taped replay of the call will be available beginning at approximately 2:30 p.m. (EDT) Tuesday, October 23. To listen to the replay, call 1-800-475-6701, access code 608102 (outside the United States, call 320-365-3844).

Perrigo Company is the nation's largest manufacturer of over-the-counter (non-prescription) pharmaceutical and nutritional products sold by supermarket, drug, and mass merchandise chains under their own labels. The Company's products include over-the-counter pharmaceuticals such as analgesics, cough and cold remedies, gastrointestinal, and feminine hygiene products, and nutritional products, such as vitamins, nutritional supplements and nutritional drinks. Visit Perrigo on the Internet at .

Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. Please see the "Cautionary Note Regarding Forward-Looking Statements" on pages 24-29 of the Company's Form 10-K for the year ended June 30, 2001 for a discussion of certain important factors that relate to forward-looking statements contained in this press release. In addition, the Company's future results may be affected by the impact of events flowing from the September 11, 2001 terrorist attacks. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

                             PERRIGO COMPANY
                 (in thousands, except per share amounts)

                                                   First Quarter
                                               2002              2001

  Net sales                                 $217,116          $192,142
  Cost of sales                              166,227           146,394
  Gross profit                                50,889            45,748

  Operating expenses
   Distribution                                4,017             3,457
   Research and development                    3,846             3,958
   Selling and administration                 22,576            21,586
                                              30,439            29,001

  Operating income                            20,450            16,747
  Interest and other, net                       (163)             (174)

  Income before income taxes                  20,613            16,921
  Income tax expense                           7,523             6,387

  Net income                                 $13,090           $10,534

  Basic earnings per share                     $0.18             $0.14

  Diluted earnings per share                   $0.17             $0.14

                             PERRIGO COMPANY
                       SELECTED BALANCE SHEET DATA
                              (in thousands)

                                           September 29,        June 30,
                                               2001               2001

  Current assets                             $338,887          $313,137
  Property and equipment, net                 210,065           212,087
  Other assets                                 50,865            50,688
   Total Assets                              $599,817          $575,912

  Current liabilities                        $163,013          $171,759
  Deferred income taxes                        17,784            17,419
  Long-term debt                               21,380                 -
  Other long-term liabilities                   2,353               859
  Shareholders' equity                        395,287           385,875
   Total Liabilities and Equity              $599,817          $575,912

                             PERRIGO COMPANY
                              (in thousands)

                                                   First Quarter
                                               2002             2001

   Net income                                $13,090          $10,534
   Depreciation and amortization               6,808            6,176
   Other operating activities                (40,007)          15,931
  Net cash (for) from operating activities   (20,109)          32,641

   Additions to property and equipment        (4,786)          (5,810)
  Net cash (for) investing activities         (4,786)          (5,810)

  Net cash from (for) financing activities    14,176             (472)

  Net (Decrease) Increase in Cash and Cash
   Equivalents                               (10,719)          26,359
  Cash and Cash Equivalents, at Beginning of
   Period                                     11,016            7,055
  Cash and Cash Equivalents, at End of Period   $297          $33,414


SOURCE: Perrigo Company

Contact: Ernest J. Schenk, Manager, Investor Relations and Communication
of Perrigo Company, +1-616-673-9212, or E-mail:


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