The Perrigo Company (NASDAQ: PRGO)(TASE: PRGO) announced today that a federal court has ruled in its favor in patent litigation involving Famotidine Complete. Perrigo had been sued by Johnson & Johnson's McNeil unit and its partner Merck & Company for infringement of a patent related to the formulation of Pepcid® Complete. However, the United States District Court for the Southern District of New York ruled yesterday that the patent is invalid. Following FDA approval, Perrigo will begin marketing Famotidine Complete under store brand and value brand labels to its customers.
Perrigo's President and CEO Joseph C. Papa stated, "This is another example of Perrigo's commitment to continue bringing new store brand products to the market. Famotidine Complete's introduction to the store brand market provides an important new product in the gastrointestinal category to our retail and wholesale customers while providing significant savings for the consumer. Perrigo is working every day to make quality healthcare more affordable."
Pepcid® Complete has annual retail sales of approximately $90 million dollars. This OTC product is indicated for relief from acid indigestion. Upon receiving final regulatory approval, Perrigo expects to launch this product in fiscal year 2008. The Company expects this launch to have 180 day first-to-file exclusivity, granted by the FDA to first filers that prevail in patent litigation of this nature.
The Perrigo Company is a leading global healthcare supplier and the world's largest manufacturer of over-the-counter (OTC) pharmaceutical and nutritional products for the store brand market. Store brand products are sold by food, drug, mass merchandise, dollar store and club store retailers under their own labels. The Company also develops, manufactures and markets prescription generic drugs, active pharmaceutical ingredients and consumer products, and operates manufacturing facilities in the United States, Israel, the United Kingdom, Mexico, Germany and China. Visit Perrigo on the Internet (http://www.perrigo.com/).
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. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended July 1, 2006, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and 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.
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