Perrigo Company (NASDAQ: PRGO)(TASE: PRGO) today announced that it has begun shipping 20 mg Omeprazole delayed released tablets to its retail customers. This product delivers the same medicine at the same dose as Prilosec OTC®. Under terms of an agreement between Dexcel Pharma Technologies and Perrigo, Perrigo is the exclusive marketer and distributor for the store brand over-the-counter market in the United States of the Dexcel-developed and manufactured product.
Perrigo's Chairman and CEO Joseph C. Papa stated, "This is the largest launch in our 120 year history. The launch of this store brand product will potentially save consumers more than $100 million per year compared to the national brand. It will also add a key new product to our customers' store brand product lines. This is the latest example of our continuing investment in new products. As always, Perrigo is committed to making quality healthcare more affordable for the world's healthcare consumers and drive value for our shareholders."
Prilosec OTC® is indicated for the treatment of frequent heartburn and had estimated annual sales of approximately $750 million in all outlets.
Headquartered in Or Akiva, Israel, Dexcel Pharma Technologies, Ltd. is a privately-held, international specialty pharmaceutical company which focuses on the development, manufacture and marketing of innovative prescription, generic prescription, and OTC products, based on its proprietary drug delivery systems.
Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products. The Company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The Company's primary markets and locations of manufacturing facilities are the United States, Israel, Mexico and the United Kingdom. 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 June 30, 2007, 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.
First Call Analyst:
FCMN Contact: scrowell@perrigo.com
SOURCE: Perrigo Company
CONTACT: Arthur J. Shannon, Vice President, Investor Relations and
Communication, +1-269-686-1709, ajshannon@perrigo.com, or Ernest J. Schenk,
Manager, Investor Relations and Communication, +1-269-673-9212,
eschenk@perrigo.com, both of Perrigo Company
Web site: http://www.perrigo.com/