ALLEGAN, Mich., May 3, 2011 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE) today announced results for its third quarter ended March 26, 2011.
Perrigo's Chairman and CEO Joseph C. Papa commented, "We are very pleased with this quarter's record revenue and earnings performance. The main contributors to this strong performance were $44 million of new product sales, continued operational execution in our Rx and API segments and another solid quarter in Nutritionals. In Consumer Healthcare, revenue grew 13% in the quarter as we continue to see very strong demand for our products. At the same time, we have been experiencing some throughput pressure in manufacturing, but we are in the process of making investments that we believe will enhance output in the near future."
Mr. Papa continued, "The April resolution of the 2010 FDA warning letter in less than one year is a major achievement. We are convinced that this process has made us a better company, as it helped us to further enhance the quality of our production. Our retailers and consumers continue to realize the value proposition of Perrigo's high quality, affordable healthcare products and we look forward to increasing our production volumes further to meet their growing demand."
Refer to Table I at the end of this press release for adjustments in the current year and prior year periods and additional non-GAAP disclosure information.
The Company's reported results are summarized in the attached Condensed Consolidated Statements of Income, Balance Sheets and Statements of Cash Flows.
Perrigo Company
(from continuing operations, in thousands, except per share amounts)
(see the attached Table I for reconciliation to GAAP numbers)
|
Third Quarter |
Nine Months |
||||||
|
2011 |
2010 |
2011 |
2010 |
||||
|
Net Sales |
$691,563 |
$537,632 |
$2,050,400 |
$1,648,390 |
|||
|
Reported Income |
$91,531 |
$61,541 |
$254,988 |
$175,432 |
|||
|
Adjusted Income |
$100,212 |
$75,427 |
$279,944 |
$209,555 |
|||
|
Reported Diluted EPS |
$0.98 |
$0.66 |
$2.73 |
$1.89 |
|||
|
Adjusted Diluted EPS |
$1.07 |
$0.81 |
$3.00 |
$2.26 |
|||
|
Diluted Shares |
93,549 |
92,589 |
93,371 |
92,819 |
|||
Third Quarter Results
Net sales from continuing operations for the third quarter of fiscal 2011 were approximately $692 million, an increase of 29% over fiscal 2010. The increase was driven primarily by the acquisitions of PBM Holdings, Inc. (PBM) and Orion Laboratories Pty Ltd. (Orion), as well as $44 million in new product sales. Reported income from continuing operations was approximately $92 million, or $0.98 per share, a strong increase over $62 million, or $0.66 per share, a year ago. Excluding charges as outlined in Table I at the end of this release, third quarter fiscal 2011 adjusted income from continuing operations was $100 million, or $1.07 per share.
Nine Months Results
Net sales from continuing operations for the first nine months of fiscal 2011 were $2,050 million, an increase of 24% over fiscal 2010. The increase was driven primarily by strong results in the Rx and Nutritionals segments and included consolidated new product sales of approximately $156 million. Reported gross profit was approximately $703 million, up 28% over last year, and the reported gross margin was 34.3%, up from 33.3% last year. Reported operating margin increased 220 basis points to 17.9%, and adjusted operating margin increased 140 basis points to 19.7%. Reported income from continuing operations was $255 million, an increase of 45%. Adjusted income from continuing operations was $280 million, or an increase of 34%.
Consumer Healthcare
Consumer Healthcare segment net sales for the third quarter were $425 million compared with $377 million for the third quarter last year, an increase of 13%. The increase resulted from approximately $36 million in additional existing product sales, primarily in the analgesics and cough/cold categories, as well as $9 million from new product sales and $7 million of incremental sales from the acquisition of Orion. These increases were partially offset by a decline of $5 million in sales of existing products, primarily in the feminine hygiene and contract manufacturing categories. Reported operating income was $72 million, compared with $75 million a year ago. The decrease was driven largely by increased spending on quality system investments and increased operating expenses. Reported operating margin decreased 300 basis points to 17.0%, and adjusted operating margin decreased 290 basis points to 17.5%.
For the first nine months of fiscal 2011, Consumer Healthcare net sales increased $76 million, or 6%, compared to fiscal 2010. The increase resulted from $51 million in additional existing product sales, primarily in the analgesics and cough/cold categories, and $36 million of new product sales, as well as incremental sales of approximately $21 million from the Company's acquisition of Orion. This growth was partially offset by approximately $32 million in decreased sales of existing products, primarily in the contract manufacturing and gastrointestinal categories.
On February 10, 2011, the Company announced that it agreed to settle its Hatch-Waxman litigation relating to Minoxidil foam brought by Stiefel Research Australia Pty. Ltd., a GSK Company. The terms of the settlement permit the Company to launch in the U.S., a generic version of Men's Rogaine® Foam on March 1, 2012, or earlier under certain circumstances.
On February 17, 2011, the Company announced that it entered into an exclusive agreement with AgaMatrix, Inc. to sell and distribute blood glucose monitors and test strips in the U.S. store brand channel. As part of the agreement, the Company will sell and distribute certain products in the current AgaMatrix portfolio, as well as certain future products.
On April 13, 2011, the Company announced that its partner, Teva Pharmaceutical Industries, Ltd. (Nasdaq: TEVA), received final OTC approval to sell and distribute fexofenadine HCl 60 mg and 180 mg tablets; the generic equivalents of Sanofi-Aventis' Allegra 60 mg and 180 mg products.
Nutritionals
Nutritionals segment net sales for the third quarter were $124 million, compared with $59 million for the third quarter last year, an increase of 111%. The increase was due primarily to additional sales of approximately $81 million attributable to the acquisition of PBM. The increase was partially offset by a decrease in sales of existing products of approximately $14 million. Reported operating income was approximately $18 million, compared with $3 million a year ago. The increase was driven largely by the acquisition of PBM. Reported operating margin increased 880 basis points to 14.5%, and adjusted operating margin increased 1140 basis points to 19.1%.
For the first nine months of fiscal 2011, Nutritionals net sales increased $205 million, or 117%, compared to fiscal 2010. The increase resulted from $242 million of sales attributable to the acquisition of PBM and $5 million of new product sales in the Vitamins, Minerals and Supplements (VMS) category. This growth was partially offset by $39 million in decreased sales of existing products in the VMS category.
On February 21, 2011, the Company announced that it began selling OTC infant formula to Costco in Canada. The product is sold under Costco's Kirkland Signature brand. The products will be featured in all 80 Costco stores throughout Canada.
Rx Pharmaceuticals
The Rx Pharmaceuticals segment third quarter net sales were $84 million, compared with $51 million a year ago, an increase of 66%. This increase was due primarily to new product sales of $23 million related to the authorized generic of Aldara® and the generic version of Xyzal®, as well as $6 million of increased sales volume in the Company's existing products. Reported operating income was $31 million, an increase of approximately $15 million from last year. The increase was driven largely by new product sales and increased operating expense leverage. Reported operating margin increased 430 basis points from last year to 36.9%.
For the first nine months of fiscal 2011, net sales for the Rx Pharmaceuticals segment increased 62% from fiscal 2010 to $251 million. Net sales increased due primarily to $72 million in new product sales and an increase of $16 million in sales of existing products.
On February 22, 2011, the Company announced that it had filed an Abbreviated New Drug Application for calcipotriene 0.005% and betamethasone dipropionate 0.064% ointment, a generic form of Taclonex® Ointment.
API
The API segment reported third quarter net sales of $41 million compared with $33 million a year ago, an increase of 26%. The increase was due primarily to additional sales of existing products of $8 million and new product sales of $5 million led by European sales of temozolomide. The increase was partially offset by an approximately $4 million decrease in revenues related to the sale of dossier agreements. Reported operating income increased $12 million due to higher margin new product sales, decreased operating expenses and improved financial operating leverage. Reported operating margin increased 2920 basis points to 27.5%, and adjusted operating margin increased 820 basis points to 28.7%.
For the first nine months of fiscal 2011, net sales increased 18% to approximately $119 million, compared to $101 million in fiscal 2010. Reported operating margin increased 1830 basis points to 26.6% from last year's 8.3%.
Other
Continuing operations for the Other category, consisting of the Israel Pharmaceutical and Diagnostic Products operating segment, reported third quarter net sales of $17 million, compared with $18 million a year ago. The decrease was due primarily to a decrease in sales of existing products of $2 million, partially offset by new product sales. Gross profit decreased 23% or $1.7 million. Year-to-date net sales for fiscal 2011 increased 16% compared to fiscal 2010. The increase was due primarily to $7 million in new product sales, partially offset by a decrease of $1 million due to unfavorable changes in foreign currency exchange rates.
Guidance
Chairman and CEO Joseph C. Papa concluded, "The strength of our business model was evident this quarter, and as we look forward to the end of fiscal 2011, we expect this to continue. Additionally, the realization of a $0.09 one-time tax benefit in the third quarter related to the change in the Israel statutory rates gives us comfort to be able to raise our guidance for the rest of this year. Reported fiscal 2011 earnings from continuing operations are now expected to be between $3.43 and $3.53 per share. Excluding the charges outlined in Table III at the end of this release, we now expect fiscal 2011 adjusted diluted earnings from continuing operations to be between $3.90 and $4.00 per share, up from our previously announced $3.75-$3.90 per share. This new range implies a year-over-year growth rate of adjusted earnings from continuing operations of 29% to 32% over fiscal 2010 adjusted EPS."
The conference call will be available live via webcast to interested parties on the Perrigo website http://www.perrigo.com or by phone 877-248-9413, International 973-582-2737 and reference ID# 61044320. A taped replay of the call will be available beginning at approximately 2:00 (ET) Tuesday, May 3, 2011, until midnight Friday, May 20, 2011. To listen to the replay, call 800-642-1687, International 706-645-9291, access code 61044320.
Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products and active pharmaceutical ingredients (API). The Company is the world's largest store brand manufacturer of OTC pharmaceutical products and infant formulas. The Company's primary markets and locations of manufacturing and logistics operations are the United States, Israel, Mexico, the United Kingdom and Australia. 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 26, 2010, 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.
|
PERRIGO COMPANY |
||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||
|
(in thousands, except per share amounts) |
||||||||||||||
|
(unaudited) |
||||||||||||||
|
Third Quarter |
Year-to-Date |
|||||||||||||
|
2011 |
2010 As Adjusted (Note 1) |
2011 |
2010 As Adjusted (Note 1) |
|||||||||||
|
Net sales |
$ |
691,563 |
$ |
537,632 |
$ |
2,050,400 |
$ |
1,648,390 |
||||||
|
Cost of sales |
452,481 |
350,237 |
1,347,864 |
1,100,158 |
||||||||||
|
Gross profit |
239,082 |
187,395 |
702,536 |
548,232 |
||||||||||
|
Operating expenses |
||||||||||||||
|
Distribution |
8,525 |
7,919 |
25,722 |
21,474 |
||||||||||
|
Research and development |
23,511 |
17,715 |
65,842 |
57,153 |
||||||||||
|
Selling and administration |
84,133 |
65,135 |
244,053 |
188,817 |
||||||||||
|
Subtotal |
116,169 |
90,769 |
335,617 |
267,444 |
||||||||||
|
Write-off of in-process |
||||||||||||||
|
research and development |
- |
- |
- |
14,000 |
||||||||||
|
Restructuring |
- |
7,474 |
- |
7,474 |
||||||||||
|
Total |
116,169 |
98,243 |
335,617 |
288,918 |
||||||||||
|
Operating income |
122,913 |
89,152 |
366,919 |
259,314 |
||||||||||
|
Interest, net |
10,915 |
5,927 |
31,718 |
17,869 |
||||||||||
|
Other income, net |
(753) |
(1,367) |
(1,945) |
(1,686) |
||||||||||
|
Income from continuing operations before |
||||||||||||||
|
income taxes |
112,751 |
84,592 |
337,146 |
243,131 |
||||||||||
|
Income tax expense |
21,220 |
23,051 |
82,158 |
67,699 |
||||||||||
|
Income from continuing operations |
91,531 |
61,541 |
254,988 |
175,432 |
||||||||||
|
Income (loss) from discontinued operations, |
||||||||||||||
|
net of tax |
(2,446) |
640 |
(1,361) |
(577) |
||||||||||
|
Net income |
$ |
89,085 |
$ |
62,181 |
$ |
253,627 |
$ |
174,855 |
||||||
|
Earnings (loss) per share (1) |
||||||||||||||
|
Basic |
||||||||||||||
|
Continuing operations |
$ |
0.99 |
$ |
0.67 |
$ |
2.77 |
$ |
1.92 |
||||||
|
Discontinued operations |
(0.03) |
0.01 |
(0.01) |
(0.01) |
||||||||||
|
Basic earnings per share |
$ |
0.96 |
$ |
0.68 |
$ |
2.75 |
$ |
1.91 |
||||||
|
Diluted |
||||||||||||||
|
Continuing operations |
$ |
0.98 |
$ |
0.66 |
$ |
2.73 |
$ |
1.89 |
||||||
|
Discontinued operations |
(0.03) |
0.01 |
(0.01) |
(0.01) |
||||||||||
|
Diluted earnings per share |
$ |
0.95 |
$ |
0.67 |
$ |
2.72 |
$ |
1.88 |
||||||
|
Weighted average shares outstanding |
||||||||||||||
|
Basic |
92,459 |
91,179 |
92,175 |
91,428 |
||||||||||
|
Diluted |
93,549 |
92,589 |
93,371 |
92,819 |
||||||||||
|
Dividends declared per share |
$ |
0.0700 |
$ |
0.0625 |
$ |
0.2025 |
$ |
0.1800 |
||||||
|
(1) The sum of individual per share amounts may not equal due to rounding. |
||||||||||||||
|
See accompanying notes to condensed consolidated financial statements. |
||||||||||||||
|
PERRIGO COMPANY |
|||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||||
|
(in thousands) |
|||||||||
|
(unaudited) |
|||||||||
|
March 26, 2011 |
June 26, 2010 |
March 27, 2010 |
|||||||
|
Assets |
|||||||||
|
Current assets |
|||||||||
|
Cash and cash equivalents |
$ |
223,237 |
$ |
109,765 |
$ |
318,522 |
|||
|
Restricted cash |
- |
400,000 |
- |
||||||
|
Investment securities |
- |
559 |
562 |
||||||
|
Accounts receivable, net |
464,190 |
359,809 |
331,530 |
||||||
|
Inventories |
494,278 |
452,980 |
419,779 |
||||||
|
Current deferred income taxes |
22,930 |
27,225 |
25,675 |
||||||
|
Income taxes refundable |
2,103 |
14,439 |
4,980 |
||||||
|
Prepaid expenses and other current assets |
50,112 |
30,549 |
35,029 |
||||||
|
Current assets of discontinued operations |
2,797 |
7,375 |
8,440 |
||||||
|
Total current assets |
1,259,647 |
1,402,701 |
1,144,517 |
||||||
|
Property and equipment |
950,478 |
885,169 |
826,164 |
||||||
|
Less accumulated depreciation |
(484,575) |
(436,586) |
(442,997) |
||||||
|
465,903 |
448,583 |
383,167 |
|||||||
|
Restricted cash |
- |
- |
400,000 |
||||||
|
Goodwill and other indefinite-lived intangible assets |
640,107 |
618,042 |
289,968 |
||||||
|
Other intangible assets, net |
576,436 |
587,000 |
218,739 |
||||||
|
Non-current deferred income taxes |
13,786 |
- |
- |
||||||
|
Other non-current assets |
81,612 |
52,677 |
52,290 |
||||||
|
$ |
3,037,491 |
$ |
3,109,003 |
$ |
2,488,681 |
||||
|
Liabilities and Shareholders' Equity |
|||||||||
|
Current liabilities |
|||||||||
|
Accounts payable |
$ |
286,795 |
$ |
267,311 |
$ |
243,702 |
|||
|
Short-term debt |
1,180 |
9,000 |
- |
||||||
|
Payroll and related taxes |
71,521 |
79,219 |
73,456 |
||||||
|
Accrued customer programs |
91,704 |
59,898 |
53,778 |
||||||
|
Accrued liabilities |
79,485 |
90,046 |
53,883 |
||||||
|
Accrued income taxes |
17,351 |
11,665 |
17,702 |
||||||
|
Current portion of long-term debt |
15,000 |
400,000 |
- |
||||||
|
Current liabilities of discontinued operations |
3,570 |
5,370 |
10,228 |
||||||
|
Total current liabilities |
566,606 |
922,509 |
452,749 |
||||||
|
Non-current liabilities |
|||||||||
|
Long-term debt, less current portion |
875,442 |
935,000 |
825,000 |
||||||
|
Non-current deferred income taxes |
11,900 |
49,346 |
48,694 |
||||||
|
Other non-current liabilities |
158,444 |
108,208 |
104,881 |
||||||
|
Total non-current liabilities |
1,045,786 |
1,092,554 |
978,575 |
||||||
|
Shareholders' equity |
|||||||||
|
Controlling interest shareholders' equity: |
|||||||||
|
Preferred stock, without par value, 10,000 shares authorized |
- |
- |
- |
||||||
|
Common stock, without par value, 200,000 shares authorized |
458,811 |
428,457 |
413,683 |
||||||
|
Accumulated other comprehensive income |
109,080 |
43,200 |
64,547 |
||||||
|
Retained earnings |
855,287 |
620,439 |
577,258 |
||||||
|
1,423,178 |
1,092,096 |
1,055,488 |
|||||||
|
Noncontrolling interest |
1,921 |
1,844 |
1,869 |
||||||
|
Total shareholders' equity |
1,425,099 |
1,093,940 |
1,057,357 |
||||||
|
$ |
3,037,491 |
$ |
3,109,003 |
$ |
2,488,681 |
||||
|
Supplemental Disclosures of Balance Sheet Information |
|||||||||
|
Related to Continuing Operations |
|||||||||
|
Allowance for doubtful accounts |
$ |
7,618 |
$ |
8,015 |
$ |
10,760 |
|||
|
Working capital |
$ |
693,814 |
$ |
478,187 |
$ |
693,556 |
|||
|
Preferred stock, shares issued and outstanding |
- |
- |
- |
||||||
|
Common stock, shares issued and outstanding |
92,682 |
91,694 |
91,356 |
||||||
|
See accompanying notes to condensed consolidated financial statements. |
|||||||||
|
PERRIGO COMPANY |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(in thousands) |
|||||||
|
(unaudited) |
|||||||
|
Year-To-Date |
|||||||
|
2011 |
2010 As Adjusted (Note 1) |
||||||
|
Cash Flows (For) From Operating Activities |
|||||||
|
Net income |
$ |
253,627 |
$ |
174,855 |
|||
|
Adjustments to derive cash flows |
|||||||
|
Write-off of in-process research and development |
- |
14,000 |
|||||
|
Depreciation and amortization |
76,257 |
51,811 |
|||||
|
Restructuring |
- |
7,474 |
|||||
|
Share-based compensation |
11,526 |
11,184 |
|||||
|
Loss (gain) on sale of business |
2,151 |
(750) |
|||||
|
Income tax benefit from exercise of stock options |
1,621 |
(905) |
|||||
|
Excess tax benefit of stock transactions |
(16,256) |
(5,730) |
|||||
|
Deferred income taxes |
(60,845) |
(16,361) |
|||||
|
Sub-total |
268,081 |
235,578 |
|||||
|
Changes in operating assets and liabilities, net of asset and business |
|||||||
|
acquisitions |
|||||||
|
Accounts receivable |
(104,197) |
(13,039) |
|||||
|
Inventories |
(31,304) |
(33,706) |
|||||
|
Income taxes refundable |
12,469 |
3,694 |
|||||
|
Accounts payable |
15,521 |
(13,303) |
|||||
|
Payroll and related taxes |
(9,072) |
24,521 |
|||||
|
Accrued customer programs |
31,770 |
(1,005) |
|||||
|
Accrued liabilities |
(10,739) |
(7,731) |
|||||
|
Accrued income taxes |
47,077 |
24,972 |
|||||
|
Other |
9,428 |
439 |
|||||
|
Sub-total |
(39,047) |
(15,158) |
|||||
|
Net cash from operating activities |
229,034 |
220,420 |
|||||
|
Cash Flows (For) From Investing Activities |
|||||||
|
Proceeds from sales of securities |
560 |
- |
|||||
|
(Return of) Proceeds from sale of business |
(3,558) |
35,980 |
|||||
|
Acquisitions of businesses, net of cash acquired |
2,624 |
(58,885) |
|||||
|
Acquired research and development |
- |
(14,000) |
|||||
|
Acquisitions of assets |
(10,000) |
(10,262) |
|||||
|
Additions to property and equipment |
(46,542) |
(34,545) |
|||||
|
Net cash for investing activities |
(56,916) |
(81,712) |
|||||
|
Cash Flows (For) From Financing Activities |
|||||||
|
Repayments of short-term debt, net |
(7,820) |
- |
|||||
|
Borrowings of long-term debt |
150,442 |
- |
|||||
|
Repayments of long-term debt |
(195,000) |
(67,771) |
|||||
|
Deferred financing fees |
(5,158) |
(3,500) |
|||||
|
Excess tax benefit of stock transactions |
16,256 |
5,730 |
|||||
|
Issuance of common stock |
12,476 |
14,593 |
|||||
|
Repurchase of common stock |
(8,285) |
(70,972) |
|||||
|
Cash dividends |
(18,779) |
(16,566) |
|||||
|
Net cash for financing activities |
(55,868) |
(138,486) |
|||||
|
Effect of exchange rate changes on cash |
(2,778) |
658 |
|||||
|
Net increase in cash and cash equivalents |
113,472 |
880 |
|||||
|
Cash and cash equivalents of continuing operations, beginning of period |
109,765 |
317,638 |
|||||
|
Cash balance of discontinued operations, beginning of period |
- |
4 |
|||||
|
Cash and cash equivalents, end of period |
223,237 |
318,522 |
|||||
|
Less cash balance of discontinued operations, end of period |
- |
- |
|||||
|
Cash and cash equivalents of continuing operations, end of period |
$ |
223,237 |
$ |
318,522 |
|||
|
Supplemental Disclosures of Cash Flow Information |
|||||||
|
Cash paid/received during the period for: |
|||||||
|
Interest paid |
$ |
27,759 |
$ |
30,765 |
|||
|
Interest received |
$ |
2,594 |
$ |
15,891 |
|||
|
Income taxes paid |
$ |
83,494 |
$ |
50,231 |
|||
|
Income taxes refunded |
$ |
1,303 |
$ |
1,159 |
|||
|
See accompanying notes to condensed consolidated financial statements. |
|||||||
|
Table I |
||||||||||||||||
|
PERRIGO COMPANY |
||||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
|
(in thousands, except per share amounts) |
||||||||||||||||
|
(unaudited) |
||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
Consolidated |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 691,563 |
$ - |
$ 691,563 |
$ 537,632 |
$ - |
$ 537,632 |
29 % |
29 % |
||||||||
|
Cost of sales |
452,481 |
7,703 |
(a) |
444,778 |
350,237 |
4,322 |
(a,d) |
345,915 |
29 % |
29 % |
||||||
|
Gross profit |
239,082 |
7,703 |
246,785 |
187,395 |
4,322 |
191,717 |
28 % |
29 % |
||||||||
|
Operating expenses |
||||||||||||||||
|
Distribution |
8,525 |
- |
8,525 |
7,919 |
- |
7,919 |
8 % |
8 % |
||||||||
|
Research and development |
23,511 |
- |
23,511 |
17,715 |
- |
17,715 |
33 % |
33 % |
||||||||
|
Selling and administration |
84,133 |
5,095 |
(a,b) |
79,038 |
65,135 |
4,198 |
(a,e) |
60,937 |
29 % |
30 % |
||||||
|
Restructuring |
- |
- |
- |
7,474 |
7,474 |
(f) |
- |
(100)% |
- |
|||||||
|
Total |
116,169 |
5,095 |
111,074 |
98,243 |
11,672 |
86,571 |
||||||||||
|
Operating income |
122,913 |
12,798 |
135,711 |
89,152 |
15,994 |
105,146 |
38 % |
29 % |
||||||||
|
Interest, net |
10,915 |
- |
10,915 |
5,927 |
700 |
(g) |
5,227 |
84 % |
109 % |
|||||||
|
Other income, net |
(753) |
- |
(753) |
(1,367) |
- |
(1,367) |
(45)% |
(45)% |
||||||||
|
Income from continuing operations before income taxes |
112,751 |
12,798 |
125,549 |
84,592 |
16,694 |
101,286 |
33 % |
24 % |
||||||||
|
Income tax expense |
21,220 |
4,117 |
(c) |
25,337 |
23,051 |
2,808 |
(c) |
25,859 |
(8)% |
(2)% |
||||||
|
Income from continuing operations |
$ 91,531 |
$ 8,681 |
$ 100,212 |
$ 61,541 |
$ 13,886 |
$ 75,427 |
49 % |
33 % |
||||||||
|
Diluted earnings per share from continuing operations |
$ 0.98 |
$ 1.07 |
$ 0.66 |
$ 0.81 |
48 % |
32 % |
||||||||||
|
Diluted weighted average shares outstanding |
93,549 |
93,549 |
92,589 |
92,589 |
||||||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
34.6 % |
35.7 % |
34.9 % |
35.7 % |
||||||||||||
|
Operating expenses |
16.8 % |
16.1 % |
18.3 % |
16.1 % |
||||||||||||
|
Operating income |
17.8 % |
19.6 % |
16.6 % |
19.6 % |
||||||||||||
|
Nine Months Ended |
||||||||||||||||
|
Consolidated |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 2,050,400 |
$ - |
$ 2,050,400 |
$ 1,648,390 |
$ - |
$ 1,648,390 |
24 % |
24 % |
||||||||
|
Cost of sales |
1,347,864 |
22,271 |
(a) |
1,325,593 |
1,100,158 |
13,921 |
(a,i) |
1,086,237 |
23 % |
22 % |
||||||
|
Gross profit |
702,536 |
22,271 |
724,807 |
548,232 |
13,921 |
562,153 |
28 % |
29 % |
||||||||
|
Operating expenses |
||||||||||||||||
|
Distribution |
25,722 |
- |
25,722 |
21,474 |
- |
21,474 |
20 % |
20 % |
||||||||
|
Research and development |
65,842 |
- |
65,842 |
57,153 |
- |
57,153 |
15 % |
15 % |
||||||||
|
Selling and administration |
244,053 |
14,504 |
(a,h) |
229,549 |
188,817 |
6,595 |
(a,e) |
182,222 |
29 % |
26 % |
||||||
|
Write-off of in-process research and development |
- |
- |
- |
14,000 |
14,000 |
(j) |
- |
(100)% |
- |
|||||||
|
Restructuring |
- |
- |
- |
7,474 |
7,474 |
(f) |
- |
(100)% |
- |
|||||||
|
Total |
335,617 |
14,504 |
321,113 |
288,918 |
28,069 |
260,849 |
||||||||||
|
Operating income |
366,919 |
36,775 |
403,694 |
259,314 |
41,990 |
301,304 |
41 % |
34 % |
||||||||
|
Interest, net |
31,718 |
- |
31,718 |
17,869 |
700 |
(g) |
17,169 |
78 % |
85 % |
|||||||
|
Other income, net |
(1,945) |
- |
(1,945) |
(1,686) |
- |
(1,686) |
15 % |
15 % |
||||||||
|
Income from continuing operations before income taxes |
337,146 |
36,775 |
373,921 |
243,131 |
42,690 |
285,821 |
39 % |
31 % |
||||||||
|
Income tax expense |
82,158 |
11,819 |
(c) |
93,977 |
67,699 |
8,567 |
(c) |
76,266 |
21 % |
23 % |
||||||
|
Income from continuing operations |
$ 254,988 |
$ 24,956 |
$ 279,944 |
$ 175,432 |
$ 34,123 |
$ 209,555 |
45 % |
34 % |
||||||||
|
Diluted earnings per share from continuing operations |
$ 2.73 |
$ 3.00 |
$ 1.89 |
$ 2.26 |
44 % |
33 % |
||||||||||
|
Diluted weighted average shares outstanding |
93,371 |
93,371 |
92,819 |
92,819 |
||||||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
34.3 % |
35.3 % |
33.3 % |
34.1 % |
||||||||||||
|
Operating expenses |
16.4 % |
15.7 % |
17.5 % |
15.8 % |
||||||||||||
|
Operating income |
17.9 % |
19.7 % |
15.7 % |
18.3 % |
||||||||||||
|
(a) Deal-related amortization |
||||||||||||||||
|
(b) Acquisition costs of $1,095 |
||||||||||||||||
|
(c) Total tax effect for non-GAAP pre-tax adjustments |
||||||||||||||||
|
(d) Inventory step-up of $94 |
||||||||||||||||
|
(e) Acquisition costs of $3,052 |
||||||||||||||||
|
(f) Restructuring charges related to Germany and Florida |
||||||||||||||||
|
(g) Acquisition costs |
||||||||||||||||
|
(h) Acquisition costs of $2,410 |
||||||||||||||||
|
(i) Inventory step-ups of $1,031 |
||||||||||||||||
|
(j) Write-off of in-process R&D related to acquired ANDA |
||||||||||||||||
|
Table II |
||||||||||||||||
|
PERRIGO COMPANY |
||||||||||||||||
|
REPORTABLE SEGMENTS |
||||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
|
(in thousands) |
||||||||||||||||
|
(unaudited) |
||||||||||||||||
|
Three Months Ended |
||||||||||||||||
|
Consumer Healthcare |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 425,025 |
$ - |
$ 425,025 |
$ 377,064 |
$ - |
$ 377,064 |
13 % |
13 % |
||||||||
|
Cost of sales |
289,825 |
918 |
(a) |
288,907 |
250,210 |
661 |
(a) |
249,549 |
16 % |
16 % |
||||||
|
Gross profit |
135,200 |
918 |
136,118 |
126,854 |
661 |
127,515 |
7 % |
7 % |
||||||||
|
Operating expenses |
62,996 |
1,210 |
(a) |
61,786 |
51,395 |
696 |
(a) |
50,699 |
23 % |
22 % |
||||||
|
Operating income |
$ 72,204 |
$ 2,128 |
$ 74,332 |
$ 75,459 |
$ 1,357 |
$ 76,816 |
(4)% |
(3)% |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
31.8 % |
32.0 % |
33.6 % |
33.8 % |
||||||||||||
|
Operating expenses |
14.8 % |
14.5 % |
13.6 % |
13.4 % |
||||||||||||
|
Operating income |
17.0 % |
17.5 % |
20.0 % |
20.4 % |
||||||||||||
|
Nine Months Ended |
||||||||||||||||
|
Consumer Healthcare |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 1,251,125 |
$ - |
$ 1,251,125 |
$ 1,174,886 |
$ - |
$ 1,174,886 |
6 % |
6 % |
||||||||
|
Cost of sales |
853,119 |
2,414 |
(a) |
850,705 |
782,959 |
2,028 |
(a) |
780,931 |
9 % |
9 % |
||||||
|
Gross profit |
398,006 |
2,414 |
400,420 |
391,927 |
2,028 |
393,955 |
2 % |
2 % |
||||||||
|
Operating expenses |
179,089 |
3,710 |
(a) |
175,379 |
157,595 |
2,208 |
(a) |
155,387 |
14 % |
13 % |
||||||
|
Operating income |
$ 218,917 |
$ 6,124 |
$ 225,041 |
$ 234,332 |
$ 4,236 |
$ 238,568 |
(7)% |
(6)% |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
31.8 % |
32.0 % |
33.4 % |
33.5 % |
||||||||||||
|
Operating expenses |
14.3 % |
14.0 % |
13.4 % |
13.2 % |
||||||||||||
|
Operating income |
17.5 % |
18.0 % |
19.9 % |
20.3 % |
||||||||||||
|
Three Months Ended |
||||||||||||||||
|
Nutritionals |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 124,077 |
$ - |
$ 124,077 |
$ 58,722 |
$ - |
$ 58,722 |
111 % |
111 % |
||||||||
|
Cost of sales |
86,099 |
3,000 |
(a) |
83,099 |
47,442 |
- |
47,442 |
81 % |
75 % |
|||||||
|
Gross profit |
37,978 |
3,000 |
40,978 |
11,280 |
- |
11,280 |
237 % |
263 % |
||||||||
|
Operating expenses |
20,046 |
2,790 |
(a) |
17,256 |
7,928 |
1,149 |
(a,b) |
6,779 |
153 % |
155 % |
||||||
|
Operating income |
$ 17,932 |
$ 5,790 |
$ 23,722 |
$ 3,352 |
$ 1,149 |
$ 4,501 |
435 % |
427 % |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
30.6 % |
33.0 % |
19.2 % |
19.2 % |
||||||||||||
|
Operating expenses |
16.2 % |
13.9 % |
13.5 % |
11.5 % |
||||||||||||
|
Operating income |
14.5 % |
19.1 % |
5.7 % |
7.7 % |
||||||||||||
|
Nine Months Ended |
||||||||||||||||
|
Nutritionals |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 380,219 |
$ - |
$ 380,219 |
$ 175,524 |
$ - |
$ 175,524 |
117 % |
117 % |
||||||||
|
Cost of sales |
258,329 |
8,999 |
(a) |
249,330 |
151,569 |
- |
151,569 |
70 % |
64 % |
|||||||
|
Gross profit |
121,890 |
8,999 |
130,889 |
23,955 |
- |
23,955 |
409 % |
446 % |
||||||||
|
Operating expenses |
65,716 |
8,384 |
(a) |
57,332 |
20,596 |
2,048 |
(a,b) |
18,548 |
219 % |
209 % |
||||||
|
Operating income |
$ 56,174 |
$ 17,383 |
$ 73,557 |
$ 3,359 |
$ 2,048 |
$ 5,407 |
1,572 % |
1,260 % |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
32.1 % |
34.4 % |
13.6 % |
13.6 % |
||||||||||||
|
Operating expenses |
17.3 % |
15.1 % |
11.7 % |
10.6 % |
||||||||||||
|
Operating income |
14.8 % |
19.3 % |
1.9 % |
3.1 % |
||||||||||||
|
Three Months Ended |
||||||||||||||||
|
Rx Pharmaceuticals |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 84,383 |
$ - |
$ 84,383 |
$ 50,802 |
$ - |
$ 50,802 |
66 % |
66 % |
||||||||
|
Cost of sales |
43,351 |
2,827 |
(a) |
40,524 |
23,627 |
2,645 |
(a) |
20,982 |
83 % |
93 % |
||||||
|
Gross profit |
41,032 |
2,827 |
43,859 |
27,175 |
2,645 |
29,820 |
51 % |
47 % |
||||||||
|
Operating expenses |
9,891 |
- |
9,891 |
10,607 |
- |
10,607 |
(7)% |
(7)% |
||||||||
|
Operating income |
$ 31,141 |
$ 2,827 |
$ 33,968 |
$ 16,568 |
$ 2,645 |
$ 19,213 |
88 % |
77 % |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
48.6 % |
52.0 % |
53.5 % |
58.7 % |
||||||||||||
|
Operating expenses |
11.7 % |
11.7 % |
20.9 % |
20.9 % |
||||||||||||
|
Operating income |
36.9 % |
40.3 % |
32.6 % |
37.8 % |
||||||||||||
|
(a) Deal-related amortization |
||||||||||||||||
|
(b) Restructuring charges of $699 related to Florida |
||||||||||||||||
|
(c) Write-off of in-process R&D related to acquired ANDA |
||||||||||||||||
|
(d) Restructuring charges related to Germany |
||||||||||||||||
|
(e) Inventory step-up of $94 |
||||||||||||||||
|
(f) Inventory step-ups of $1,031 |
||||||||||||||||
|
Table II (Continued) |
||||||||||||||||
|
PERRIGO COMPANY |
||||||||||||||||
|
REPORTABLE SEGMENTS |
||||||||||||||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||||||||||||||
|
(in thousands) |
||||||||||||||||
|
(unaudited) |
||||||||||||||||
|
Nine Months Ended |
||||||||||||||||
|
Rx Pharmaceuticals |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 251,250 |
$ - |
$ 251,250 |
$ 154,694 |
$ - |
$ 154,694 |
62 % |
62 % |
||||||||
|
Cost of sales |
138,190 |
8,035 |
(a) |
130,155 |
77,067 |
8,337 |
(a) |
68,730 |
79 % |
89 % |
||||||
|
Gross profit |
113,060 |
8,035 |
121,095 |
77,627 |
8,337 |
85,964 |
46 % |
41 % |
||||||||
|
Operating expenses |
30,969 |
- |
30,969 |
42,782 |
14,000 |
(c) |
28,782 |
(28)% |
8 % |
|||||||
|
Operating income |
$ 82,091 |
$ 8,035 |
$ 90,126 |
$ 34,845 |
$ 22,337 |
$ 57,182 |
136 % |
58 % |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
45.0 % |
48.2 % |
50.2 % |
55.6 % |
||||||||||||
|
Operating expenses |
12.3 % |
12.3 % |
27.7 % |
18.6 % |
||||||||||||
|
Operating income |
32.7 % |
35.9 % |
22.5 % |
37.0 % |
||||||||||||
|
Three Months Ended |
||||||||||||||||
|
API |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 41,206 |
$ - |
$ 41,206 |
$ 32,802 |
$ - |
$ 32,802 |
26 % |
26 % |
||||||||
|
Cost of sales |
22,070 |
519 |
(a) |
21,551 |
18,172 |
500 |
(a) |
17,672 |
21 % |
22 % |
||||||
|
Gross profit |
19,136 |
519 |
19,655 |
14,630 |
500 |
15,130 |
31 % |
30 % |
||||||||
|
Operating expenses |
7,818 |
- |
7,818 |
15,177 |
6,775 |
(d) |
8,402 |
(48)% |
(7)% |
|||||||
|
Operating income (loss) |
$ 11,318 |
$ 519 |
$ 11,837 |
$ (547) |
$ 7,275 |
$ 6,728 |
- |
76 % |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
46.4 % |
47.7 % |
44.6 % |
46.1 % |
||||||||||||
|
Operating expenses |
19.0 % |
19.0 % |
46.3 % |
25.6 % |
||||||||||||
|
Operating income |
27.5 % |
28.7 % |
(1.7)% |
20.5 % |
||||||||||||
|
Nine Months Ended |
||||||||||||||||
|
API |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 118,900 |
$ - |
$ 118,900 |
$ 100,994 |
$ - |
$ 100,994 |
18 % |
18 % |
||||||||
|
Cost of sales |
65,430 |
1,527 |
(a) |
63,903 |
61,384 |
1,486 |
(a) |
59,898 |
7 % |
7 % |
||||||
|
Gross profit |
53,470 |
1,527 |
54,997 |
39,610 |
1,486 |
41,096 |
35 % |
34 % |
||||||||
|
Operating expenses |
21,797 |
- |
21,797 |
31,229 |
6,762 |
(a,d) |
24,467 |
(30)% |
(11)% |
|||||||
|
Operating income |
$ 31,673 |
$ 1,527 |
$ 33,200 |
$ 8,381 |
$ 8,248 |
$ 16,629 |
278 % |
100 % |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
45.0 % |
46.3 % |
39.2 % |
40.7 % |
||||||||||||
|
Operating expenses |
18.3 % |
18.3 % |
30.9 % |
24.2 % |
||||||||||||
|
Operating income |
26.6 % |
27.9 % |
8.3 % |
16.5 % |
||||||||||||
|
Three Months Ended |
||||||||||||||||
|
Other |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 16,872 |
$ - |
$ 16,872 |
$ 18,242 |
$ - |
$ 18,242 |
(8)% |
(8)% |
||||||||
|
Cost of sales |
11,136 |
439 |
(a) |
10,697 |
10,786 |
516 |
(a,e) |
10,270 |
3 % |
4 % |
||||||
|
Gross profit |
5,736 |
439 |
6,175 |
7,456 |
516 |
7,972 |
(23)% |
(23)% |
||||||||
|
Operating expenses |
5,435 |
- |
5,435 |
5,341 |
- |
5,341 |
2 % |
2 % |
||||||||
|
Operating income |
$ 301 |
$ 439 |
$ 740 |
$ 2,115 |
$ 516 |
$ 2,631 |
(86)% |
(72)% |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
34.0 % |
36.6 % |
40.9 % |
43.7 % |
||||||||||||
|
Operating expenses |
32.2 % |
32.2 % |
29.3 % |
29.3 % |
||||||||||||
|
Operating income |
1.8 % |
4.4 % |
11.6 % |
14.4 % |
||||||||||||
|
Nine Months Ended |
||||||||||||||||
|
Other |
March 26, 2011 |
March 27, 2010 |
% Change |
|||||||||||||
|
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
|||||||||
|
Net sales |
$ 48,906 |
$ - |
$ 48,906 |
$ 42,292 |
$ - |
$ 42,292 |
16 % |
16 % |
||||||||
|
Cost of sales |
32,796 |
1,296 |
(a) |
31,500 |
27,179 |
2,070 |
(a,f) |
25,109 |
21 % |
25 % |
||||||
|
Gross profit |
16,110 |
1,296 |
17,406 |
15,113 |
2,070 |
17,183 |
7 % |
1 % |
||||||||
|
Operating expenses |
15,012 |
- |
15,012 |
13,514 |
- |
13,514 |
11 % |
11 % |
||||||||
|
Operating income |
$ 1,098 |
$ 1,296 |
$ 2,394 |
$ 1,599 |
$ 2,070 |
$ 3,669 |
(31)% |
(35)% |
||||||||
|
Selected ratios as a percentage of net sales |
||||||||||||||||
|
Gross profit |
32.9 % |
35.6 % |
35.7 % |
40.6 % |
||||||||||||
|
Operating expenses |
30.7 % |
30.7 % |
32.0 % |
32.0 % |
||||||||||||
|
Operating income |
2.2 % |
4.9 % |
3.8 % |
8.7 % |
||||||||||||
|
(a) Deal-related amortization |
||||||||||||||||
|
(b) Restructuring charges of $699 related to Florida |
||||||||||||||||
|
(c) Write-off of in-process R&D related to acquired ANDA |
||||||||||||||||
|
(d) Restructuring charges related to Germany |
||||||||||||||||
|
(e) Inventory step-up of $94 |
||||||||||||||||
|
(f) Inventory step-ups of $1,031 |
||||||||||||||||
|
Table III |
||||
|
PERRIGO COMPANY |
||||
|
FY 2011 GUIDANCE AND FY 2010 EPS |
||||
|
RECONCILIATION OF NON-GAAP MEASURES |
||||
|
(unaudited) |
||||
|
Full Year |
||||
|
Fiscal 2011 Guidance* |
||||
|
FY11 reported diluted EPS from continuing operations range |
$3.43 - $3.53 |
|||
|
Deal-related amortization (1,2) |
0.352 |
|||
|
Charges associated with acquisition costs (2) |
0.064 |
|||
|
Charge associated with inventory step-up (2) |
0.054 |
|||
|
FY11 adjusted diluted EPS from continuing operations range |
$3.90 - $4.00 |
|||
|
Fiscal 2010* |
||||
|
FY10 reported diluted EPS from continuing operations |
$2.42 |
|||
|
Deal-related amortization (1) |
0.195 |
|||
|
Charges associated with acquisition costs |
0.083 |
|||
|
Charges associated with inventory step-ups |
0.075 |
|||
|
Charges associated with restructuring |
0.100 |
|||
|
Charges associated with acquired research and development |
0.157 |
|||
|
FY10 adjusted diluted EPS from continuing operations |
$3.03 |
|||
|
(1) Amortization of acquired intangible assets related to business combinations and asset acquisitions |
||||
|
(2) Assumes a mid-fourth fiscal quarter close of the Paddock Laboratories acquisition |
||||
|
*All information based on continuing operations. |
||||
SOURCE Perrigo Company
CONTACT: Arthur J. Shannon, Vice President, Investor Relations and Communication, +1-269-686-1709, ajshannon@perrigo.com
Web Site: http://www.perrigo.com