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Bottom Line Black for Perrigo


DUBLIN (WHTC) - The luck of the Irish is apparently rubbing off at Perrigo.

The one-time Allegan-based generic drug maker, now based in Dublin in a corporate reorganizing, announced record quarterly numbers in revenue, earnings and margins before the markets opened this morning. For the three-month period that ended on December 28th, Perrigo had an 11-percent jump in net sales from a year ago to 979 million dollars, with net income up 45 percent to 185 million, or $1.87 per share. Much of the growth stemmed from the acquisition of Élan, which facilitated the shift across the Atlantic to take advantage of Ireland’s far-lower corporate tax rate.

Company officials are now projecting fiscal 2014 earnings to be between $2.45 and $2.70 per share, as compared to $4.68 for 2013, as they explained the latest figures to stockholders and investors in a conference call this morning.