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Perrigo Company Q2 net sales were $1.5 billion

Staff writer |
Perrigo Company announced results for the second calendar quarter ended June 27, 2015. Net sales were $1.5 billion, an increase of 34% on a reported basis, or a 36% increase on a constant currency basis, over the calendar second quarter of 2014.

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That is attributable primarily to $401 million related to the inclusion of the Branded Consumer Healthcare (BCH) segment and 11% growth in the Rx segment on a constant currency basis.

New product sales were a record $149 million driven by $116 million from legacy Perrigo and a $33 million contribution from BCH. This increase was offset partially by $64 million in discontinued products, $23 million of unfavorable foreign currency movements and lower sales volumes in the VMS and animal health categories.

Excluding charges as outlined in Table I at the end of this release, second quarter calendar year 2015 adjusted net income increased 37% to $320 million or $2.18 per diluted share versus $1.74 for the same period last year.

Perrigo's Chairman, President and CEO Joseph C. Papa commented, "The team delivered a strong financial performance in the quarter, record quarterly net sales, etc. Our Branded Consumer Healthcare segment, comprised of our recently acquired Omega Pharma assets, achieved an impressive $401 million in sales, which included new product sales of $33 million.

"With Omega in our portfolio, consolidated new product sales for Perrigo were a record $149 million. The Rx segment grew 10% in the quarter on top of a record performance last year. Notwithstanding a decline in the VMS and animal health categories, we grew adjusted operating income by 18% to a record $160 million in the Consumer Healthcare segment.

"Since the closing of the Omega Pharma acquisition, we have continued to execute on a major component of our 'Base Plus Plus Plus' strategy, with three announced acquisitions, two of which build upon our pan-European platform.

"Our durable business model and future growth prospects are self-evident as we continue to progress on our stand-alone strategy."


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