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Perrigo Q1 loss jumps to $133 million

Staff writer |
Perrigo Company reported that its first-quarter net loss was $133 million or $0.93 per share, wider than prior year's loss of $95 million or $0.67 per share.

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The results included non-cash intangible and goodwill impairment charges.

Adjusted net income was $251 million or $1.75 per share, compared to $249 million or $1.85 per share last year.

On average, 18 analysts polled by Thomson Reuters expected earnings of $1.75 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.383 billion, 32 percent higher than $1.05 billion a year ago. Analysts were looking for revenues of $1.35 billion.

Adjusted net sales were $1.34 billion excluding VMS sales of $47 million, an increase of 32%.

Looking ahead, the company said it continues to expect 2016 adjusted earnings per share in the range of $8.20 to $8.60, which reflects an increase of 8% to 13% over 2015 adjusted earnings per share of $7.59. Analysts expect earnings of $8.54 per share.

The Company also expects 2016 reported earnings to be between $2.44 and $2.84 per share as compared to a loss of $0.23 in 2015.

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