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Perrigo Q1 net income $72 million

Staff Writer |
Perrigo Company announced results for the first quarter ended April 1, 2017.

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Reported net sales for the first quarter of 2017 were $1.2 billion, a decrease of 11% from the prior year.

Prior year first quarter adjusted net sales were $1.3 billion, which excluded $47 million of contributions from the U.S. VMS business.

Excluding the year-over-year impact of the exited European distribution businesses, Entocort® and unfavorable foreign currency movements outlined above, net sales were lower by approximately 2%.

Reported net income was $72 million, or $0.50 per share versus a net loss of $529 million, or $3.70 per share, in the prior year.

Excluding charges as outlined in Table I at the end of this release, first quarter 2017 adjusted net income was $150 million, or $1.05 per share, versus adjusted net income of $189 million, or $1.32 per share for the same period last year.

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