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Perrigo Q1 net sales to $1.33 – $1.35 billion

Staff writer |
Perrigo announced its preliminary results for the first quarter of calendar year 2016. Estimated net sales for the quarter are expected to be between $1.33 – $1.35 billion.

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Estimated adjusted earnings per diluted share are expected to be between $1.71 – $1.77, assuming a tax rate of approximately 14%, based on preliminary estimates. These quarterly estimates, which are unaudited, are based on management's preliminary expectations.

Perrigo now expects calendar year 2016 adjusted earnings per diluted share to be between $8.20- $8.60, based on preliminary estimates, as compared to $7.59 in 2015.

The majority of this change in guidance provided on February 18 is the result of a reduction in pricing expectations in Rx segment due to industry and competitive pressures in the sector.

The remainder of the reduction is primarily due to weaker-than-expected performance within the BCH segment for the next three quarters and lower expectations for consolidated new product launches.

In addition, in connection with the preparation of its financial statements for the quarter ended April 2, 2016, Perrigo identified indicators of impairment associated with certain indefinite-lived intangible assets within its Branded Consumer Healthcare business, previously Omega Pharma NV which was acquired on March 30, 2015.

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