Generic drug maker Perrigo Co. (PRGO), Tuesday reported a decline in net income for the third quarter, reflecting higher income tax expense, in spite of increase in revenues. On an adjusted basis, the firm's earnings per share rose slightly from last year, yet missed the Street view. The company also confirmed its fiscal-year guidance.
For the three-month period, the company reported net income of $111.92 million or $1.18 per share compared with $115.72 million or $1.23 per share during the corresponding quarter last year.
Adjusted net income for the third quarter was $1.42 per share. On average, sixteen analysts polled by Thomson Reuters expected earnings per share of $1.44 for the third quarter. Analysts' estimates typically exclude one-time items.
The company reported net sales of $920 million, a 18 percent increase from the prior year's figure of $778 million. Analysts expected the firm to generate revenues of $935.4 million for the quarter. The increase in net sales was driven primarily by $61 million in strong base business growth, new product sales of $41 million and $40 million attributable to the Sergeant's and Rosemont acquisitions, the company said in a statement.
The Company said it is confirming its guidance provided on February 11, the closing date of the Rosemont acquisition, and that it continues to expect fiscal 2013 reported earnings to be between $4.67 and $4.87 per share. Excluding charges, the company continues to expect fiscal 2013 adjusted earnings to be between $5.53 and $5.73 per share. The Street expects the firm to report earnings per share of $5.64 for the year.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.