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Perrigo Company Down 14%

Shares of over-the-counter pharma products maker Perrigo Company plc (PRGO) dropped $8.62 or 14.27% on Thursday after its fourth-quarter earnings missed the consensus estimates. The stock closed the day's trade at $51.82 and has traded in the range of $40.68- $63.86 in the last year.

For the full year, the company expects earnings, lower than analysts' estimates.

Perrigo reported net loss in the fourth quarter of $19 million or $0.14 per share, mainly on non-cash impairment charges of $142 million primarily in the RX segment. This compares with net income of $82 million or $0.60 per share in the prior-year period.

Excluding items, earnings were $145 million, or $1.06 per share. On average, 10 analysts polled by Thomson Reuters were expecting earnings of $1.07.

In July last year, Perrigo had acquired Ranir Global Holdings LLC, the leading global store brand supplier of oral self-care products, for $750 million in cash.

Fourth-quarter net sales were up 10.7% year-over-year to $1.3 billion on increased demand for existing as well as new products. The consensus estimate was at $1.31 billion.

For the full-year, Perrigo expects net sales growth of 6% to 7%, better than the consensus view of 4.3% . EPS, including $50 million in transformational investments, is expected to be between $3.95 to $4.15. Analysts see earnings of $4.37 for the period.

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