Perrigo Company Lifts Annual Earnings, Sales Outlook - Update

(Adds Outlook)

Perrigo Company plc (PRGO) has raised its full-year outlook, primarily due to the acquisition of HRA.

It now sees sales growth of 8.5%-9.5% for the full year, up from prior outlook of 3.5%-4.5%. Organic sales growth outlook has been raised to 8%-9% from 7%-8%.

The company also raised its full-year adjusted EPS guidance to the range of $2.30-$2.40 from $2.10-$2.30.

"While price increases and procurement actions are expected to offset inflation for the full year, adverse foreign exchange rate movements and to a lesser extent business disruption in Ukraine and Russia are likely to remain. With the addition of HRA Pharma and higher expectations for organic net sales growth, we expect to more than offset these headwinds and have raised our net sales and adjusted EPS guidance for the year," President and CEO, Murray S. Kessler commented.

Below are the earnings highlights for Perrigo:

Earnings: -$2.4 million in Q1 vs. $38.1 million in the same period last year.
EPS: -$0.02 in Q1 vs. $0.28 in the same period last year.

Excluding items, Perrigo Company plc reported adjusted earnings of $44.9 million or $0.33 per share for the period.

Revenue: $1.07 billion in Q1 vs. $1.01 billion in the same period last year.

Full year EPS guidance: $2.30 - $2.40

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