Perrigo Tumbles 6% Following Q4 Miss

Shares of Perrigo Company plc Ordinary Shares PRGO were trading lower by 6 percent after the company reported its fourth quarter results.

Perrigo said it earned $1.80 per share in the fourth quarter on revenue of $1.42 billion. Wall Street analysts were expecting the company to earn $1.93 per share on revenue of $1.46 billion.

Perrigo noted that its net sales in the quarter marked an increase of 33 percent from the same period a year ago, mostly attributable to $326 million related to the inclusion of the BCH segment and 6 percent growth in the CHC segment on a constant currency basis. The company added that its new product sales were $85 million in the quarter.

Reported net loss for the quarter totaled $107.0 million compared to a net income of $70.2 million in the same quarter a year ago. The company highlighted the Branded Consumer Healthcare segment's financial performance that performed below expectations.

Perrigo's Chairman and CEO Joseph C. Papa commented, "The team delivered record performance in the face of a busy year and the challenges associated with an eight month long unsolicited takeover attempt. I would like to thank our Consumer Healthcare ("CHC") and Rx teams for achieving all-time record net sales for the calendar year, and the Rx team for surpassing $1 billion in net sales. Since we closed the Branded Consumer Healthcare ("BCH") acquisition, Euro net sales have improved year over year, due to some exciting new product launches and the acquisition of our new portfolio of leading OTC brands from GSK. Although the segment did not meet our internal expectations, we are taking specific actions to address this performance."

Looking forward to fiscal 2016, Perrigo guided its full year earnings per share to a range of $9.50 to $9.80 versus a consensus estimate of $9.74.