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Perrigo Reports Q2 Earnings, Reaffirms Guidance

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Perrigo Reports Q2 Earnings, Reaffirms Guidance

Perrigo Co (NYSE: PRGO) reported second-quarter earnings of 86 cents per share, which beat the analyst consensus estimate of 79 cents by 8.86%. This is a 29.51% decrease over earnings of $1.22 per share from the same period last year.

The company reported quarterly sales of $1.127 billion, which missed the analyst consensus estimate of $1.13 billion by 0.27%. This is a 4.97% decrease over sales of $1.186 billion the same period last year.

The company reaffirms 2019 adjusted diluted EPS to be in the range of to $3.75 to $4.05.

"The Perrigo transformation to a consumer self-care company, discussed in depth on our Investor Day on May 9, is now in the critically important execution phase,” said CEO Murray Kessler. “While we are in the early stages, significant progress was made during the second quarter, as evidenced by robust store-brand OTC sales in the USA, solid branded new product sales internationally, a return to strong customer service levels in the USA and the finalization of the Project Momentum $100 million cost-savings program road map.

"The company also closed on the Ranir, market leading private label oral self-care company acquisition and the Perrigo Animal Health Division divestiture shortly after quarter-end."

Perrigo shares were trading up 3.23% at $52.10 in Thursday’s pre-market session. The stock has a 52-week high of $78.97 and a 52-week low of $36.28.

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