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Perrigo (PRGO) Reports Third Quarter 2016 Financial Results



11/11/2016 12:30:30 PM

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DUBLIN, Nov. 10, 2016 /PRNewswire/ --

Delivered third quarter GAAP ("reported") net sales of $1.4 billion and non-GAAP ("adjusted") net sales of $1.3 billion, excluding sales of $22 million from held-for-sale businesses*

Delivered third quarter reported net loss of $1.3 billion and reported diluted loss per share of $8.76, driven by goodwill impairment charge of $804 million and brand intangible assets impairment charge of $866 million; delivered third quarter reported gross margin of 37.4%, and third quarter reported operating margin of (111.8)%

Realized adjusted net income of $236 million and adjusted diluted earnings per share of $1.65; achieved third quarter adjusted gross margin of 47.5% with third quarter adjusted operating margin of 25.8%

Consumer-facing businesses achieved reported net sales of $973 million, or adjusted net sales of $952 million excluding sales from held-for-sale businesses, comprising in excess of 71% of reported and adjusted net sales in the quarter

Board of Directors approved exploration of strategic alternatives for Tysabri® royalty stream and continues strategic review of the Company portfolio; anticipates completion of this review in the first quarter of 2017

Appointed two new independent Directors to Perrigo Board: Geoffrey M. Parker, former CFO of Anacor Pharmaceuticals on November 7, 2016; and Theodore R. Samuels, President of Capital Guardian Trust Company, effective January 4, 2017

Read at PR Newswire


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