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Perrigo Company (PRGO) Reports Record Fourth Quarter And Fiscal Year Revenue, Adjusted Operating Income And Adjusted Margins



8/14/2014 9:05:53 AM

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DUBLIN, Aug. 14, 2014 /PRNewswire/ --

  • Fiscal fourth quarter net sales increased 18% year-over-year to a record $1.14 billion.
  • Fiscal fourth quarter adjusted net income increased 58% to $234 million, or $1.74 per diluted share; GAAP net income of $132 million, or $0.98 per diluted share, includes amortization expense and other charges.
  • Record quarterly adjusted gross margin of 44.5%, with GAAP gross margin of 36.3% and record quarterly adjusted operating margin of 28.4%, with GAAP operating margin of 17.3%.
  • Fiscal 2014 net sales increased 15% year-over-year to a record $4.06 billion, with organic growth of 7%.
  • Fiscal 2014 adjusted net income increased 40% to $740 million or $6.39 per diluted share; GAAP net income of $205 million, or $1.77 per diluted share, includes amortization expense and other charges.
  • Management expects full-year fiscal 2015 adjusted earnings range of $7.20 to $7.50 per diluted share, an increase of 13% to 17% over fiscal 2014 adjusted earnings per share, and reported earnings of between $4.05 and $4.35 per diluted share.

Perrigo Company plc (NYSE: PRGO; TASE) today announced results for its fourth quarter and fiscal year ended June 28, 2014.

Perrigo Company

Perrigo's Chairman, President and CEO Joseph C. Papa commented, "I am pleased to report that Perrigo has delivered year-over-year record sales and adjusted earnings for the ninth straight fiscal year. While the year was not without its challenges, including an historically weak cough/cold season among other headwinds, this team was able to deliver record results. I am proud of our top line organic growth of 7%, driven by $231 million in new product sales and great execution in our business segments. We transformed Perrigo into a truly global organization with the acquisition of Elan and are uniquely positioned to continue our growth, while making quality healthcare products more affordable for the world."

Refer to Tables I, II, III, and IV at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information.

To read full press release, please click here.

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