DUBLIN, May 30, 2017 /PRNewswire/ --
Delivered first quarter 2017 GAAP (“reported”) net sales of $1.2 billion, led by consumer-facing businesses net sales of $958 million
Realized first quarter reported net income of $72 million and reported earnings per share (“EPS”) of $0.50
Achieved adjusted net income of $150 million and adjusted diluted EPS of $1.05
First quarter cash flow from operations was $195 million; cash flow from operations of 272% as a percentage to net income and 130% as a percentage to adjusted net income
- CHCI profit improvement plan yielding positive results
Outlook:
- The Company expects calendar year 2017 reported diluted EPS to be in the range of $1.82 to $2.17 and reaffirms adjusted diluted EPS to be in the range of $4.15 to $4.50
Perrigo Company plc (NYSE; TASE: PRGO) today announced results for the first quarter ended April 1, 2017.
Perrigo CEO John T. Hendrickson commented, “I am pleased that our consolidated first quarter 2017 top and bottom line results were consistent with our plan, with our operations continuing to deliver strong cash flow conversion. I continue to anticipate 2017 will be a year of execution to reestablish our foundation, with a projected return to consolidated growth in 2018. First quarter CHC International GAAP operating margin was 0.1%. Our consumer-facing businesses delivered strong adjusted margins as actions we have taken in our CHC International segment resulted in adjusted operating margin expansion of 130 basis points to 13.8%. RX GAAP operating income was $88 million. RX adjusted operating income was roughly in line with last year, excluding Entocort® from both years, as our proactive approach to improve the cost structure in RX partially offset price erosion in the segment. Actions taken this quarter by the Perrigo leadership team to improve our cost structure have established a more efficient operating platform that enables margin expansion with new product launches. In addition, we continue to make progress on our debt pay down strategy. I am also pleased that with today’s first quarter 2017 Form 10-Q filing, the Company is now up to date on filing its periodic reports with the Securities and Exchange Commission. We are capitalizing on our unique business model and focusing on Perrigo’s core strengths in providing Quality Affordable Healthcare Products® to customers, patients and families around the globe.”
Refer to Tables I - VII 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.
