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Thursday, 16 August 2012 00:00

After record-setting year, Perrigo eyes more growth in 2013

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Joe Papa Joe Papa
ALLEGAN — Perrigo Co. today reported record sales earnings for the 2012 fiscal year and projects to boost profitability even higher in 2013.

The Allegan-based Perrigo reported net income of $392.9 million, or $4.99 per adjusted diluted share that reflects acquisitions, for FY 2012 that ended June 30. That’s a 13.3-percent increase from the $340.5 million, or $4.01 per adjusted diluted share, in FY 2011.

Quarterly net income totaled $107.0 million, or $1.28 per adjusted diluted share, an 18-percent increase from the $85.5 million, or $1.02 per adjusted diluted share, in the same period a year earlier.

Further sales growth should take earnings even higher in FY 2013. Perrigo projects adjusted net income this year of $5.30 to $5.50 per diluted share.

“We had strong performance and execution across our businesses during fiscal 2012. With macroeconomic tailwinds blowing in our favor, we look to build on that success in fiscal 2013,” Chairman and CEO Joe Papa stated in Perrigo’s earnings release. “We look forward to another great year, with many new products in the pipeline across all segments.”

The earnings growth came on record sales for the fiscal year.

Perrigo reported sales growth of 15.1 percent for FY 2012 to $3.17 billion from $2.75 billion. Quarterly sales for the April-to-June period grew 18 percent to $831.7 million from $704.6 million.

The acquisitions of Paddock Labs and CanAm Care drove $245 million in sales growth for the full year. New product introduction drove $211 million in sales.

Read 1213 times Last modified on Sunday, 19 August 2012 21:33

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