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Thursday, 10 August 2017 10:15

Perrigo raises guidance for 2017 after narrowing losses

Written by  MiBiz Staff
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ALLEGAN — Perrigo Co. plc shares moved up early today prior to the opening of the market after it reported a smaller quarterly loss and raised earnings expectations for 2017.

The Dublin-based Perrigo, which is run from Allegan, reported a net loss of $69.6 million, or 49 per diluted share, for the three-month period that ended July 1. That compares with a net loss of $534.3 million, or $3.73 per diluted share, in the same period a year ago.

The smaller loss led to Perrigo shares to gain more than 10 percent in pre-market trading. Shares were up more than 15 percent by 9:30 a.m. to $76.88.

Net sales for the quarter totaled $1.23 billion, down from the $1.34 billion a year earlier that included $42 million from the vitamins, supplements and minerals business that Perrigo sold in mid 2016. Sales beat analysts’ consensus estimate of $1.18 billion.

The quarterly results led Perrigo to raise guidance for 2017 net income to 84 cents to $1.09 per share and adjusted earnings of $4.44 to $4.70 per share. The company previously expected annual net income of 22 cents to 57 cents per share and adjusted net income of $4.15 to $4.50 per share.

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