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Perrigo cuts outlook after earnings fall short

Drugmaker Perrigo Co. on Wednesday said it missed earnings expectations for the latest quarter and cut its guidance for the year as it continues to battle pricing pressure and competition in the market.

Perrigo stock, which has lost more than half its value over the past 12 months, dropped 12% premarket to $83.39.

"Our financial results were below our expectations primarily due to competition and price erosion in the Rx business," Chief Executive John Hendrickson said. Mr. Hendrickson was named to his position after Joseph Papa resigned to take on the CEO role in early May at troubled Valeant Pharmaceuticals International...