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Perrigo (PRGO) Beats Q1 Earnings and Revenue Estimates

Perrigo Company plc PRGO is one of the largest store brand manufacturers of over-the-counter (OTC) pharmaceutical products and infant formulas. The Dublin, Ireland-based acquired Omega Pharma in Mar 2015 to form a leading OTC health care company. Post-acquisition, Perrigo changed its fiscal year to the calendar year.

Perrigo also changed its reporting segments to Consumer HealthCare, Branded Consumer Healthcare (newly acquired Omega business), Rx Pharmaceuticals, Specialty Sciences and Other (which will include the active pharmaceutical ingredients business). The company has been pursing prudent acquisitions under each segment.

In this scenario, investor focus will be on the company’s performance apart from the usual top-and bottom-line numbers.

Perrigo has a pretty good track record with the company beating estimates in three of the last four quarters with an average earnings surprise of 1.84%.

Currently, Perrigo has a Zacks Rank #5 (Strong Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: Perrigo beat on first-quarter 2016 earnings. The company reported EPS of $1.75 while our consensus called for EPS of $1.73.

Revenues: Revenues in the reported quarter also came in above expectations. Perrigo posted revenues of $1.38 billion, compared to our consensus estimate of $1.35 billion.

Key Stats: Excluding any net sales contribution from VMS, adjusted net sales in the quarter came in at $1.34 billion. All segments performed well in the reported quarter. Perrigo maintained its earnings guidance for 2016. The company continues to expect 2016 earnings in the range of $8.20 to $8.60 per share. The Zacks Consensus Estimate for earnings is $8.45 per share.

Check back later for our full write up on this Perrigo earnings report later!

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