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Perrigo Misses Expectations and Cuts Guidance

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 Inc. VRX 25.43 %

Perrigo’s performance has waned and its stock has plunged after Mr. Papa rallied shareholders to reject a takeover offer in November...