Perrigo (PRGO) Tops Q3 EPS by 9c

Perrigo (NYSE: PRGO) reported Q3 EPS of $0.93, $0.09 better than the analyst estimate of $0.84. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $1.24 billion.

President and CEO, Murray S. Kessler commented, "Results for the first nine months of this year reflect the strength of Perrigo\'s diversified business model, the successful execution of our transformational activities and the dedication and agility of our 11,000 team members worldwide who are successfully navigating this horrific global pandemic."

Kessler continued, "Year to date, Worldwide Consumer net sales have grown high-single-digits, and importantly, organic growth is well above our 3% net sales goal. Consumer Self-Care Americas once again led the way with robust growth in all major franchises, resulting in record third quarter net sales as the segment benefited from channel shifting to e-Commerce and successful new product launches. Better than expected recoveries in both the CSC International and RX base businesses also contributed as our branded self-care and generic prescription product categories that were negatively impacted by consumer/patient buying dynamics surrounding COVID-19 lock-downs improved to near pre-COVID-19 levels. I am pleased that the strength of our businesses allowed us to reaffirm guidance, despite the disappointing RX albuterol recall."

Kessler concluded, "Our self-care evolution has accelerated Perrigo\'s growth over the past 18 months and has us very well positioned in a \'New World\' where self-care, value and e-Commerce will be more important than ever before. While there is still work to be done on our transformation, our team is energized about the future and remains committed to our long-term growth targets. Looking ahead, we will continue to leverage our unique and durable capabilities, along with more than $1 billion in committed investments to date, to recapture the Perrigo Advantage and create long-term value for our shareholders."

GUIDANCE:

Perrigo sees FY2020 revenue of $3.95-4.15 billion, versus the consensus of $4.06 billion.

For earnings history and earnings-related data on Perrigo (PRGO) click here.

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