Perrigo Profits Jump 15%; Shares Climb

Drug maker Perrigo(PRGO Quote) posted 15% jump in third-quarter earnings, lifted by strong sales in its consumer healthcare segment.

During the quarter, the company earned $45.9 million, or 49 cents a share, compared with $40 million, or 42 cents, in the same quarter last year.

Sales increased 5% to $505.9 million. Consumer healthcare sales rose 12% to $419.1 million from $373 million last year, boosted by acquisitions and strength in the gastrointestinal, cough and cold, smoking cessation and nutrition categories.

Perrigo said it decided to sell its Israel Consumer Products business in March.

The company raised its full-year outlook to the range of f $1.80 to $1.90 per share, from previous forecast of $1.75 to $1.90.

Rival Celera(CRA Quote) said on Wednesday that it narrowed its loss in the first quarter on higher lab-service revenue and product sales.

Shares of Perrigo jumped 7% to $26.90 in morning trading, while Celera was up 4% to $7.91.