Cough And Cold Sales Boost Perrigo 2Q Profit

ALLEGAN, Mich. (AP) — Drug and nutritional products maker Perrigo Co. said Monday its profit climbed 62 percent in its fiscal first quarter due to strong sales of cough, cold and flu products and raised its forecast for the full year.

Perrigo's quarterly profit and revenue beat Wall Street expectations, and its shares rose to a 52-week high.

Perrigo reported improved sales of generic products sold under store brand names, and its revenue was also boosted by some recent acquisitions.

In the quarter ended Sept. 26, Perrigo said it earned $61.3 million, or 66 cents per share, compared with $38 million, or 40 cents per share, a year earlier.

Revenue grew 16 percent to $528 million from $455.5 million. According to Thomson Reuters, analysts were expecting a profit of 50 cents per share and $494.8 million in revenue.

In midday trading, the stock rose $1.63, or 4.4 percent, to $38.82. Earlier it peaked at a 52-week high of $39.