Perrigo's CEO Discusses F4Q2012 Results - Earnings Call Transcript

Looking to Slide 3, you can see that we grew revenue 15% from last year to $3.2 billion; this was driven in large part by the impressive full-year Rx revenue growth of 80%. Our August 2012 guidance range for adjusted consolidated operating margin was between 20 and 22%, we met that goal by achieving a consolidated adjusted operating margin of 21.6%, a 200 basis point increase from just last year.

Adjusted EPS from continuing operations far surpassed our original fiscal year growth target of 450 to 465 achieving $4.99. Our strong net earnings allowed us to also be our original operating cash flow goal with $513 million for the full-year. We achieved these record results while improving our quality and production processes and continuing to do that in research and development.

Every time we speak about Perrigo, we say that quality is our highest priority, we don’t take it lightly, the FDA is continuing to raise the quality standards globally to ensure the highest product safety for consumers. Here at Perrigo we invest necessary resources to make sizeable additional investments in quality and a continuous effort to meet the FDAs expectations.

On Slide 5, you can see the consolidated results for the fiscal fourth quarter. Judy will give you the business unit details but I want to point out a couple of items. First, this is a great quarter, we grew consolidated net sales of 18%, adjusted gross margin grew by 130 basis points and adjusted operating margin by 240 basis points to 21.9%.

If you turn to Slide 6, you will see the net sales breakdown by business segment for the fiscal fourth quarter. Consumer Healthcare and Nutritionals both grew double-digits. CHC was aided by a strong allergy season and the Nutritionals segment approximately half of the sales growth in the infant formula category came from new sales through our Chinese supply agreement.

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