Perrigo Profit Tops View

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Perrigo

(PRGO) - Get Report

reported a 60% rise in profits for the second quarter ended Dec. 31.

The Allegan, Mich.-based pharmaceutical maker earned $25.4 million, or 27 cents a share, in the quarter, compared with $15.3 million, or 22 cents a share, a year ago. Adjusted for a $2.9 million gain related to the sale of the company's non-controlling interest in a Canadian distribution company, earnings were 24 cents a share in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of 21 cents a share.

Second-quarter revenue rose 43% from a year ago to $359.7 million, helped by Agis' product sales. Analysts were expecting revenue of $350.24 million in the most recent quarter.

Operating income rose 63% to 39.3 million whereas operating profit margin improved by 50 basis points to 10.9%.

The company anticipates full year operating earnings to be in the range of 74 cents to 78 cents a share. Thomson First Call consensus estimate stands at 77 cents a share.

Perrigo received approval from the US FDA to market OTC (over-the-counter) nicotine polacrilex lozenges whose brand name product sales at retail were approximately $100 million in calendar 2005. Perrigo has been granted 180 days of market exclusivity as well for the OTC product.

In March 2005, Perrigo acquired Israel-based Agis in a transaction valued at $818 million.

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