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Monday, November 02, 2009

Perrigo Beats Expectations, Raises View

By Kathryn Glass

FOXBusiness

Generic pharmaceutical company Perrigo Co. (PRGO) saw fiscal first quarter earnings rise 61% on improved sales, the company reported Monday.

Perrigo raised its full-year view, projecting earnings in the range of $2.35 to $2.45 per share, compared to a previous forecast of $2 to $2.12.

In the first quarter of 2010, the company easily beat the Street’s view, reporting profit of $61.3 million, with adjusted earnings 66 cents per share, compared to net income of $38.9 million or 41 cents per share in the year-ago quarter.

Revenue rose 16% to $528 million, compared to $456 million a year ago, on improved sales as consumers switched to generic drugs during the recession.

“We continue to make quality healthcare more affordable at a time when consumers need to save money more than ever," said Perrigo's Chairman and CEO Joseph Papa, in a statement.

Analysts polled by Thomson Reuters had expected earnings of 50 cents per share on $491 million in revenue.

Shares of Perrigo rose 91 cents or 2.45% in Monday’s session to close at $38.10 per share.

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