Drugmaker Perrigo Co.PRGO -10.16 % on Wednesday said it missed earnings expectations for the latest quarter and cut its guidance for the year as it continues to battle pricing pressure and competition in the market. Perrigo has a 52 week low of $82.50 and a 52 week high of $198.42. That was below an initial February forecast of full-year adjusted earnings at $9.50 to $9.80 a share.
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According to consensus agreement of 18 analysts Perrigo Company plc Ordinary Shares (NYSE:PRGO) will report earnings per share of $1.98 in their quarterly report and it is expected to announce the company’s results on 8/10/2016 BMO.
Back on 8/5/2015 the company’s estimated EPS value was $1.97 and it reported $2.18 earnings per share (EPS) for the quarter ended on 6/2015.
Second-quarter 2016 adjusted net income was $278 million, or $1.93 per share, compared to $320 million, or $2.18 per share for the same period previous year. Analysts expected revenue of $1.43 billion for the quarter. The consensus estimate was for EPS of $1.98. The company posted a positive surprise factor of 10.66% by 0.21. Street expectations are for EPS of $8.19.
Given that Perrigo has benefited from having one of the highest selling price points per generic unit, “it is not surprising to see a competitive influx of generic competition into high value extended topical generic products”, Leerink analysts wrote in a research note. The company earned $1.48 billion during the quarter, compared to analyst estimates of $1.43 billion. The company indicates a peak revenue level of 1.37B and 1.51B at bottom level.
Perrigo’s performance has waned and its stock has plunged after Mr. Papa rallied shareholders to reject a takeover offer in November from Mylan NV that valued Perrigo at $26 billion, insisting the company’s growth prospects would be brighter as a stand-alone firm.
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Up to Tuesday’s close, Perrigo’s stock had fallen 34 percent this year, making it the second-worst performing share in the S&P 500 healthcare index in percentage terms.
