Sales & Earnings In Brief
This article was originally published in The Tan Sheet
Executive Summary
Perrigo: Vitamin sales rose 6% in fiscal Q1, outpacing gains in the overall market (2%) and store brands (5%), private labeler says, citing IRI data during Oct. 24 analysts call. "Led by bone health and women's health products, we continued to hold our own in a weak market," Exec VP & CFO Douglas Schrank asserts. Cough/cold/allergy sales gained 9% compared to overall market (up 1%), store brands (down 1%). Company expects negative impact in fiscal Q3 from launch of OTC loratadine (Schering-Plough's Claritin) by other companies, but positive turn in Q1 of fiscal 2004 with its own loratadine offering. Perrigo does not hold "first-to-file" status for any generic loratadine dosage form. First quarter sales fell 1.8% to $213.2 mil., due in part to difficult comparison to year-ago sell-in of famotidine. Net income jump of 52.9% to $20 mil. attributed to manufacturing efficiencies, improved pricing, vitamin settlement proceeds, 1Perrigo press release says...