Perrigo dives after sales miss

Investor's Business Daily

The maker of over-the-counter and generic drugs reported fiscal Q1 sales that badly missed analyst estimates on strong competition in nutritionals and active pharmaceutical ingredients. Perrigo (PRGO) said revenue for the quarter ended Sept. 29 rose 6% vs. a year ago, to $770 mil, but that was more than $55 mil shy of views. Profit rose 16% to $1.27 a share, 3 cents above consensus. The company guided full-year EPS at $5.45-$5.65, the midpoint ahead of analysts' $5.50 forecast. Shares fell 5% to 109.65.

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