Perrigo Updates First-Quarter Loss Figure to Reflect Lower Tax Benefit
May 16 2016 - 11:20PM
Dow Jones News
Perrigo Co. said it posted a bigger first-quarter loss than it
had originally reported last week, reflecting a smaller tax
benefit.
Perrigo's products include infant formulas, store-brand versions
of cold and allergy medicines and generic prescription drugs.
On Thursday, the company said it recorded $467 million in
impairment charges related to its branded consumer-health segment.
The company said Friday that its Form 10-Q would be late as it was
still finalizing the tax impact of the impairment charges.
Perrigo said Monday that its net loss was $334.6 million, or
$2.34 a share, compared with the originally reported net loss of
$133.1 million, or 93 cents a share.
Results included an income tax benefit of $24.6 million. Perrigo
previously said its income tax benefit was $226.1 million.
The revisions didn't change the company's earnings excluding
items, or its guidance for 2016 earnings excluding items.
The Dublin company's revenue for the quarter rose 32% to $1.38
billion.
Late last month, Joseph Papa left his position as chief
executive to lead Valeant Pharmaceuticals International Inc. When
announcing his departure, the company cut its outlook, citing
competitive pressures in its prescription segment for the cut. It
also forecast weakness in its consumer health-care business,
previously known as Omega Pharma, over the next three quarters, as
well as lower expectations for new product launches.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 16, 2016 23:05 ET (03:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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