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Perrigo See Strong PL Growth in Latest Quarter, Positive FY Results

August 18, 2011
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Perrigo Co. reported strong growth in its private label business in the final quarter of fiscal 2011. The Allegan, Mich.-based store brand pharmaceutical supplier also noted strong potential for a new private label digestive supplement, and hinted at the possibility of expanding its private label acitivies to China.

 

“In every category, except vitamins, store brands outperform both the brand and the overall category’s growth, with the analgesics category leading the way. As you can also see, store brand analgesic products gained more than 20 percent. Consumers continue to realize the value of the store brand proposition,” says Joe Papa, chairman, president and chief executive officer of Perrigo.

 

The company expects similar results from its store brand version of Align, and anticipates further growth from expanding its private label business into China. “In infant formula, we are working on several new products and new markets as we look to grow in China with more distribution channels in the near future,” Papa says.

 

Operating income for the quarter settled at $85.6 million or 91 cents per share, compared to $49 million or 74 cents per share in the same period last year.

 

Net sales for the quarter reached $704 million compared with $619.7 million in the same period last year.  Strong consumer brand acceptance of Perrigo's brands contributed to the company's strong sales growth, according to Judy Brown, executive vice president and chief financial officer.

 

Net sales for the fiscal year totaled $2.75 billion compared with $2.26 billion in the same period last year. Adjusted income for the year hit $375 million compared with $281 million in the prior fiscal year.

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