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Perrigo Sees Strong PL Sales Ahead in Europe, China

November 1, 2011
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Private label pharmaceuticals manufacturer Perrigo reported rapid expansion  of it private label markets in its most recent quarter and expects continued growth in future quarters.
 

In addition to expanding its line of generic equivalents to Allegra, Prevacid and Mucinex, the company also plans to build additional partnerships in China and Europe to meet the demands of the booming private label markets there.

 

“The Perrigo team has a strong business development pipeline and plans to expand our geographic footprint. We are looking for additional partners in China and Europe,” states Joseph C. Papa, chairman, chief executive officer and president of Perrigo. “Looking toward the rest of the year, we are increasing our full-year guidance based on strong new product pipeline and efficiency gains in our production. The market continues to recognize the value of store brand, and our Rx business continues to beat our expectation.”

 

Rapid expansion is also taking place in the infant formula market. “Birthrates in the U.S. continue to contract, given the sustained economic uncertainty, [but] store brand infant formula continue to gain market share,” says Judy L. Brown, chief financial officer of Perrigo. “While consumers have been moving more to the store brand offering as evidenced by the increased market share data, they have been also purchasing more of the higher volumes, larger-sized SKUs, slightly lower-priced formula and food products versus this time last year.”

 

Perrigo’s net earnings for the quarter fell to $70.4 million, down 4.3 percent from earnings of $73.4 million in the same quarter last year. The Allegan, Mi.-based company anticipates stronger earnings for the remainder of its 2012 fiscal year.

 

Sales for the quarter finished at $725.3 million, up 13 percent from $630.75 million in the same period last year. Sales also are anticipated to grow as the 2012 fiscal year progresses.

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