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Perrigo narrows loss, ups yearly adjusted earnings outlook

August 10, 2017

Drug maker Perrigo Company plc (PRGO) reported a loss for the second quarter that narrowed from last year and raised its outlook for fiscal 2017 adjusted earnings per share.

The company’s second-quarter net loss was $69.6 million or $0.49 per share, narrower than net loss of $534.3 million or $3.73 per share in the year-ago period.

Adjusted net income was $175 million or $1.22 per share, compared to $185 million or $1.29 per share in the same period last year. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share for the quarter. Analysts’ estimates typically exclude special items.

Net sales for the quarter were $1.24 billion, down 8 percent from $1.34 billion in the year-ago period. Analysts expected revenue of $1.18 billion for the quarter.

Looking ahead, Perrigo now expects calendar year 2017 reported earnings in a range of $0.84 to $1.09 per share. Citing continued positive execution across all of its business segments, the company raised its calendar year 2017 adjusted earnings per share outlook to a range of $4.45 to $4.70.

The revised outlook range includes the removal of approximately $0.05 second half expected contribution due to the sale of the API business.

http://read.bi/2vHYI4I

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