There is great news for all of you heartburn sufferers. On Monday, Perrigo (NYSE:PRGO), the world’s largest manufacturer of OTC pharmaceutical products for the store brand market, announced that the Food & Drug Administration granted final approval to partner Dexcel Pharma Technologies Ltd. for over-the-counter generic heartburn drug tablets.
As the exclusive U.S. marketer and distributor of omeprazole for the over-the-counter market, Perrigo said it expects to begin shipments during the first quarter with full-year annual sales estimated between $150 million and $200 million.
This is a huge win for the healthcare supplier. The company raised guidance for 2008, to between $1.32 and $1.47 per share, which is 20-25 cents higher than its previous forecast.
Perrigo has been a huge winner in 2007, and sure looks poised to continue moving upward in 2008.
Disclosure: The author’s fund owns stock in, and is long PRGO. He holds no position in any other stock mentioned, as of December 11, 2007.