There is great news for all of you heartburn sufferers. On Monday, Perrigo (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.