Seeking Alpha

Perrigo Company (PRGO)

  • Tue, Apr. 21, 8:48 AM
    • 50% stock and 50% cash
    • The proposal gives Mylan (NASDAQ:MYL) shareholders a 37.7% premium to the stock price of Mylan on April 7, 2015, the last day of trading prior to Mylan's press release regarding its unsolicited proposal for Perrigo (NYSE:PRGO), and a 48.3% premium to the unaffected stock price of Mylan on March 10, 2015, which is the last day of trading prior to widespread speculation of a transaction between Teva (NYSE:TEVA) and Mylan.
    • Expected to be significantly accretive to Teva non-GAAP EPS, starting in the mid-teens in year 1 and approaching 30% by year 3.
    • Teva/Mylan product offerings would create a combined pipeline of over 400 pending ANDAs and over 80 first-to-files in the U.S.
    • MYL +9.3% premarket to $74.40. TEVA +2.8% premarket.
    • Source: Press Release
    • Previously: Bloomberg: Teva offer for Mylan could come today (Apr. 21)
    • Previously: Mylan says rumored Teva marriage would not makes sense (Apr. 20)
    • Related: Why Does Mylan Want To Buy Perrigo? (Apr. 9)
  • Fri, Apr. 17, 2:30 PM
    • The WSJ and Bloomberg report Teva (TEVA +3.4%) is weighing a bid to acquire fellow generic drug giant Mylan (MYL +5.5%), while adding no decision has been made yet. Shaes of both companies have spiked higher.
    • Bloomberg's sources state Teva "hasn't made a formal approach yet," though Mylan is aware of Teva's interest. Many analysts have long expected Teva to go after Mylan, given many perceived top and bottom-line synergies. Teva is currently worth $66.2B, and Mylan $34.3B.
    • Perrigo (PRGO -2.8%), which Mylan announced a $28.9B ($205/share) bid for last week, has moved lower on the news.
  • Wed, Apr. 8, 12:46 PM
    | Comment!
  • Thu, Feb. 5, 7:33 AM
    • Perrigo (NYSE:PRGO): FQ2 EPS of $1.82 beats by $0.03.
    • Revenue of $1.07B (+9.3% Y/Y) misses by $20M.
    • Shares +2.10% PM.
    • Press Release
    | Comment!
  • Apr. 21, 2014, 5:45 PM
    • Top gainers, as of 5:15 p.m.: AGN +17.5%. VRX +9.5%. NFLX +6.1%. COO +3.1%. PRGO +2.2%.
    • Top losers, as of 5:15 p.m.: RMBS -6.1%. WAT -2.7%. LEJU -2.3%. MRO -2.2%.
    | 1 Comment
  • Jan. 7, 2014, 9:58 AM
    • BofA upgrades Perrigo (PRGO +1.2%) to Buy from Neutral. RBC starts the shares as a Top Pick, with a $187 price target.
    • BofA upgrades Becton Dickinson (BDX +0.8%) to Neutral from Underperform.
    • RBC upgrades Johnson & Johnson (JNJ +1.6%) to Outperform from Sector Perform. Price target is $104.
    • Citi upgrades Varian Medical (VAR +1.6%) to Neutral from Sell.
    • Roth starts ANI Pharma (ANIP +9.5%) at Buy. Price target is $27.
    • RBC starts Teva (TEVA +0.1%) at Sector Perform. Price target is $39.
    • RBC starts AcelRx (ACRX +2.5%) at Outperform. Price target is $15.
    • RBC starts Mylan (MYL +2.3%) at Outperform. Price target is $50.
    • RBC starts Allergan (AGN +1.3%) at Outperform. Price target is $131.
    • RBC starts Impax Labs (IPXL +0.2%) at Sector Perform. Price target is $25.
  • Oct. 31, 2013, 8:35 AM
    • Perrigo (PRGO) rises 2.6% premarket as the company easily beats Street estimates for FQ1.
    • Revenue growth by segment: Consumer Healthcare, +19.5% (Sergeant's and Velcera acquisitions, existing product sales +$40M); Nutritionals, +24.8%; Rx Pharmaceuticals, +25% (Rosemont and Fera acquisitions); API, +18.5%.
    • Full year guidance (excluding Elan): EPS of $6.35-6.60.
    • Elan acquisition expected to be $0.10 accretive in FY14 and $0.70-0.80 accretive in FY15. (PR)
    | Comment!
  • Sep. 10, 2013, 2:31 PM
    • Perrigo (PRGO +0.3%) says it's landed final approval from the FDA for its abbreviated new drug application for a bubble gum-flavored cetirizine hydrochloride oral solution, the generic version of Children's Zyrtec Allergy Syrup.
    • The company plans to begin shipments during the next cough, cold and flu season.
    | Comment!
  • Aug. 15, 2013, 8:44 AM
    • Shares of Perrigo (PRGO) slip 3.5% premarket after FQ4 revenue comes in well light of consensus, despite rising 16% Y/Y.
    • Consumer healthcare segment results: The acquisitions of Sergeant's Pet Care Products and Velcera add $67M to FQ4 revenue while sales of existing contract and smoking cessation products rise $37M. Sales of existing gastrointestinal and analgesics products fall $34M for the period.
    • Adjusted gross margin in the consumer healthcare segment rises 410 bps for the quarter.
    • Rx Pharmaceuticals segment results: Net sales rise 24% to $195M helped to the tune of $16M by the acquisitions of Rosemont and the product portfolio from Fera. Prescription volumes look strong (existing product sales up $10M).
    • Guidance for PRGO (not including any impact from Elan acquisition): FY13 EPS of $5.51-5.76.
    • Elan is expected to add $0.10 to FY14 results and $0.70-0.80 to the bottom line in 2015. (PR)
    | Comment!
  • Aug. 5, 2013, 1:00 PM
    • Perrigo's (PRGO) recent deal for Elan has investors all jazzed up about Irish-domiciled healthcare companies.
    • The allure of a 12.5% corporate tax rate could mean more M&A activity in the not-so-distant future for "anything with an Irish corporate tax structure," one analyst tells Bloomberg.
    • Some of the names being tossed about: Jazz Pharmaceuticals (JAZZ +3.2%) and Alkermes (ALKS +3.8%).
    | Comment!
  • May 7, 2013, 11:39 AM
    Perrigo (PRGO -3.7%) takes a hit this morning after its FQ3 result misses across the board. Net earnings fell 3.3% Y/Y, as the pharmaceutical supplier was hit by higher input costs and a big jump in tax expenses, which masked a 19% increase in net sales. All product categories within the segment grew from the year earlier, with sales in the nutritionals business in particular rising 13% to $133.3M. Gross margin also edged up to 36% from 35.9%, despite total operating expenses widening by 15%.
    | Comment!
  • Feb. 25, 2013, 3:32 PM
    Perrigo Company (PRGO +1.8%) trades higher after UBS upped the shares to Buy earlier today on valuation. The firm cites optimism over its generic testosterone gel 1%, which is a generic version of AbbVie's (ABBV -2%) AndroGel 1%, a treatment for adult males who have low or no testosterone.
    | Comment!
  • Feb. 5, 2013, 2:29 PM
    Perrigo (PRGO +1.6%) receives FDA approval to market its generic testosterone gel 1%. The product is a generic version of AbbVie's (ABBV +0.4%) AndroGel 1%, which is indicated to treat adult males who have low or no testosterone.
    | Comment!
  • Feb. 1, 2013, 11:08 AM
    Perrigo (PRGO +5.3%) trades higher after its FQ2 results easily beat estimates this morning. Net earnings rose 6.2% Y/Y as the store-brand pharmaceutical and nutritional-products maker recorded strong revenue growth from its consumer health-care business, although margins narrowed on higher costs. The company also says it's bought pet-health company Velcera for $160M in an all-cash deal it's billed as a "natural extension" to its Sergeant's pet care product line.
    | Comment!
  • Feb. 1, 2013, 9:10 AM
    Premarket gainers: ADNC +30%. TSYS +15%. RAD +9%. CTRP +8%. EDAP +7%. ALU +6%. DELL +6%. VVUS +5%. PRGO +5%.
    Losers: ECTE -35%. OTT -23%. LTM -16%. SDR -11%. OCZ -8%. CLSN -7%. ALKS -7%. NMM -6%. TLAB -5%
    | Comment!
  • Nov. 7, 2012, 7:58 AM
    Perrigo (PRGO): FQ1 EPS of $1.27 beats by $0.03. Revenue of $769.8M (+6.1% Y/Y) misses by $56M. Shares -3.8% premarket. (PR)
    | Comment!
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Company Description
Perrigo Co PLC develops, manufactures and distributes over-the-counter and generic prescription pharmaceuticals, nutritional products and active pharmaceutical ingredients.