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Sales & Earnings In Brief

This article was originally published in The Tan Sheet

Executive Summary

Perrigo raises guidance: The private label firm raises its full-year fiscal 2009 earnings guidance by 2 cents per share after reaching record sales and earnings in its first quarter, CEO Joe Papa says during a Nov. 6 earnings call. Perrigo says it is increasing earnings guidance to between $1.92 and $2 per share. Net sales climbed 25 percent to $480 million and net income jumped 12 percent to a first-quarter record of $38 million, Papa said. The Allegan, Mich.-based company's consumer health care sales rose to $366.2 million due in part to $66.8 million in new product sales led by its OTC proton pump inhibitor (omeprazole), ceterizine-containing products and Famotidine Complete antacid, according to a same-day release. Perrigo's consumer health care net sales were up 37 percent, an increase of nearly $100 million, Papa said. He noted the firm's recent acquisitions of U.K. private-label supplier Galpharm, Mexican store-brand company Laboratorios Diba and Michigan contract manufacturer JB Labs, and said Perrigo looks to grow more internationally (1"The Tan Sheet" Oct. 13, 2008, p. 3)

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Sales & Earnings In Brief

SCOLR supplement royalties shrink: The Bothell, Wash.-based pharma firm reports an 18.6 percent drop in its fiscal 2008 to $958,320 in royalties paid by dietary supplement firms licensing its controlled delivery technology. SCOLR said March 11 it received lower royalty income from Perrigo and terminated its relationship with Nutraceutix in 2008. Royalties in 2008 constituted the firm's sole source of revenue, which fell 51.4 percent from $2 million in fiscal 2007. Revenues for the fourth quarter - October through December - decreased 20.4 percent to $176,885. The firm narrowed its full-year net loss by 42.2 percent to $6.1 million, due primarily to a lease buyout transaction. Despite struggles to generate revenue, SCOLR President and CEO Bruce Morra expressed optimism a partner will be found to assist with commercializing an OTC ibuprofen product using CDT currently in development. He also said an abbreviated new drug application for the firm's pseudoephedrine product is moving closer to FDA approval. SCOLR received a complete response letter from the agency with questions about the PSE application in January, though the company says FDA's concerns are not linked to the drug's safety or efficacy (1"The Tan Sheet" Jan. 26, 2009, p. 16)

Sales & Earnings In Brief

SCOLR supplement royalties shrink: The Bothell, Wash.-based pharma firm reports an 18.6 percent drop in its fiscal 2008 to $958,320 in royalties paid by dietary supplement firms licensing its controlled delivery technology. SCOLR said March 11 it received lower royalty income from Perrigo and terminated its relationship with Nutraceutix in 2008. Royalties in 2008 constituted the firm's sole source of revenue, which fell 51.4 percent from $2 million in fiscal 2007. Revenues for the fourth quarter - October through December - decreased 20.4 percent to $176,885. The firm narrowed its full-year net loss by 42.2 percent to $6.1 million, due primarily to a lease buyout transaction. Despite struggles to generate revenue, SCOLR President and CEO Bruce Morra expressed optimism a partner will be found to assist with commercializing an OTC ibuprofen product using CDT currently in development. He also said an abbreviated new drug application for the firm's pseudoephedrine product is moving closer to FDA approval. SCOLR received a complete response letter from the agency with questions about the PSE application in January, though the company says FDA's concerns are not linked to the drug's safety or efficacy (1"The Tan Sheet" Jan. 26, 2009, p. 16)

Sales & Earnings In Brief

SCOLR supplement royalties shrink: The Bothell, Wash.-based pharma firm reports an 18.6 percent drop in its fiscal 2008 to $958,320 in royalties paid by dietary supplement firms licensing its controlled delivery technology. SCOLR said March 11 it received lower royalty income from Perrigo and terminated its relationship with Nutraceutix in 2008. Royalties in 2008 constituted the firm's sole source of revenue, which fell 51.4 percent from $2 million in fiscal 2007. Revenues for the fourth quarter - October through December - decreased 20.4 percent to $176,885. The firm narrowed its full-year net loss by 42.2 percent to $6.1 million, due primarily to a lease buyout transaction. Despite struggles to generate revenue, SCOLR President and CEO Bruce Morra expressed optimism a partner will be found to assist with commercializing an OTC ibuprofen product using CDT currently in development. He also said an abbreviated new drug application for the firm's pseudoephedrine product is moving closer to FDA approval. SCOLR received a complete response letter from the agency with questions about the PSE application in January, though the company says FDA's concerns are not linked to the drug's safety or efficacy (1"The Tan Sheet" Jan. 26, 2009, p. 16)

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