Sales & Earnings In Brief
This article was originally published in The Tan Sheet
Perrigo resists branded, generic PPI competition: Sales of Perrigo's generic omeprazole continue to grow despite competitive pressures in the proton pump inhibitor category. Since the OTC launch of Novartis' Prevacid 24HR in November, sales of Procter & Gamble's competing Prilosec OTC dropped 6.5 percent, but sales of Perrigo's omeprazole tablet grew more than 2 percent, the private labeler said during its fiscal 2010 second-quarter earnings call Feb. 2. Dr. Reddy's generic omeprazole capsule minimally affected Perrigo's sales, because it is not displacing Perrigo's product on shelves (1"The Tan Sheet" Nov. 9, 2009). CEO Joseph Papa said Perrigo hopes to "be in the first wave" of equivalents when Sanofi-Aventis likely switches its allergy medicine Allegra to OTC in the next fiscal year. For the quarter ended Dec. 26, Allegan, Mich.-based Perrigo reported net sales of $583.2 million, up 8.6 percent, while net income more than doubled to $50.9 million
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