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Perrigo Navigates Earnings Storm Weathering Change At Helm

This article was originally published in The Tan Sheet

Executive Summary

The OTC private label giant promotes John Hendrickson from president to CEO after Joseph Papa resigns to take the same post at beleaguered specialty pharma Valeant Pharmaceutical International. A lower earnings forecast combined with the leadership change sent Perrigo's share price down 18.09%.

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The OTC drug, infant and adult nutritionals, Rx generic topicals and API manufacturer's share price has been up since it re-stated is historical revenues from Tysabri multiple sclerosis treatment royalties and reported interim 2017 first-quarter results. Perrigo will "fully concentrate on growing" OTC portfolio.

Perrigo's Return To OTC Roots Restoring Investor Confidence

The OTC drug, infant and adult nutritionals, Rx generic topicals and API manufacturer's share price has been up since it re-stated is historical revenues from Tysabri multiple sclerosis treatment royalties and reported interim 2017 first-quarter results. Perrigo will "fully concentrate on growing" OTC portfolio.

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The firm is reducing its non-production workforce by 750, a decision made after three representatives of disgruntled investor Starboard Value joined its board. Perrigo charts a course of recovery for its struggling international consumer health business, but some analysts are convinced it took a wrong turn with its 2015 investment in European OTC drug and nutritional product businesses and brands.

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