Perrigo Consumer Results' Significance Grows With Tysabri In Past
Firm reclassifies previous revenues from its now-divested license for Tysabri royalties, garnering tax benefits in earlier periods. Perrigo's review of its 2014-2016 results also uncovered $19m in 2016 net income for its European consumer products business.
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The OTC drug private label giant's share price increased as much as 5% in heavy trading May 31 after the release a day earlier of its complete 2017 first-quarter earnings statement and its announcement of $1.4bn in tender offers for credit notes due starting in 2021.
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.
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.