Perrigo Company (PRGO, Financial) filed Quarterly Report for the period ended 2010-12-25.
Perrigo Company has a market cap of $6.71 billion; its shares were traded at around $72.719 with a P/E ratio of 23.9 and P/S ratio of 3. The dividend yield of Perrigo Company stocks is 0.4%. Perrigo Company had an annual average earning growth of 17.7% over the past 10 years. GuruFocus rated Perrigo Company the business predictability rank of 2.5-star.Hedge Fund Gurus that owns PRGO: Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns PRGO: Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Edward Owens of Vanguard Health Care Fund, Edward Owens of Vanguard Health Care Fund, John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC.
Net sales for the first half of fiscal 2011 were $1,358,837, an increase of 22% over fiscal 2010. The increase was driven primarily by approximately $175,500 of net sales attributable to the acquisitions of PBM and Orion and included consolidated new product sales of $111,600. Gross profit was $463,454, up 28% over fiscal 2010. The gross profit percentage in the first half of fiscal 2011 was 34.1%, as compared to 32.5% last year. Operating expenses were $219,448, an increase of 24% over fiscal 2010. As a percentage of net sales, operating expenses were slightly lower than fiscal 2010. Income from continuing operations was $163,457, an increase of 44% from fiscal 2010. Net income was $164,542, an increase of 46% over fiscal 2010.
Second quarter net sales for fiscal 2011 increased 3% or $12,995 compared to fiscal 2010. The increase was due primarily to an increase in sales of existing products of approximately $24,000 in the analgesics, smoking cessation and feminine hygiene categories, along with new product sales of approximately $9,900, primarily in the gastrointestinal, cough/cold and feminine hygiene categories. In addition, second quarter fiscal 2011 net sales attributable to the acquisition of Orion were approximately $7,000. These combined increases were partially offset by a decline of $27,000 in sales of existing products in the cough/cold, gastrointestinal and contract manufacturing categories. The declines in the cough/cold and contract manufacturing categories were driven primarily by the timing of the H1N1 peak season relative to last year, along with throughput pressures in manufacturing. Sales of existing products in the U.K. and Mexico declined by approximately $300 due to unfavorable changes in foreign currency exchange rates.
Year-to-date net sales for fiscal 2011 increased 4% or $28,278 compared to fiscal 2010. The increase was due primarily to an increase in sales of existing products of approximately $31,000 in the analgesics and feminine hygiene categories, along with new product sales of approximately $27,100, primarily in the gastrointestinal, smoking cessation, cough/cold and feminine hygiene categories. In addition, year-to-date fiscal 2011 net sales attributable to the acquisition of Orion were approximately $14,300. These combined increases were partially offset by a decline of $37,000 in sales of existing products in the cough/cold, gastrointestinal, smoking cessation and contract manufacturing categories. The declines in the cough/cold and contract manufacturing categories were driven primarily by the timing of the H1N1 peak season relative to last year, along with throughput pressures in manufacturing. International sales of existing products declined by approximately $5,200.
Second quarter net sales for fiscal 2011 increased 119% or $72,448 compared to fiscal 2010. The increase was due primarily to additional sales of approximately $86,000 attributable to the fiscal 2010 acquisition of PBM. In addition, new product sales in the VMS category were approximately $1,800. These combined increases were partially offset by a decline of $15,300 in sales from existing products in the VMS category due primarily to the continued efforts around SKU rationalization. During the first quarter of fiscal 2011, one of the Companys key competitors within the infant formula product category experienced a serious quality issue that resulted in the removal of certain of this competitors products from the market. As a result of this issue, the Company experienced a moderate increase in second quarter fiscal 2011 net sales within the Nutritionals segment of approximately $12,000, but does not currently expect the increase to be significant beyond the second quarter.
Year-to-date net sales for fiscal 2011 increased 119% or $139,340 compared to fiscal 2010. The increase was due primarily to additional sales of approximately $161,200 attributable to the fiscal 2010 acquisition of PBM. In addition, new product sales in the VMS category were approximately $3,200. These combined increases were partially offset by a decline of $25,100 in sales from existing products in the VMS category due primarily to the continued efforts around SKU rationalization.
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Perrigo Company has a market cap of $6.71 billion; its shares were traded at around $72.719 with a P/E ratio of 23.9 and P/S ratio of 3. The dividend yield of Perrigo Company stocks is 0.4%. Perrigo Company had an annual average earning growth of 17.7% over the past 10 years. GuruFocus rated Perrigo Company the business predictability rank of 2.5-star.Hedge Fund Gurus that owns PRGO: Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns PRGO: Ruane Cunniff of Ruane & Cunniff & Goldfarb Inc, Edward Owens of Vanguard Health Care Fund, Edward Owens of Vanguard Health Care Fund, John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Current Year Results Net sales from continuing operations for the second quarter of fiscal 2011 were $717,515, an increase of 23% over fiscal 2010. The increase was driven primarily by approximately $93,000 of net sales attributable to the acquisitions of PBM and Orion Laboratories Pty Ltd. (Orion) and included consolidated new product sales of $63,000. Gross profit was $249,500, an increase of 26% over fiscal 2010. The gross profit percentage inNet sales for the first half of fiscal 2011 were $1,358,837, an increase of 22% over fiscal 2010. The increase was driven primarily by approximately $175,500 of net sales attributable to the acquisitions of PBM and Orion and included consolidated new product sales of $111,600. Gross profit was $463,454, up 28% over fiscal 2010. The gross profit percentage in the first half of fiscal 2011 was 34.1%, as compared to 32.5% last year. Operating expenses were $219,448, an increase of 24% over fiscal 2010. As a percentage of net sales, operating expenses were slightly lower than fiscal 2010. Income from continuing operations was $163,457, an increase of 44% from fiscal 2010. Net income was $164,542, an increase of 46% over fiscal 2010.
Second quarter net sales for fiscal 2011 increased 3% or $12,995 compared to fiscal 2010. The increase was due primarily to an increase in sales of existing products of approximately $24,000 in the analgesics, smoking cessation and feminine hygiene categories, along with new product sales of approximately $9,900, primarily in the gastrointestinal, cough/cold and feminine hygiene categories. In addition, second quarter fiscal 2011 net sales attributable to the acquisition of Orion were approximately $7,000. These combined increases were partially offset by a decline of $27,000 in sales of existing products in the cough/cold, gastrointestinal and contract manufacturing categories. The declines in the cough/cold and contract manufacturing categories were driven primarily by the timing of the H1N1 peak season relative to last year, along with throughput pressures in manufacturing. Sales of existing products in the U.K. and Mexico declined by approximately $300 due to unfavorable changes in foreign currency exchange rates.
Year-to-date net sales for fiscal 2011 increased 4% or $28,278 compared to fiscal 2010. The increase was due primarily to an increase in sales of existing products of approximately $31,000 in the analgesics and feminine hygiene categories, along with new product sales of approximately $27,100, primarily in the gastrointestinal, smoking cessation, cough/cold and feminine hygiene categories. In addition, year-to-date fiscal 2011 net sales attributable to the acquisition of Orion were approximately $14,300. These combined increases were partially offset by a decline of $37,000 in sales of existing products in the cough/cold, gastrointestinal, smoking cessation and contract manufacturing categories. The declines in the cough/cold and contract manufacturing categories were driven primarily by the timing of the H1N1 peak season relative to last year, along with throughput pressures in manufacturing. International sales of existing products declined by approximately $5,200.
Second quarter net sales for fiscal 2011 increased 119% or $72,448 compared to fiscal 2010. The increase was due primarily to additional sales of approximately $86,000 attributable to the fiscal 2010 acquisition of PBM. In addition, new product sales in the VMS category were approximately $1,800. These combined increases were partially offset by a decline of $15,300 in sales from existing products in the VMS category due primarily to the continued efforts around SKU rationalization. During the first quarter of fiscal 2011, one of the Companys key competitors within the infant formula product category experienced a serious quality issue that resulted in the removal of certain of this competitors products from the market. As a result of this issue, the Company experienced a moderate increase in second quarter fiscal 2011 net sales within the Nutritionals segment of approximately $12,000, but does not currently expect the increase to be significant beyond the second quarter.
Year-to-date net sales for fiscal 2011 increased 119% or $139,340 compared to fiscal 2010. The increase was due primarily to additional sales of approximately $161,200 attributable to the fiscal 2010 acquisition of PBM. In addition, new product sales in the VMS category were approximately $3,200. These combined increases were partially offset by a decline of $25,100 in sales from existing products in the VMS category due primarily to the continued efforts around SKU rationalization.
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