Perrigo (PRGO) positively contributed to performance during the quarter after the Company reported a 32% increase in adjusted income from continuing operations and subsequently received FDA approval for five new prescription and over-the-counter (OTC) pharmaceuticals. Over $15 billion in OTC pharmaceuticals will lose patent protection over the next several years and Perrigo, as the largest manufacturer of private-label, OTC pharmaceuticals, will have ample opportunity to provide its value-added services to retailers around the globe. During the quarter, shares of the company traded to valuation levels that were not as attractive as they have been in the past, so we trimmed positions in Perrigo.
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