David Rolfe Comments on Perrigo

Guru stock highlight

Jul 13, 2016

Perrigo (NYSE:PRGO) detracted –1.04% from the composite's absolute performance. A surprising decline in Perrigo’s normally staid generic prescription (Rx) business had the company reduce full-year guidance by almost 15% in a late April pre-earnings release. In addition, the Company disclosed further write-downs and organizational changes in their nascent Branded Consumer Health (BCH) segment. Last, the Company announced the abrupt exit of long-time CEO, Joe Papa, who joined embattled Valeant Pharmaceutical. Immediately after this slew of data points, we decided it prudent to liquidate our Perrigo stake.

From David Rolfe (Trades, Portfolio)'s second quarter 2016 Wedgewood Partners Client Letter.

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