Perrigo Reports Record Revenue and Adjusted Earnings
- Fiscal third quarter net sales increased 18% year over year to a record $920 million.
- Fiscal third quarter adjusted operating income increased 21% to a record $208 million, a 50 basis point expansion as a percent to sales.
- Fiscal third quarter GAAP operating income increased 22% to $179 million.
- Fiscal third quarter cash flow from operations was $151 million.
- Inclusive of recent acquisitions, management confirms February 11th guidance of full-year fiscal 2013 adjusted earnings range of $5.53 to $5.73 per diluted share and reported earnings of between $4.67 and $4.87 per diluted share.
ALLEGAN, Mich., May 7, 2013 /PRNewswire/ -- Perrigo Company (Nasdaq: PRGO; TASE: PRGO) today announced results for its third quarter ended March 30, 2013.
(Logo: http://photos.prnewswire.com/prnh/20120301/DE62255LOGO )
Perrigo's Chairman and CEO Joseph C. Papa commented, "We are very pleased with our performance, as the team delivered all-time record quarterly revenue and adjusted diluted earnings per share. It was a very busy quarter for the team. We signed and closed the acquisition of Rosemont Pharmaceuticals, a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations. We shipped Guaifenesin 600mg Extended-Release tablets with $135 million in branded sales. It is the first product that is generically equivalent to Mucinex® 600mg Extended-Release tablets. We launched the generic equivalents of Luxiq® Foam and Nicorette® mini lozenges and the authorized generic of Acetadote® injection. Finally, we filed an ANDA for the generic equivalent of Androgel® 1.62% and we believe we are the first to file. After the quarter ended, we closed our acquisition of Velcera, further expanding our recent entry into companion animal health and broadening our product offering. All of these great milestones were achieved while expanding margins in a record sales quarter."
Refer to Table I at the end of this press release for adjustments in the current year and prior year periods and additional non-GAAP information. The Company's reported results are summarized in the attached Condensed Consolidated Statements of Income, Balance Sheets and Cash Flows.
|
Perrigo Company (in thousands, except per share amounts) (see the attached Tables I and IV for reconciliation to GAAP numbers)
|
|||||
| Fiscal 2013 |
Fiscal 2012 |
||||
| Third Quarter |
Third Quarter |
YoY |
|||
| 3/30/2013 |
3/31/2012 |
% Change |
|||
| Net Sales |
$919,825 |
$778,017 |
+18.2% |
||
| Reported Net Income |
$111,924 |
$115,727 |
-3.3% |
||
| Adjusted Net Income |
$134,073 |
$132,679 |
+1.1% |
||
| Reported Diluted EPS |
$1.18 |
$1.23 |
-4.1% |
||
| Adjusted Diluted EPS |
$1.42 |
$1.41 |
+0.7% |
||
| Adjusted Diluted EPS excluding 3Q 2012 Tax Benefit |
$1.42 |
$1.21 |
+17.4% |
||
| Diluted Shares |
94,519 |
94,124 |
+0.4% |
||
Third Quarter Results
Net sales in the quarter were a record $920 million, an increase of 18% over the third quarter of fiscal 2012, driven primarily by $61 million in strong base business growth, new product sales of $41 million and $40 million attributable to the Sergeant's and Rosemont acquisitions. Excluding charges as outlined in Table I at the end of this release, third quarter fiscal 2013 adjusted net income increased 1.1% to $134 million, or $1.42 per diluted share. Excluding a non-recurring tax benefit of $19 million in fiscal third quarter 2012; adjusted net income increased 18%. Reported net income decreased 3.3% to $112 million, or $1.18 per diluted share.
Consumer Healthcare
|
Consumer Healthcare Segment (in thousands) (see the attached Table II for reconciliation to GAAP numbers) |
|||||||||
| Fiscal 2013 |
Fiscal 2012 |
||||||||
| Third Quarter |
Third Quarter Ended |
YoY |
|||||||
| 3/30/2013 |
3/31/2012 |
% Change |
|||||||
| Net Sales |
$536,775 |
$448,848 |
+19.6% |
||||||
| Reported Gross Profit |
$176,646 |
$140,417 |
+25.8% |
||||||
| Adjusted Gross Profit |
$180,045 |
$141,427 |
+27.3% |
||||||
| Reported Operating Income |
$95,921 |
$79,383 |
+20.8% |
||||||
| Adjusted Operating Income |
$100,951 |
$81,804 |
+23.4% |
||||||
| Reported Gross Margin |
32.9% |
31.3% |
+160 bps |
||||||
| Adjusted Gross Margin |
33.5% |
31.5% |
+200 bps |
||||||
| Reported Operating Margin |
17.9% |
17.7% |
+20 bps |
||||||
| Adjusted Operating Margin |
18.8% |
18.2% |
+60 bps |
||||||
Consumer Healthcare segment net sales increased 20% to $537 million, driven by an increase in sales of existing products of $54 million (contract, cough/cold and analgesics categories), $31 million attributable to the recent acquisition of Sergeant's and new product sales of approximately $17 million (cough/cold and smoking cessation categories). These combined increases were partially offset by a decline of $9 million in sales of existing products (other categories) and $4 million in discontinued products.
The adjusted gross margin expanded 200 basis points due to the inclusion of Sergeant's, new products, increased manufacturing efficiencies and a favorable product mix. Third quarter operating expenses increased due primarily to approximately $12 million of incremental operating expenses from the acquisition of Sergeant's.
Nutritionals
|
Nutritionals Segment (in thousands) (see the attached Table II for reconciliation to GAAP numbers)
|
|||||
| Fiscal 2013 |
Fiscal 2012 |
||||
| Third Quarter |
Third Quarter Ended |
YoY |
|||
| 3/30/2013 |
3/31/2012 |
% Change |
|||
| Net Sales |
$133,344 |
$117,683 |
+13.3% |
||
| Reported Gross Profit |
$30,976 |
$30,350 |
+2.1% |
||
| Adjusted Gross Profit |
$34,026 |
$33,371 |
+2.0% |
||
| Reported Operating Income |
$6,965 |
$1,845 |
+277.5% |
||
| Adjusted Operating Income |
$14,275 |
$15,563 |
-8.3% |
||
| Reported Gross Margin |
23.2% |
25.8% |
-260 bps |
||
| Adjusted Gross Margin |
25.5% |
28.4% |
-290 bps |
||
| Reported Operating Margin |
5.2% |
1.6% |
+360 bps |
||
| Adjusted Operating Margin |
10.7% |
13.2% |
-250 bps |
||
The Nutritionals segment reported third quarter net sales of $133 million, compared with $118 million a year ago. All product categories within the segment grew year-over-year and new product sales were $5 million. The disparities between the reported and adjusted operating income and margin are due to the absence of restructuring charges incurred in the third quarter of fiscal 2012 related to the Company's Florida location, which was closed in the fourth quarter of fiscal 2012.
Third quarter adjusted gross margin decreased due primarily to a larger proportion of sales from the lower margin VMS category and higher production inefficiencies in the infant formula category, while the adjusted operating margin was favorably impacted by lower employee-related expenses.
Rx Pharmaceuticals
|
Rx Pharmaceuticals Segment (in thousands) (see the attached Table II for reconciliation to GAAP numbers)
|
|||||
| Fiscal 2013 |
Fiscal 2012 |
||||
| Third Quarter Ended |
Third Quarter Ended |
YoY |
|||
| 3/30/2013 |
3/31/2012 |
% Change |
|||
| Net Sales |
$189,410 |
$155,591 |
+21.7% |
||
| Reported Gross Profit |
$96,516 |
$83,333 |
+15.8% |
||
| Adjusted Gross Profit |
$109,661 |
$91,907 |
+19.3% |
||
| Reported Operating Income |
$73,419 |
$67,257 |
+9.2% |
||
| Adjusted Operating Income |
$86,627 |
$75,831 |
+14.2% |
||
| Reported Gross Margin |
51.0% |
53.6% |
-260 bps |
||
| Adjusted Gross Margin |
57.9% |
59.1% |
-120 bps |
||
| Reported Operating Margin |
38.8% |
43.2% |
-440 bps |
||
| Adjusted Operating Margin |
45.7% |
48.7% |
-300 bps |
||
The Rx Pharmaceuticals segment third quarter net sales increased 22% to $189 million due primarily to new product sales of $18 million, $8 million in sales related to the February 11th 2013 acquisition of Rosemont, and strong prescription volumes evidenced by an increase in existing product sales of $7 million.
The adjusted gross margin decreased due primarily to less favorable product mix. The adjusted operating margin was impacted by higher distribution, selling, general and administrative costs and the inclusion of Rosemont.
API
|
API Segment (in thousands) (see the attached Table II for reconciliation to GAAP numbers) |
|||||
| Fiscal 2013 |
Fiscal 2012 |
||||
| Third Quarter |
Third Quarter Ended |
YoY |
|||
| 3/30/2013 |
3/31/2012 |
% Change |
|||
| Net Sales |
$41,114 |
$36,951 |
+11.3% |
||
| Reported Gross Profit |
$20,915 |
$18,675 |
+12.0% |
||
| Adjusted Gross Profit |
$21,413 |
$19,165 |
+11.7% |
||
| Reported Operating Income |
$11,728 |
$10,462 |
+12.1% |
||
| Adjusted Operating Income |
$12,226 |
$10,952 |
+11.6% |
||
| Reported Gross Margin |
50.9% |
50.5% |
+40 bps |
||
| Adjusted Gross Margin |
52.1% |
51.9% |
+20 bps |
||
| Reported Operating Margin |
28.5% |
28.3% |
+20 bps |
||
| Adjusted Operating Margin |
29.7% |
29.6% |
+10 bps |
||
The API segment's net sales increased by 11% to $41 million due to an increase in existing product sales of $4 million primarily related to the continued successful launch of a customer's product.
Operating margins expanded on favorable mix of existing product sales offset slightly by higher distribution selling, general and administrative expenses.
Closing
Chairman, President and CEO Joseph C. Papa concluded, "While we've celebrated a record quarter, we are back to executing our plans for the final quarter of fiscal 2013. We're well positioned to save pet owners money as we enter this summer's flea and tick season and are anxiously awaiting additional new product approvals and launches. As always, we stand committed to bringing more forms of quality, affordable healthcare to more consumers."
Guidance
The Company is confirming the guidance which was provided on February 11, 2013, the closing date of the Rosemont acquisition, and continues to expect fiscal 2013 reported earnings to be between $4.67 and $4.87 per diluted share as compared to $4.18 in fiscal 2012. Excluding the charges outlined in Table III at the end of this release, the Company continues to expect fiscal 2013 adjusted earnings to be between $5.53 and $5.73 per diluted share as compared to $4.99 in fiscal 2012. This range implies a year-over-year growth rate in adjusted earnings of 11% to 15% over fiscal 2012's adjusted earnings from continuing operations per diluted share.
The conference call will be available live via webcast to interested parties in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcasts or by phone at 877-248-9413, International 973-582-2737, and reference ID# 31768198. A taped replay of the call will be available beginning at approximately 1:00 p.m. (ET) Tuesday, May 7, 2013 until midnight Friday, May 17, 2013. To listen to the replay, dial 855-859-2056, International 404-537-3406, and use access code 31768198.
From its beginnings as a packager of generic home remedies in 1887, Allegan, Michigan-based Perrigo Company has grown to become a leading global provider of quality, affordable healthcare products. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements and active pharmaceutical ingredients (API). The Company is the world's largest manufacturer of OTC pharmaceutical products for the store brand market. The Company's primary markets and locations of logistics operations have evolved over the years to include the United States, Israel, Mexico, the United Kingdom, India, China and Australia. Visit Perrigo on the Internet (http://www.perrigo.com).
Note: Certain statements in this press release are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended June 30, 2012, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
| PERRIGO COMPANY |
|||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||
| (in thousands, except per share amounts) |
|||||||
| (unaudited) |
|||||||
| Three Months Ended |
Nine Months Ended |
||||||
| March 30, |
March 31, |
March 30, |
March 31, |
||||
| Net sales |
$ 919,825 |
$ 778,017 |
$ 2,572,594 |
$ 2,341,482 |
|||
| Cost of sales |
588,464 |
498,744 |
1,648,799 |
1,539,755 |
|||
| Gross profit |
331,361 |
279,273 |
923,795 |
801,727 |
|||
| Operating expenses |
|||||||
| Distribution |
12,569 |
10,181 |
35,035 |
29,540 |
|||
| Research and development |
28,526 |
27,950 |
84,244 |
78,736 |
|||
| Selling and administration |
111,660 |
87,991 |
305,480 |
278,080 |
|||
| Restructuring |
— |
7,081 |
— |
7,081 |
|||
| Total operating expenses |
152,755 |
133,203 |
424,759 |
393,437 |
|||
| Operating income |
178,606 |
146,070 |
499,036 |
408,290 |
|||
| Interest, net |
16,070 |
16,651 |
47,237 |
44,862 |
|||
| Other expense (income), net |
841 |
(5,202) |
855 |
(4,221) |
|||
| Losses on sales of investments |
1,608 |
— |
4,657 |
— |
|||
| Income before income taxes |
160,087 |
134,621 |
446,287 |
367,649 |
|||
| Income tax expense |
48,163 |
18,894 |
122,828 |
81,725 |
|||
| Net income |
$ 111,924 |
$ 115,727 |
$ 323,459 |
$ 285,924 |
|||
| Earnings per share |
|||||||
| Basic earnings per share |
$ 1.19 |
$ 1.24 |
$ 3.45 |
$ 3.07 |
|||
| Diluted earnings per share |
$ 1.18 |
$ 1.23 |
$ 3.42 |
$ 3.04 |
|||
| Weighted average shares outstanding |
|||||||
| Basic |
93,989 |
93,330 |
93,833 |
93,152 |
|||
| Diluted |
94,519 |
94,124 |
94,443 |
94,028 |
|||
| Dividends declared per share |
$ 0.09 |
$ 0.08 |
$ 0.26 |
$ 0.23 |
|||
| PERRIGO COMPANY |
|||||||
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|||||||
| (in thousands) |
|||||||
| (unaudited) |
|||||||
| Three Months Ended |
Nine Months Ended |
||||||
| March 30, |
March 31, |
March 30, |
March 31, |
||||
| Net income |
$ 111,924 |
$ 115,727 |
$ 323,459 |
$ 285,924 |
|||
| Other comprehensive income (loss): |
|||||||
| Change in fair value of derivative financial instruments, net of tax |
1,638 |
2,642 |
8,344 |
(6,650) |
|||
| Foreign currency translation adjustments |
4,784 |
22,214 |
38,234 |
(43,598) |
|||
| Change in fair value of investment securities, net of tax |
295 |
— |
1,332 |
(933) |
|||
| Post-retirement liability adjustments, net of tax |
— |
(28) |
(41) |
(69) |
|||
| Other comprehensive income (loss), net of tax |
6,717 |
24,828 |
47,869 |
(51,250) |
|||
| Comprehensive income |
$ 118,641 |
$ 140,555 |
$ 371,328 |
$ 234,674 |
|||
| PERRIGO COMPANY |
|||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
| (in thousands) |
|||||
| (unaudited) |
|||||
| March 30, |
June 30, |
March 31, |
|||
| Assets |
|||||
| Current assets |
|||||
| Cash and cash equivalents |
$ 300,827 |
$ 602,489 |
$ 554,280 |
||
| Accounts receivable, net |
618,666 |
572,582 |
560,740 |
||
| Inventories |
684,741 |
547,455 |
589,947 |
||
| Current deferred income taxes |
43,068 |
45,738 |
51,269 |
||
| Income taxes refundable |
5,479 |
1,047 |
766 |
||
| Prepaid expenses and other current assets |
44,847 |
26,610 |
33,886 |
||
| Total current assets |
1,697,628 |
1,795,921 |
1,790,888 |
||
| Property and equipment |
1,236,444 |
1,118,837 |
1,096,749 |
||
| Less accumulated depreciation |
(593,186) |
(540,487) |
(532,335) |
||
| 643,258 |
578,350 |
564,414 |
|||
| Goodwill and other indefinite-lived intangible assets |
1,127,954 |
820,122 |
830,689 |
||
| Other intangible assets, net |
938,544 |
729,253 |
752,600 |
||
| Non-current deferred income taxes |
17,223 |
13,444 |
12,390 |
||
| Other non-current assets |
71,281 |
86,957 |
89,073 |
||
| $ 4,495,888 |
$ 4,024,047 |
$ 4,040,054 |
|||
| Liabilities and Shareholders' Equity |
|||||
| Current liabilities |
|||||
| Accounts payable |
$ 325,415 |
$ 317,341 |
$ 307,017 |
||
| Short-term debt |
4,513 |
90 |
— |
||
| Payroll and related taxes |
72,832 |
89,934 |
74,450 |
||
| Accrued customer programs |
128,676 |
116,055 |
103,868 |
||
| Accrued liabilities |
83,260 |
76,406 |
83,886 |
||
| Accrued income taxes |
17,639 |
12,905 |
20,530 |
||
| Current portion of long-term debt |
41,285 |
40,000 |
40,000 |
||
| Total current liabilities |
673,620 |
652,731 |
629,751 |
||
| Non-current liabilities |
|||||
| Long-term debt, less current portion |
1,331,684 |
1,329,235 |
1,454,620 |
||
| Non-current deferred income taxes |
80,474 |
24,126 |
19,543 |
||
| Other non-current liabilities |
184,782 |
165,310 |
163,466 |
||
| Total non-current liabilities |
1,596,940 |
1,518,671 |
1,637,629 |
||
| Shareholders' Equity |
|||||
| Controlling interest: |
|||||
| Preferred stock, without par value, 10,000 shares authorized |
— |
— |
— |
||
| Common stock, without par value, 200,000 shares authorized |
530,780 |
504,708 |
496,320 |
||
| Accumulated other comprehensive income |
87,273 |
39,404 |
75,800 |
||
| Retained earnings |
1,605,894 |
1,306,925 |
1,198,740 |
||
| 2,223,947 |
1,851,037 |
1,770,860 |
|||
| Noncontrolling interest |
1,381 |
1,608 |
1,814 |
||
| Total shareholders' equity |
2,225,328 |
1,852,645 |
1,772,674 |
||
| $ 4,495,888 |
$ 4,024,047 |
$ 4,040,054 |
|||
| Supplemental Disclosures of Balance Sheet Information |
|||||
| Allowance for doubtful accounts |
$ 2,219 |
$ 2,556 |
$ 2,483 |
||
| Working capital |
$ 1,024,008 |
$ 1,143,190 |
$ 1,161,137 |
||
| Preferred stock, shares issued and outstanding |
— |
— |
— |
||
| Common stock, shares issued and outstanding |
94,022 |
93,484 |
93,405 |
||
| PERRIGO COMPANY |
||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||
| (in thousands) |
||||
| (unaudited) |
||||
| Nine Months Ended |
||||
| March 30, 2013 |
March 31, 2012 |
|||
| Cash Flows From (For) Operating Activities |
||||
| Net income |
$ 323,459 |
$ 285,924 |
||
| Adjustments to derive cash flows |
||||
| Gain on sale of pipeline development projects |
— |
(3,500) |
||
| Restructuring |
— |
7,081 |
||
| Losses on sales of investments |
4,657 |
— |
||
| Depreciation and amortization |
112,817 |
101,712 |
||
| Share-based compensation |
14,037 |
13,924 |
||
| Income tax benefit from exercise of stock options |
(271) |
(447) |
||
| Excess tax benefit of stock transactions |
(15,365) |
(12,202) |
||
| Deferred income taxes |
(3,069) |
12,021 |
||
| Subtotal |
436,265 |
404,513 |
||
| Changes in operating assets and liabilities, net of business acquisitions |
||||
| Accounts receivable |
(5,919) |
(28,723) |
||
| Inventories |
(81,269) |
(27,523) |
||
| Accounts payable |
(17,424) |
(43,867) |
||
| Payroll and related taxes |
(21,430) |
(9,707) |
||
| Accrued customer programs |
10,008 |
(13,755) |
||
| Accrued liabilities |
10,113 |
17,584 |
||
| Accrued income taxes |
31,161 |
19,077 |
||
| Other |
18,607 |
(5,979) |
||
| Subtotal |
(56,153) |
(92,893) |
||
| Net cash from operating activities |
380,112 |
311,620 |
||
| Cash Flows (For) From Investing Activities |
||||
| Acquisitions of businesses, net of cash acquired |
(607,776) |
(582,329) |
||
| Proceeds from sale of securities |
8,630 |
— |
||
| Proceeds from sale of intangible assets and pipeline development projects |
— |
10,500 |
||
| Additions to property and equipment |
(63,480) |
(85,715) |
||
| Acquisitions of intangible assets |
— |
(750) |
||
| Net cash for investing activities |
(662,626) |
(658,294) |
||
| Cash Flows (For) From Financing Activities |
||||
| Borrowings (repayments) of short-term debt, net |
4,423 |
(2,770) |
||
| Borrowings of long-term debt |
40,786 |
1,089,620 |
||
| Repayments of long-term debt |
(40,000) |
(485,000) |
||
| Deferred financing fees |
(643) |
(5,108) |
||
| Excess tax benefit of stock transactions |
15,365 |
12,202 |
||
| Issuance of common stock |
8,706 |
10,040 |
||
| Repurchase of common stock |
(12,321) |
(7,954) |
||
| Cash dividends |
(24,490) |
(21,516) |
||
| Net cash (for) from financing activities |
(8,174) |
589,514 |
||
| Effect of exchange rate changes on cash |
(10,974) |
1,336 |
||
| Net (decrease) increase in cash and cash equivalents |
(301,662) |
244,176 |
||
| Cash and cash equivalents, beginning of period |
602,489 |
310,104 |
||
| Cash and cash equivalents, end of period |
$ 300,827 |
$ 554,280 |
||
| Supplemental Disclosures of Cash Flow Information |
||||
| Cash paid/received during the period for: |
||||
| Interest paid |
$ 31,234 |
$ 29,234 |
||
| Interest received |
$ 2,473 |
$ 2,222 |
||
| Income taxes paid |
$ 93,518 |
$ 53,216 |
||
| Income taxes refunded |
$ 1,312 |
$ 830 |
||
| Table I |
|||||||||||||||
| PERRIGO COMPANY |
|||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||
| (in thousands, except per share amounts) |
|||||||||||||||
| (unaudited) |
|||||||||||||||
| Three Months Ended |
|||||||||||||||
| Consolidated |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 919,825 |
$ - |
$ 919,825 |
$ 778,017 |
$ - |
$ 778,017 |
18 % |
18 % |
|||||||
| Cost of sales |
588,464 |
20,515 |
(a,b) |
567,949 |
498,744 |
13,505 |
(a) |
485,239 |
18 % |
17 % |
|||||
| Gross profit |
331,361 |
20,515 |
351,876 |
279,273 |
13,505 |
292,778 |
19 % |
20 % |
|||||||
| Operating expenses |
|||||||||||||||
| Distribution |
12,569 |
- |
12,569 |
10,181 |
- |
10,181 |
23 % |
23 % |
|||||||
| Research and development |
28,526 |
- |
28,526 |
27,950 |
- |
27,950 |
2 % |
2 % |
|||||||
| Selling and administration |
111,660 |
9,078 |
(a,c) |
102,582 |
87,991 |
5,027 |
(a) |
82,964 |
27 % |
24 % |
|||||
| Restructuring |
- |
- |
- |
7,081 |
7,081 |
(e) |
- |
- |
- |
||||||
| Total operating expenses |
152,755 |
9,078 |
143,677 |
133,203 |
12,108 |
121,095 |
15 % |
19 % |
|||||||
| Operating income |
178,606 |
29,593 |
208,199 |
146,070 |
25,613 |
171,683 |
22 % |
21 % |
|||||||
| Interest, net |
16,070 |
- |
16,070 |
16,651 |
- |
16,651 |
-3 % |
-3 % |
|||||||
| Other expense (income), net |
841 |
- |
841 |
(5,202) |
- |
(5,202) |
- |
- |
|||||||
| Loss on sale of investment |
1,608 |
1,608 |
- |
- |
- |
- |
- |
- |
|||||||
| Income before income taxes |
160,087 |
31,201 |
191,288 |
134,621 |
25,613 |
160,234 |
19 % |
19 % |
|||||||
| Income tax expense |
48,163 |
9,052 |
(l) |
57,215 |
18,894 |
8,661 |
(l) |
27,555 |
155 % |
108 % |
|||||
| Net income |
$ 111,924 |
$ 22,149 |
$ 134,073 |
$ 115,727 |
$ 16,952 |
$ 132,679 |
-3 % |
1 % |
|||||||
| Diluted earnings per share |
$ 1.18 |
$ 1.42 |
$ 1.23 |
$ 1.41 |
-4 % |
1 % |
|||||||||
| Diluted weighted average shares outstanding |
94,519 |
94,519 |
94,124 |
94,124 |
|||||||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
36.0 % |
38.3 % |
35.9 % |
37.6 % |
|||||||||||
| Operating expenses |
16.6 % |
15.6 % |
17.1 % |
15.6 % |
|||||||||||
| Operating income |
19.4 % |
22.6 % |
18.8 % |
22.1 % |
|||||||||||
| Nine Months Ended |
|||||||||||||||
| Consolidated |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 2,572,594 |
$ - |
$ 2,572,594 |
$ 2,341,482 |
$ - |
$ 2,341,482 |
10 % |
10 % |
|||||||
| Cost of sales |
1,648,799 |
57,146 |
(a,f) |
1,591,653 |
1,539,755 |
68,797 |
(a,h) |
1,470,958 |
7 % |
8 % |
|||||
| Gross profit |
923,795 |
57,146 |
980,941 |
801,727 |
68,797 |
870,524 |
15 % |
13 % |
|||||||
| Operating expenses |
|||||||||||||||
| Distribution |
35,035 |
- |
35,035 |
29,540 |
- |
29,540 |
19 % |
19 % |
|||||||
| Research and development |
84,244 |
- |
84,244 |
78,736 |
(3,500) |
(i) |
82,236 |
7 % |
2 % |
||||||
| Selling and administration |
305,480 |
23,929 |
(a,d,g) |
281,551 |
278,080 |
24,076 |
(a,j) |
254,004 |
10 % |
11 % |
|||||
| Restructuring |
- |
- |
- |
7,081 |
7,081 |
(e) |
- |
- |
- |
||||||
| Total operating expenses |
424,759 |
23,929 |
400,830 |
393,437 |
27,657 |
365,780 |
8 % |
10 % |
|||||||
| Operating income |
499,036 |
81,075 |
580,111 |
408,290 |
96,454 |
504,744 |
22 % |
15 % |
|||||||
| Interest, net |
47,237 |
- |
47,237 |
44,862 |
- |
44,862 |
5 % |
5 % |
|||||||
| Other expense (income), net |
855 |
- |
855 |
(4,221) |
- |
(4,221) |
- |
- |
|||||||
| Losses on sales of investments |
4,657 |
4,657 |
(k) |
- |
- |
- |
- |
- |
- |
||||||
| Income before income taxes |
446,287 |
85,732 |
532,019 |
367,649 |
96,454 |
464,103 |
21 % |
15 % |
|||||||
| Income tax expense |
122,828 |
27,567 |
(l) |
150,395 |
81,725 |
33,948 |
(l) |
115,673 |
50 % |
30 % |
|||||
| Net income |
$ 323,459 |
$ 58,165 |
$ 381,624 |
$ 285,924 |
$ 62,506 |
$ 348,430 |
13 % |
10 % |
|||||||
| Diluted earnings per share |
$ 3.42 |
$ 4.04 |
$ 3.04 |
$ 3.71 |
13 % |
9 % |
|||||||||
| Diluted weighted average shares outstanding |
94,443 |
94,443 |
94,028 |
94,028 |
|||||||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
35.9 % |
38.1 % |
34.2 % |
37.2 % |
|||||||||||
| Operating expenses |
16.5 % |
15.6 % |
16.8 % |
15.6 % |
|||||||||||
| Operating income |
19.4 % |
22.5 % |
17.4 % |
21.6 % |
|||||||||||
| (a) Deal-related amortization |
|||||||||||||||
| (b) Inventory step-up of $1,857 |
|||||||||||||||
| (c) Acquisition costs of $3,124 |
|||||||||||||||
| (d) Severance costs of $1,526 |
|||||||||||||||
| (e) Restructuring charges related to Florida |
|||||||||||||||
| (f) Inventory step-ups of $9,550 |
|||||||||||||||
| (g) Acquisition costs of $5,041 |
|||||||||||||||
| (h) Inventory step-up of $27,179 |
|||||||||||||||
| (i) Proceeds from sale of pipeline development projects |
|||||||||||||||
| (j) Acquisition-related and severance costs of $9,381 |
|||||||||||||||
| (k) Losses on sale of investment in Cobrek of $3,049 and sale of auction rate securities of $1,608 |
|||||||||||||||
| (l) Total tax effect for non-GAAP pre-tax adjustments |
|||||||||||||||
| Table II |
|||||||||||||||
| PERRIGO COMPANY |
|||||||||||||||
| REPORTABLE SEGMENTS |
|||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||
| (in thousands) |
|||||||||||||||
| (unaudited) |
|||||||||||||||
| Three Months Ended |
|||||||||||||||
| Consumer Healthcare |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 536,775 |
$ - |
$ 536,775 |
$ 448,848 |
$ - |
$ 448,848 |
20 % |
20 % |
|||||||
| Cost of sales |
360,129 |
3,399 |
(a) |
356,730 |
308,431 |
1,010 |
(a) |
307,421 |
17 % |
16 % |
|||||
| Gross profit |
176,646 |
3,399 |
180,045 |
140,417 |
1,010 |
141,427 |
26 % |
27 % |
|||||||
| Operating expenses |
80,725 |
1,631 |
(a) |
79,094 |
61,034 |
1,411 |
(a) |
59,623 |
32 % |
33 % |
|||||
| Operating income |
$ 95,921 |
$ 5,030 |
$ 100,951 |
$ 79,383 |
$ 2,421 |
$ 81,804 |
21 % |
23 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
32.9 % |
33.5 % |
31.3 % |
31.5 % |
|||||||||||
| Operating expenses |
15.0 % |
14.7 % |
13.6 % |
13.3 % |
|||||||||||
| Operating income |
17.9 % |
18.8 % |
17.7 % |
18.2 % |
|||||||||||
| Nine Months Ended |
|||||||||||||||
| Consumer Healthcare |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 1,526,479 |
$ - |
$ 1,526,479 |
$ 1,331,806 |
$ - |
$ 1,331,806 |
15 % |
15 % |
|||||||
| Cost of sales |
1,041,744 |
15,328 |
(a,b) |
1,026,416 |
913,218 |
3,038 |
(a) |
910,180 |
14 % |
13 % |
|||||
| Gross profit |
484,735 |
15,328 |
500,063 |
418,588 |
3,038 |
421,626 |
16 % |
19 % |
|||||||
| Operating expenses |
223,448 |
4,528 |
(a) |
218,920 |
187,766 |
3,848 |
(a) |
183,918 |
19 % |
19 % |
|||||
| Operating income |
$ 261,287 |
$ 19,856 |
$ 281,143 |
$ 230,822 |
$ 6,886 |
$ 237,708 |
13 % |
18 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
31.8 % |
32.8 % |
31.4 % |
31.7 % |
|||||||||||
| Operating expenses |
14.6 % |
14.3 % |
14.1 % |
13.8 % |
|||||||||||
| Operating income |
17.1 % |
18.4 % |
17.3 % |
17.8 % |
|||||||||||
| Three Months Ended |
|||||||||||||||
| Nutritionals |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 133,344 |
$ - |
$ 133,344 |
$ 117,683 |
$ - |
$ 117,683 |
13 % |
13 % |
|||||||
| Cost of sales |
102,368 |
3,050 |
(a) |
99,318 |
87,333 |
3,021 |
(a) |
84,312 |
17 % |
18 % |
|||||
| Gross profit |
30,976 |
3,050 |
34,026 |
30,350 |
3,021 |
33,371 |
2 % |
2 % |
|||||||
| Operating expenses |
24,011 |
4,260 |
(a) |
19,751 |
28,505 |
10,697 |
(a,c) |
17,808 |
-16 % |
11 % |
|||||
| Operating income |
$ 6,965 |
$ 7,310 |
$ 14,275 |
$ 1,845 |
$ 13,718 |
$ 15,563 |
278 % |
-8 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
23.2 % |
25.5 % |
25.8 % |
28.4 % |
|||||||||||
| Operating expenses |
18.0 % |
14.8 % |
24.2 % |
15.1 % |
|||||||||||
| Operating income |
5.2 % |
10.7 % |
1.6 % |
13.2 % |
|||||||||||
| Nine Months Ended |
|||||||||||||||
| Nutritionals |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 358,705 |
$ - |
$ 358,705 |
$ 365,691 |
$ - |
$ 365,691 |
-2 % |
-2 % |
|||||||
| Cost of sales |
271,749 |
9,149 |
(a) |
262,600 |
277,542 |
11,892 |
(a) |
265,650 |
-2 % |
-1 % |
|||||
| Gross profit |
86,956 |
9,149 |
96,105 |
88,149 |
11,892 |
100,041 |
-1 % |
-4 % |
|||||||
| Operating expenses |
68,948 |
12,771 |
(a) |
56,177 |
74,511 |
17,928 |
(a,c) |
56,583 |
-7 % |
-1 % |
|||||
| Operating income |
$ 18,008 |
$ 21,920 |
$ 39,928 |
$ 13,638 |
$ 29,820 |
$ 43,458 |
32 % |
-8 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
24.2 % |
26.8 % |
24.1 % |
27.4 % |
|||||||||||
| Operating expenses |
19.2 % |
15.7 % |
20.4 % |
15.5 % |
|||||||||||
| Operating income |
5.0 % |
11.1 % |
3.7 % |
11.9 % |
|||||||||||
| Three Months Ended |
|||||||||||||||
| Rx Pharmaceuticals |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 189,410 |
$ - |
$ 189,410 |
$ 155,591 |
$ - |
$ 155,591 |
22 % |
22 % |
|||||||
| Cost of sales |
92,894 |
13,145 |
(a,d) |
79,749 |
72,258 |
8,574 |
(a) |
63,684 |
29 % |
25 % |
|||||
| Gross profit |
96,516 |
13,145 |
109,661 |
83,333 |
8,574 |
91,907 |
16 % |
19 % |
|||||||
| Operating expenses |
23,097 |
63 |
(a) |
23,034 |
16,076 |
- |
16,076 |
44 % |
43 % |
||||||
| Operating income |
$ 73,419 |
$ 13,208 |
$ 86,627 |
$ 67,257 |
$ 8,574 |
$ 75,831 |
9 % |
14 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
51.0 % |
57.9 % |
53.6 % |
59.1 % |
|||||||||||
| Operating expenses |
12.2 % |
12.2 % |
10.3 % |
10.3 % |
|||||||||||
| Operating income |
38.8 % |
45.7 % |
43.2 % |
48.7 % |
|||||||||||
| (a) Deal-related amortization |
|||||||||||||||
| (b) Inventory step-up of $7,693 |
|||||||||||||||
| (c) Restructuring charges of $7,081 related to Florida |
|||||||||||||||
| (d) Inventory step-up of $1,857 |
|||||||||||||||
| (e) Severance costs of $1,526 |
|||||||||||||||
| (f) Inventory step-up of $27,179 |
|||||||||||||||
| (g) Proceeds of $3,500 from sale of pipeline development projects |
|||||||||||||||
| (h) Severance costs of $3,755 |
|||||||||||||||
| Table II (Continued) |
|||||||||||||||
| PERRIGO COMPANY |
|||||||||||||||
| REPORTABLE SEGMENTS |
|||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES |
|||||||||||||||
| (in thousands) |
|||||||||||||||
| (unaudited) |
|||||||||||||||
| Nine Months Ended |
|||||||||||||||
| Rx Pharmaceuticals |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 514,893 |
$ - |
$ 514,893 |
$ 460,414 |
$ - |
$ 460,414 |
12 % |
12 % |
|||||||
| Cost of sales |
245,657 |
30,004 |
(a,d) |
215,653 |
244,243 |
51,075 |
(a,f) |
193,168 |
1 % |
12 % |
|||||
| Gross profit |
269,236 |
30,004 |
299,240 |
216,171 |
51,075 |
267,246 |
25 % |
12 % |
|||||||
| Operating expenses |
63,254 |
1,589 |
(a,e) |
61,665 |
54,455 |
255 |
(g,h) |
54,200 |
16 % |
14 % |
|||||
| Operating income |
$ 205,982 |
$ 31,593 |
$ 237,575 |
$ 161,716 |
$ 51,330 |
$ 213,046 |
27 % |
12 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
52.3 % |
58.1 % |
47.0 % |
58.0 % |
|||||||||||
| Operating expenses |
12.3 % |
12.0 % |
11.8 % |
11.8 % |
|||||||||||
| Operating income |
40.0 % |
46.1 % |
35.1 % |
46.3 % |
|||||||||||
| Three Months Ended |
|||||||||||||||
| API |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 41,114 |
$ - |
$ 41,114 |
$ 36,951 |
$ - |
$ 36,951 |
11 % |
11 % |
|||||||
| Cost of sales |
20,199 |
498 |
(a) |
19,701 |
18,276 |
490 |
(a) |
17,786 |
11 % |
11 % |
|||||
| Gross profit |
20,915 |
498 |
21,413 |
18,675 |
490 |
19,165 |
12 % |
12 % |
|||||||
| Operating expenses |
9,187 |
- |
9,187 |
8,213 |
- |
8,213 |
12 % |
12 % |
|||||||
| Operating income |
$ 11,728 |
$ 498 |
$ 12,226 |
$ 10,462 |
$ 490 |
$ 10,952 |
12 % |
12 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
50.9 % |
52.1 % |
50.5 % |
51.9 % |
|||||||||||
| Operating expenses |
22.3 % |
22.3 % |
22.2 % |
22.2 % |
|||||||||||
| Operating income |
28.5 % |
29.7 % |
28.3 % |
29.6 % |
|||||||||||
| Nine Months Ended |
|||||||||||||||
| API |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 118,387 |
$ - |
$ 118,387 |
$ 127,347 |
$ - |
$ 127,347 |
-7 % |
-7 % |
|||||||
| Cost of sales |
53,229 |
1,442 |
(a) |
51,787 |
66,913 |
1,507 |
(a) |
65,406 |
-20 % |
-21 % |
|||||
| Gross profit |
65,158 |
1,442 |
66,600 |
60,434 |
1,507 |
61,941 |
8 % |
8 % |
|||||||
| Operating expenses |
26,291 |
- |
26,291 |
24,064 |
- |
24,064 |
9 % |
9 % |
|||||||
| Operating income |
$ 38,867 |
$ 1,442 |
$ 40,309 |
$ 36,370 |
$ 1,507 |
$ 37,877 |
7 % |
6 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
55.0 % |
56.3 % |
47.5 % |
48.6 % |
|||||||||||
| Operating expenses |
22.2 % |
22.2 % |
18.9 % |
18.9 % |
|||||||||||
| Operating income |
32.8 % |
34.0 % |
28.6 % |
29.7 % |
|||||||||||
| Three Months Ended |
|||||||||||||||
| Other |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 19,182 |
$ - |
$ 19,182 |
$ 18,944 |
$ - |
$ 18,944 |
1 % |
1 % |
|||||||
| Cost of sales |
12,874 |
423 |
(a) |
12,451 |
12,446 |
410 |
(a) |
12,036 |
3 % |
3 % |
|||||
| Gross profit |
6,308 |
423 |
6,731 |
6,498 |
410 |
6,908 |
-3 % |
-3 % |
|||||||
| Operating expenses |
4,666 |
- |
4,666 |
5,652 |
- |
5,652 |
-17 % |
-17 % |
|||||||
| Operating income |
$ 1,642 |
$ 423 |
$ 2,065 |
$ 846 |
$ 410 |
$ 1,256 |
94 % |
64 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
32.9 % |
35.1 % |
34.3 % |
36.5 % |
|||||||||||
| Operating expenses |
24.3 % |
24.3 % |
29.8 % |
29.8 % |
|||||||||||
| Operating income |
8.6 % |
10.8 % |
4.5 % |
6.6 % |
|||||||||||
| Nine Months Ended |
|||||||||||||||
| Other |
March 30, 2013 |
March 31, 2012 |
% Change |
||||||||||||
| GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
Non-GAAP Adjustments |
As Adjusted |
GAAP |
As Adjusted |
||||||||
| Net sales |
$ 54,130 |
$ - |
$ 54,130 |
$ 56,224 |
$ - |
$ 56,224 |
-4 % |
-4 % |
|||||||
| Cost of sales |
36,420 |
1,223 |
(a) |
35,197 |
37,839 |
1,285 |
(a) |
36,554 |
-4 % |
-4 % |
|||||
| Gross profit |
17,710 |
1,223 |
18,933 |
18,385 |
1,285 |
19,670 |
-4 % |
-4 % |
|||||||
| Operating expenses |
14,980 |
- |
14,980 |
16,330 |
- |
16,330 |
-8 % |
-8 % |
|||||||
| Operating income |
$ 2,730 |
$ 1,223 |
$ 3,953 |
$ 2,055 |
$ 1,285 |
$ 3,340 |
33 % |
18 % |
|||||||
| Selected ratios as a percentage of net sales |
|||||||||||||||
| Gross profit |
32.7 % |
35.0 % |
32.7 % |
35.0 % |
|||||||||||
| Operating expenses |
27.7 % |
27.7 % |
29.0 % |
29.0 % |
|||||||||||
| Operating income |
5.0 % |
7.3 % |
3.7 % |
5.9 % |
|||||||||||
| (a) Deal-related amortization |
|||||||||||||||
| (b) Inventory step-up of $7,693 |
|||||||||||||||
| (c) Restructuring charges of $7,081 related to Florida |
|||||||||||||||
| (d) Inventory step-up of $1,857 |
|||||||||||||||
| (e) Severance costs of $1,526 |
|||||||||||||||
| (f) Inventory step-up of $27,179 |
|||||||||||||||
| (g) Proceeds of $3,500 from sale of pipeline development projects |
|||||||||||||||
| (h) Severance costs of $3,755 |
|||||||||||||||
| Table III |
|||
| PERRIGO COMPANY |
|||
| FY 2013 GUIDANCE AND FY 2012 EPS |
|||
| RECONCILIATION OF NON-GAAP MEASURES |
|||
| (unaudited) |
|||
| Full Year |
|||
| Fiscal 2013 Guidance |
|||
| FY13 reported diluted EPS range (1) |
$4.67 - $4.87 |
||
| Deal-related amortization (1,2) |
0.68 |
||
| Charges associated with inventory step-ups (1) |
0.08 |
||
| Charges associated with acquisition and severance costs (1) |
0.05 |
||
| Losses on sales of investments |
0.05 |
||
| FY13 adjusted diluted EPS range |
$5.53 - $5.73 |
||
| Fiscal 2012* |
|||
| FY12 reported diluted EPS from continuing operations |
$4.18 |
||
| Deal-related amortization (2) |
0.523 |
||
| Charge associated with inventory step-up |
0.181 |
||
| Charges associated with acquisition-related and severance costs |
0.062 |
||
| Charges associated with restructuring |
0.061 |
||
| Net charge associated with acquired R&D and proceeds from sale of IPR&D projects |
0.012 |
||
| Earnings associated with sale of pipeline development projects |
(0.026) |
||
| FY12 adjusted diluted EPS from continuing operations |
$4.99 |
||
| (1) Does not include any estimate related to the Velcera, Inc. acquisition |
|||
| (2) Amortization of acquired intangible assets related to business combinations and asset acquisitions |
|||
| *All information based on continuing operations. |
|||
| Table IV |
|||||
| PERRIGO COMPANY |
|||||
| RECONCILIATION OF NON-GAAP MEASURES |
|||||
| (in thousands, except per share amounts) |
|||||
| (unaudited) |
|||||
| Q3 FY13 |
Q3 FY12 |
% Change |
|||
| Reported net income |
$ 111,924 |
$ 115,727 |
-3% |
||
| Total non-GAAP pre-tax adjustments |
31,201 |
25,613 |
22% |
||
| Total tax effect for non-GAAP pre-tax adjustments |
(9,052) |
(8,661) |
5% |
||
| Adjusted net income |
134,073 |
132,679 |
1% |
||
| Discrete tax item |
- |
(18,825) |
- |
||
| Adjusted net income excluding discrete tax item |
$ 134,073 |
$ 113,854 |
18% |
||
| Diluted weighted average shares outstanding |
94,519 |
94,124 |
|||
| Reported diluted EPS |
$ 1.18 |
$ 1.23 |
-4% |
||
| Adjusted diluted EPS |
$ 1.42 |
$ 1.41 |
1% |
||
| Adjusted diluted EPS excluding discrete tax item |
$ 1.42 |
$ 1.21 |
17% |
||
SOURCE Perrigo Company
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