UPDATE 2-Perrigo outlook tepid; shares fall

(Recasts; adds analysts' comments, share movement)

By Suzannah Benjamin

BANGALORE, May 6 (Reuters) - Generic drugmaker Perrigo Co (PRGO.O) posted better-than-expected third-quarter results, helped by strong sales of two new products, but shares fell almost 15 percent on its full-year outlook, which implied a tepid fourth quarter.

The company, which sells over-the-counter drugs, said it expects to earn $1.55 to $1.60 a share for the year.

Based on the company's earnings of $1.18 a share for the first nine months, the fourth-quarter earnings are expected to be between 37 cents and 42 cents a share, falling below analysts' estimates of 45 cents a share.

For the latest quarter ended March 29, the company reported earnings of $40 million, or 42 cents a share, compared with $17.1 million, or 18 cents a share, a year ago.

Excluding restructuring and other charges, it earned 47 cents a share.

Revenue rose 39 percent to $503.7 million.

Analysts were expecting a profit of 42 cents a share, excluding items, on revenue of $450.6 million, according to Reuters Estimates.

New product revenue in the quarter was $97 million, led by Perrigo's heartburn drug, omeprazole, and allergy drug, cetirizine.

The company is "cautiously optimistic" about the future of the two drugs, it said in a conference call with analysts.

Analyst Derek Leckow of Barrington Research Associates said it could be difficult for the company to match the quarter's sales next year.

The Allegan, Michigan-based company's stock was down $6.16 at $36.11 in afternoon trade on Nasdaq. Perrigo's shares have risen more than 20 percent this year, excluding Tuesday's losses. (Editing by Amitha Rajan, Anil D'Silva)