Key Developments For Perrigo Co
Perrigo Co (PRGO.O) (Nasdaq)
The Perrigo Company Raises FY 2010 EPS Guidance
The Perrigo Company announced that fiscal 2010 earnings from continuing operations are expected to be between $2.22-$2.32 per share (EPS). Excluding the charges outlined in Table III at the end of this release, it now expect fiscal 2010 adjusted earnings from continuing operations to be between $2.35-$2.45 per share, up from previously announced $2.00-$2.12 per share. This new range implies a year-over-year growth rate of adjusted earnings from continuing operations of 26% to 31% over fiscal 2009 adjusted EPS. According to Reuters Estimates, analysts on an average are expecting the Company to report EPS of $2.11 for the same period.
The Perrigo Company Divests Israel Cosmetics Business For 205 Million New Israeli Shekels
The Perrigo Company announced that it has signed a definitive agreement to sell its Israel Consumer Products business along with the related production assets in Israel to Emilia Group, a subsidiary of O. Feller Holdings Ltd., for ILS205 million (approximately $54 million). The transaction will close in the first calendar quarter of 2010. Under the terms of the agreement, Perrigo will provide distribution and support services for the related U.S. private label cosmetics business for twelve months after the close of the transaction.
The Perrigo Company Announces Dividend Increase
The Perrigo Company announced that its Board of Directors declared a quarterly dividend of $0.0625 per share, payable on December 15, 2009, to shareholders of record on November 27, 2009. The new quarterly dividend of $0.0625 per share represents a 12% increase over $0.055 per share paid in the last four quarters.
The Perrigo Company Announces Dismissal Of Duac Patent Litigation
The Perrigo Company announced that the Hatch-Waxman litigation relating to Duac Gel (clindamycin phosphate (1%) and benzoyl peroxide (5%) gel) filed by the Stiefel Laboratories division of GlaxoSmithKline plc has been dismissed with prejudice. Earlier this year, KV Pharmaceuticals had been sued by Stiefel for infringement of a patent related to KV's filing of an Abbreviated New Drug Application (ANDA) for a generic to Duac Gel in the United States District Court for the District of Delaware. In September 2009 Perrigo acquired all rights in the KV Pharmaceutical's ANDA. The dismissal of the lawsuit ends the 30 month Hatch-Waxman stay period, which was originally set to expire towards the end of 2011. Upon receiving final regulatory approval, Perrigo expects to launch this product. Perrigo expects this launch to have 180 day first-to-file exclusivity.
The Perrigo Company Confirms Filing for Generic Version of Men's Rogaine Foam
The Perrigo Company announced that it has filed an Abbreviated New Drug Application for over-the-counter (OTC) Minoxidil topical aerosol foam, 5%, a generic form of Men's Rogaine Foam. Men's Rogaine (Minoxidil) topical aerosol foam, 5%, is a topical hair re-growth treatment indicated for the re-growth of hair on top of the scalp. Perrigo filed its ANDA for Minoxidil topical aerosol foam, 5%, containing a paragraph IV certification with the U.S. Food & Drug Administration and notified Johnson & Johnson, the New Drug Application holder for Rogaine Foam, and Stiefel Research Australia Pty. Ltd., the listed patent owner, of its filing. On October 9, 2009, Stiefel Research Australia Pty. Ltd. filed suit alleging patent infringement in the United States District Court for the District of Delaware to prevent Perrigo from proceeding with the commercialization of this product. This action formally initiates the process under the Hatch-Waxman Act.
