November 2, 2009 / 1:43 PM / 10 years ago

UPDATE 1-Perrigo Q1 beats Street; sees FY above market view

* Q1 adj EPS $0.66 vs est $0.50

* Raises FY adj shr forecast above mkt view

* Divests cosmetic business in Israel

* Shares up 4 pct

Nov 2 (Reuters) - Generic drugmaker Perrigo Co PRGO.O posted better-than-expected quarterly results, helped by strong sales across all its segments, and raised its full-year adjusted earnings forecast above market expectations.

For the first quarter, the company posted net income of $61.0 million, or 65 cents a share, from continuing operations, compared with $38.3 million, or 41 cents a share, a year ago.

Excluding items, the company earned 66 cents a share from continuing operations.

Revenue grew about 16 percent to $528 million, while sales of its store-brand drugs grew 13 percent.

According to Thomson Reuters I/B/E/S, analysts expected the company to post a profit of 50 cents a share, before special items, on revenue of $494.8 million.

For the year, the company now expects adjusted profit from continuing operations to be between $2.35 a share and $2.45 a share, above analysts’ estimates of a profit of $2.11 a share.

Perrigo had earlier forecast a full-year profit between $2.00 and $2.12 per share.

Separately, the company said it sold its cosmetic business in Israel to a unit of O. Feller Holdings for about $54 million.

Shares of the company were up 4 percent at $38.69 in trading before the bell. They closed at $37.19 Friday on Nasdaq.

For alerts on quarterly results, double-click [ID:nWNAB8187] (Reporting by Vidya L Nathan in Bangalore; Editing by Maju Samuel)

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