Perrigo posts record profit and sales
US drugmaker Perrigo has reported a 12% jump in profit for the fiscal first quarter of 2009, ending September 27, 2008, compared to the same period of the year before, on record turnover.
Net sales were up 25% to $480.2 million, whereas R&D costs rose 12% to $18.2 million. The firm's net income reached $38.0 million, or $0.41 per share, versus $34.0 million, or $0.37 per share. Cash and cash equivalent reserves, however, were reduced by 22% to $249.3 million, compared to the end of 2007.
"Fiscal 2009 is off to the strong start we had anticipated," said chief executive Joseph Papa. "In the first quarter, we achieved both record sales and record earnings, with our new products contributing $71.0 million to top line growth," he added.
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