OTC & health and wellness private brand manufacturer Perrigo today announced financial results for the first quarter ended March 28, 2020.
President and CEO Murray S. Kessler commented, ”During these unprecedented times, I am honored to be surrounded by our more than 11,000 dedicated employees who are making tremendous sacrifices to help ensure that our essential products remain available to consumers and patients who need them. Our top priorities remain our employees’ well-being and business continuity, while at the same time supporting the communities where we live and work.
Kessler continued, ”Thanks to these courageous employees, we were able to report another quarter of strong growth across all business segments with robust sales and profitability above expectations. While we started the year off with similarly strong trends that we experienced in the fourth quarter of 2019, our business surged significantly in March in response to the global demand created by the COVID-19 pandemic. Worth noting, not only did our team keep the business running, they also made significant further progress on our Consumer Self-Care transformation. Perrigo is clearly well-positioned for a ’New-Normal’ future, which will need Quality, Affordable Self-Care Products more than ever before.”
First Quarter Financial Highlights
- Consolidated first-quarter net sales were $1.3 billion, an increase of 14.2% compared to the prior-year quarter. Excluding exited businesses and the impact of currency, net sales increased by 17.6%.
- Worldwide Consumer first-quarter net sales increased by 16.2% compared to the prior-year quarter. Excluding exited businesses and the impact of currency, Worldwide Consumer net sales were 20.7% higher year-over-year.
- Consumer Self-Care Americas (CSCA) achieved record first-quarter net sales of $701 million or growth of 20.4% versus the prior-year quarter highlighted by 15.0% organic growth; Consumer Self-Care International (CSCI) first-quarter net sales grew 9.1% versus the prior-year quarter highlighted by 8.1% organic growth.
- Reported diluted EPS for the first quarter of 2020 was $0.77 per diluted share as compared to EPS of $0.47 in the prior-year quarter.
- Adjusted diluted EPS for the first quarter of 2020 increased by 6.5% to $1.14 as compared to $1.07 per diluted share in the prior-year quarter.