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Perrigo revises EPS outlook after Chemagis sale

Perrigo Co. PLC said second-quarter earnings fell 5% year over year, and it revised its profit guidance for the year.

Earnings excluding some items, which the company calls adjusted net income, totaled $175 million, or $1.22 a share, down from $185 million, or $1.29 a share, in the same period of 2016.

The S&P Capital IQ normalized EPS consensus estimate for the second quarter was 92 cents.

Perrigo's second quarter GAAP sales of $1.24 billion were down 8% year over year.

The company now expects its full-year adjusted EPS to be in the range of $4.45 to $4.70 compared to a previous range of $4.15 to $4.50.

The adjusted outlook includes the impact of the company's divestment of its Israel-based active pharmaceutical ingredient business for $110 million in cash.

According to Israel's Globes, U.S. private investment firm SK Capital bought Chemagis. Perrigo itself bought the business in 2005 after acquiring Agis for $818 million.

On a reported or GAAP basis, the company narrowed its loss year over year to $70 million, or 49 cents per share, from $534 million, or $3.73 per share, in the same quarter of 2016.