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Perrigo Q2 profit drops 3.6% YOY

Dublin's Perrigo Co. plc said earnings for the quarter ended June 30 dropped 3.6% year over year, and revised its guidance.

The drugmaker said second-quarter net income decreased to $169 million, from $175 million in the year-ago period. EPS came in at $1.22, unchanged from the quarter ended July 1, 2017.

The S&P Global Market Intelligence consensus normalized EPS estimate for the second quarter is $1.20.

Second-quarter net sales declined on an annual basis to $1.19 billion from $1.24 billion.

Perrigo said its consumer business performed well in the second quarter, but its prescription pharmaceuticals business underperformed with a shortfall in new product launches. The company expects this impact to carry forward into the second half of 2018. With this, Perrigo had decided to divest its prescription pharmaceuticals business.

For full-year 2018, Perrigo expects operating income to reach between $960 million and $990 million, as well as a diluted EPS range of $4.75 to $4.95. Net sales are expected come in at $4.8 billion to $4.9 billion.