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Perrigo Q1 adjusted net income drops YOY

Perrigo Co. PLC reported first-quarter adjusted net income of $150.1 million, or $1.05 per share, down from $188.9 million, or $1.32 per share, in the first quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 99 cents.

Perrigo reported a GAAP net income of $71.6 million, or 50 cents per share, compared with a loss of $529.2 million, or $3.70 per share, in the year-ago period.

Net sales for the quarter were $1.19 billion, down 11% from $1.35 billion in the comparable year-ago quarter.

The decrease in net sales was mainly due to lower year-over-year contributions from net sales of existing products and the U.S. vitamin, mineral and supplement business which was sold in the third quarter of 2016. It was also due to the exit of the company's European distribution businesses, lower sales of Entocort, unfavorable foreign currency movements and discontinued products.

Perrigo expects its 2017 net sales to be in the range of $4.6 billion to $4.8 billion. The company expects its 2017 GAAP EPS in the range of $1.82 to $2.17 and adjusted EPS to be in the range of $4.15 to $4.50.

The S&P Capital IQ consensus normalized EPS estimate for 2017 is $4.30.