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Perrigo reports YOY rise in earnings, decline in sales for Q4'17

Perrigo Co. plc's fourth-quarter 2017 earnings rose 1.5% year over year, but sales for the period declined 3.6%.

In the fourth quarter, the Irish pharmaceuticals company booked adjusted net income of $180 million, or $1.28 per share, up from $178 million, or $1.24 per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.25.

On a reported basis, net income for the period totaled $73 million, or 52 cents per share, compared to a net loss of $1.36 billion, or $9.48 per share, in the same quarter of 2016.

Reported net sales for the quarter reached $1.28 billion, down 3.6% from $1.33 billion in the year-ago period.

Full-year results

For the full year 2017, adjusted net income fell to $703 million, or $4.93 per share, from $728 million, or $5.07 per share, in 2016.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was $4.90.

Reported net income was $120 million, versus a net loss of $4.01 billion in the prior-year period. Reported net sales for the year totaled $4.95 billion, compared with $5.28 billion in 2016.

Outlook

In 2018, Perrigo expects adjusted operating income to be in the range of $1.03 billion to $1.09 billion, while adjusted effective tax rate is expected to be roughly 20.5%.

The company is targeting full-year 2018 adjusted EPS of $5.05 to $5.45. The S&P Capital IQ consensus normalized EPS estimate for 2018 is $5.31.

Reported EPS is projected to be in the range of $2.24 to $2.64.

Perrigo expects reported net sales to be between $5.0 billion and $5.1 billion for 2018. Reported operating income is expected to be in the range of $682 million to $742 million, while reported effective tax rate is expected to be about 24%.