Upcoming AWS Coverage on Natural Alternatives International Post-Earnings Results

LONDON, UK / ACCESSWIRE / November 21, 2016 / Active Wall St. announces its post-earnings coverage on Perrigo Company PLC (NYSE: PRGO). The Company reported its financial results for the third quarter fiscal 2016 (Q3 FY16) on November 10, 2016. The Dublin, Ireland-based company's adjusted net sales in the quarter increased 2% y-o-y, outperforming market consensus estimates. Register with us now for your free membership at: http://www.activewallst.com/register/.

One of Perrigo Co.'s competitors within the Drug Related Products space, Natural Alternatives International, Inc. (NASDAQ: NAII), announced on November 07, 2016, fiscal 2017 Q1 results. AWS will be initiating a research report on Natural Alternatives International in the coming days.

Today, AWS is promoting its earnings coverage on PRGO; touching on NAII. Get our free coverage by signing up to:

http://www.activewallst.com/registration-3/?symbol=PRGO

http://www.activewallst.com/registration-3/?symbol=NAII

Earnings Reviewed

For the three months ended on October 01, 2016, Perrigo reported GAAP net sales of $1.36 billion which came in marginally above $1.35 billion recorded at the end of Q3 FY15. The company's adjusted net sales for Q3 FY16 came in at $1.33 billion versus $1.30 billion in the prior year's quarter. Adjusted total net sales numbers for the reported quarter beat market expectations by $50 million. Furthermore, during Q3 FY16, new product sales of $79 million were offset partially by $10 million in discontinued products.

The pharmaceutical company reported GAAP net loss of $1.26 billion, or $8.76 loss per share, in Q3 FY16 versus GAAP net income of $113 million, or $0.77 per share, in the last year quarter. The company's adjusted net income for Q3 FY16 came in at $236 million, or $1.65 per diluted share, compared to $258 million, or $1.76 per diluted share, in Q3 FY15. For the reported period, market had expected the company to report adjusted net income of $1.58 per diluted share.

Operating Metrics

In Q3 FY16, Perrigo's GAAP gross profit was $506.3 million compared to $548.8 million in Q3 FY15. The company reported GAAP operating loss of $1.52 billion in Q3 FY16 compared to GAAP operating income of $188.6 million in past year period.

During Q3 FY16, the company's reported adjusted gross profit of $632.9 million, or 47.5% of adjusted net sales. Furthermore, adjusted operating income, during the quarter, came in at $344.0 million, or 25.8% of adjusted net sales.

Segment Performance

For Q3 FY16, Perrigo's Consumer Healthcare segment's adjusted net sales came in at $648 million, up 2% from $634 million in the year ago period. During the quarter, the segment reported adjusted gross margin of $227 million, or 35.0% of adjusted net sales, compared to $245 million, or 36.2% of adjusted net sales in the previous year's quarter. Additionally, adjusted operating margin for Q3 FY16 stood at $128 million, or 19.8% of adjusted net sales, versus $139 million, or 20.5% of adjusted net sales in Q3 FY15.

Perrigo's Branded Consumer Healthcare segment adjusted net sales improved marginally to $304 million in Q3 FY16 from $302 million in Q3 FY15. However, the segment's adjusted gross margin fell to $144 million, or 47.5% of adjusted net sales, in Q3 FY16 from $169 million, or 56.0% of adjusted net sales, in the prior year's quarter. The segment reported adjusted operating margin of $30 million, or 10.0% of adjusted net sales, in Q3 FY16 versus $44 million, or 14.6% of adjusted net sales, in Q3 FY15.

The company's Prescription Pharmaceuticals segment's Q3 FY16 reported net sales of $267 million during Q3 FY16, up 3% y-o-y. The segment's adjusted gross margin also improved from $149 million, or 57.2% of net sales, in Q3 FY15 to $159 million, or 59.3% of net sales, in Q3 FY16. Furthermore, adjusted operating margin improved to $114 million, or 42.5% of net sales, in Q3 FY16 from $110 million, or 42.1% of net sales, in year ago period.

In Q3 FY16, Perrigo's Specialty Sciences Segment's net sales came in at $93 million versus $85 million in the last year's quarter. All of the segment's net sales were reported as adjusted gross profit during the respective periods. Additionally, the segment's adjusted operating income for Q3 FY16 was $96 million compared to $82 million in Q3 FY15.

Cash Flow & Balance Sheet

In the reported quarter, Perrigo generated $304 million in operating cash flows. The company had cash and cash equivalents balance of $362.7 million as on October 01, 2016, compared to $417.8 million at the close of books on December 31, 2015. Furthermore, the company ended the quarter with long-term debt of $5.64 billion compared to $4.97 billion as on December 31, 2015.

Dividend

In a separate press release on November 08, 2016, Perrigo's Board of Directors declared a quarterly cash dividend of $0.145 per share, payable on December 13, 2016, to shareholders of record at the close of business on November 25, 2016.

Outlook

For full FY16, Perrigo expects to report a loss ranging between $9.04 per diluted share and $9.34 per diluted share. Furthermore, adjusted earnings are forecasted to be in the range of $6.85 to $7.15 per diluted share.

Stock Performance

At the close of trading session on November 18, 2016, Perrigo's stock price was slightly down 0.28% to end the day at $88.14. A total volume of 989.11 thousand shares were exchanged during the session. The stock has a dividend yield of 0.66% and currently has a market cap of $12.62 billion.

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