Perrigo Updates First-Quarter Loss Figure to Reflect Lower Tax Benefit

Perrigo Co. said it posted a bigger first-quarter loss than it had originally reported last week, reflecting a smaller tax benefit.

Perrigo's products include infant formulas, store-brand versions of cold and allergy medicines and generic prescription drugs.

On Thursday, the company said it recorded $467 million in impairment charges related to its branded consumer-health segment. The company said Friday that its Form 10-Q would be late as it was still finalizing the tax impact of the impairment charges.

Perrigo said Monday that its net loss was $334.6 million, or $2.34 a share, compared with the originally reported net loss of $133.1 million, or 93 cents a share.

Results included an income tax benefit of $24.6 million. Perrigo previously said its income tax benefit was $226.1 million.

The revisions didn't change the company's earnings excluding items, or its guidance for 2016 earnings excluding items.

The Dublin company's revenue for the quarter rose 32% to $1.38 billion.

Late last month, Joseph Papa left his position as chief executive to lead Valeant Pharmaceuticals International Inc. When announcing his departure, the company cut its outlook, citing competitive pressures in its prescription segment for the cut. It also forecast weakness in its consumer health-care business, previously known as Omega Pharma, over the next three quarters, as well as lower expectations for new product launches.

Write to Josh Beckerman at [e-mail]

(END) Dow Jones Newswires

May 16, 2016 23:05 ET (03:05 GMT)

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