Perrigo Company

Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products,
active pharmaceutical ingredients (API) and consumer products. The company is the world’s largest manufacturer of OTC pharmaceutical products for the store brand
market. The company’s primary markets and manufacturing facilities are located in the US, Australia, Israel, Mexico and the UK.
  Perrigo advantages:
  • Leader in bringing to market products that have switched from prescription to over-the-counter (Rx to OTC)
  • Quality focus/culture
  • Critical mass: >35 billion tablets/caplets per year, among the top three manufacturers worldwide
  • Mass customization - nearly 12,000 stock keeping units (SKUs)
  • Focus on difficult-to-develop generic Rx "topicals"
  • Low-cost manufacturing
  • Innovative new products
  Consumer Healthcare: For the first nine months of fiscal 2011, Consumer Healthcare sales increased 6% or $76 million compared to fiscal 2010. The increase resulted from $51 million in additional existing product sales, primarily in the analgesics and cough/cold categories, and $36 million of new product sales, as well as incremental sales of approximately $21 million from the Company's acquisition of Orion. This growth was partially offset by approximately $32 million in decreased sales of existing products, primarily in the contract manufacturing and gastrointestinal categories.
  Rx Pharmaceuticals: For the first nine months of fiscal 2011, Rx Pharmaceuticals sales increased 62% to $251 million from fiscal 2010. The higher volume was driven by new product sales and existing product sales.
  Nutritionals: For the first nine months of fiscal 2011, Nutritionals sales increased $205 million or 117% compared to fiscal 2010. The increase was primarily due $242 million in sales attributable to the acquisition of PBM and partially offset by decreased sales of existing products in the VMS category.

  Active Pharmaceutical Ingredients: For the first nine months of fiscal 2011, sales increased 18% to $119 million, compared to $101 million in fiscal 2010. In 2009, we acquired an 85% stake in an API facility under construction in India. The plant will manufacture certain API products currently being produced in Germany and Israel.
  Israel Consumer Products: In early 2010, we completed the sale of our Israeli consumer products business, which manufactured and distributed cosmetics, toiletries, soaps and detergents, for $54 million.
  Recent Acquisitions: In recent years, we have made several strategic acquisitions that included J.B. Laboratories, Inc., a Michigan-based manufacturer of non-prescription drugs; Laboratorios Diba, a Mexico-based store brand manufacturer of over-the-counter and prescription drugs; Unico Holdings of Florida, a manufacturer of store brand electrolytes for children, enemas and feminine hygiene products; and Orion Laboratories Pty., a manufacturer of healthcare products for markets in Australia and Asia.
  In May, 2010, Perrigo acquired PBM Holdings, Inc. for $808 million in cash. PBM is the world's largest manufacturer of infant formula for store brand markets. PBM also manufactures and distributes baby food sold by retail supermarkets and pharmacies in the US, Canada, Mexico and China.
  In July 2011, Perrigo closed the acquisition of Paddock Laboratories, Inc., a privately-held, Minneapolis-based manufacturer and marketer of generic pharmaceutical products for approximately $540 million in cash. The acquisition is an important step towards expanding our specialty portfolio of generic Rx products.

Income Statement Data ($m)	Q1 '12	Q1 '11
Total Revenues	725.3	641.3
Gross Profit	227.6	214.0
Gross Margins %	31%	33%
Operating Income	101.6	111.8
Net Interest Expense	12.6	10.1
Pretax Income	88.8	102.2
Net Income	70.5	74.4
Diluted Earnings Per Share ($)	0.75	0.80

	Fiscal Year June
Income Statement Data ($m)	2011	2010	2009
Total Revenues	2,755.0	2,268.2	2,005.6
Gross Profit	944.9	746.2	597.1
Gross Margins %	34%	33%	30%
Operating Income	490.2	335.9	249.5
Net Interest Expense	42.3	28.4	27.0
Pretax Income	450.6	308.6	206.3
Net Income	339.2	223.8	145.5
Diluted Earnings Per Share ($)	3.63	2.41	1.55

Balance Sheet Data ($m)	9/24/11	6/22/11
Total Cash & ST Investments	116.6	310.1
Current Assets	1,299.1	1,377.3
Total Assets	3,514.1	3,189.2
Current Liabilities	622.0	606.0
Total Equity	1,544.4	1,531.0

Key Financial Ratios	9/24/11	6/22/11
Current Ratio	2.09x	2.27x
L-T Debt/Equity	74.8%	57.2%

Dividend Policy

Company pays regular quarterly dividends.