Shares of Perrigo popped 3% on Monday after the generic drug maker posted better-than-expected earnings helped by strong sales across all its segments.
For the first quarter, the company posted net income of $61.0 million, or 65 cents a share, from continuing operations, compared with $38.3 million, or 41 cents a share, a year ago.
Perrigo said consumer health care revenue rose 19 percent to $437 million. The company gained $36 million in new revenue after buying JB Laboratories, Unico and Diba over the last year. It also posted improved sales of gastrointestinal drugs, anti-smoking products, and drugs for coughs, colds and pain.
They also raised its full-year adjusted earnings forecast above market expectations.
What's the trade?
I’m a buyer, says Guy Adami. I think the story isn’t going away.
From a technical perspective I want the stock to get above $39, counters Joe Terranova. There’s a double top up there.
It looks like Adami and Terranova don’t agree on this now. Before you develop your trading thesis check out our interview with CEO Joe Papa