Perrigo Company plc · NYSE:PRGO
Perrigo — Q3 FY2009 Earnings Presentation
13 slides from Perrigo's earnings presentation, May 7, 2009
Slide 1: Perrigo Fiscal Third Quarter Conference Call
Perrigo Fiscal Third Quarter Conference Call May 7, 2009
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future
Slide 3: All Category Update
All Category Update Category Dollar % Growth National Brand Dollar % Growth Store Brand Dollar % Growth Total OTC & Nutrition -1.3 Total OTC & Nutrition -4.9 Total OTC & Nutrition 8.4 OTC -3.1 OTC -7.3 OTC 11.7 Analgesics -1.4 Analgesics -3.7 Analgesics 5.7 Cough, Cold, Allergy, Sinus -5.5 Cough, Co
Slide 4: GAAP Financials – From Continuing Operations
GAAP Financials – From Continuing Operations Fiscal Third Quarter ($ in millions, except per share data) 2009 % Change 2008 Net sales $ 505.9 5.3% $ 480.6 Gross Profit 149.6 (0.5)% 150.3 Operating Income 71.9 19.8% 60.0 Income 46.5 15.5% 40.2 Diluted EPS $ 0.50 17.7% $ 0.42 Diluted Shares 93.2 95.0
Slide 5: Non-GAAP Financials – From Continuing Operations
Non-GAAP Financials* – From Continuing Operations Fiscal Third Quarter ($ in millions, except per share data) 2009 % Change 2008 Net sales $ 505.9 5.3% $ 480.6 Reported gross profit 149.6 150.3 Inventory step-up - Diba 0.7 - Inventory step-up - Galpharm - 2.9 Adjusted gross profit $ 150.3 (1.9)% $ 1
Slide 6: Adjusted Segment Financials – Consumer Healthcare
Adjusted Segment Financials – From Continuing Operations Consumer Healthcare • $31 million sales ($ in millions) 2009 % Change 2008 increase from new and Net sales $ 419.1 12.4% $ 373.0 existing products Adjusted Gross Profit 116.8 5.5% 110.7 • Adjusted operating Adjusted Operating Income 63.0 14.7%
Slide 7: Segment Financials – Rx Pharmaceuticals
Segment Financials – From Continuing Operations Rx Pharmaceuticals • $5 million sales increase ($ in millions) 2009 % Change 2008 from existing product Net sales $ 41.7 (15.2)% $ 49.2 portfolio Gross Profit 16.1 (25.9)% 21.8 • $2 million decrease in Operating Income 8.0 (29.7)% 11.3 operating expens
Slide 8: Segment Financials – API and Other
Segment Financials – From Continuing Operations API ($ in millions) 2009 % Change 2008 • Q3’09 impacted by the Net sales $ 31.0 (18.2)% $ 37.8 absence of a one-time Gross Profit 11.4 (22.1)% 14.6 $4.9 million accrual Operating Income 4.3 (27.9)% 6.0 reversal • Operating expenses Gross Profit Margin
Slide 9: Perrigo FY09 Guidance Review
Perrigo FY09 Guidance Review -From Continuing Operations 3 at or above goal X below goal 7
Slide 10: Store Brand Cetirizine 10MG Volume Share
Store Brand Cetirizine 10MG Volume Share - FDMx 60% 50.0% 50.7% 49.0% 50% 47.4% 47.3% 45.9% 46.0% 43.8% 42.0% 42.6% Volume Share 38.5% 40% 37.7% 35.6% 30% 27.0% 20% 12.6% 10% 0% 4 Week Ending 2/17/08 3/16/08 4/13/08 5/11/08 6/08/08 7/06/08 8/03/08 8/31/08 9/28/08 10/26/08 11/23/08 12/21/08 1/18/09 2
Slide 11: Perrigo Store Brand Omeprazole Volume Share
Perrigo Store Brand Omeprazole Volume Share - FDMx 45% 40.3% 39.4% 40% 38.5% 36.2% 36.8% 35.8% 34.5% 34.7% 33.9% 35% 31.2% 30.8% Volume Share 30% 27.5% 25% 22.0% 20% 15% 10% 4.1% 5% 0% 4 Week Ending 3/16/08 4/13/08 5/11/08 6/08/08 7/06/08 8/03/08 8/31/08 9/28/08 10/26/08 11/23/08 12/21/08 1/18/09 2/
Slide 12: Table II Reconciliation of Non-GAAP Measures
Table II PERRIGO COMPANY RECONCILIATION OF NON-GAAP MEASURES (in thousands, except per share amounts) (unaudited) Third Quarter 2009 2008 Net sales $ 505,902 $ 480,640 Reported gross profit $ 149,592 $ 150,303 Inventory step-up - Unico - - Inventory step-up - Diba 736 - Inventory step-up - JB Labs -
Slide 13: Table II (Continued) Reportable Segments Reconciliation of Non-GAAP Measures
Table II (Continued) REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in thousands) (unaudited) Third Quarter 2009 2008 Consumer Healthcare Net sales $ 419,148 $ 373,031 Reported gross profit $ 116,068 $ 107,819 Inventory step-up - Unico - - Inventory step-up - Diba 736 - Inventory step-up -