Perrigo Moves From Health Care To 'Self Care'
This article was originally published in The Pink Sheet
Providing self-care products "opens this organization up to massive opportunity" which Perrigo will identify in early 2019, says new CEO Murray Kessler. It remains committed to selling or spinning off its Rx unit, though it's "just a few FDA approvals away from significantly" growing, he says as firm reports $68m net loss in its latest quarter.
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Securities fraud complaint filed by Nationwide Mutual Funds alleges firm misled investors to fend off Mylan hostile takeover in 2015 before its share price began plummeting. It is latest of similar complaints filed against Perrigo in New Jersey federal court.
Incoming CEO Murray Kessler is a seasoned veteran of regulated consumer markets – but not health care. Will his combination of experience and fresh perspective help enable the OTC private label market leader to reverse share declines?
Perrigo previously saw value in keeping its prescription pharmaceuticals in-house, but now says it will sell off or spin out the topical generics to focus on its over-the-counter brands. Questions remain about whether the company's generics portfolio is valuable enough to stand alone or attract a buyer.