Perrigo's Return To OTC Roots Restoring Investor Confidence
This article was originally published in The Pink Sheet
The OTC drug, infant and adult nutritionals, Rx generic topicals and API manufacturer's share price has been up since it re-stated is historical revenues from Tysabri multiple sclerosis treatment royalties and reported interim 2017 first-quarter results. Perrigo will "fully concentrate on growing" OTC portfolio.
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The firm is reducing its non-production workforce by 750, a decision made after three representatives of disgruntled investor Starboard Value joined its board. Perrigo charts a course of recovery for its struggling international consumer health business, but some analysts are convinced it took a wrong turn with its 2015 investment in European OTC drug and nutritional product businesses and brands.
FDA approves Hikma Pharmaceuticals subsidiary West-Ward Pharmaceuticals' ANDA for fluticasone propionate/0.05mg per spray and Perrigo is shipping the generic equivalent of Flonase Allergy Relief to retailers and distributors.
CEO John Hendrickson and CFO Judy Brown reassure investors that Perrigo's US OTC private label platform supports the firm as it makes changes to turn around its European branded product business that stumbled soon after being put together.