Deal For TheraTears Emphasizes Prestige Is A Consumer Health Business, Akorn Isn't
Both firms announce agreement for Prestige to pay Akorn $230m cash for TheraTear, Diabetic Tussin and Zostrix OTCs and MagOx and Multi-betic supplements. Akorn says the agreement is "to sell its Consumer Health business,” even though it retains two consumer brands.
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Prestige hasn’t totally escaped supply chain disruptions caused by shutdowns during the pandemic but it’s relieved to report a smaller impact than most consumer-packaged goods marketers. Slower cough/cold OTC sales also don’t slow its results.
Retailer and consumer stockpiling in fear of supply chain disruptions drive double digit consumption growth for Prestige Consumer Healthcare’s Dramamine, Nix, Hydralyte and cough/cold brands. Brands drove total sales up 10.5% excluding impact of Akorn, to $12.4m in latest quarter.
July-September results for sales of OTC drugs, supplements and personal care products will come with CEO leaving J&J and P&G, a new leader for Perrigo Americas, Bausch Health likely offering Bausch + Lomb separation details and a cloud of rising costs related to supplies.