With TheraTears, Prestige Consumer Sees Way To Boost Guidance Despite COVID, Cost Uncertainties
More than 17% growth in consumer health product sales in latest quarter on top of adding TheraTears brands to its lineup at start of current quarter outweighs potential headwinds from costs and changes in consumer spending, Prestige Consumer executives say.
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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.
“We expect higher input costs and transportation costs to remain elevated for the rest of the year,” says CEO Matthew Farrell. Firms lowers full-year outlook for net sales growth from previous range of 5% to 6% to around 5%.
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.