Prestige Consumer Opens Its FY2023 With Revenue Thirst Quenched By Hydralyte International Sales
Hydralyte line has 90% share in Australia’s hydration market and accounted for a large share of firm’s overall sales growth in its latest quarter as 28.9% international sales growth to $34.5m offset flat North American results at $242.4m.
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After a company-record FY2022, Prestige CEO Ron Lombardi says future inflationary pressures and supply chain issues should be “manageable.”
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.
“If you looked at it based on history,” consolidation has created opportunities to acquire OTC brands, says Prestige Brands CEO Matthew Mannelly. The firm’s interest in adding brands is “stronger than ever,” he adds.