Perrigo Suffers More Self-Inflicted Wounds in 4Q as Concerns Remain on Horizon
Despite a fourth-quarter revenue decline of 7% that was slightly ahead of our expectations, Perrigo reported weaker bottom-line performance than we expected, thanks mostly to unexpected downtime of an infant manufacturing facility during the quarter that lopped off $0.08 in year-end earnings per share. While management expects this temporary issue to be resolved by the end of this quarter, Perrigo still faces concerns about poor service levels in its U.S. consumer health business, pricing pressu...
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