Perrigo increases financial targets for 2016 on recent performance

Perrigo has increased its full-year adjusted earnings per diluted share guidance for 2016 following a strong period for the company.

The company now expects its earnings per share to be in the range of $9.50 to $10.10 (6.58 to 6.99 pounds), up from the company's previous prediction of $9.30 per diluted share made in October.

This decision was attributed to several factors, including the completion of a $500 million share buyback scheme and the acquisitions of the Entocort brand and a portfolio of generic dosage forms and strengths of Retin-A.

Its new guidance also takes into account the unfavourable impact of foreign currency exchange rate changes and the firm's slightly lowered expectations for its specialty science segment.

Joseph Papa, chairman and chief executive officer of Perrigo, said: "We have the deepest prescription pipeline in our history and are excited about the quality of our merger and acquisitions pipeline. For these reasons, we remain confident in our ability to deliver on our 2016 growth targets."

Perrigo is anticipating the launch of $1.2 billion in new products over the next three years.