Perrigo experiences double-digit growth in Q1 2016

Perrigo has announced record-breaking financial results for the first quarter of 2016, with its adjusted net sales total rising to $1.34 billion (929.77 million pounds).

This total – which excludes the $47 million sales of its vitamins, minerals and supplements division, currently being held for sale – represents a 32 percent year-over-year increase. The firm also achieved a record first-quarter adjusted gross margin of 47.9 percent.

Its consumer healthcare business remained the key driver of its growth, in addition to the strength of its Rx portfolio and the broad European reach of the branded consumer healthcare business.

The company continues to expect 2016 adjusted earnings to be between $8.20 and $8.60 per diluted share, up from $7.59 in 2015.

John Hendrickson, chief executive officer of Perrigo, said: "The business that we have built over the past 129 years and our talented employees around the world have positioned Perrigo well for the future."

Mr Hendrickson also announced that Judy Brown has been appointed as its new chief financial officer and executive vice-president for business operations, with responsibility for its global product portfolio and shared services platform.