Perrigo (PRGO) stock toppled Thursday after the generic drugmaker lagged sales estimates, cut its outlook for the year and announced a plan to separate its prescription drugs business.
XIn premarket trading on the stock market today, Perrigo stock plunged 7.7%, near 72.30.
For the second quarter, Perrigo's sales declined 5.7% on a constant-currency basis to $1.19 billion. That missed the average of analysts polled by Zacks Investment Research for $1.23 billion. Adjusted earnings were flat at $1.22 per share and beat by a penny.
Perrigo also cut its guidance for 2018. It now sees $4.8 billion to $4.9 billion in sales, down from its earlier view for $5 billion to $5.1 billion. Analysts had modeled $5.03 billion.
The firm also sees adjusted profit of $4.75-$4.95 a share, down 40 cents at the midpoint from its prior outlook. The consensus expected $5.23.
More to follow.
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The post Perrigo Dives On Sales Lag, Guidance Cut, Plan To Separate Business appeared first on Investor's Business Daily.
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