Go Perrigo!

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Go Perrigo!

Generics/News | Posted 19/11/2010 0 Post your comment

Generic drug maker Perrigo has made it to Fortune magazine's top 100 fastest growing companies in the US. Fortune is a business magazine especially known for ranking companies by revenue. So there is some rejoicing in Michigan as the local hero has now received national acclaim.

Perrigo, established in 1887, is a leading global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients and medical diagnostic products. The company is the world’s largest manufacturer of OTC pharmaceutical products for the store-brand market. Store-brand generics are normal generic pharmaceuticals that are labelled and sold as the product of a local trader, putting their price between that of a non-branded generic and the originator medicine. Doing this increases public confidence and creates extra profit. The company’s primary markets and locations of manufacturing and logistics operations are Israel, Mexico, UK and US.

Fortune ranks companies by growth over the last three years. To qualify, companies must have stock trading on a major US exchange with a market capitalization of US$250 million, a stock price of at least US$5 a share, and revenue and net income of at least US$50 million and US$10 million, respectively. After an accelerating increase in size and profitability over recent years, Perrigo has entered the Fortune list of the 500 largest US companies at position 55.

Perrigo’s Chairman and CEO, Mr Joseph C Papa, commented, “For the fourth straight year, we delivered record sales, earnings and cash flow from operations. Despite significant challenges, from competition in our largest product to stronger regulatory oversight, we remained focused on execution and delivered results ahead of our own expectations. During the year, we made two business acquisitions that expanded our portfolio into adjacent categories and new geographical areas. We also entered strategic partnerships for new products enhancing Perrigo’s powerful sales, marketing and distribution capabilities. We are continuing along our strategic path in these challenging times to make quality health care more affordable to consumers around the globe”.

References

CNNMoney. Fortune. 100 Fastest-growing companies. Full list. 6 September 2010

Perrigo Press Release. Perrigo reports record revenue, earnings and cash flow from operations for fiscal 2010. 12 August 2010