Perrigo looking for buyers of Prescription Pharmaceuticals division

Perrigo is reportedly about to put up for sale its division marketing prescription drugs, in order to better focus on OTCs and generics market, its core business. The division last year generated revenues of $969m, that is 20% of Perrigo’s revenues, with a $301m EBIT. A sale has  potential to fetch the company over $3bn. The decision was announced at the press conference with investors,
called in order to announce Perrigo’s second quarter results. Perrigo in Q2 2018 reported $1.2bn revenues, that is a 4.2% decrease as compared to the Q2 2017 volume. Profits declined to $169m (-3.6%). The results were affected by the poor performances in the US market (-1.3%), but to a larger extent by the same Prescription Pharmaceuticals division losing revenues (-13.2%). Perrigo’s shares declined 8% last week and over 20% from the beginning of the year (Wall Street).

(Sources: Perrigo, Globe)