) recently announced that it is seeking US approval to market its
generic version of
Eli Lilly and Company
) Axiron. The drug is marketed for treating males aged above 18
years, who have low or no testosterone. To achieve the objective,
Perrigo filed an Abbreviated New Drug Application (ANDA) with the
FDA. Perrigo's application has been challenged.
Apart from the patent challenge, Perrigo was also in the news
when it gained final approval for its generic version of
) Sanctura XR. The drug is marketed for the treatment of
overactive bladder with symptoms of urge urinary incontinence,
urgency and urinary frequency.
The generic (Rx Pharmaceuticals) segment at Perrigo has witnessed
multiple approvals/launches over the past few months. The segment
performed encouragingly in the third quarter of fiscal 2013
(ended March 30, 2013) with net sales improving 21.7% to $189.4
Sales of new products boosted segmental revenues by $18
million. Inclusion of results of Rosemont Pharma boosted sales by
$8 million. Adjusted gross profit for the segment increased 19.3%
to $109.7 million.
ALLERGAN INC (AGN): Free Stock Analysis
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We are also impressed by Perrigo's growth-by-acquisition
strategy. On Apr 1, 2013, Perrigo announced the completion of the
acquisition of companion animal health company, Velcera, Inc.
The deal, which has strengthened Perrigo's position in the
over-the-counter retail pet healthcare market, is encouraging. In
Feb 2013, Perrigo acquired UK-based privately held pharmaceutical
company, Rosemont Pharmaceuticals Ltd. By acquiring Rosemont
Pharma, Perrigo has strengthened its position in the UK oral
liquid formulations space.
Perrigo carries a Zacks Rank #3 (Hold).
) appears to be more attractive with a Zacks Rank #1 (Strong