PRGO - Why Perrigo Shares Are Jumping Today
Shares of Perrigo (NYSE: PRGO) are jumping 11.7% higher as of 3:17 p.m. EST on Tuesday. The big gain came after the drugmaker announced preliminary financial results for fiscal year 2019. Perrigo expects to report net sales of $4.8 billion for the full year, up 2% year over year and a little higher than the consensus Wall Street estimate of $4.77 billion.
The main thing that excited investors was that Perrigo's turnaround efforts appear to be on track. Without the impact of foreign exchange headwinds, the drugmaker's growth would have been even better. Perrigo stated that its adjusted net sales grew by 6% year over year on a constant-currency basis.
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