PRGO - Why Perrigo Stock Tanked on Tuesday
Drug company Perrigo (NYSE: PRGO) experienced quite a headache on Tuesday after it released its third-quarter report before the bell. Its stock took a real wallop, tumbling by more than 15%. Investors weren't happy about a fairly wide earnings miss, and were even more displeased by management's guidance cut.
For the period, Perrigo booked total sales of $1.1 billion, which was nearly 6% higher on a year-over-year basis. Non- GAAP (adjusted) net income rose by almost 25% to $76 million, or $0.56 per share.
Sounding a somewhat self-congratulatory note, Perrigo CEO Murray Kessler said in the press release that the company's key metrics "grew substantially compared to prior year in the face of continued macro-economic headwinds."
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Why Perrigo Stock Tanked on Tuesday