Shares of over-the-counter and wellness products provider Perrigo Company (NYSE:PRGO) are tanking in the pre-market session today after a big third-quarter miss and disappointing guidance.
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The company’s top line increased by 5.8% year-over-year to $1.1 billion but missed the cut by $40 million. EPS at $0.56 too, came in lower than expectations by $0.11.
Excluding the impact of currency gyrations, the growth in Perrigo’s revenue would have been 12.3%. Looking ahead to fiscal 2022, Perrigo expects net sales to grow in the range of 8.5% and 9.5%.
On the other hand, owing to lower sales volumes and the impact of currency translation, Perrigo sees adjusted EPS landing between $2 and $2.10. This is a significant scale back from its earlier expectations in the range of $2.25 and $2.35.
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