Shares of Perrigo Co PLC (PRGO) are soaring 5.11% in pre-market trading on Wednesday following the release of its first-quarter earnings report. The pharmaceutical company reported better-than-expected adjusted earnings per share and operating income, despite a slight miss on revenue.
Perrigo announced a Q1 adjusted EPS of $0.60, surpassing the FactSet estimate of $0.55. The company's adjusted operating income came in at $147 million, significantly higher than the expected $133.6 million. However, Q1 sales of $1.04 billion fell short of the $1.087 billion analysts had forecasted.
Investors seem encouraged by Perrigo's maintained outlook for fiscal 2025. The company reaffirmed its adjusted earnings guidance of $2.90 to $3.10 per diluted share, in line with analysts' expectations. However, Perrigo did widen its fiscal 2025 reported net sales growth guidance to a range of 0% to 3%, citing macroeconomic uncertainty. Despite this adjustment, the market appears to be responding positively to the overall financial performance and maintained earnings targets.
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