Perrigo sales, profits increase in fiscal 2011

ALLEGAN, Mich. — Generic drug maker Perrigo reported sales of $2.76 billion and profits of $341 million in fiscal year 2011, according to an earnings report released Tuesday.

The company's sales represent a 21% increase over fiscal year 2010, while its profits represent a 52% increase. Much of the increase in sales came from the acquisition of PBM Holdings and Orion Labs, as well as $192 million in new product sales.

For fourth quarter 2011, which ended June 25, sales were $705 million, a 14% increase over fourth quarter 2010, while profits were $86 million, compared with $49 million a year ago.

Prescription drugs had sales of $92 million, a 12% increase over fourth quarter 2010's $83 million. OTC drugs had sales of $434 million, compared with $399 million last year; nutritionals had sales of $123 million, compared with $84 million last year; and active pharmaceutical ingredient sales decreased from $39 million to $37 million during the same period.