Hey Barry: Here is an Israeli Stock on Steroids
Written by: Aaron Katsman | November 16, 2007
Aaron Katsman
IsraelNewsletter.com
With yesterday’s news that Barry Bonds was indicted on perjury charges, I thought it would be appropriate to give an Israeli stock whose YTD performance has been so good, it’s as if they are on steroids. Funny enough, they also happen to be a pharmaceutical company.
Perrigo(PRGO) has surged about 80% YTD. Perrigo is a leading global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients (API) and consumer products. The Company is the world’s largest manufacturer of OTC pharmaceutical products for the store brand market. While it’s not technically an Israeli company, after all the are based in Michigan and have been around for more than 100 years, they do a lot of their development and manufacturing in Israel, and they bought an Israeli Pharma company a few years ago.
The company had a great quarter and raised their outlook. They raised their fiscal ‘08 outlook range to between $1.12 and $1.22 a share. It had earlier forecast earnings of $1.00 to $1.10 per share.
While they don’t produce anything that will make you a home-run champ, they are launching a new heartburn drug. Barry, with all the legal trouble you may want a prescription.
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Disclosure: Author has a position in PRGO as of 11/16/07.
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Aaron Katsman is the lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email aaron@profile-financial.com.
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