Perrigo’s(PRGO) Heartburn Drug Approved
Written by: Aaron Katsman | December 11, 2007
Aaron Katsman
IsraelNewsletter.com
Great news for all of you heartburn sufferers. Perrigo(PRGO), the world’s largest manufacturer of OTC pharmaceutical products for the store brand market, announced that the Food & Drug Administration granted final approval to partner Dexcel Pharma Technologies Ltd. for over-the-counter generic heartburn drug tablets.
As the exclusive U.S. marketer and distributor of omeprazole for the over-the-counter market, Perrigo said it expects to begin shipments during the first quarter with full-year annual sales estimated between $150 million and $200 million.
This is a huge win for the healthcare supplier. The company raised guidance for ‘08, to between $1.32 and $1.47 per share, between 20-25 cents higher than their previous forecast.
Perrigo has been a huge winner in ‘07, and sure looks poised to continue moving upward in 2008.
Disclosure: Author’s fund owns stock in and is long PRGO. He holds no position in any other stock mentioned, as of 12/11/07.
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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is 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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