Papa's Exit Highlights Perrigo's Shortcomings
After Papa's exit from Perrigo, the company is left to pick up the pieces and is not as strong a business as investors had previously thought.
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Less than a month after moving up from president to CEO, John Hendrickson tells analysts during the firm's first-quarter earnings briefing that Perrigo's private label OTC drug business remains strong, with the next launch ready to ship, but growing European branded consumer product sales is more of a long-term goal.
If this downbeat first-quarter earnings season has claimed a scalp, it is the business model of specialty pharmaceutical companies. Last week the analysts from Jefferies described the specialty pharmaceutical sector as being in freefall.
Valeant Pharmaceuticals International Inc. hired Perrigo Co. PLC's Chairman and Chief Executive Joseph Papa to replace CEO Michael Pearson, but will Papa bridge the gaps between Valeant and its shareholders, debtors and the politicians who are demanding information about the company's drug pricing policies? Or, like Pearson, will he be bitten by the sharks in Valeant's troubled waters?