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April 7, 2020, 5:14 p.m. EDT

Perrigo sees strong sales amid coronavirus pandemic

Perrigo Co. (NYS:PRGO) said late Tuesday it experienced a first-quarter sales boost due to the COVID-19 pandemic. The over-the-counter drug maker said it expects adjusted operating income of $220 million to $225 million on revenue of about $1.3 billion. Analysts surveyed by FactSet expect adjusted operating income of $195 million, or earnings of 96 cents a share, on revenue of $1.26 billion. "During the first quarter, Perrigo continued to experience strong growth across all business segments, while also benefiting from a dramatic surge in demand in March related to the COVID-19 pandemic," Murray Kessler, Perrigo chief executive, said in a statement. Perrigo shares rose 3.2% after hours, following a 1% decline to close at $47.08 in the regular session.

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