Perrigo Company PLC (NYSE:PRGO) shares surged 2% in Tuesday’s premarket trade after the company reported that its adjusted full-year EPS guidance raised to, between $3.75 and $4.05 from between $3.65 and $3.95.
Dublin-based pharmaceutical company also said that the 10-cent boost in the guidance came from its $750 million cash acquisition, of oral-care products company Ranir Global Holdings LLC that Perrigo Company PLC said had successfully closed.
Year to date through Monday, Perrigo Company stock have gained 25%.
Perrigo CEO and President Murray S. Kessler commented, “We are pleased to announce the successful completion of this bolt-on acquisition and look forward to welcoming the talented Ranir team to the Perrigo family. Our combined scale, global presence, innovation pipelines, and shared self-care strategies immediately accelerates growth and enhances our robust store brand portfolio. We look forward to providing customers and consumers with our expanded product offerings in this adjacent self-care category.”
Kessler continued, “As stated at our investor conference, the successful closing of the Ranir acquisition represented upside to our 2019 guidance. Based on today’s closing we are adjusting our 2019 adjusted diluted EPS guidance range up by 10 cents.”