The Not-So-Subtle Reason Behind Perrigo Company PLC's 13% Move Higher

Shares of Perrigo (NYSE: PRGO), a provider of consumer goods and over-the-counter pharmaceutical products, rocketed higher by as much as 13% during Thursday's trading session after the company reported its third-quarter earnings results. As you can likely surmise by the move higher, it was smiles all around for Wall Street and shareholders (for a change).

For the quarter, Perrigo reported adjusted net sales of $1.22 billion, down 2% from the year-ago quarter, or 3% on a constant-currency basis. If divestments are excluded, adjusted net sales would have actually risen by 3% sans currency movements. Highlights for the company included 5% net sales growth from its consumer healthcare international segment, and 4% net sales growth in prescription pharmaceuticals, excluding a $10 million year-over-year impact to Entocort.

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Source: Fool.com