Why Perrigo's Stock Is Plunging Today

Shares of drug company Perrigo (NYSE: PRGO) are down 11.8% as of midday Wednesday following the release of disappointing third-quarter earnings and equally disappointing guidance.

For the three-month span ending in early October, Dublin-based Perrigo turned $1.04 billion worth of revenue into operating income of $438 million. The top line came close to meeting expectations. Adjusted operating profits of $0.45 per share, however, were down from the year-ago comparison of $0.60. More notably, earnings fell short of analysts' estimates for earnings of $0.65 per share, largely due to the company's rising materials and shipping costs.

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Source Fool.com