Healthcare Industry News: Perrigo Company
News Release - May 30, 2007
Perrigo Receives FDA Approval to Market Coated Fruit Nicotine GumALLEGAN, Mich., May 30 (HSMN NewsFeed) -- The Perrigo Company (Nasdaq: PRGO; TASE) today announced that it has received approval from the U.S. Food and Drug Administration (FDA) to market over-the-counter coated nicotine polacrilex gum USP, 2 mg (coated fruit) and 4 mg (coated fruit).
The product will be marketed under store brand labels and is comparable to GlaxoSmithKline's Nicorette® Fruit Chill(TM) coated gum, which is an aid to smoking cessation. "This first store brand approval of coated fruit nicotine gum extends our leading store brand position. The expanded range of smoking cessation products also includes coated mint-flavored gum, uncoated gum and lozenges," said Joseph C. Papa, Perrigo's President and Chief Executive Officer. Nicorette® Fruit Chill(TM) gum is selling at an annual rate estimated at over $70 million at all retail outlets. First shipments are expected within the first quarter of fiscal 2008.
The Perrigo Company is a leading global healthcare supplier and the world's largest manufacturer of over-the-counter (OTC) pharmaceutical and nutritional products for the store brand market. Store brand products are sold by food, drug, mass merchandise, dollar store and club store retailers under their own labels. The Company also develops, manufactures and markets prescription generic drugs, active pharmaceutical ingredients and consumer products, and operates manufacturing facilities in the United States, Israel, United Kingdom, Mexico, Germany and China. Visit Perrigo on the Internet (http://www.perrigo.com).
Note: Certain statements in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company's expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended July 1, 2006, as well as the Company's subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Source: Perrigo Company
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