Perrigo plummets on CFO exit, gloomy guidance, sale of Tysabri royalties and 750 job losses
Investors in Ireland-incorporated Perrigo (NYSE: PRGO) probably did not know where to turn on Monday and Tuesday amid news on the company’s management, job cuts, divestment of royalty payment rights on a multiple sclerosis drug and its publication of bleak financial guidance.
Markets were certainly not impressed as Perrigo’s share price slumped by nearly 12% on Tuesday to $74.77 at closing, though what caused most alarm is unclear after so much news over two days.
On Monday there was the announcement that Judy Brown, Perrigo’s chief financial officer, was leaving after more than 15 years at the company to join US biotech Amgen (Nasdaq: AMGN), to be replaced on a temporary basis at least by Ron Winowiecki, senior vice president, business finance.
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