=Perrigo (PRGO) reported earnings on Mon 27 Feb 17 (a/h)

 Perrigo preannounced FY16 above estimates; guides FY17; files Form 12b-25 to delay 10-K; signs agreement to divest Tysabri royalty stream for up to $2.85 bln; announces review of strategic alternatives for API business; CFO resigns :

• Co issues guidance for FY16, sees EPS of $7.10-7.25, excluding non-recurring items, vs. $6.95 Capital IQ Consensus Estimate; sees FY16 revs of $5.6 bln vs. $5.43 bln Capital IQ Consensus Estimate.
• Co issues guidance for FY17, sees EPS of $6.30-6.65, may not be comparable to $7.10 Capital IQ Consensus Estimate; sees FY17 revs of $5.0-5.02 bln, may not be comparable to $5.42 bln Capital IQ Consensusm including contributions from Tysabri and API and excluding charges. Sales includes the cancellation of $220 million of unprofitable distribution agreements in the CHCI business. The adjusted earnings per diluted share guidance incorporates continued improvement in our consumer-facing businesses, offset by headwinds from increased Entocort competition, unfavorable foreign currency translation and a higher effective tax rate due to the jurisdictional mix of income.
• Perrigo will file a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission with regard to its 2016 Annual Report on Form 10-K.The scope of work required to finalize the Company's financial statements included in the 2016 Form 10-K includes the final impairment calculations related to the announced sale of Tysabri, and deferred tax assets and other related effects at Omega Pharma Invest N.V. The conclusion of these matters is not expected to have a material impact on 2016 cash flow from operations, net sales or adjusted operating income or calendar 2017 adjusted guidance measures described in this press release. However, there can be no assurance that our final audited 2016 or estimated 2017 results will not be materially different.
• Further, connected with a review for the sale of Tysabri and evaluation procedures associated with ASC606, on February 22, 2017, Ernst & Young, the Company's independent auditors, notified the Company that it is evaluating the historical revenue recognition practices associated with Tysabri. This review is in process but is not expected to result in a material impact on net cash flows.
• The Company currently expects that it will file its Form 10-K on or before March 16, 2017, the prescribed due date under the fifteen calendar day extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934.
• Company signed an agreement to divest Tysabri royalty stream for up to $2.85 billion; announces review of strategic alternatives for API business Announces streamlining of organizational structure, which is expected to yield greater than $130 million savings per annum by mid-2018
• Appoints Ron Winowiecki as acting CFO following resignation of Judy L. Brown
• Announces senior leadership change with the appointment of Svend Andersen to the position of Executive Vice President and President, Consumer Healthcare International.