April 25, 2016 / 4:31 PM / in 2 years

BUZZ-Perrigo Co Plc: On track for worst day since Feb 2009

(Updates)

** Dublin-based drugmaker’s shares fall as much as 16 pct to touch more than 3-year low of $102; On track for worst day since Feb 2009

** Stock biggest drag on S&P 500 Health Care index and top pct loser on the NYSE

** Graphic on Perrigo: bit.ly/1VxLmOZ

** Company lowers FY 2016 adj profit forecast to $8.20-$8.60, from $9.50-$9.80, due to pricing pressure, continued underperformance of its Branded Consumer business and lower expectations for new product launches

** Company CEO and Chairman Joseph Papa resigns to take over at Valeant Pharmaceuticals International Inc, John Hendrickson named as Papa’s successor

** Perrigo also says it has identified indicators of impairment related to its Branded Consumer Healthcare business

** “The company’s integration issues with Omega, competitive pressure in its prescription drug segment, and transition to new leadership create a number of critical challenges over the near term,” Morningstar analysts write in note

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