Perrigo (PRGO, Financial) is a global manufacturer of over-the-counter (OTC) store brand and generic prescription pharmaceuticals, infant formulas, nutritional products and active pharma ingredients. The company is the dominant player in the OTC drug market with the largest distribution network and broadest range of product offerings. The OTC store brands have increased their market share by about 1-2% annually at the expense of national name product given their superior value proposition to both the consumer and retailers. Perrigo has numerous growth drivers over the next few years including the continued penetration of OTC store brands and introduction of new product categories. The stock sells at a reasonable valuation, in our opinion, given the company's strong management team, financial returns and long-term growth prospects.
From Meridian Funds's commentary for the quarter ended June 30, 2013.
From Meridian Funds's commentary for the quarter ended June 30, 2013.
