Perrigo Co. (PRGO) analysts are steadily increasing estimates for the drug company, fueled by the latest earnings surprise.

Company Description

Perrigo Co. makes OTC and generic prescription drugs, nutritional products, pharmaceutical ingredients, and other consumer products. Currently it is the biggest manufacturer of store brand OTC pharmaceuticals. Operations are in North America and Europe.

Revenues Spike

In a Nov 2 report, the company announced first-quarter results that included revenue of $528 million. This was up 16% year-over-year. Net income came in at $61 million, or 66 cents per share.

The Zacks Consensus Estimate was 49 cents, making this a 35% beat and the third consecutive earnings surprise.

Estimates Climbing

Following the announcement, full-year estimates jumped to $2.42, from $2.10. The Zacks Consensus Estimate for next year is now $2.62, up from $2.32.

This year's projected growth rate is a solid 29%, with an additional 8% in the next fiscal year.

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Lots of Israeli companies reporting earnings. Here are some highlights: Perrigo (PRGO): Tightened up 2008 guidance higher and beat revenues projections. Earnings release here. Early look at the stock is that investors aren’t impressed. See our recent commentary on PRGO’s generic nicotine gum. Teva Pharmaceuticals (TEVA): Earnings report here. Quarter over quarter growth looks to be 24% and profit down from CoGenesys charge. RRSat (RRST): Smacked yesterday after an earnings release. The 20% drop came after putting up pretty good top lines numbers. Margins came down quite a bit. Alvarion (ALVR): Stock popped after the wireless backhaul firm put up pretty good revenue numbers and a narrower loss. The stock jumped 15%. Earnings report here. See our analysis of the recent turbulence in the wireless market. Ness Technologies (NSTC): Revenues up 27% year-over-year and ...