Perrigo Recalls Albuterol Sulfate Inhalation Aerosols Due To Clogging Concerns

(RTTNews) - Perrigo Company plc. (PRGO) said Thursday that it has voluntarily recalled albuterol sulfate inhalation aerosols over concerns that some units may not dispense properly due to clogging.

Perrigo's generic albuterol sulfate inhalation aerosol was developed in partnership with and manufactured by Catalent Pharma Solutions.

The company has already halted production and distribution of the aerosols.

"Corrective action plans are underway and a definitive timeline for product reintroduction has not been determined at this time," the company said in a statement.

Perrigo expects to take a charge of about $18 million to $22 million in the third quarter relating to the recall. It has not recorded any sales of the product since late August 2020.

The company reaffirmed its fiscal year 2020 adjusted earnings per share guidance in a range of $3.95 to $4.15 due to continued strong consumer demand in the Consumer Self-Care Americas business and faster than projected recoveries in the Consumer Self-Care International and base Rx businesses that were negatively impacted by COVID-19 lock-downs. Analysts polled by Thomson Reuters expect the company to report earnings of $4.08 per share for fiscal year 2020. Analysts' estimates typically exclude special items.