Elan deal hits Perrigo profits

US drugmaker Perrigo has incurred once-off costs of nearly $285m (€205m) through its takeover of Irish biotech firm, Elan, dragging its current year profits down by nearly 80% so far.

The New York-listed company — the leading maker of generic over-the-counter drugs in the US — yesterday reported third quarter net profits of $48.1m for the three months to the end of March, down by 57% on a year-on-year basis.

For the first nine months of its financial year (which runs to the end of June), the company posted a net profit of $73.4m, down by 77.3% on the same period last year.