Perrigo Company plc revised earnings guidance for the full year of 2016. The company increased adjusted earnings per diluted share guidance to be in a range of $9.50 to $10.10, up from the company's October 22, 2015 guidance of $9.30 per diluted share. This increase is the result of several factors: the completion of the previously announced $500 million share buyback in the fourth quarter of 2015, which resulted in the repurchase of approximately 3.3 million shares.

Perrigo's Board of Directors has authorized an additional $1.5 billion to repurchase shares over the next 24-36 months; the acquisition of Entocort® (budesonide) capsules as well as the authorized generic capsules, which closed on December 15, 2015, is expected to immediately exceed Perrigo's ROIC threshold and be more than $0.35 accretive to 2016 adjusted EPS after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses; on December 17, 2015, Perrigo announced the acquisition of a portfolio of generic dosage forms and strengths of Retin-A® (tretinoin). The transaction is expected to immediately exceed Perrigo's ROIC threshold and add more than $0.20 in adjusted EPS within the first 12 months post-close after the exclusion of estimates for intangible amortization, transaction costs and integration related expenses. The transaction is expected to close near the end of the first quarter of 2016; the unfavorable impact of foreign currency exchange rate changes since originally publishing 2016 guidance on October 22, 2015 and slightly lower expectations within the Specialty Science segment.