Drugmaker Perrigo's profit missed market estimates for the first time in five quarters due to higher costs and disappointing performance in its branded consumer healthcare unit.
Perrigo's portfolio of over-the-counter consumer products, infant formulas and a line of generic topical medicines was the focus of Mylan's $26 billion hostile bid which was rejected in November.
Perrigo, the drugs company that bought out Elan, reported a net loss of $107m, or 74 cents per share, in the fourth quarter ended December 31.
This compared with a profit of $70.2m, or 51 cents per share, a year earlier.
The quarterly net loss includes an impairment charge of $185m.
On an adjusted basis, the company earned $1.80 per share, below the analysts' average estimate of $1.93, according to Thomson Reuters.
Total operating expenses rose to $653.3m in the quarter, from $199.4m a year earlier.
The branded consumer healthcare (BCH) unit brought in $325.7m in the quarter, contributing 23% to total revenue.
Perrigo's CEO Joseph Papa said the unit's performance was below the company's expectations and said they were taking actions to exit slower growing or underperforming brands in the business.
The company bought Belgium's Omega Pharma for $3.1 billion last year to expand its over-the-counter products portfolio.
The company said its fourth-quarter revenue rose 33% to $1.42 billion, just shy of the average analyst estimate of $1.46 billion.
Perrigo said it expects adjusted earnings for 2016 to be between $9.50 and $9.80 per share. Analysts on average were expecting the company to earn $9.74 per share.
