Perrigo (PRGO) might have been in more of a decline than the market realized when it turned down Mylan's (MYL) $26 billion offer for the company last year, says TheStreet's Jim Cramer. The generic drug company reported lower-than-expected 2016 second quarter earnings and provided downbeat guidance for the year. The Allegan, MI-based drugmaker reported adjusted earnings of $1.93 a share, below estimates of $1.98 a share. Revenue fell 3.3 percent year-over-year to $1.48 billion, but beat Wall Street's expected $1.43 billion for the quarter. For the full-year 2016, Perrigo is projecting adjusted earnings of $6.85 to $7.15 a share, lower than prior guidance of $8.20 to $8.60 a share.
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