Tomahawk, WI 08/27/2014 (Basicsmedia) – Perrigo Company plc Ordinary Shares (NYSE:PRGO) remains a quality bargain stock according to CNBC’s Jim Cramer, having found its way up in the market after experiencing Wall Street backlash that saw its stock plummet to lows of $130 in May.

Perrigo Company plc Ordinary Shares (NYSE:PRGO) continues to gain market share in the industry as more shoppers opt to go for discounted products rather than sticking with the traditional brand-name merchandise.

The company’s stock is already 3% up this year;a margin that could have been higher had it not been affected by manufacturing issues, disappointing quarter, missing quarterly estimates as well as slashing its full year guidance. The stock has since bounced back in the market with a strong upside potential going forward according to Cramer.

“The stock has begun to bounce back, largely because Perrigo reported terrific quarter a couple of weeks ago. I think much more in keeping with the strength of Perrigo, but it is still well off its highs. Trading at just $148 nearly 20 points below where peak earlier this year […] To me that smells like an opportunity” said Mr. Cramer.

Cramer remains bullish on Perrigo Company plc Ordinary Shares (NYSE:PRGO) rallying to its all-time high at the back of the private level store business where the company remains the number one player with an impressive market share. Price discounts remain the main play for Perrigo seen by its Nicorette product label retailing at $52.27, a discount of 26% compared to CVS Caremark Corporation (NYSE:CVS)’s $71.59 for the same product.

“The margins in Perrigo private label product are a heck of a lot-higher. So, you can see why the big pharmacies chains absolutely love Perrigo products,” said Mr. Cramer.

Cramer believes that Perrigo Company plc Ordinary Shares (NYSE:PRGO) will continue to enjoy improved sales attributed to the fact that the stigma of being seen with expensive branded products is fading away as consumers continue to be conscious about their shopping patterns. Perrigo market share in the health-care segment rose to 35% in 2013, up from 10% in 1990 attributed to cost-effective products.

 As more prescription drugs continue to gain approval from the FDA to be sold’ over the counter, so will Perrigo continue to enjoy increased sales with its private-label products. Perrigo’s generic drug business and nutritional products continue to perform well at the back of 75 new products that are set to be launched’ this year alone.

 Having acquired ELAN in 2013, Perrigo Company plc Ordinary Shares (NYSE:PRGO) remains well positioned to shift its business to Ireland if need arises as one of the ways of escaping the high tax bills in the U.S.

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