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Perrigo Company plc (NYSE: PRGO) is a leading global provider of over-the-counter (OTC) consumer goods and pharmaceutical products, delivering high-quality healthcare solutions at affordable prices. Established in 1887, Perrigo has grown from a packager of generic home remedies to a top-five global OTC manufacturer and supplier of store-brand infant formulas. Headquartered in Ireland, Perrigo operates across North America, Europe, Australia, Israel, and China.
Perrigo's diverse product portfolio includes private-label consumer health goods sold to major retailers such as Walmart, Amazon, Costco, and CVS. In addition, the company offers branded OTC products, generic extended topical prescription products, and receives royalties from the multiple sclerosis drug Tysabri®.
In recent years, Perrigo has focused on expanding its consumer self-care business. A significant milestone was the FDA approval of Opill®, the first-ever daily birth control pill available OTC in the U.S., which Perrigo began shipping in March 2024. The company's strategic initiatives also include Project Energize, a growth and efficiency program aimed at driving sustainable, value-accretive growth.
Perrigo continues to make strides in the industry, as evidenced by its financial performance and strategic partnerships. The company reported net sales of $1.1 billion for the first quarter of 2024, despite facing challenges such as inventory de-stocking at U.S. retail customers and supply chain constraints. Perrigo's leadership team, including the recent appointment of Roberto Khoury to lead the Consumer Self-Care International segment, is committed to driving innovation and expanding the company's global footprint.
For more information, visit Perrigo's website.
Perrigo (PRGO) reported Q3 2024 financial results with net sales of $1.1 billion, down 3.2% year-over-year. Despite revenue decline, the company showed operational improvements with adjusted operating income increasing 21.3% to $182 million and adjusted operating margin expanding 340 basis points to 16.8%. The infant formula business showed recovery with 3% growth year-over-year and 58% sequential growth. Adjusted EPS was $0.81, up 26.6% from $0.64 in the prior year. The company reaffirmed its fiscal 2024 adjusted EPS outlook of $2.50-$2.65 while expecting organic net sales growth to be at the lower end of its previously stated range of -3% to -1%.
Perrigo reported Q3 2024 financial results with net sales of $1.1 billion, declining 3.2% versus prior year. The company achieved meaningful operating income growth and margin expansion, with adjusted operating income increasing 21.3% to $182 million. Infant formula business showed significant recovery with 3% net sales growth year-over-year and 58% sequential growth.
Key highlights include:
- GAAP operating income of $80 million, up from $62 million
- Adjusted diluted EPS of $0.81, up 26.6% from $0.64
- Gross margin expanded 160 basis points to 41.0%
- Operating margin increased 340 basis points to 16.8%
The company reaffirmed its fiscal 2024 adjusted EPS outlook of $2.50 to $2.65, while expecting organic net sales growth towards the lower end of its previously stated range of -3% to -1%.
Perrigo (NYSE: PRGO) has announced its Board of Directors has declared a quarterly dividend of $0.276 per share. The dividend will be payable on December 17, 2024, to shareholders of record on November 29, 2024. Perrigo is a leading global provider of Consumer Self-Care Products and over-the-counter health and wellness solutions focused on preventive and self-managed care.
Perrigo (NYSE: PRGO) has announced it will release its third quarter 2024 financial results on November 6, 2024. The company will host a conference call at 8:30 A.M. (EST) on the same day. The earnings call will be accessible via webcast through Perrigo's investor relations website and by phone. A replay of the call will be available from approximately 12:00 P.M. (EST) on November 6 until midnight November 13, 2024.
Opill®, the first and only daily birth control pill available without a prescription in the U.S., announces a partnership with WNBA Star and Olympic Gold Medalist Napheesa Collier. This collaboration extends Opill's multi-year partnership with the WNBA. Collier, a mother and advocate for women's health, will participate in educational events on college campuses to raise awareness about Opill® and reproductive health options.
Developed by Perrigo, Opill® represents a significant advancement in women's healthcare, offering convenient and accessible contraception without the need for a healthcare provider visit. The partnership aims to empower women to take charge of their reproductive health and increase access to birth control.
Perrigo (NYSE: PRGO) announced a new partnership between Good Start® and Dr. Brown's® to launch an infant formula portfolio. The collaboration aims to provide trusted infant formula solutions like Soothe Pro™ and Gentle Pro™ with new packaging. Good Start® has been a reliable brand for over 50 years, while Dr. Brown's® is known for its top pediatrician-recommended baby bottles. The new formulas are designed to address tolerance concerns and offer complete nutrition. Soothe Pro™ contains probiotic L. reuteri, and Gentle Pro™ includes probiotic B. lactis. Additionally, Soy-ease Pro™ is formulated with plant-based proteins for babies with lactose sensitivity. These products are available at major retailers like Walmart and Amazon. Perrigo's strategy focuses on consumer-led innovation to enhance the feeding experience for families.
Perrigo Company plc (NYSE: PRGO) announced the closing of a registered public offering by its indirect wholly-owned finance subsidiary, Perrigo Finance Unlimited Company. The offering includes $715 million of 6.125% Senior Notes due 2032 and €350 million of 5.375% Senior Notes due 2032. The total net proceeds are estimated at approximately $1,076 million after fees and expenses.
Perrigo plans to use the proceeds to redeem all of its 4.375% Senior Notes Due 2026 and prepay a portion of the Term B Loans under its credit facilities. The Notes will be fully guaranteed by Perrigo and its subsidiaries that provide guarantees under Perrigo's credit facilities. BofA Securities, J.P. Morgan, Wells Fargo Securities, Morgan Stanley, and HSBC are involved as joint book-running managers for the offering.
Perrigo Company plc (NYSE: PRGO) has announced the pricing of a registered public offering by its finance subsidiary, Perrigo Finance Unlimited Company. The offering includes $715 million of 6.125% Senior Notes due 2032 and €350 million of 5.375% Senior Notes due 2032. Both notes are priced at 100.000% of their aggregate principal amount.
The notes will be fully guaranteed by Perrigo and its subsidiaries that provide guarantees under Perrigo's credit facilities. Perrigo intends to use the net proceeds to redeem all of its 4.375% Senior Notes Due 2026 and prepay a portion of the Term B Loans outstanding under its credit facilities. The offering is expected to close around September 17, 2024, subject to closing conditions.
Perrigo Company plc (NYSE: PRGO), a global leader in Consumer Self-Care Products, has appointed Charles Atkinson as Executive Vice President, General Counsel and Secretary. Atkinson, with nearly 25 years of experience in the regulated consumer self-care industry, joins Perrigo from Haleon plc, where he served as Interim General Counsel. His expertise includes advising on transactions, integrations, and managing regulated healthcare product lifecycles.
CEO Patrick Lockwood-Taylor expressed confidence in Atkinson's ability to advance Perrigo's vision. Atkinson will replace Todd Kingma, who came out of retirement to serve as Interim EVP, General Counsel & Secretary. Kingma will assist in the transition before resuming his retirement.
Perrigo Company plc (NYSE: PRGO), a leading provider of Consumer Self-Care Products, has announced that its President and CEO Patrick Lockwood-Taylor and CFO Eduardo Bezerra will present at the Piper Sandler Growth Frontiers Conference on Tuesday, September 10 at 10:00 AM CDT. Interested parties can access the webcast on the Perrigo website.
Perrigo is known for offering over-the-counter (OTC) health and wellness solutions that empower consumers to proactively prevent or treat self-manageable conditions. This presentation at a growth-focused conference suggests that Perrigo may be looking to highlight its expansion strategies and market positioning in the consumer self-care sector.
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