Perrigo Reports Second Quarter Fiscal Year 2023 Financial Results From Continuing Operations
- Perrigo achieved gross and operating margin expansion in the second quarter.
- Reported gross margin improved by 270 basis points to 35.9%.
- Adjusted gross margin improved by 220 basis points to 38.7%.
- Reported EPS was $0.06 compared to a loss of $(0.48) in the prior year quarter.
- Adjusted diluted EPS was $0.63, a 46.5% increase.
- Perrigo reaffirms its fiscal 2023 outlook with organic net sales growth of 3.0%-6.0% and total net sales growth of 7.0%-11.0%.
- None.
Achieved Year-Over-Year and Sequential Gross and Operating Margin Expansion
Delivered Strong Operating Income and EPS Growth
Reaffirming 2023 Outlook
Second Quarter 2023 Highlights:
- Second quarter net sales of
grew$1.2 billion 6.4% , or6.6% on a constant currency1 basis, versus the prior year quarter. Organic2 net sales grew0.8% , including -2.7 percentage points from purposeful SKU prioritization actions to enhance margins as part of the Company's Supply Chain Reinvention Program. - Consumer Self-Care Americas ("CSCA") net sales grew
3.1% , including -4.1 percentage points from purposeful SKU prioritization actions. Consumer Self-Care International ("CSCI") net sales grew12.4% compared to the prior year quarter, while organic net sales increased7.1% . - Second quarter GAAP ("reported") gross margin was
35.9% , a 270 basis points improvement compared to the prior year quarter. Non-GAAP ("adjusted") gross margin was38.7% , a 220 basis points improvement compared to the prior year quarter, and a 120 basis points improvement sequentially compared to the first quarter of 2023. - Second quarter reported earnings per share ("EPS") was
, compared to a loss of$0.06 in the prior year quarter.$(0.48) - Adjusted diluted EPS was
, compared to$0.63 in the prior year quarter, an increase of$0.43 46.5% . Adjusted EPS included a favorable discrete tax benefit of from the resolution of various tax matters related to prior years and an unfavorable impact of$0.08 due to HRA Pharma ("HRA") distributor transition sales returns as part of the integration plan to capture synergies.$0.05 - Second quarter operating cash flow was
, leading to cash and cash equivalents on the balance sheet of$53 million as of second quarter end.$555 million - Perrigo reaffirms its fiscal 2023 organic net sales and total net sales growth outlook range of
3.0% -6.0% and7.0% -11.0% , respectively, versus the prior year, and adjusted diluted EPS range outlook of .$2.50 -$2.70 - On June 30, 2023, Patrick Lockwood-Taylor began his tenure as Perrigo President, CEO and member of the Board of Directors.
- On July 13, 2023, Perrigo announced that the
U.S. Food and Drug Administration ("FDA") approved Opill®, the first ever daily birth control pill available over-the-counter ("OTC") for all ages, inthe United States .
First Half 2023 Highlights:
- Net sales for the first half of 2023 were
, an increase of$2.4 billion 8.1% , or9.7% on a constant currency basis, versus the prior year period. Organic net sales increased3.5% , including -1.4 percentage points from purposeful SKU prioritization actions. - CSCA first half net sales of
grew$1.5 billion 5.3% compared to the prior year period, with organic growth of0.6% , including -2.0 percentage points from purposeful SKU prioritization actions. CSCI first half net sales of grew$860 million 13.5% , or18.0% on a constant currency basis, versus the prior year period, with organic growth of9.0% . - Reported EPS for the first half of 2023 was
, as compared to a loss of$0.06 in the prior year period.$(0.49) - Adjusted diluted EPS for the first half of 2023 was
, as compared to$1.08 in the prior year period, an increase of$0.76 42.1% .
(1) | See attached Appendix for details. Constant currency net sales growth excludes the impact of currency. |
(2) | See attached Appendix for details. Organic net sales growth excludes the effects of acquisitions, divestitures, exited product lines and the impact of currency. 'Organic' results do not include acquisitions for the first 12 months post-closing of a transaction. Since the Company closed the acquisition of HRA on April 29, 2022, the month of April 2023 is not included in 'organic' results, while the remaining two months of HRA financials (May 2023 and June 2023) are included in the second quarter 2023 'organic' results. |
Perrigo Company plc (NYSE: PRGO) ("Perrigo" or the "Company"), a leading provider of Consumer Self-Care Products, today announced financial results from continuing operations for the second quarter ended July 1, 2023. All comparisons are against the prior year fiscal second quarter, unless otherwise noted.
President and CEO, Patrick Lockwood-Taylor commented, "Perrigo is well positioned in the consumer self-care industry with tremendous manufacturing scale in the
Lockwood-Taylor continued, "Our second quarter earnings results reflect the dedication and hard work of the entire Perrigo team, who also continued to make meaningful progress against key operational initiatives, including our Supply Chain Reinvention Program, and integrating and synergizing both the HRA and infant formula acquisitions."
"Our second quarter performance underscores the strength in our global self-care categories as we delivered solid financial results," commented Eduardo Bezerra, Executive Vice President and CFO. "Importantly, margins expanded compared to the prior year and sequentially, and both adjusted operating income growth and cash on the balance sheet were strong. As global consumer consumption is normalizing and despite adding pre-launch investments for Opill® into our plans for the second half of 2023, we are reaffirming our 2023 adjusted EPS outlook range."
Refer to Tables I through VI at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information. The Company's reported results are included in the attached Consolidated Statements of Operations, Balance Sheets and Statements of Cash Flows.
Second Quarter Perrigo 2023 Results from Continuing Operations
Second Quarter 2023 Net Sales Change Compared to Prior Year | |||||
Reported Net Sales | Foreign Exchange | Constant | Net Acquisitions | Organic Net Sales | |
CSCA | 3.1 % | 0.1 % | 3.2 % | (5.9) % | (2.7) % |
CSCI | 12.4 % | 0.4 % | 12.8 % | (5.7) % | 7.1 % |
Total Perrigo | 6.4 % | 0.2 % | 6.6 % | (5.8) % | 0.8 % |
Reported net sales of
Organic net sales growth of
Reported gross margin was
Reported operating income was
Reported net income was
Second Quarter 2023 Business Segment Results from Continuing Operations
Consumer Self-Care Americas Segment
Second Quarter 2023 Net Sales Change Compared to Prior Year | |||||
Reported Net Sales | Foreign Exchange | Constant | Net Acquisitions | Organic Net Sales | |
CSCA | 3.1 % | 0.1 % | 3.2 % | (5.9) % | (2.7) % |
CSCA reported net sales increased
Nutrition
Net sales of
Upper Respiratory
Net sales of
Digestive Health
Net sales of
Pain & Sleep-Aids
Net sales of
Oral Care
Net sales of
Healthy Lifestyle
Net sales of
Skin Care
Net sales of
Women's Health
Net sales of
Vitamins, Minerals, and Supplements ("VMS") and Other
Net sales of
Reported gross margin was
Reported operating income was
Consumer Self-Care International Segment
Second Quarter 2023 Net Sales Change Compared to Prior Year | |||||
Reported Net Sales | Foreign Exchange | Constant | Net Acquisitions | Organic Net Sales | |
CSCI | 12.4 % | 0.4 % | 12.8 % | (5.7) % | 7.1 % |
CSCI reported net sales increased
Skin Care
Net sales of
Upper Respiratory
Net sales of
Healthy Lifestyle
Net sales of
Pain & Sleep-Aids
Net sales of
VMS
Net sales of
Women's Health
Net sales of
Oral Care
Net sales of
Digestive Health and Other
Net sales of
Reported gross margin was
Reported operating income was
Fiscal 2023 Outlook
The Company's fiscal year 2023 outlook is provided below:
- Reported net sales growth of
7.0% to11.0% compared to the prior year, - Organic net sales growth of
3.0% to6.0% compared to the prior year, - Interest expense of approximately
,$180 million - Adjusted tax rate for the second half of 2023 is expected to be approximately
19.5% , leading to a full year adjusted tax rate for 2023 of17.0% , which includes the second quarter adjusted EPS discrete tax benefit of ,$0.08 - Adjusted diluted EPS range of between
to$2.50 , including pre-launch investments for Opill® following FDA approval, and$2.70 - Operating cash flow conversion (operating cash flow as a percentage of adjusted net income) of approximately
100% .
About Perrigo
Perrigo Company plc (NYSE: PRGO) is a leading provider of Consumer Self-Care Products and over-the-counter (OTC) health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at www.perrigo.com.
Webcast and Conference Call Information
The earnings conference call will be available live on Tuesday August 8, 2023 at 8:30 A.M. (EST) via webcast to interested parties in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcasts or by phone at 888-317-6003, International 412-317-6061, and reference ID # 6916237. A taped replay of the call will be available beginning at approximately 12:00 P.M. (EST) Tuesday, August 8, until midnight Tuesday, August 15, 2023. To listen to the replay, dial 877-344-7529, International 412-317-0088, and use access code 4782572.
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements." These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "forecast," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including: supply chain impacts on the Company's business, including those caused or exacerbated by armed conflict, trade and other economic sanctions and/or disease; general economic, credit, and market conditions; the impact of the war in
Non-GAAP Measures
This press release contains certain non-GAAP measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts different from the most directly comparable measure calculated and presented in accordance with
- net sales growth on an organic basis, which excludes acquisitions, divested businesses, and the impact of currency,
- adjusted gross profit,
- adjusted net income,
- adjusted operating income,
- adjusted diluted earnings per share,
- constant currency net sales growth, adjusted operating income and adjusted diluted earnings per share,
- adjusted gross margin, and
- adjusted operating margin.
These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to the GAAP measures and may not be comparable to similarly named measures used by other companies.
The Company provides non-GAAP financial measures as additional information that it believes is useful to investors and analysts in evaluating the performance of the Company's ongoing operating trends, facilitating comparability between periods and, where applicable, with companies in similar industries and assessing the Company's prospects for future performance. These non-GAAP financial measures exclude items, such as impairment charges, restructuring charges, and acquisition and integration-related charges, that by their nature affect comparability of operational performance or that we believe obscure underlying business operational trends. The intangible asset amortization excluded from these non-GAAP financial measure represents the entire amount recorded within the Company's GAAP financial statements and is excluded because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. The revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. The non-GAAP measures the Company provides are consistent with how management analyzes and assesses the operating performance of the Company, and disclosing them provides investor insight into management's view of the business. Management uses these adjusted financial measures for planning and forecasting in future periods, and evaluating segment and overall operating performance. In addition, management uses certain of the profit measures as factors in determining compensation.
Non-GAAP measures related to profit measurements, which include adjusted gross profit, adjusted net income, adjusted diluted EPS, constant currency adjusted diluted EPS, constant currency adjusted operating income, adjusted gross margin and adjusted operating margin are useful to investors as they provide them with supplemental information to enhance their understanding of the Company's underlying business performance and trends, and enhance the ability of investors and analysts to compare the Company's period-to-period financial results. Management believes that adjusted gross margin and adjusted operating margin are useful to investors, in addition to the reasons discussed above, by allowing them to more easily compare and analyze trends in the Company's peer business group and assisting them in comparing the Company's overall performance to that of its competitors. The Company also discloses net sales growth excluding the impact of currency on an organic basis. The Company believes these supplemental financial measures provide investors with consistency in financial reporting, enabling meaningful comparisons of past and present underlying operating results, and also facilitate analysis of the Company's operating performance and acquisition and divestiture trends.
A copy of this press release, including the reconciliations, is available on the Company's website at www.perrigo.com.
PERRIGO COMPANY PLC CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
July 1, | July 2, | July 1, | July 2, | ||||
Net sales | $ 1,193.1 | $ 1,121.7 | $ 2,374.8 | $ 2,196.2 | |||
Cost of sales | 765.1 | 749.6 | 1,532.9 | 1,486.3 | |||
Gross profit | 428.0 | 372.1 | 841.9 | 709.9 | |||
Operating expenses | |||||||
Distribution | 28.6 | 29.5 | 57.2 | 53.9 | |||
Research and development | 32.2 | 31.5 | 63.3 | 60.8 | |||
Selling | 171.1 | 150.8 | 339.0 | 286.4 | |||
Administration | 132.6 | 157.8 | 267.6 | 280.1 | |||
Restructuring | 6.7 | 9.5 | 10.2 | 13.1 | |||
Other operating (income) expense, net | — | (0.1) | (0.8) | 0.8 | |||
Total operating expenses | 371.2 | 379.0 | 736.5 | 695.1 | |||
Operating income (loss) | 56.8 | (6.9) | 105.4 | 14.8 | |||
Interest expense, net | 44.0 | 38.3 | 87.6 | 74.1 | |||
Other (income) expense, net | (9.7) | 53.8 | (9.0) | 52.7 | |||
Income (loss) from continuing operations before income taxes | 22.5 | (108.3) | 26.8 | (121.3) | |||
Income tax expense (benefit) | 13.6 | (43.4) | 19.0 | (55.1) | |||
Income (loss) from continuing operations | 8.9 | (64.9) | 7.8 | (66.2) | |||
Income (loss) from discontinued operations, net of tax | (0.5) | (0.2) | (2.4) | (1.4) | |||
Net income (loss) | $ 8.4 | $ (65.1) | $ 5.4 | $ (67.6) | |||
Earnings (loss) per share | |||||||
Basic | |||||||
Continuing operations | $ 0.07 | $ (0.48) | $ 0.06 | $ (0.49) | |||
Discontinued operations | — | — | (0.02) | (0.01) | |||
Basic earnings (loss) per share | $ 0.06 | $ (0.48) | $ 0.04 | $ (0.50) | |||
Diluted | |||||||
Continuing operations | $ 0.06 | $ (0.48) | $ 0.06 | $ (0.49) | |||
Discontinued operations | — | — | (0.02) | (0.01) | |||
Diluted earnings (loss) per share | $ 0.06 | $ (0.48) | $ 0.04 | $ (0.50) | |||
Weighted-average shares outstanding | |||||||
Basic | 135.3 | 134.6 | 135.1 | 134.3 | |||
Diluted | 136.6 | 134.6 | 136.5 | 134.3 |
PERRIGO COMPANY PLC CONSOLIDATED BALANCE SHEETS (in millions, except per share amounts) (unaudited) | |||
July 1, | December 31, | ||
Assets | |||
Cash and cash equivalents | $ 555.2 | $ 600.7 | |
Accounts receivable, net of allowance for credit losses of | 754.1 | 697.1 | |
Inventories | 1,167.5 | 1,150.3 | |
Prepaid expenses and other current assets | 296.2 | 271.8 | |
Total current assets | 2,773.0 | 2,719.9 | |
Property, plant and equipment, net | 918.3 | 926.3 | |
Operating lease assets | 206.9 | 217.1 | |
Goodwill and indefinite-lived intangible assets | 3,657.8 | 3,549.0 | |
Definite-lived intangible assets, net | 3,030.8 | 3,230.2 | |
Deferred income taxes | 6.3 | 7.1 | |
Other non-current assets | 371.6 | 367.7 | |
Total non-current assets | 8,191.7 | 8,297.4 | |
Total assets | $ 10,964.7 | $ 11,017.3 | |
Liabilities and Shareholders' Equity | |||
Accounts payable | $ 470.5 | $ 537.3 | |
Payroll and related taxes | 104.4 | 136.4 | |
Accrued customer programs | 174.3 | 139.1 | |
Other accrued liabilities | 261.7 | 250.2 | |
Accrued income taxes | 7.6 | 14.4 | |
Current indebtedness | 38.4 | 36.2 | |
Total current liabilities | 1,056.9 | 1,113.6 | |
Long-term debt, less current portion | 4,055.9 | 4,070.4 | |
Deferred income taxes | 344.6 | 368.2 | |
Other non-current liabilities | 658.7 | 623.0 | |
Total non-current liabilities | 5,059.2 | 5,061.6 | |
Total liabilities | 6,116.1 | 6,175.2 | |
Contingencies - Refer to Note 16 | |||
Shareholders' equity | |||
Controlling interests: | |||
Preferred shares, | — | — | |
Ordinary shares, | 6,890.9 | 6,936.7 | |
Accumulated other comprehensive income | 19.9 | (27.0) | |
Retained earnings (accumulated deficit) | (2,062.2) | (2,067.6) | |
Total shareholders' equity | 4,848.6 | 4,842.1 | |
Total liabilities and shareholders' equity | $ 10,964.7 | $ 11,017.3 | |
Supplemental Disclosures of Balance Sheet Information | |||
Preferred shares, issued and outstanding | — | — | |
Ordinary shares, issued and outstanding | 135.4 | 134.7 |
PERRIGO COMPANY PLC CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) | |||
Six Months Ended | |||
July 1, 2023 | July 2, 2022 | ||
Cash Flows From (For) Operating Activities | |||
Net income (loss) | $ 5.4 | $ (67.6) | |
Adjustments to derive cash flows: | |||
Depreciation and amortization | 182.6 | 153.0 | |
Share-based compensation | 43.5 | 37.3 | |
Restructuring charges | 10.2 | 13.1 | |
Amortization of debt discount (premium) | 1.4 | (4.3) | |
Foreign currency remeasurement loss | — | 39.4 | |
Loss on sale of business | — | 1.4 | |
Deferred income taxes | (1.8) | 12.6 | |
Gain on sale of assets | (4.0) | (5.8) | |
Other non-cash adjustments, net | 1.6 | (4.8) | |
Subtotal | 238.9 | 174.3 | |
Increase (decrease) in cash due to: | |||
Accounts receivable | (72.5) | (56.4) | |
Accounts payable | (68.8) | 64.2 | |
Payroll and related taxes | (42.5) | (38.8) | |
Accrued income taxes | (33.2) | (99.9) | |
Inventories | (11.1) | (50.5) | |
Accrued liabilities | (0.3) | 14.2 | |
Prepaid expenses and other current assets | 10.9 | 29.5 | |
Accrued customer programs | 35.1 | 16.9 | |
Other operating, net | 15.8 | 8.7 | |
Subtotal | (166.6) | (112.1) | |
Net cash from operating activities | 72.3 | 62.2 | |
Cash Flows From (For) Investing Activities | |||
Additions to property, plant and equipment | (43.2) | (48.7) | |
Acquisitions of businesses, net of cash acquired | — | (1,901.4) | |
Settlement of acquisition-related foreign currency derivatives | — | (37.1) | |
Asset acquisitions | — | (10.0) | |
Net proceeds from sale of businesses | — | 58.7 | |
Proceeds from sale of assets | 1.8 | 24.8 | |
Proceeds from royalty rights | 17.4 | 2.0 | |
Net cash for investing activities | (24.0) | (1,911.7) | |
Cash Flows From (For) Financing Activities | |||
Cash dividends | (73.2) | (69.6) | |
Payments on long-term debt | (14.9) | (958.9) | |
Issuances of long-term debt | — | 1,587.7 | |
Payments for debt issuance costs | — | (19.5) | |
Premiums on early debt retirement | — | (12.2) | |
Other financing, net | (11.2) | (20.4) | |
Net cash (for) from financing activities | (99.3) | 507.1 | |
Effect of exchange rate changes on cash and cash equivalents | 5.5 | (51.6) | |
Net decrease in cash and cash equivalents | (45.5) | (1,394.0) | |
Cash and cash equivalents of continuing operations, beginning of period | 600.7 | 1,864.9 | |
Cash and cash equivalents held for sale, beginning of period | — | 14.4 | |
Less cash and cash equivalents held for sale, end of period | — | — | |
Cash and cash equivalents of continuing operations, end of period | $ 555.2 | $ 485.3 |
TABLE I PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES SELECTED CONSOLIDATED INFORMATION (in millions, except per share amounts) (unaudited) | ||||||||||
Three Months Ended July 1, 2023 | ||||||||||
Consolidated Continuing Operations | Net Sales | Gross Profit | R&D | DSG&A | Restructuring | Operating | Interest and | Income Tax | Income from | Diluted Earnings |
Reported | $ 1,193.1 | $ 428.0 | $ 32.2 | $ 332.3 | $ 6.7 | $ 56.8 | $ 34.3 | $ 13.6 | $ 8.9 | $ 0.06 |
As a % of reported net sales | 35.9 % | 2.7 % | 27.9 % | 0.6 % | 4.8 % | 2.9 % | 1.1 % | 0.7 % | ||
Effective tax rate | 60.5 % | |||||||||
Pre-tax adjustments: | ||||||||||
Amortization expense related primarily to acquired intangible assets | 33.7 | (0.2) | (35.7) | — | 69.7 | (0.5) | — | 70.1 | 0.51 | |
Restructuring charges and other termination benefits | 0.1 | — | — | (5.7) | 5.8 | — | — | 5.8 | 0.04 | |
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (2.9) | — | 2.9 | — | — | 2.9 | 0.02 | |
Unusual litigation | — | — | (2.1) | — | 2.1 | — | — | 2.1 | 0.02 | |
(Gain) loss on investment securities | — | — | — | — | — | (0.1) | — | 0.1 | — | |
Milestone payments received related to royalty rights | — | — | — | — | — | 10.0 | — | (10.0) | (0.07) | |
Non-GAAP tax adjustments(2) | — | — | — | — | — | — | (6.8) | 6.8 | 0.05 | |
Adjusted | $ 461.8 | $ 32.0 | $ 291.6 | $ 1.0 | $ 137.3 | $ 43.8 | $ 6.8 | $ 86.7 | $ 0.63 | |
As a % of reported net sales | 38.7 % | 2.7 % | 24.4 % | 11.5 % | 3.7 % | 0.5 % | 7.3 % | |||
Adjusted effective tax rate | 7.3 % | |||||||||
Diluted weighted average shares outstanding (in millions) | ||||||||||
Reported | 136.6 |
Note: amounts may not add due to rounding. Percentages are based on actuals. | |
(1) | Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
(2) | The non-GAAP tax adjustments are primarily due to (1) |
TABLE I (CONTINUED) PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES SELECTED CONSOLIDATED INFORMATION (in millions, except per share amounts) (unaudited) | ||||||||||
Three Months Ended July 2, 2022 | ||||||||||
Consolidated Continuing Operations | Net Sales | Gross | R&D | DSG&A | Restructuring | Operating | Interest | Income Tax | Income (Loss) | Diluted |
Reported | $ 1,121.7 | $ 372.1 | $ 31.5 | $ 338.1 | $ 9.4 | $ (6.9) | $ 101.4 | $ (43.4) | $ (64.9) | $ (0.48) |
As a % of reported net sales | 33.2 % | 2.8 % | 30.1 % | 0.8 % | (0.6) % | 9.0 % | (3.9) % | (5.8) % | ||
Effective tax rate | 40.1 % | |||||||||
Pre-tax adjustments: | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 6.5 | — | (42.3) | — | 48.8 | (52.5) | — | 101.3 | 0.75 | |
Amortization expense primarily related to acquired intangible assets | 30.8 | (0.3) | (31.5) | — | 62.6 | (0.6) | — | 63.2 | 0.46 | |
Restructuring charges and other termination benefits | — | — | — | (9.4) | 9.4 | — | — | 9.4 | 0.07 | |
Loss on early debt extinguishment | — | — | — | — | — | (9.3) | — | 9.3 | 0.07 | |
Unusual litigation | — | — | (2.5) | — | 2.5 | — | — | 2.5 | 0.02 | |
Non-GAAP tax adjustments(2) | — | — | — | — | — | — | 61.9 | (61.9) | (0.46) | |
Adjusted | $ 409.4 | $ 31.2 | $ 261.8 | $ — | $ 116.4 | $ 39.0 | $ 18.5 | $ 58.9 | $ 0.43 | |
As a % of reported net sales | 36.5 % | 2.8 % | 23.3 % | 10.4 % | 3.5 % | 1.6 % | 5.3 % | |||
Adjusted effective tax rate | 23.9 % | |||||||||
Diluted weighted average shares outstanding (in millions) | ||||||||||
Reported | 134.6 | |||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income(3) | 1.3 | |||||||||
Adjusted | 135.9 |
Note: amounts may not add due to rounding. Percentages are based on actuals. | |
(1) | Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
(2) | The non-GAAP tax adjustments are primarily related to pre-tax non-GAAP adjustments. |
(3) | In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding. |
TABLE I (CONTINUED) PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES SELECTED CONSOLIDATED INFORMATION (in millions, except per share amounts) (unaudited) | ||||||||||
Six Months Ended July 1, 2023 | ||||||||||
Consolidated Continuing Operations | Net Sales | Gross | R&D | DSG&A | Restructuring | Operating | Interest | Income Tax | Income from | Diluted |
Reported | $ 841.9 | $ 63.3 | $ 663.8 | $ 9.4 | $ 105.4 | $ 78.6 | $ 19.0 | $ 7.8 | $ 0.06 | |
As a % of reported net sales | 35.5 % | 2.7 % | 28.0 % | 0.4 % | 4.4 % | 3.3 % | 0.8 % | 0.3 % | ||
Effective tax rate | 70.8 % | |||||||||
Pre-tax adjustments: | ||||||||||
Amortization expense related primarily to acquired intangible assets | 62.7 | — | (72.5) | — | 135.2 | (1.1) | — | 136.3 | 1.00 | |
Restructuring charges and other termination benefits | 0.1 | — | (0.7) | (8.4) | 9.2 | — | — | 9.2 | 0.07 | |
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (6.4) | — | 6.4 | — | — | 6.4 | 0.05 | |
Unusual litigation | — | — | (5.2) | — | 5.2 | — | — | 5.2 | 0.04 | |
(Gain) loss on divestitures and investment securities | — | — | 4.6 | — | (4.6) | 0.1 | — | (4.7) | (0.03) | |
Milestone payments received related to royalty rights | — | — | — | — | — | 10.0 | — | (10.0) | (0.07) | |
Non-GAAP tax adjustments(2) | — | — | — | — | — | — | 2.6 | (2.6) | (0.02) | |
Adjusted | $ 904.7 | $ 63.3 | $ 583.6 | $ 1.0 | $ 256.8 | $ 87.6 | $ 21.6 | $ 147.7 | $ 1.08 | |
As a % of reported net sales | 38.1 % | 2.7 % | 24.6 % | — % | 10.8 % | 3.7 % | 0.9 % | 6.2 % | ||
Adjusted effective tax rate | 12.7 % | |||||||||
Diluted weighted average shares outstanding (in millions) | ||||||||||
Reported | 136.5 |
Note: amounts may not add due to rounding. Percentages are based on actuals. | |
(1) | Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
(2) | The non-GAAP tax adjustments are primarily due to |
TABLE I (CONTINUED) PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES SELECTED CONSOLIDATED INFORMATION (in millions, except per share amounts) (unaudited) | ||||||||||
Six Months Ended July 2, 2022 | ||||||||||
Consolidated Continuing Operations | Net | Gross | R&D | DSG&A | Restructuring | Operating | Interest | Income Tax | Income (Loss) | Diluted |
Reported | $ 2,196.2 | $ 709.9 | $ 60.8 | $ 620.4 | $ 13.9 | $ 14.8 | $ 136.1 | $ (55.1) | $ (66.2) | $ (0.49) |
As a % of reported net sales | 32.3 % | 2.8 % | 28.2 % | 0.6 % | 0.7 % | 6.2 % | (2.5) % | (3.0) % | ||
Effective tax rate | 45.4 % | |||||||||
Pre-tax adjustments: | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 6.5 | — | (53.7) | — | 60.2 | (55.9) | — | 116.1 | 0.86 | |
Amortization expense primarily related to acquired intangible assets | 52.3 | (0.8) | (58.4) | — | 111.5 | (1.0) | — | 112.5 | 0.83 | |
Restructuring charges and other termination benefits | — | — | — | (13.0) | 13.0 | — | — | 13.0 | 0.10 | |
Loss on early debt extinguishment | — | — | — | — | — | (9.3) | — | 9.3 | 0.07 | |
Impairment charges | — | — | — | (4.6) | 4.6 | — | — | 4.6 | 0.03 | |
Unusual litigation | — | — | (2.8) | — | 2.8 | — | — | 2.8 | 0.02 | |
(Gain) loss on divestitures and investment securities | — | — | — | 3.7 | (3.7) | (1.9) | — | (1.8) | (0.02) | |
Non-GAAP tax adjustments(2) | — | — | — | — | — | — | 86.6 | (86.6) | (0.64) | |
Adjusted | $ 768.7 | $ 60.0 | $ 505.5 | $ — | $ 203.2 | $ 68.0 | $ 31.5 | $ 103.7 | $ 0.76 | |
As a % of reported net sales | 35.0 % | 2.7 % | 23.0 % | — % | 9.3 % | 3.1 % | 1.4 % | 4.7 % | ||
Adjusted effective tax rate | 23.3 % | |||||||||
Diluted weighted average shares outstanding (in millions) | ||||||||||
Reported | 134.3 | |||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income(3) | 1.3 | |||||||||
Adjusted | 135.6 |
Note: amounts may not add due to rounding. Percentages are based on actuals. | |
(1) | Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
(2) | The non-GAAP tax adjustments are primarily due to |
(3) | In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding. |
TABLE II PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES SELECTED SEGMENT INFORMATION (in millions) (unaudited) | |||||||||||
Three Months Ended | Three Months Ended | ||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D | DSG&A | Operating Income | Net Sales | Gross Profit | R&D | DSG&A | Operating Income | |
Reported | $ 750.8 | $ 224.5 | $ 16.9 | $ 108.7 | $ 97.7 | $ 728.0 | $ 192.3 | $ 17.6 | $ 88.5 | $ 86.3 | |
As a % of reported net sales | 29.9 % | 2.3 % | 14.5 % | 13.0 % | 26.4 % | 2.4 % | 12.2 % | 11.9 % | |||
Pre-tax adjustments: | |||||||||||
Amortization expense related primarily to acquired intangible assets | 4.5 | — | (10.2) | 14.7 | 6.3 | — | (7.3) | 13.6 | |||
Restructuring charges and other termination benefits | — | — | — | 1.2 | — | — | — | — | |||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (0.5) | 0.5 | 4.8 | — | — | 4.8 | |||
Adjusted | $ 229.0 | $ 16.9 | $ 98.0 | $ 114.1 | $ 203.4 | $ 17.6 | $ 81.2 | $ 104.7 | |||
As a % of reported net sales | 30.5 % | 2.3 % | 13.1 % | 15.2 % | 27.9 % | 2.4 % | 11.2 % | 14.4 % |
Three Months Ended | Three Months Ended | ||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D | DSG&A | Operating | Net Sales | Gross Profit | R&D | DSG&A | Operating | |
Reported | $ 442.4 | $ 203.6 | $ 15.3 | $ 173.7 | $ 8.8 | $ 393.7 | $ 179.8 | $ 13.9 | $ 162.9 | $ 1.5 | |
As a % of reported net sales | 46.0 % | 3.5 % | 39.3 % | 2.0 % | 45.7 % | 3.5 % | 41.4 % | 0.4 % | |||
Pre-tax adjustments: | |||||||||||
Amortization expense related primarily to acquired intangible assets | 29.2 | (0.2) | (25.5) | 55.0 | 24.5 | (0.3) | (24.2) | 49.0 | |||
Restructuring charges and other termination benefits | — | — | — | 5.9 | — | — | — | 1.5 | |||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (0.4) | 0.4 | 1.7 | — | (0.3) | 2.0 | |||
Adjusted | $ 232.8 | $ 15.0 | $ 147.7 | $ 70.1 | $ 206.0 | $ 13.6 | $ 138.4 | $ 54.0 | |||
As a % of reported net sales | 52.6 % | 3.4 % | 33.4 % | 15.8 % | 52.3 % | 3.5 % | 35.2 % | 13.7 % | |||
Note: amounts may not add due to rounding. Percentages are based on actuals. |
TABLE II (CONTINUED) PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES SELECTED SEGMENT INFORMATION (in millions) (unaudited) | |||||||||||
Six Months Ended | Six Months Ended | ||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Consumer Self-Care Americas | Net Sales | Gross | R&D | DSG&A | Operating | Net Sales | Gross | R&D | DSG&A | Operating | |
Reported | $ 1,514.4 | $ 435.3 | $ 34.9 | $ 217.1 | $ 181.0 | $ 1,438.0 | $ 364.8 | $ 35.2 | $ 168.4 | $ 164.8 | |
As a % of reported net sales | 28.7 % | 2.3 % | 14.3 % | 12.0 % | 25.4 % | 2.4 % | 11.7 % | 11.5 % | |||
Pre-tax adjustments: | |||||||||||
Amortization expense related primarily to acquired intangible assets | 8.3 | — | (20.3) | 28.6 | 11.4 | — | (14.7) | 26.1 | |||
Restructuring charges and other termination benefits | 0.1 | — | — | 2.4 | — | — | — | — | |||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (1.3) | 1.3 | 4.8 | — | — | 4.8 | |||
(Gain) loss on investment securities | — | — | — | — | — | — | — | (3.7) | |||
Adjusted | $ 443.7 | $ 34.9 | $ 195.5 | $ 213.2 | $ 381.0 | $ 35.2 | $ 153.7 | $ 192.0 | |||
As a % of reported net sales | 29.3 % | 2.3 % | 12.9 % | 14.1 % | 26.5 % | 2.4 % | 10.7 % | 13.4 % |
Six Months Ended | Six Months Ended | ||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D | DSG&A | Operating | Net Sales | Gross | R&D | DSG&A | Operating | |
Reported | $ 860.4 | $ 406.6 | $ 28.3 | $ 342.3 | $ 30.0 | $ 758.2 | $ 345.1 | $ 25.5 | $ 300.2 | $ 17.7 | |
As a % of reported net sales | 47.3 % | 3.3 % | 39.8 % | 3.5 % | 45.5 % | 3.4 % | 39.6 % | 2.3 % | |||
Pre-tax adjustments: | |||||||||||
Amortization expense related primarily to acquired intangible assets | 54.4 | — | (52.3) | 106.7 | 40.9 | (0.7) | (43.9) | 85.5 | |||
Restructuring charges and other termination benefits | — | — | (0.7) | 6.7 | — | — | — | 1.6 | |||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (1.5) | 1.5 | 1.7 | — | (0.2) | 2.0 | |||
(Gain) loss on divestitures and investment securities | — | — | 4.6 | (4.6) | — | — | — | — | |||
Adjusted | $ 461.0 | $ 28.3 | $ 292.3 | $ 140.3 | $ 387.7 | $ 24.8 | $ 256.1 | $ 106.8 | |||
As a % of reported net sales | 53.6 % | 3.3 % | 34.0 % | 16.3 % | 51.1 % | 3.3 % | 33.8 % | 14.1 % |
Note: amounts may not add due to rounding. Percentages are based on actuals. |
TABLE III PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES CONSOLIDATED AND SELECTED SEGMENT INFORMATION (in millions, except per share amounts) (unaudited) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
Consolidated Continuing Operations | July 1, 2023 | July 2, 2022 | % Change | July 1, 2023 | July 2, 2022 | % Change | |||||
Net Sales | $ 1,193.1 | $ 1,121.7 | 6.4 % | $ 2,374.8 | $ 2,196.2 | 8.1 % | |||||
Less: Currency impact(1) | (2.3) | — | 0.2 % | (35.1) | — | 1.6 % | |||||
Constant currency net sales | $ 1,195.4 | $ 1,121.7 | 6.6 % | $ 2,409.9 | $ 2,196.2 | 9.7 % | |||||
Less: Divestitures(2) | — | — | — % | — | 19.3 | 0.9 % | |||||
Less: Exited product lines(3) | 1.2 | 6.5 | (0.1) % | 1.2 | 6.5 | 0.3 % | |||||
Less: Acquisitions(4) | 70.3 | — | (6.3) % | 161.9 | — | (7.7) % | |||||
Organic net sales | $ 1,123.9 | $ 1,115.2 | 0.8 % | $ 2,246.9 | 2,170.4 | 3.5 % |
Three Months Ended | Six Months Ended | ||||||||||
Consumer Self-Care Americas | July 1, 2023 | July 2, 2022 | % Change | July 1, 2023 | July 2, 2022 | % Change | |||||
Net Sales | $ 750.8 | $ 728.0 | 3.1 % | $ 1,514.4 | $ 1,438.0 | 5.3 % | |||||
Less: Currency impact(1) | (0.7) | — | 0.1 % | (1.2) | — | 0.1 % | |||||
Constant currency net sales | $ 751.4 | $ 728.0 | 3.2 % | $ 1,515.6 | $ 1,438.0 | 5.4 % | |||||
Less: Divestitures(2) | — | — | — % | — | 19.3 | 1.4 % | |||||
Less: Exited product lines(3) | 1.2 | 6.5 | 0.8 % | 1.2 | 6.5 | 0.4 % | |||||
Less: Acquisitions(4) | 48.0 | — | (6.7) % | 93.6 | — | (6.6) % | |||||
Organic net sales | $ 702.2 | $ 721.5 | (2.7) % | $ 1,420.8 | $ 1,412.2 | 0.6 % |
Three Months Ended | Six Months Ended | ||||||||||
Consumer Self-Care International | July 1, 2023 | July 2, 2022 | % Change | July 1, 2023 | July 2, 2022 | % Change | |||||
Net Sales | $ 442.4 | $ 393.7 | 12.4 % | $ 860.4 | $ 758.2 | 13.5 % | |||||
Less: Currency impact(1) | (1.6) | — | 0.4 % | (33.9) | — | 4.5 % | |||||
Constant currency net sales | $ 444.0 | $ 393.7 | 12.8 % | $ 894.3 | $ 758.2 | 18.0 % | |||||
Less: Acquisitions(4) | 22.3 | — | (5.7) % | 68.3 | — | (9.0) % | |||||
Organic net sales | $ 421.7 | $ 393.7 | 7.1 % | $ 826.1 | $ 758.2 | 9.0 % |
Note: amounts may not add due to rounding. Percentages are based on actuals. | |
(1) | Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior year period to show what current period US dollar results would have been if such currency exchange rates had not changed. |
(2) | Represents divestitures of Latin American businesses and ScarAway®. |
(3) | Represents an exited product line within Nutrition. |
(4) | Represents acquisition of HRA Pharma in CSCA and CSCI on a constant currency basis (one month of sales during the second quarter 2023, and four months of sales for the first half of 2023, as it was acquired on April 29, 2022) , and Nestlé's Gateway Infant Formula Plant and Good Start® infant formula brand in CSCA. |
TABLE IV | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
CSCA Net Sales | July 1, | July 2, | Total Change | July 1, | July 2, | % Change | ||||||||
Nutrition | $ 164.8 | $ 125.1 | $ 39.7 | 31.7 % | $ 304.7 | $ 252.3 | 20.8 % | |||||||
Upper Respiratory | 137.7 | 145.9 | (8.2) | (5.6) % | 292.0 | 298.7 | (2.2) % | |||||||
Digestive Health | 126.7 | 125.1 | 1.6 | 1.3 % | 250.9 | 243.7 | 3.0 % | |||||||
Pain and Sleep-Aids | 97.4 | 102.6 | (5.2) | (5.1) % | 200.9 | 205.5 | (2.2) % | |||||||
Oral Care | 76.9 | 76.6 | 0.3 | 0.4 % | 161.3 | 147.0 | 9.7 % | |||||||
Healthy Lifestyle | 67.3 | 67.3 | — | — % | 140.7 | 134.9 | 4.3 % | |||||||
Skin Care | 50.8 | 48.6 | 2.2 | 4.5 % | 103.1 | 89.5 | 15.2 % | |||||||
Women's Health | 12.5 | 12.0 | 0.5 | 4.2 % | 24.4 | 20.2 | 20.8 % | |||||||
VMS and Other CSCA | 16.7 | 24.8 | (8.1) | (32.7) % | 36.4 | 46.2 | (21.2) % | |||||||
Total CSCA Net Sales | $ 750.8 | $ 728.0 | $ 22.8 | 3.1 % | $ 1,514.4 | $ 1,438.0 | 5.3 % |
Three Months Ended | Constant | Six Months Ended | Constant | ||||||||||||||||||
CSCI Net Sales | July 1, | July 2, | Total Change | Currency | July 1, | July 2, | % Change | Currency | |||||||||||||
Skin Care | $ 123.0 | $ 102.5 | $ 20.5 | 20.0 % | 3.3 % | 23.3 % | $ 206.4 | $ 176.4 | 17.0 % | 7.5 % | 24.5 % | ||||||||||
Upper Respiratory | 64.9 | 58.8 | 6.1 | 10.4 % | (1.0) % | 9.4 % | 149.7 | 125.3 | 19.5 % | 4.0 % | 23.5 % | ||||||||||
Healthy Lifestyle | 60.6 | 59.1 | 1.5 | 2.5 % | (0.6) % | 1.9 % | 127.0 | 118.0 | 7.6 % | 2.0 % | 9.6 % | ||||||||||
Pain and Sleep-Aids | 52.8 | 49.1 | 3.7 | 7.5 % | (0.6) % | 6.9 % | 102.7 | 103.1 | (0.4) % | 3.8 % | 3.4 % | ||||||||||
VMS | 41.5 | 42.3 | (0.8) | (1.9) % | (1.6) % | (3.5) % | 89.3 | 91.8 | (2.7) % | 1.8 % | (0.9) % | ||||||||||
Women's Health | 31.9 | 23.3 | 8.6 | 36.9 % | (1.7) % | 35.2 % | 61.0 | 37.0 | 64.9 % | 3.7 % | 68.6 % | ||||||||||
Oral Care | 21.6 | 20.6 | 1.0 | 4.9 % | (0.5) % | 4.4 % | 50.7 | 49.5 | 2.4 % | 3.5 % | 5.9 % | ||||||||||
Digestive Health and Other CSCI | 46.1 | 38.0 | 8.1 | 21.3 % | 1.9 % | 23.2 % | 73.6 | 57.1 | 28.9 % | 8.2 % | 37.1 % | ||||||||||
Total CSCI Net Sales | $ 442.4 | $ 393.7 | $ 48.7 | 12.4 % | 0.4 % | 12.8 % | $ 860.4 | $ 758.2 | 13.5 % | 4.5 % | 18.0 % |
Note: amounts may not add due to rounding. Percentages are based on actuals. |
(1) Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior year period to show what current period US dollar results would have been if such currency exchange rates had not changed. |
TABLE V | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Consolidated Continuing Operations | July 1, | July 2, | Total Change | July 1, | July 2, | Total Change | ||||||||||
Adjusted gross margin | 38.7 % | 36.5 % | 220 bps | |||||||||||||
Adjusted operating income | $ 137.3 | $ 116.4 | $ 20.8 | 17.9 % | ||||||||||||
Adjusted EPS | $ 0.63 | $ 0.43 | $ 0.20 | 46.5 % | $ 1.08 | $ 0.76 | 0.32 | 42.1 % | ||||||||
Consumer Self-Care International | ||||||||||||||||
Adjusted operating income | $ 70.1 | $ 54.0 | $ 16.0 | 29.7 % | ||||||||||||
Consumer Self-Care Americas | ||||||||||||||||
Adjusted gross margin | 30.5 % | 27.9 % | 260 bps | |||||||||||||
Adjusted operating income | $ 114.1 | $ 104.7 | $ 9.4 | 9.0 % |
Sequential Comparison
Three Months Ended | |||||||||
Consolidated Continuing Operations | July 1, | April 1, | Total Change | ||||||
Net Sales | $ 1,193.1 | $ 1,181.7 | |||||||
Adjusted gross profit | $ 461.8 | $ 442.8 | $ 19.0 | 4.3 % | |||||
Adjusted gross margin | 38.7 % | 37.5 % | 120 bps | ||||||
Three Months Ended | Six Months Ended | ||||||||
July 1, | April 1, | July 1, | |||||||
Operating Cash Flow | $ 52.9 | $ 19.4 | 72.3 |
Note: amounts may not add due to rounding. Percentages are based on actuals. |
TABLE VI PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES CONSOLIDATED AND SELECTED SEGMENT INFORMATION (in millions, except per share amounts) (unaudited) | |
Full Year | |
2023 Guidance | |
Reported Diluted EPS | |
Pre-tax adjustments:(1) | |
Amortization expense primarily related to acquired intangible assets | 2.00 |
Restructuring charges and other termination benefits | 0.26 |
Acquisition and integration-related charges and contingent consideration adjustments | 0.07 |
Unusual litigation | 0.07 |
(Gain) loss on divestitures and investment securities | (0.03) |
Milestone payments received related to royalty rights | (0.07) |
Non-GAAP tax adjustments(2) | (0.30) |
Adjusted Diluted EPS | |
Reported Net Sales Growth | |
Acquisitions, Divestitures, and HRA 1x distribution transition | |
Organic Net Sales Growth | |
Reported Effective Tax Rate | 28.8 % |
Non-GAAP tax adjustments | (11.8) % |
Adjusted Effective Tax Rate | 17.0 % |
Note: amounts may not add due to rounding. Percentages are based on actuals. | |
(1) | Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
(2) | The non-GAAP tax adjustments are tax effect of pre-tax non-GAAP adjustments. |
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SOURCE Perrigo Company plc
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