Company Overview - Perrigo Company plc is a leading pure-play self-care company with over a century of experience in providing high-quality health and wellness solutions primarily in North America and Europe [2] - The company is a pioneer in the over-the-counter (OTC) self-care market, offering trusted self-care solutions that do not require a prescription, ensuring accessibility and choice for consumers across various molecules, dosage forms, and value tiers [2] Business Model - Perrigo's unique business model leverages complementary businesses, where cash-generative store brand private label offerings fuel investments for leading brands, including Opill®, Mederma®, Compeed®, EllaOne®, and Solpadeine® [3] Upcoming Events - President and CEO Patrick Lockwood-Taylor and CFO Eduardo Bezerra are scheduled to present at the Oppenheimer 25th Annual Consumer Growth & E-Commerce Conference on June 10 at 9 AM ET, which will be conducted virtually [1]

Group 1 - Perrigo's shares have increased by 8.8% over the past four weeks, closing at $26.91, with a mean price target of $34.25 indicating a potential upside of 27.3% [1] - The mean estimate includes four short-term price targets with a standard deviation of $6.95, where the lowest estimate suggests a 0.3% increase and the highest predicts a 56.1% surge to $42 [2] - Analysts show a consensus that Perrigo will report better earnings than previously estimated, which is a positive indicator for potential stock upside [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1.5%, with two estimates moving higher and one lower over the last 30 days [12] - Perrigo holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, suggesting a strong potential upside [13] - While price targets should not be the sole basis for investment decisions, the direction implied by these targets can serve as a useful guide for further research [10][11]

Group 1 - The Zacks Rank system focuses on earnings estimates and revisions to identify winning stocks, while also considering trends in value, growth, and momentum [1][2] - Value investing is a preferred strategy for finding strong stocks, relying on traditional analysis of key valuation metrics to identify undervalued stocks [2] - Zacks has developed a Style Scores system to identify stocks with specific traits, particularly in the "Value" category, where stocks with "A" grades and high Zacks Ranks are considered strong value stocks [3] Group 2 - Perrigo (PRGO) is highlighted as a potential value investment, currently holding a Zacks Rank of 2 (Buy) and an A grade for Value [4] - PRGO has a Forward P/E ratio of 8.77, significantly lower than the industry average of 22.45, with its Forward P/E ranging from a high of 10.68 to a low of 7.66 over the past year [4] - The P/S ratio for PRGO is 0.87, compared to the industry's average P/S of 1.38, indicating that PRGO may be undervalued [5] - Overall, PRGO stands out as one of the market's strongest value stocks, supported by its earnings outlook and valuation metrics [6]

Have you evaluated the performance of Perrigo's (PRGO) international operations during the quarter that concluded in March 2025? Considering the extensive worldwide presence of this drug company, analyzing the patterns in international revenues is crucial for understanding its financial resilience and potential for growth.In the modern, closely-knit global economic landscape, the capacity of a business to access foreign markets is often a key determinant of its financial well-being and growth path. Investor ...

Core Insights - Perrigo (PRGO) reported adjusted earnings of 60 cents per share for Q1 2025, exceeding the Zacks Consensus Estimate of 56 cents, marking a 107% year-over-year increase driven by improved margins and lower variable expenses [1] - Net sales for the quarter declined 3.5% year over year to $1.04 billion, falling short of the Zacks Consensus Estimate of $1.08 billion, primarily due to exited businesses, product lines, and unfavorable currency movements [1][2] Financial Performance - Sales dropped 2% year over year due to exited businesses and product lines, with an additional 1.2% decline attributed to unfavorable currency movements; at constant currency, sales fell 2.4% [2] - Organic net sales decreased by 0.4%, indicating a slight decline in core business performance [2] Segment Analysis - **Consumer Self Care Americas (CSCA)**: Reported net sales of $621 million, down 3.6% year over year; growth in Nutrition and Upper Respiratory categories was offset by lost distribution in U.S. Store Brand and lower sales in Digestive Health [4] - **Consumer Self Care International (CSCI)**: Reported net sales of $423 million, down 3.4% year over year; organic sales increased by 4.5%, but overall sales were impacted by divested businesses and currency translation [5] Guidance and Outlook - Perrigo widened its full-year sales outlook to a growth range of 0-3% year over year, compared to the previous guidance of 1-3%, due to macroeconomic uncertainties including potential new tariffs [6] - The company plans to manage cost increases from tariffs, particularly in the Oral Care segment, through price adjustments and shifting production to domestic facilities [7] Stock Performance - Year to date, Perrigo shares have declined by 4%, contrasting with the industry’s 4% growth [8]

Financial Data and Key Metrics Changes - Organic net sales declined by 0.4%, but excluding lost distribution and prior year effects, organic net sales grew by 1.8% year over year [16][25] - Gross margin expanded by 440 basis points year over year to 41%, driven by business recovery in infant formula [16][25] - First quarter EPS increased by 107% year over year to $0.60 per share [16][28] Business Line Data and Key Metrics Changes - Infant formula net sales increased by 19% compared to the same quarter last year, contributing to overall recovery [7][19] - OTC brands achieved solid organic growth of 5.9% year over year, driven by strong sales of key products [10] - Operating income in the CSCI segment grew by 10% organically, while CSEA operating income grew by 90% due to infant formula recovery [27] Market Data and Key Metrics Changes - Dollar sales across self-care categories turned negative compared to the prior year, reflecting cautious consumer behavior due to inflation and reduced consumer confidence [11][12] - Total US OTC store brand volume gained 50 basis points over the last four weeks, indicating a shift in consumer buying patterns towards value-oriented products [15] Company Strategy and Development Direction - The company is focused on its 3S plan: stabilize, streamline, and strengthen, with positive results from stabilizing key parts of the business [6][21] - The synergistic relationship between store brand and OTC brands is being leveraged to drive growth, with substantial cash flow generated from store brands [10] - The company is enhancing its new product development process to create a more efficient pipeline [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macroeconomic environment but expressed confidence in the company's positioning to navigate these challenges [12][22] - The company is widening its 2025 net sales projections due to macroeconomic uncertainties while reaffirming its adjusted EPS range [12][30] - Management expects a significant ramp-up in infant formula sales in the second half of the year due to new product introductions [39] Other Important Information - The company plans to offset tariff-related cost increases through strategic pricing actions and sourcing more manufacturing to US facilities [14][30] - The gross increase in global cost of goods sold from tariffs is expected to be approximately 5.5% for the full year [32] Q&A Session Summary Question: Impact of tariffs on EPS for 2026 - Management expects that actions taken to mitigate tariff impacts will offset any major changes in EPS projections for 2025 and beyond [36][37] Question: Sales ramp for infant formula - Management anticipates a similar sales trajectory in Q2, with significant growth expected in the second half due to new SKU introductions [38][39] Question: Contract manufacturing activity - There is an increase in activity for contract manufacturing as competitors seek domestic supply routes [44] Question: Organic sales performance - Organic sales were broadly in line with expectations, with upper respiratory products performing well despite some regional variances [48][49] Question: Gross margin expectations - Management maintains a full-year gross margin expectation of around 40%, despite better-than-expected Q1 performance [52][53] Question: Widening net sales range - The widening range reflects dynamic shifts in consumer behavior and ongoing opportunities in the market [60][62] Question: Pharma-specific tariffs impact - Management anticipates a potential $100 million impact from pharma-specific tariffs, with plans to mitigate through pricing and sourcing strategies [84][85]

Financial Data and Key Metrics Changes - Organic net sales declined by 0.4%, but excluding lost distribution and prior year effects, organic net sales grew by 1.8% year over year [16][17] - Gross margin expanded by 440 basis points year over year to 41%, driven by business recovery in infant formula [16][26] - Operating margin expanded by 550 basis points, supported by gross margin flow through and benefits from Project Energize [17][26] - First quarter EPS increased by 107% year over year to $0.60 per share [17][29] Business Line Data and Key Metrics Changes - In the Americas business, store brand OTC saw new business awards that largely offset previous losses, with infant formula net sales increasing by 19% year over year [5][20] - OTC brands achieved solid organic growth of 5.9% year over year, driven by strong sales of key products [8] - CSCI segment reported organic net sales growth of 4.5%, while CSCA segment net sales declined by 3.6% due to lost distribution [27] Market Data and Key Metrics Changes - Dollar sales across self-care categories turned negative compared to the prior year, reflecting cautious consumer behavior due to inflation and reduced consumer confidence [10][14] - Total US OTC store brand volume gained 50 basis points over the last four weeks, indicating a shift in consumer buying patterns towards value-oriented products [15] Company Strategy and Development Direction - The company is focused on its 3S plan to stabilize, streamline, and strengthen operations, with significant progress reported in the Americas business [5][22] - The synergistic relationship between store brand and OTC brands is being leveraged to drive growth, with investments in high-growth brands expected to yield benefits in the second half of the year [8][9] - The company is navigating macroeconomic uncertainties while reaffirming its adjusted EPS range and net leverage targets [11][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertain macroeconomic environment but expressed confidence in the company's unique business model to capitalize on growth opportunities [14][23] - The company expects to mitigate tariff-related cost increases through strategic pricing actions and sourcing adjustments [13][31] - Future sales growth projections have been widened to account for macroeconomic risks, with expectations of 3% to 4.5% organic growth [31][32] Other Important Information - The company reported a cash balance of $410 million at the end of the first quarter, with typical cash outflow patterns observed [29] - The international business showed strong performance, with mid-single-digit sales growth and double-digit profit growth [88][90] Q&A Session Summary Question: Impact of tariffs on EPS for 2026 - Management expects actions taken to mitigate tariff impacts will offset any significant changes in EPS projections for 2025 and 2026 [36][37] Question: Sales ramp for infant formula - Management anticipates a similar sales trajectory in Q2, with significant growth expected in the second half due to new SKU introductions [38][39] Question: Contract manufacturing activity - There is an increase in activity for contract manufacturing, with competitors seeking domestic supply routes [42][43] Question: Organic sales performance - Organic sales were broadly in line with expectations, with upper respiratory products performing well despite some regional variances [46][48] Question: Gross margin expectations - Management maintains a full-year gross margin expectation of around 40%, despite better-than-expected Q1 performance [51][52] Question: Widening net sales range - The widening range reflects dynamic consumer patterns and ongoing work to capture market opportunities [56][62] Question: Pricing actions and brand divestitures - Pricing adjustments are being discussed with retailers, and progress on brand divestitures is ongoing, with a focus on international opportunities [70][73] Question: Impact of pharma-specific tariffs - Management anticipates potential impacts from pharma tariffs but has a mitigation plan in place [84][85]

分组1 - Perrigo reported quarterly earnings of $0.60 per share, exceeding the Zacks Consensus Estimate of $0.56 per share, and showing an increase from $0.29 per share a year ago, representing an earnings surprise of 7.14% [1] - The company posted revenues of $1.04 billion for the quarter ended March 2025, which was 3.59% below the Zacks Consensus Estimate and a decrease from $1.08 billion in the same quarter last year [2] - Over the last four quarters, Perrigo has surpassed consensus EPS estimates three times but has not beaten consensus revenue estimates [2] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $1.08 billion, and for the current fiscal year, it is $2.98 on revenues of $4.42 billion [7] - The Zacks Industry Rank indicates that the Medical - Products sector is currently in the bottom 28% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Perrigo shares have declined about 4% since the beginning of the year, slightly outperforming the S&P 500's decline of 4.7% [3]

Financial Performance - Q1 2025 - Net sales were $1044 million, a decrease of 3.5% year-over-year (YoY), with organic net sales decreasing by 0.4%[30] - Adjusted gross profit increased by 8.1% YoY to $428 million, with adjusted gross margin at 41.0%, an increase of 440 basis points[30] - Adjusted operating income increased significantly by 57.6% YoY to $147 million, with adjusted operating margin at 14.0%, up by 550 basis points[30] - Adjusted EPS saw substantial growth of 106.9% YoY, reaching $0.60[30] Segment Performance - Q1 2025 - Consumer Self-Care Americas (CSCA) net sales decreased by 3.6% YoY, while organic net sales also decreased by 3.6%[63] - Consumer Self-Care International (CSCI) net sales decreased by 3.4% YoY, but organic growth was positive at 4.5%[63] - CSCA adjusted operating income increased by 90.0% YoY to $100 million[66] - CSCI adjusted operating income increased slightly by 0.2% YoY to $86 million[66] Outlook and Strategy - The company is widening its 2025 reported net sales growth target to 0%-3% and organic net sales growth to 1.5%-4.5%[72] - The company reaffirms all other 2025 financial targets, including an adjusted gross margin of approximately 40%, an adjusted operating margin of approximately 15%, and adjusted diluted EPS between $2.90 and $3.10[72] - The company expects approximately 100% operating cash flow conversion and net leverage of approximately 3.5x adjusted EBITDA at the end of 2025[70] - The company anticipates a roughly 1% gross increase in global COGS in 2025 due to tariffs, with a full-year impact of approximately 5.5%[23]

EXHIBIT 99.1 Fiscal Year 2025 Outlook: • The Company widens its fiscal 2025 outlook for reported net sales growth to 0% to 3% from 1% to 3% and organic net sales growth to 1.5% to 4.5% from 2.5% to 4.5%. The Company reaffirms all other 2025 financial targets, including adj. EPS. This outlook includes known impacts from marcroeconomic uncertainty, including tariffs (see "Known Impacts from Macroeconomic Uncertainty" section below for details). (1) See attached Appendix for details. Change in net sales on an ...