DUBLIN, Aug. 19, 2024 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO), a leading global provider of Consumer Self-Care Products, today announced the appointment of Dr. David Ball as Executive Vice President and Chief Brand and Digital Officer. In this newly created position, Dr. Ball will be responsible for an enterprise-wide marketing strategy that incorporates deep understanding of consumer needs and translates those into winning brand strategies, tactics, and actions. He will also evaluate untapped mark ...

Financial Data and Key Metrics Changes - Organic net sales declined by 9.1%, impacted by a nearly 7 percentage point decline from infant formula and a 4 percentage point decline from upper respiratory and pain & sleep aid categories, partially offset by a 1.7 percentage point growth from the rest of the business [14][24] - Gross and operating margins expanded by 190 basis points and 160 basis points year-over-year, with sequential expansion of over 400 basis points compared to Q1 2024 [14][27] - Second quarter EPS was $0.53, down $0.10 from the previous year, primarily due to a $0.09 discrete tax benefit in the prior year and a $0.14 impact from infant formula [15][24] Business Line Data and Key Metrics Changes - In the CSCI segment, organic growth was 1%, with strong growth of 4.5 percentage points across the rest of the segment, offsetting a 3.5 percentage point headwind from lower seasonal demand and supply constraints [25] - In the CSCA segment, organic net sales declined by 15%, with a 10.8 percentage point impact from infant formula and a 4.4 percentage point impact from upper respiratory and pain & sleep aids [26] - OTC brands grew more than 40%, driven by Opill, Nasonex, and Mederma [26] Market Data and Key Metrics Changes - Cough/cold and allergy volume consumption declined mid to high single digits due to lower seasonal incidences and inventory changes at U.S. retail customers, leading to a 2.5 percentage point unfavorable impact on the 2024 net sales outlook [11] - The U.S. store brand business faced a 1.5 percentage point headwind due to walking away from a dilutive business, but new business wins are expected to offset this in 2025 [13][29] Company Strategy and Development Direction - The company is focused on enhancing its quality assured infant formula network and expects profitability to recover faster than originally anticipated [11][19] - Strategic work is ongoing to identify high-potential growth opportunities, with a focus on consumer-led innovation and brand building capabilities [7][21] - The company aims to achieve operating margin targets of 14% to 16% by the end of 2024, with significant progress in margin expansion noted [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the infant formula business and the overall strength of the diversified business model to absorb sales impacts [11][21] - The company anticipates a significant earnings uplift in the second half of 2024, driven by the recovery of the infant formula business and lower operating expenses from Project Energize [30] - Management remains optimistic about the growth opportunities in the self-care market and the company's ability to deliver long-term value [21][30] Other Important Information - The company expects to deliver $25 million in incremental HRA synergies and has achieved $53 million in gross savings from Project Energize in the first half of the year [18] - Cash on the balance sheet at the end of Q2 was $543 million, with year-to-date operating cash flow at $8 million [27][28] Q&A Session Summary Question: Can you elaborate on the lost customer and its impact? - Management confirmed that the lost business was margin-dilutive and that new contracts won will offset the revenue loss, with a more margin-accretive profile [34][36] Question: How confident is the company in the recovery of the nutritional business? - Management expressed confidence in the successful execution of remediation efforts and the return to normal manufacturing operations [37][38] Question: What are the main drivers behind the guidance reduction? - The guidance reduction is primarily due to lower seasonal demand and U.S. retailer destocking, with SKU rationalization already factored into expectations [43][45] Question: What are the expectations for 2025? - Management expects a significant recovery in 2025, particularly in the infant formula segment, and anticipates that the impacts seen in the first half of 2024 will not repeat [46][48] Question: How is the company managing inventory levels for cough and cold products? - Management views the current inventory adjustments as a one-time occurrence and anticipates a need to replenish stocks in the upcoming cough and cold season [56]

Perrigo Company plc (PRGO) reported adjusted earnings of 53 cents per share in the second quarter of 2024, beating the Zacks Consensus Estimate of 48 cents. Earnings were down 15.9% year over year due to discrete tax benefits of nine cents per share in the year-ago period and a negative financial impact of 14 cents from infant formula. Net sales declined 10.7% year over year to $1.07 billion, missing the Zacks Consensus Estimate of $1.13 billion. The downside was due to lower net sales of infant formula and ...

Perrigo (PRGO) reported $1.07 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 10.7%. EPS of $0.53 for the same period compares to $0.63 a year ago.The reported revenue represents a surprise of -5.79% over the Zacks Consensus Estimate of $1.13 billion. With the consensus EPS estimate being $0.48, the EPS surprise was +10.42%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their ...

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Perrigo (PRGO) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.63 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.42%. A quarter ago, it was expected that this drug company would post earnings of $0.24 per share when it actually produced earnings of $0.29, delivering a surprise of 20.83%.Over the last four quarters, the company has ...

EXHIBIT 99.1 Perrigo Reports Second Quarter 2024 Financial Results From Continuing Operations Delivered Adjusted Diluted Earnings Per Share Results as Expected; Reaffirm Fiscal 2024 Adjusted Diluted EPS Outlook Progressing One Perrigo Blueprint: On Target to Deliver Project Energize Goals; Enhancing Capabilities; Completed Divestment of HRA Pharma Rare Diseases Business on July 10, 2024 Second Quarter 2024 Highlights: 1 • Net sales of $1.1 billion declined 10.7% versus the prior year quarter. Organic net sa ...

Delivered Adjusted Diluted Earnings Per Share Results as Expected; Reaffirm Fiscal 2024 Adjusted Diluted EPS Outlook Progressing One Perrigo Blueprint: On Target to Deliver Project Energize Goals; Enhancing Capabilities; Completed Divestment of HRA Pharma Rare Diseases Business on July 10, 2024 DUBLIN, Aug. 2, 2024 /PRNewswire/ -- Second Quarter 2024 Highlights: Net sales of $1.1 billion declined 10.7% versus the prior year quarter. Organic1 net sales decreased 9.1%, due primarily to -6.8 percentage points ...

DUBLIN, Aug. 1, 2024 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO), a leading global provider of Consumer Self-Care Products, today announced that its Board of Directors declared a quarterly dividend of $0.276 per share, payable on September 17, 2024, to shareholders of record on August 30, 2024.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 consum ...

DUBLIN, July 31, 2024 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO), a leading provider of Consumer Self-Care Products, today announced that President and CEO Patrick Lockwood-Taylor and CFO Eduardo Bezerra are scheduled to present at the Canaccord Genuity 44th Annual Growth Conference, on Wednesday, August 14 at 3:30 PM EDT. Interested parties can access the webcast on the Perrigo website at http://perrigo.investorroom.com/events-webcasts.About Perrigo Perrigo Company plc (NYSE: PRGO) is a leading provi ...