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 ...

Core Insights - Perrigo reported $1.07 billion in revenue for the quarter ended June 2024, reflecting a year-over-year decline of 10.7% [1] - The EPS for the same period was $0.53, down from $0.63 a year ago, but exceeded the consensus estimate of $0.48 by 10.42% [1] - The revenue fell short of the Zacks Consensus Estimate of $1.13 billion by 5.79% [1] Revenue Performance - Net Sales- Consumer Self-Care Americas (CSCA) reached $634.10 million, below the average estimate of $675.46 million, marking a year-over-year decline of 15.5% [3] - Net Sales- Consumer Self-Care International (CSCI) totaled $431.30 million, compared to the average estimate of $455.56 million, representing a decline of 2.5% year over year [4] - Net Sales- CSCA- Oral care was $73.20 million, slightly above the estimated $72.11 million, but down 4.8% from the previous year [5] - Net Sales- CSCA- Nutrition was $86.10 million, exceeding the estimate of $73.56 million, but showing a significant decline of 47.8% year over year [6] - Net Sales- CSCA- Healthy Lifestyle reached $69.10 million, slightly below the average estimate of $69.83 million, with a year-over-year increase of 2.7% [7] - Net Sales- CSCA- Upper Respiratory was $118.80 million, below the average estimate of $137.02 million, reflecting a decline of 13.7% year over year [8] Profit Metrics - Gross Profit- Consumer Self-Care International- Adjusted (CSCI) was $231.30 million, slightly below the average estimate of $236.90 million [9] - Gross Profit- Consumer Self-Care Americas- Adjusted (CSCA) totaled $201.30 million, compared to the average estimate of $209.90 million [10] Stock Performance - Shares of Perrigo have returned +7.6% over the past month, while the Zacks S&P 500 composite experienced a -0.4% change [11] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [11]

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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 ...

Core Insights - The company reported a net sales decline of 10.7% year-over-year for Q2 2024, totaling $1.1 billion, primarily due to lower infant formula sales and reduced demand in seasonal categories [2][4][12] - Adjusted diluted earnings per share (EPS) for Q2 2024 was $0.53, down from $0.63 in the prior year, reflecting a decline attributed to prior year tax benefits and the impact of infant formula sales [2][3][4] - The company reaffirmed its fiscal 2024 adjusted diluted EPS outlook of $2.50 to $2.65, despite updating its organic net sales growth forecast to a decline of 3% to 1% [4][13] Financial Performance - Q2 2024 net sales were $1.1 billion, a decrease of $128 million or 10.7% compared to the prior year, with organic net sales down 9.1% [2][8] - Gross margin improved to 37.0%, a 120 basis points increase from the previous year, while adjusted gross margin expanded to 40.6%, up 190 basis points [2][8] - The company reported an operating loss of $27 million for Q2 2024, compared to an income of $57 million in the prior year, while adjusted operating income increased by 1.5% to $139 million [2][8] Segment Performance - Consumer Self-Care Americas (CSCA) net sales decreased by 15.5% to $634 million, primarily due to lower infant formula sales and reduced demand in seasonal categories [10][11] - Consumer Self-Care International (CSCI) reported a net sales decline of 2.5% to $431 million, with organic growth of 1.0% offset by product line exits and foreign currency impacts [11][12] - Adjusted operating income for CSCI increased by 29.5% to $91 million, driven by lower advertising investments and cost savings from Project Energize [11][12] Strategic Initiatives - The company is implementing Project Energize, a three-year program aimed at enhancing organizational agility and driving efficiency, expected to yield annualized pre-tax savings of $140 million to $170 million by 2026 [6][12] - The divestment of HRA Pharma Rare Diseases business was completed on July 10, 2024, generating upfront proceeds of $205 million [2][12] - The company is focusing on improving quality control and production capabilities, with expectations of a profit recovery in the second half of 2024 [5][12]

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 ...

Perrigo Company plc (PRGO) is scheduled to report second-quarter 2024 numbers on Aug 2, before the opening bell. In the last reported quarter, the company posted an earnings surprise of 20.83%.Let’s see how things have shaped up for this announcement.Factors at PlayThe Zacks Consensus Estimate for Perrigo’s total revenues is pegged at around $1.13 billion, while the same for earnings stands at 48 cents per share. Both metrics indicate a decline from the year-ago quarter’s levels.Perrigo reports its results ...