film-coated tablet. Ulipristal ace on Contraceptiv Toles one toblet at the same time every day | --- | --- | --- | --- | --- | --- | --- | |-------|------------------------------------------------------|------------------|-------|-------|-------|-------| | | | | | | | | | | Cempare to the rulrillion of Enfamil' Gentlease' | | | | | | | | | | | | | | | | | | | | | | | | (dist | (HARFEVER FELIEF | | | | | | | Gentle- | | | | | | | | | | | | | | | | | | | | | | | | NEW 212 22/2 2012 11:24 | A 822 | | | | | | - ...

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 ...

[Perrigo Q2 2024 Financial Performance Overview](index=1&type=section&id=Perrigo%20Reports%20Second%20Quarter%202024%20Financial%20Results) [Second Quarter 2024 Performance Highlights](index=1&type=section&id=Second%20Quarter%202024%20Highlights) Perrigo's Q2 2024 net sales declined 10.7% to $1.1 billion, with a 9.1% organic decrease, driven by infant formula and seasonal product demand Q2 2024 Key Financial Metrics | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1.1B | $1.19B | -10.7% | | Organic Net Sales | - | - | -9.1% | | GAAP Gross Margin | 37.0% | 35.9% | +120 bps | | Adjusted Gross Margin | 40.6% | 38.7% | +190 bps | | GAAP Operating (Loss) Income | ($27)M | $57M | n/m | | Adjusted Operating Income | $139M | $137M | +1.5% | | Reported Diluted EPS | ($0.77) | $0.06 | n/m | | Adjusted Diluted EPS | $0.53 | $0.63 | -15.9% | - The organic net sales decline of **9.1%** was primarily caused by a **-6.8 percentage point** impact from lower infant formula sales and a **-4.0 percentage point** impact from reduced demand in Upper Respiratory and Pain & Sleep Aids categories[2](index=2&type=chunk) - Excluding the year-over-year impact from infant formula, adjusted operating income demonstrated strong growth of **16.7%**[2](index=2&type=chunk) - The company completed the divestment of its HRA Pharma Rare Diseases business on July 10, 2024, receiving upfront proceeds of **$205 million**[1](index=1&type=chunk)[2](index=2&type=chunk) [First Half 2024 Performance Highlights](index=2&type=section&id=First%20Half%202024%20Highlights) H1 2024 net sales decreased 9.6% to $2.1 billion, with an 8.1% organic decline, attributed to lower infant formula and seasonal product sales H1 2024 Key Financial Metrics | Metric | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $2.1B | $2.37B | -9.6% | | Organic Net Sales | - | - | -8.1% | | GAAP Operating (Loss) Income | ($82)M | $105M | n/m | | Adjusted Operating Income | $232M | $257M | -9.6% | | Reported Diluted EPS | ($0.74) | $0.06 | n/m | | Adjusted Diluted EPS | $0.83 | $1.08 | -23.1% | - The organic net sales decline in H1 was driven by: **-5.3 percentage points** from infant formula, **-3.3 percentage points** from lower seasonal demand, and **-2.4 percentage points** from SKU prioritization actions[4](index=4&type=chunk) - The decline in adjusted diluted EPS was primarily due to a year-over-year negative impact from infant formula of **-$0.43 per share** and discrete tax benefits in the prior year period of **$0.08 per share**[4](index=4&type=chunk) [Business Segment Performance](index=5&type=section&id=Business%20Segment%20Results) [Consumer Self-Care Americas (CSCA)](index=5&type=section&id=Consumer%20Self-Care%20Americas%20Segment%20(CSCA)) CSCA Q2 net sales fell 15.5% to $634 million, with organic sales down 15.1%, driven by infant formula and seasonal product sales CSCA Q2 2024 Financials | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $634M | $751M | -15.5% | | Organic Net Sales Growth | - | - | -15.1% | | Adjusted Gross Margin | 31.7% | 30.5% | +120 bps | | Adjusted Operating Income | $91M | $114M | -19.9% | | Adjusted Operating Margin | 14.4% | 15.2% | -80 bps | - Key drivers for the organic sales decline were a **-10.8 percentage point** impact from lower infant formula sales and a **-4.4 percentage point** impact from lower sales in Upper Respiratory and Pain & Sleep Aids categories[23](index=23&type=chunk) - Adjusted gross margin expansion was driven by strategic pricing actions and cost savings from the Supply Chain Reinvention and Project Energize programs[23](index=23&type=chunk)[24](index=24&type=chunk) [CSCA Performance by Product Category](index=24&type=section&id=CSCA%20Performance%20by%20Product%20Category) - **Nutrition:** Net sales plummeted **48.8%** to **$86 million** due to lower shipments amid infant formula plant remediation[96](index=96&type=chunk) - **Pain & Sleep-Aids:** Net sales decreased **15.6%** to **$82 million**, primarily from lost distribution of lower-margin products and SKU prioritization[96](index=96&type=chunk) - **Upper Respiratory:** Net sales fell **13.4%** to **$119 million**, driven by lower consumer demand and portfolio optimization actions[96](index=96&type=chunk) - **Women's Health:** Net sales surged **31.4%** to **$17 million**, mainly due to the successful launch of Opill®[96](index=96&type=chunk) [Consumer Self-Care International (CSCI)](index=7&type=section&id=Consumer%20Self-Care%20International%20Segment%20(CSCI)) CSCI Q2 net sales decreased 2.5% to $431 million, but organic sales grew 1.0% in Skin Care and Women's Health, with operating income up 29.5% CSCI Q2 2024 Financials | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $431M | $442M | -2.5% | | Organic Net Sales Growth | - | - | +1.0% | | Adjusted Gross Margin | 53.6% | 52.6% | +100 bps | | Adjusted Operating Income | $91M | $70M | +29.5% | | Adjusted Operating Margin | 21.0% | 15.8% | +520 bps | - Organic sales growth was driven by market share gains in key brands in the Skin Care and Women's Health categories, offset by lower sales in Upper Respiratory and Pain & Sleep Aids due to lower seasonal demand and supply constraints[31](index=31&type=chunk) - The significant increase in adjusted operating income and margin was primarily due to lower advertising and promotion investments and cost savings from Project Energize[34](index=34&type=chunk)[36](index=36&type=chunk) [CSCI Performance by Product Category](index=25&type=section&id=CSCI%20Performance%20by%20Product%20Category) - **Skin Care:** Net sales grew **3.8%** (**8.7% constant currency**) to **$128 million**, driven by strong performance of Compeed® and Sebamed®[100](index=100&type=chunk) - **Women's Health:** Net sales increased **15.6%** (**16.9% constant currency**) to **$37 million**, led by higher sales of EllaOne®[100](index=100&type=chunk) - **Upper Respiratory:** Net sales declined **21.9%** (**21.4% constant currency**) to **$51 million** due to lower seasonal demand and supply constraints[100](index=100&type=chunk) - **Pain & Sleep-Aids:** Net sales fell **4.8%** (**4.7% constant currency**) to **$50 million**, impacted by supply constraints for Solpadeine®[100](index=100&type=chunk) [Strategic Initiatives and Outlook](index=3&type=section&id=Strategic%20Initiatives%20and%20Outlook) [Project Energize](index=3&type=section&id=Project%20Energize) Project Energize is a three-year global efficiency program targeting $140-$170 million in annualized pre-tax savings by 2026, with a 6% workforce reduction - The program aims to deliver annualized pre-tax savings of **$140 million to $170 million** by **2026**[11](index=11&type=chunk) - The company expects to reinvest **$40 million to $60 million** of these savings to drive its blended-branded business model[11](index=11&type=chunk) - Restructuring and related charges are estimated to be in the range of **$140 million to $160 million**, and the program will result in a net reduction of approximately **6%** of total Perrigo roles[11](index=11&type=chunk) - Year-to-date, Project Energize has achieved gross savings of approximately **$53 million**[11](index=11&type=chunk) [Fiscal 2024 Outlook](index=2&type=section&id=Fiscal%202024%20Outlook) Perrigo lowered its FY2024 net sales outlook due to lower H1 demand but reaffirmed adjusted diluted EPS guidance, expecting profitability improvements Updated and Reaffirmed FY2024 Guidance | Metric | FY2024 Outlook | Previous Outlook | Status | | :--- | :--- | :--- | :--- | | Organic Net Sales Growth | -3% to -1% | +1% to +3% | Updated | | Total Net Sales Growth | -5% to -3% | Flat | Updated | | Adjusted Diluted EPS | $2.50 to $2.65 | $2.50 to $2.65 | Reaffirmed | | Interest Expense | ~$180M | - | Reaffirmed | | Adjusted Tax Rate | ~20.5% | - | Reaffirmed | | Operating Cash Flow Conversion | 90% to 100% | - | Reaffirmed | - The net sales outlook was lowered primarily due to lower seasonal demand in H1 2024 and expected lower distribution in U.S. store brands in H2 2024[4](index=4&type=chunk)[38](index=38&type=chunk) [Financial Position](index=8&type=section&id=Financial%20Position) [Cash Flow and Balance Sheet](index=8&type=section&id=Cash%20Flow%20and%20Balance%20Sheet) Q2 2024 cash from operations was $10 million, with $543 million in cash and $4.1 billion in total debt, excluding $205 million from a recent divestiture Key Financial Position Data (as of June 29, 2024) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Cash from Operations | $10M | $53M | | Capital Expenditures | $29M | $20M | | Dividends Paid | $38M | - | | Cash and Cash Equivalents | $543M | - | | Total Debt | $4.1B | - | - The cash balance does not include **$205 million** in proceeds from the HRA Pharma Rare Diseases business divestment, which was completed on July 10, 2024[37](index=37&type=chunk) [Financial Statements and Reconciliations](index=12&type=section&id=Financial%20Statements%20and%20Reconciliations) [Consolidated Statements of Operations](index=12&type=section&id=Consolidated%20Statements%20of%20Operations) This statement details revenues, costs, and expenses, resulting in a net loss of $108.4 million for Q2 and $106.4 million for H1 2024 [Consolidated Balance Sheets](index=13&type=section&id=Consolidated%20Balance%20Sheets) This statement presents the company's financial position, showing $10.4 billion in total assets and $5.85 billion in total liabilities as of June 29, 2024 [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement outlines cash flows from operating, investing, and financing activities, showing net cash from operations of $8.1 million for H1 2024 [Reconciliation of Non-GAAP Measures](index=15&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP to non-GAAP measures like adjusted gross profit and operating income, offering transparency into business performance

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 ...

Core Viewpoint - The market anticipates a year-over-year decline in Perrigo's earnings due to lower revenues, with the upcoming earnings report expected to influence stock price movements based on actual results compared to estimates [1] Earnings Expectations - Perrigo is projected to report quarterly earnings of $0.48 per share, reflecting a year-over-year decrease of 23.8% [2] - Expected revenues for the quarter are $1.13 billion, down 5.2% from the same quarter last year [2] Estimate Revisions - The consensus EPS estimate has been revised 2.47% higher in the last 30 days, indicating a reassessment by analysts [2] - The Most Accurate Estimate for Perrigo is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -7.29%, suggesting a bearish outlook from analysts [5] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with a focus on the Most Accurate Estimate [3] - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [4] Historical Performance - In the last reported quarter, Perrigo had an earnings surprise of +20.83%, beating the expected earnings of $0.24 per share by reporting $0.29 [7] - Over the last four quarters, Perrigo has surpassed consensus EPS estimates three times [7] Overall Assessment - Despite the potential for an earnings beat, Perrigo does not appear to be a compelling candidate for a positive surprise based on current estimates and rankings [8]

Core Viewpoint - Perrigo Company plc plans to release its second quarter 2024 financial results on August 2, 2024, and will host a conference call at 8:30 A.M. (EST) to discuss these results [1]. Group 1: Financial Results Announcement - The earnings conference call will be accessible via webcast on Perrigo's investor relations website and by phone [1]. - A taped replay of the call will be available from 12:00 P.M. (EST) on August 2 until midnight on August 9, 2024 [1]. Group 2: Company Overview - Perrigo Company plc is a leading provider of Consumer Self-Care Products and over-the-counter health and wellness solutions [2]. - The company focuses on empowering consumers to proactively prevent or treat self-manageable conditions [2].

Core Viewpoint - Perrigo Company plc has completed the divestment of its HRA Pharma Rare Diseases business to Esteve Healthcare for a total consideration of up to €275 million, which includes an upfront cash payment of €190 million and potential earnout payments of up to €85 million based on sales milestones [1] Financial Impact - The HRA Pharma Rare Diseases business generated net sales of approximately €50 million and adjusted EBITDA of approximately €20 million in 2023 [1] - The proceeds from the divestment are expected to be redeployed for debt repayment [1] Transaction Details - The total consideration for the divestment is structured as an upfront cash payment of €190 million, subject to customary net debt and working capital adjustments, and up to €85 million in potential earnout payments [1] - The impact of this transaction was included in the Company's previously issued 2024 outlook [1]