Perrigo(US:PRGO) Prnewswire·2025-02-27 22:20Core Insights - Perrigo Company plc reported a fiscal year 2024 adjusted EPS of $2.57, aligning with the midpoint of its guidance range, despite a reported loss of $(1.17) per share [5][19][43] - The company achieved a 17% growth in infant formula net sales in Q4 2024 compared to the prior year, primarily due to market share gains and recovering customer inventory levels [5][6][14] - The company is focused on stabilizing, streamlining, and strengthening its organization to foster long-term sustainable growth [6][7] Fiscal Year 2024 Highlights - Total net sales for fiscal year 2024 were $4.37 billion, a decrease of 6.1% compared to the prior year, with organic net sales declining by 4.5% [37][43] - Adjusted operating income increased by 6.0% to $609 million, driven by benefits from Project Energize and Supply Chain Reinvention [41][43] - Reported net loss for the year was $(161) million, compared to a loss of $(4) million in the prior year [43] Fourth Quarter 2024 Highlights - Fourth quarter net sales were $1.14 billion, down 1.6% year-over-year, with organic growth of 0.7% offset by divestitures and currency translation impacts [8][13][37] - Adjusted operating income for Q4 2024 was $194 million, a 16.0% increase from the prior year, attributed to Project Energize initiatives [17][41] - The reported operating margin improved to 10.0%, a significant increase of 1,130 basis points compared to the prior year quarter [18][41] Business Segment Performance - Consumer Self-Care Americas (CSCA) segment net sales were flat at $744 million, with organic growth driven by the Nutrition category, particularly infant formula [22][23] - Consumer Self-Care International (CSCI) segment net sales declined 4.5% to $394 million, with organic growth of 1.8% primarily from the Upper Respiratory and Pain & Sleep-Aids categories [29][51] - CSCI reported an adjusted operating income increase of 28.1% to $83 million, reflecting the benefits of Project Energize [33][56] Project Energize - Project Energize is a global investment and efficiency program aimed at enhancing organizational agility and capabilities, expected to yield annualized pre-tax savings of $140 million to $170 million by 2026 [9][10] - In 2024, Project Energize achieved gross annual savings of approximately $139 million while incurring restructuring charges of $95 million [10][41] Cash Flow and Balance Sheet - Fiscal year 2024 operating cash flow was $363 million, with a cash conversion rate of 102% [57] - As of December 31, 2024, cash and cash equivalents totaled $559 million, and the company fully repaid its $400 million Senior Notes [58]