Business Model & Strategy - Perrigo 拥有独特、互补且可扩展的业务模式，通过品牌和商店品牌提供 250 多种分子和剂型组合[4] - Perrigo 正在实施“三S计划”以实现有吸引力的可持续股东总回报(TSR)，包括稳定、精简和加强三个阶段[10, 11] - Perrigo 独特地提供跨价值范围的产品[12] Financial Performance & Metrics - 2024 财年，Perrigo 的净销售额中，品牌产品约占 40%，商店品牌约占 60%[13] - Perrigo 预计调整后的每股收益(EPS)同比增长将达到两位数，市盈率(P/E)倍数将达到较高的个位数[27] - Perrigo 的目标是到 2027 财年，自由现金流(FCF)/销售额较 2024 年提高 40% 以上，净杠杆率低于 3 倍[11] Consumer Self-Care International (CSCI) Segment - 消费者自我保健国际部门(CSCI)预计将主要由品牌驱动增长[15] - 2024 财年，CSCI 的有机净销售额增长率为 2.9%，调整后的营业利润率为 21.0%[16] - Perrigo 在欧洲的咳嗽/感冒产品中排名第三[19] Market Trends & Opportunities - 美国非处方药(OTC)商店品牌的销量份额最近有所增长，截至 2025 年 4 月 20 日的 4 周内增长了 110 个基点，截至 2025 年 5 月 18 日的最新 4 周内增长了 50 个基点[23] - Perrigo 在美国商店品牌中占据领先地位，市场份额约为 50%，并且在美国拥有 62% 的家庭渗透率[13]

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]

Perrigo Company (PRGO) Q1 2025 Earnings Call May 07, 2025 08:30 AM ET Speaker0 ladies and gentlemen, and welcome to the Perrigo Q1 twenty twenty five Financial Results Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Wednesday, 05/07/2025. I would now like to turn the conference over to Brad Joseph, VP, Global Investor Relations. Please go ahead. Speaker1 Good morning and good afternoon ...