Company Reports

Perrigo's revenue declined 3% (0.7% from pricing and 2.4% from volume/mix) and adjusted earnings per share fell 12% in the second quarter. 2026 guidance for a 3% sales decline and $2.15 in adjusted EPS, both at the midpoint, was reaffirmed. Shares rose 23% in Aug. 5 intraday trading.

Perrigo is the largest private-label over-the-counter consumer healthcare product manufacturer in the US, supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record of reliability, large-volume manufacturing capacity, and expertise in shelf space management. Private-label brands are typically significantly discounted compared with store brands, so they generally see higher growth under challenging macro conditions. We expect Perrigo’s private-label business to grow by low single digits over the next five years from both price actions and modest volume growth.

Perrigo announced on June 8 that President and Chief Executive Patrick Lockwood-Taylor has resigned, effective immediately, over personal conduct. The firm appointed Albert Manzone, who has been serving on Perrigo's Board since 2022, as Interim President and CEO.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. It is now a pure-play consumer healthcare player and is the largest private-label over-the-counter consumer healthcare manufacturer in the US, supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record of reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private-label business to grow by low single digits over the next five years from both price actions and modest volume growth.

In the first quarter, Perrigo's organic net sales declined 9.9% and adjusted diluted EPS dropped 28.3% to $0.43. Management reaffirmed the company's full-year guidance and pointed to 2026 as a transition year. Shares traded up 6% following the earnings call.

Perrigo reported a 2.5% year-over-year decline in fourth-quarter net sales. The shares fell 2% after management issued 2026 guidance below FactSet consensus, projecting a sales decline of 1.5%-5.5% and adjusted earnings per share of $2.00-$2.30, roughly 3% and 20% below expectations, respectively.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. It is now a pure-play consumer healthcare player and is the largest private-label over-the-counter consumer healthcare manufacturer in the US, supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record of reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private-label business to grow by low single digits over the next five years from both price actions and modest volume growth.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. The firm is now a pure-play consumer healthcare player and is the largest private-label over-the-counter, or OTC, consumer healthcare manufacturer in the US, supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record for reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private label business to grow low single digits over the next five years from both price actions and modest volume growth.

Perrigo reported third-quarter net sales down 4.1% year over year, driven by weak organic sales growth and the impact of divestitures and exited product line. Shares declined over 20% as management lowered its full-year outlook and announced a strategic review of the infant formula business.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. The firm is now a pure-play consumer healthcare player and is the largest private-label over-the-counter, or OTC, consumer healthcare manufacturer in the US, supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record for reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private label business to grow low single digits over the next five years from both price actions and modest volume growth.

Perrigo reported second-quarter net sales of $1.06 billion, with headwinds from divestitures and a modest organic decline countered by favorable currency translation. Management reaffirmed its full-year guidance, but now expects sales growth to track toward the lower end of the range.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. The firm is now a pure-play consumer healthcare player and is the largest private-label over-the-counter, or OTC, consumer healthcare manufacturer in the US, supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record for reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private label business to grow low single digits over the next five years from both price actions and modest volume growth.

No-moat Perrigo reported first-quarter results that were broadly in line with our expectations. Net sales declined 3.5% year over year to $1.04 billion, largely due to a 3.2% headwind from divestitures, product exits, and currency translation. Despite softer revenue, adjusted EPS more than doubled to $0.60, driven by improved gross margin and disciplined cost management. This was well received by investors, with shares up nearly 7% following the results. After making minor adjustments to our model, we are maintaining our fair value estimate of $35 per share.

No-moat Perrigo reported soft fourth-quarter results that were largely in line with our expectations. Net sales of $1.14 billion declined 1.6% on a reported basis but were up 0.7% organically, while adjusted earnings per share of $0.96 grew 8.1%. We maintain our fair value estimate of $35 per share.

No-moat Perrigo reported third-quarter results that were largely in line with our expectations. The firm reported total sales of $1.1 billion, a 3.2% decline year over year, primarily due to the loss of distribution for lower-margin products in US store brands and weaker demand in the upper respiratory and oral care categories. In light of these results, management guided to the lower end of the previously expected sales growth range of negative 5%-negative 3%, while maintaining its adjusted EPS outlook. After making modest adjustments to our near-term forecast, we are maintaining our fair value estimate of $35 per share.

No-moat Perrigo reported soft second-quarter earnings that came in a notch below our expectations. Total sales of $1.1 billion were down 10.7% year over year, or 9.1% organic, as the troubled infant formula business and tepid demand for pain and respiratory products weighed down the top line. Nutrition (where infant formula sits) was down almost 50% during the quarter and made up about three quarters of the total sales decline. Infant formula continues to suffer from an ongoing plant remediation plan, and volume for the first month of the quarter was about half of last year’s. Pain and respiratory was challenged from a mix of low seasonality and inventory de-stocking from certain US retailers. This looks to be a marketwide issue, though, as we’ve seen some competitors report similar narratives so far during this earnings window. This, coupled with losing one US retail customer for store brand distribution, led the firm to revise full-year sales guidance from flat to down 4% at the midpoint. After lightly trimming our near-term assumptions, we lower our fair value estimate to $35 per share from $36.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. Perrigo is now a pure-play consumer healthcare player and is the largest private-label over-the-counter, or OTC, consumer healthcare manufacturer in the U.S., supplying over half of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record for reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private label business to grow low single digits over the next five years from both price actions and modest volume growth.

No-moat Perrigo reported disappointing first-quarter results that came in below our expectations, Total sales of $1.1 billion were down 8.4% year over year with 4.3% loss from infant formula business and 3.6% loss from portfolio optimization and minor offset from base business growth. After updating our model and baking in slightly lowered outlook for the year with slight offset from time value of money impact, we lightly trim our fair value estimate to $36 per share from $37.

Once a company with presence in various industries, including generic pharmaceuticals and animal health, Perrigo spent the last few years divesting noncore businesses to simplify its operation and fully focus on consumer healthcare products. Perrigo is now a pure-play consumer healthcare player and is the largest private-label over-the-counter, or OTC, consumer healthcare manufacturer in the U.S., supplying over 50% of the market on a volume basis. While we believe the retailer often wields more negotiation leverage in a fragmented OTC market due to a number of manufacturers competing for the same set of retailers, we expect Perrigo’s market share to be stable thanks to the company’s long-standing record for reliability, large-volume manufacturing capacity, and expertise in shelf space management. We expect Perrigo’s private label business to grow low single digits over the next five years from both price actions and modest volume growth.

No-moat Perrigo reported mixed fourth-quarter results. Total sales were up 10 basis points year over year as the weaker-than-expected performance in the Americas was offset by the international business. After trimming our near-term assumptions, we lower our fair value estimate to $37 per share from $40.