Perrigo's stock tumbles 14% after sales miss and lowered guidance

Perrigo Co. Plc's stock (PRGO) fell 14% early Tuesday, after the consumer self-care and wellness products maker posted weaker-than-expected third-quarter sales and lowered its guidance. Dublin, Ireland-based Perrigo had net income of $14.2 million, or 10 cents a share, for the quarter, after a loss of $49.4 million, or 37 cents a share, in the year-earlier period. Adjusted per-share earnings came to 64 cents, ahead of the 63 cent FactSet consensus. Sales rose 2.2% to $1.1 billion, just below the $1.2 billion FactSet consensus. The company is now expecting full-year adjusted EPS of $2.50 to $2.60, down from prior guidance of $2.50 to $2.70. It expects sales to grow 4% to 6%, down from prior guidance of 7% to 11%. The stock has fallen 16% in the year to date, while the S&P 500 has gained 13.7%.

-Ciara Linnane

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11-07-23 0651ET

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