NYSE$PRGO
Perrigo Company · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Achieved year-over-year and sequential gross and operating margin expansion and delivered strong operating income and EPS growth.
Perrigo's Q2 2023 net sales grew by 6.4% to $1.2 billion, with organic net sales up by 0.8%. The company's reported gross margin improved by 270 basis points to 35.9%, and adjusted gross margin expanded by 220 basis points to 38.7%. Reported EPS was $0.06, while adjusted diluted EPS increased by 46.5% to $0.63. Perrigo reaffirms its fiscal 2023 outlook.
- Second quarter net sales of $1.2 billion grew 6.4%, or 6.6% on a constant currency basis, versus the prior year quarter.
- Second quarter reported earnings per share (EPS) was $0.06, compared to a loss of $(0.48) in the prior year quarter.
- Adjusted diluted EPS was $0.63, compared to $0.43 in the prior year quarter, an increase of 46.5%.
- Perrigo reaffirms its fiscal 2023 organic net sales and total net sales growth outlook range of 3.0%-6.0% and 7.0%-11.0%, respectively, versus the prior year, and adjusted diluted EPS range outlook of $2.50-$2.70.
Headline financials
Revenue & EPS history
Perrigo · Revenue · Quarterly
$1.19B
Revenue by segment
Perrigo · $1.19B total across 2 segments · Q2 2023
- Consumer Self-Care Americas$751M+3.1%62.9%
- Consumer Self-Care International$442M+12.3%37.1%
Forward guidance
Perrigo reaffirms its fiscal 2023 organic net sales and total net sales growth outlook range of 3.0%-6.0% and 7.0%-11.0%, respectively, versus the prior year, and adjusted diluted EPS range outlook of $2.50-$2.70.
Tailwinds
- Reported net sales growth of 7.0% to 11.0% compared to the prior year.
- Organic net sales growth of 3.0% to 6.0% compared to the prior year.
- Adjusted diluted EPS range of between $2.50 to $2.70, including pre-launch investments for Opill® following FDA approval.
- Operating cash flow conversion (operating cash flow as a percentage of adjusted net income) of approximately 100%.
- Adjusted tax rate for the second half of 2023 is expected to be approximately 19.5%, leading to a full year adjusted tax rate for 2023 of 17.0%, which includes the second quarter adjusted EPS discrete tax benefit of $0.08.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
-1.5%
Avg return
Earnings day
-2.1%
Avg return
5 days after
-3.4%
Avg return
30 days after
48%
30 / 63 earnings
Positive
+20.2%
Q4 2024
Best reaction
-25.2%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +5.3% | -5.0% | -7.0% | |
| Q4 2025 | -1.5% | -21.0% | -33.9% | |
| Q3 2025 | -25.2% | -29.4% | -33.4% | |
| Q1 2025 | +7.2% | +9.4% | +6.0% | |
| Q4 2024 | +20.2% | +22.1% | +16.3% | |
| Q3 2024 | +6.2% | +5.4% | +10.7% | |
| Q2 2024 | +1.8% | -1.5% | +3.3% | |
| Q1 2024 | -6.9% | -8.1% | -19.2% | |
| Q4 2023 | -17.9% | -18.2% | +0.1% | |
| Q3 2023 | +2.0% | -0.2% | +7.3% | |
| Q2 2023 | +5.8% | +7.3% | -8.4% | |
| Q1 2023 | +1.3% | -2.2% | -6.5% | |
| Q4 2022 | +3.9% | +6.9% | -3.2% | |
| Q3 2022 | -18.3% | -14.9% | -18.2% | |
| Q2 2022 | -1.9% | -1.7% | -9.3% | |
| Q1 2022 | +9.1% | +15.6% | +19.7% | |
| Q4 2021 | +6.4% | +4.8% | +8.2% | |
| Q3 2021 | -8.7% | -9.8% | -23.0% | |
| Q2 2021 | -16.0% | -16.6% | -11.1% | |
| Q1 2021 | +6.1% | +6.4% | +13.3% | |
| Q4 2020 | +4.3% | +1.7% | +0.3% | |
| Q3 2020 | -0.3% | +1.5% | +9.9% | |
| Q2 2020 | -8.5% | -6.1% | -7.7% | |
| Q1 2020 | -3.0% | -4.4% | +0.8% | |
| Q4 2019 | -16.4% | -12.1% | -24.0% | |
| Q3 2019 | -8.1% | -9.3% | -3.4% | |
| Q2 2019 | -7.1% | -5.4% | -1.1% | |
| Q1 2019 | +7.5% | +1.7% | -10.1% | |
| Q4 2018 | +0.8% | +4.0% | -0.3% | |
| Q3 2018 | -14.7% | -13.0% | -20.2% | |
| Q2 2018 | -10.7% | -11.3% | -3.3% | |
| Q1 2018 | -4.9% | +0.4% | -5.2% | |
| Q4 2017 | +1.9% | -6.0% | -5.6% | |
| Q3 2017 | +8.0% | +5.9% | +5.4% | |
| Q2 2017 | +18.3% | +17.2% | +24.7% | |
| Q1 2017 | +4.1% | +5.0% | +8.5% | |
| Q3 2016 | +6.9% | +6.7% | -1.2% | |
| Q2 2016 | -9.8% | -7.2% | -6.7% | |
| Q1 2016 | -4.7% | — | — | |
| Q4 2015 | -10.9% | — | — | |
| Q3 2015 | -1.3% | — | — | |
| Q2 2015 | +1.7% | — | — | |
| Q1 2015 | -1.7% | — | — | |
| Q4 2014 | +6.7% | — | — | |
| Q3 2014 | -11.3% | — | — | |
| Q2 2014 | -4.9% | — | — | |
| Q1 2014 | +10.7% | — | — | |
| Q4 2013 | -5.1% | — | — | |
| Q3 2013 | -0.5% | — | — | |
| Q2 2013 | +5.2% | — | — | |
| Q1 2013 | -8.8% | — | — | |
| Q4 2012 | -8.3% | — | — | |
| Q3 2012 | -4.5% | — | — | |
| Q1 2012 | +1.8% | — | — | |
| Q2 2012 | -0.1% | — | — | |
| Q4 2011 | +1.3% | — | — | |
| Q3 2011 | -7.6% | — | — | |
| Q2 2011 | +2.7% | — | — | |
| Q1 2011 | +1.7% | — | — | |
| Q4 2010 | +0.6% | — | — | |
| Q3 2010 | -0.1% | — | — | |
| Q2 2010 | -2.9% | — | — | |
| Q1 2010 | +0.7% | — | — |
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