NYSE$PRGO
Perrigo Company · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Perrigo's Q2 2024 financial results from continuing operations were reported, with adjusted diluted earnings per share meeting expectations. The company reaffirmed its fiscal 2024 adjusted diluted EPS outlook and is progressing with its One Perrigo Blueprint, remaining on target to deliver Project Energize goals. Additionally, the divestment of the HRA Pharma Rare Diseases business was completed.
Perrigo's Q2 2024 net sales declined by 10.7% to $1.1 billion, with organic net sales decreasing by 9.1% due to lower infant formula sales and reduced demand in upper respiratory and pain & sleep aids categories. Adjusted operating income increased by 1.5% to $139 million, and adjusted diluted EPS was $0.53. The company reaffirms its fiscal 2024 adjusted diluted EPS outlook of $2.50-$2.65.
- Net sales decreased by 10.7% year-over-year to $1.1 billion; organic net sales decreased by 9.1% due to lower infant formula sales and reduced demand in upper respiratory and pain & sleep aids categories.
- Consumer Self-Care International (CSCI) net sales declined 2.5%, while Consumer Self-Care Americas (CSCA) net sales decreased 15.5%.
- Adjusted operating income increased 1.5% year-over-year to $139 million, driven by Project Energize benefits.
- Adjusted diluted EPS was $0.53, compared to $0.63 in the prior year quarter, impacted by discrete tax benefits in the prior year and infant formula challenges.
Headline financials
Revenue & EPS history
Perrigo · Revenue · Quarterly
$1.07B
Revenue by segment
Perrigo · $1.12B total across 2 segments · Q3 2023
- Consumer Self-Care Americas$704M-2.5%62.6%
- Consumer Self-Care International$420M+11.2%37.4%
Forward guidance
The Company is updating its fiscal 2024 organic net sales growth outlook versus the prior year to approximately -3% to -1%, from +1% to +3%, and total net sales growth outlook to -5% to -3% from flat, due primarily to lower seasonal demand experienced in the first half of 2024 and expected lower distribution in U.S. store brand in the second half of 2024. The Company is reaffirming its fiscal 2024 adjusted diluted EPS outlook of $2.50-$2.65.
Tailwinds
- Increased profitability from faster than anticipated recovery in the infant formula business.
- Improved product mix.
- Lower selling expenses.
- Reaffirming interest expense of approximately $180 million.
- Reaffirming full year adjusted tax rate of approximately 20.5%.
Headwinds
- Lower seasonal demand experienced in the first half of 2024.
- Expected lower distribution in U.S. store brand in the second half of 2024.
- Flow-through from the updated net sales outlook.
- Uncertainty of non-recurring infant formula related charges.
- Timing and amount of restructuring charges and the income tax effects of these items or other income tax-related events.
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 2024
-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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