Perrigo Reports First Quarter 2024 Financial Results From Continuing Operations By Investing.com

Delivered Adjusted Diluted Earnings Per Share Results Above Projection, Due Primarily to Timing of Infant Formula Shipments; Reaffirm 2024 Financial Outlook

Advanced Augmenting and Strengthening of Infant Formula Facilities, Recovery of Manufacturing Volumes Underway

Progressed Blueprint to Build One Perrigo; On Target to Deliver Project Energize Goals; Announced Today in a Separate Press Release the Executive Transition for the Consumer Self-Care International Business

Recently Announced Plan to Divest HRA Rare Diseases Business; Expects to Redeploy Proceeds for Debt Paydown

DUBLIN, May 7, 2024 /PRNewswire/ —  

First Quarter 2024  Highlights:

• First quarter net sales of $1.1 billion declined 8.4% versus the prior year quarter. First quarter organic¹ net sales decreased 7.0%, due primarily to 1) -4.3 percentage points impact due to lower net sales in infant formula, driven by actions to augment and strengthen the infant formula network, and 2) -3.6 percentage points impact from purposeful SKU prioritization actions to enhance margins as part of the Company’s Supply Chain Reinvention Program. These two factors more than offset +0.9 percentage points impact from organic net sales growth in the rest of the business.
• Consumer Self-Care International (“CSCI”) net sales increased 4.7% compared to the prior year quarter as organic net sales grew 7.0%. Consumer Self-Care Americas (“CSCA”) net sales decreased 15.7% compared to the prior year quarter, including an impact of -6.7 percentage points from infant formula and -5.6 percentage points from SKU prioritization actions.
• First quarter GAAP (“reported”) gross margin was 33.1%, a 190 basis points decline compared to the prior year quarter. Non-GAAP (“adjusted”) gross margin of 36.5% declined 90 basis points, including a -280 basis points impact from infant formula.
• First quarter reported diluted earnings per share (“EPS”) was $0.03, compared to a loss of $(0.01) in the prior year quarter.
• Adjusted diluted EPS was $0.29, compared to $0.45 in the prior year quarter, a decline of 35.6%, due primarily to a –$0.30 impact from infant formula.
• Cash and cash equivalents² on the balance sheet as of March 30, 2024 were $659 million.
• Launched Opill ^®, the first-ever over-the-counter birth control pill in the U.S., to major retailers nationwide.

Reaffirms Fiscal Year 2024 Outlook:

• First quarter 2024 adjusted diluted EPS was ahead of projection by approximately $0.06 due to timing of infant formula shipments to customers…