Perrigo Reaffirms 2024 Outlook - Update

(RTTNews) - Perrigo Company plc (PRGO) reaffirmed its fiscal 2024 organic net sales and total net sales growth outlook of 1.0%-3.0% and flat, respectively, versus the prior year. The company reaffirmed fiscal 2024 adjusted EPS range outlook of $2.50-$2.65. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.35. Analysts' estimates typically exclude special items.

First quarter income from continuing operations was $4.1 million compared to a loss of $1.1 million, last year. Reported profit per share from continuing operations was $0.03, compared to a loss of $0.01. Adjusted 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. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.23, for the quarter.

First quarter net sales were $1.1 billion declined 8.4% versus the prior year quarter. First quarter organic net sales decreased 7.0%, for the quarter. Analysts on average had estimated $1.09 billion in revenue.

Perrigo announced that Svend Andersen, Executive Vice President and President, CSCI, intends to retire from the company in December. Roberto Khoury will be appointed to lead the business. Andersen will continue to lead CSCI, working closely with Khoury, until August 1, 2024, at which point Khoury will assume the role of Executive Vice President and President of CSCI.

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