Perrigo Q1 2024 Earnings Report
Key Takeaways
Perrigo's first quarter net sales were $1.1 billion, an 8.4% decrease compared to the prior year. The company's adjusted diluted EPS was $0.29, a 35.6% decrease compared to the prior year, primarily due to the impact of infant formula. The company reaffirms its fiscal 2024 adjusted diluted EPS range outlook of $2.50-$2.65.
First quarter net sales of $1.1 billion declined 8.4% versus the prior year quarter.
Consumer Self-Care International net sales increased 4.7% compared to the prior year quarter as organic net sales grew 7.0%.
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 equivalents on the balance sheet as of March 30, 2024 were $659 million.
Perrigo
Perrigo
Perrigo Revenue by Segment
Forward Guidance
The Company reaffirms its fiscal year 2024 outlook: Organic net sales growth of 1.0% to 3.0% compared to the prior year, Reported net sales flat compared to the prior year, Adjusted diluted EPS range of between $2.50 to $2.65 including mid-teens adjusted EPS growth, excluding infant formula from both years, and Operating cash flow conversion (operating cash flow as a percentage of adjusted net income) of approximately 90% - 100%.
Positive Outlook
- Reaffirms fiscal year 2024 organic net sales growth of 1.0% to 3.0%.
- Reaffirms reported net sales flat compared to the prior year.
- Expects interest expense of approximately $180 million.
- Anticipates full year adjusted tax rate of approximately ~20.5%.
- Projects adjusted diluted EPS range of between $2.50 to $2.65 including mid-teens adjusted EPS growth, excluding infant formula from both years.
Revenue & Expenses
Visualization of income flow from segment revenue to net income