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Oct 01, 2022
Perrigo Q3 2022 Earnings Report
Perrigo's Q3 2022 financial results were reported, showcasing net sales of $1.1 billion and adjusted EPS of $0.56.
Key Takeaways
Perrigo reported strong third quarter results with net sales of $1.1 billion, a 5.5% increase year-over-year. Adjusted EPS increased by 24.4% to $0.56. The company reiterates its fiscal 2022 organic net sales growth range outlook of 9.0%-10.0% and updates its adjusted EPS range outlook to $2.00-$2.10.
Net sales increased by 5.5% to $1.1 billion, with organic net sales up 7.7%.
Adjusted gross margin increased by 210 basis points to 36.5%.
Adjusted operating income increased by 19.2% to $133 million.
Adjusted diluted EPS increased by 24.4% to $0.56.
Perrigo
Perrigo
Perrigo Revenue by Segment
Revenue by Segment
Consumer Self-Care Americas Revenue
CapyFin.comConsumer Self-Care International Revenue
CapyFin.com Forward Guidance
The Company is updating its fiscal 2022 adjusted EPS range outlook to $2.00-$2.10 from $2.25-$2.35 and reiterates its fiscal 2022 organic net sales growth range outlook of 9.0%-10.0% versus the prior year.
Positive Outlook
- Expected accretion from the Gateway plant.
- Expected accretion from the U.S. and Canadian rights to the Good Start® infant formula brand.
- Reiterates fiscal 2022 organic net sales growth range outlook of 9.0%-10.0%.
- Solid year-to-date performance in CSCI.
- Company now expects to achieve a constant currency adjusted diluted EPS range outlook of $2.25-$2.35.
Challenges Ahead
- Lower sales volumes in CSCA.
- $0.10 from the worsening impact of currency translation.
- Now expects net sales in the full year to be unfavorably impacted by 5%-6% due to foreign currency exchange rates.
- Now expects adjusted diluted EPS in the full year to be unfavorably impacted by approximately $0.25 due to foreign currency exchange rates.
- Company cannot reconcile its organic net sales growth to reported net sales or its expected adjusted diluted EPS or constant currency adjusted EPS to diluted EPS under "Fiscal 2022 Outlook" without unreasonable effort.
Revenue & Expenses
Visualization of income flow from segment revenue to net income