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Sep 30, 2023
Perrigo Q3 2023 Earnings Report
Perrigo reported third quarter double-digit gross profit, operating income and EPS growth year-over-year.
Key Takeaways
Perrigo Company plc announced financial results for the third quarter ended September 30, 2023. Net sales increased by 2.2% compared to the prior year quarter, driven by the acquisition of Gateway infant formula facility and favorable foreign currency translation. Adjusted diluted EPS was $0.64, an increase of 14.3% compared to the prior year quarter.
Third quarter net sales of $1.1 billion grew 2.2% versus the prior year quarter.
Third quarter reported gross margin was 36.6%, a 360 basis points improvement compared to the prior year quarter.
Adjusted diluted EPS was $0.64, compared to $0.56 in the prior year quarter, an increase of 14.3%.
Company updates its fiscal 2023 adjusted diluted EPS range outlook to $2.50-$2.60.
Revenue by Segment
Forward Guidance
The Company's fiscal year 2023 updated outlook is provided below:
Positive Outlook
- Reported net sales growth of 4.0% to 6.0% compared to the prior year.
- Organic net sales growth of 1.0% to 3.0% compared to the prior year.
- Interest expense of approximately $180 million.
- Full year adjusted tax rate of approximately ~14.0%.
- Adjusted diluted EPS range of between $2.50 to $2.60.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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