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Dec 31, 2020
Perrigo Q4 2020 Earnings Report
Perrigo's Q4 2020 financial results reflected a decrease in consolidated net sales due to lower cough/cold product sales, but the company advanced its transformation initiatives.
Key Takeaways
Perrigo reported a decrease in fourth-quarter consolidated net sales by 2.5% to $1.3 billion, primarily due to lower sales of cough/cold products. The company's reported net loss was $175 million, or $1.29 per diluted share, compared to a net loss of $19 million, or $0.14 per diluted share, in the prior year period. Adjusted diluted EPS was $0.93, a decrease of 12.3% compared to the previous year.
Consolidated net sales decreased by 2.5% to $1.3 billion due to lower cough/cold product sales.
Reported net loss was $175 million, or $1.29 per diluted share, compared to a net loss of $19 million, or $0.14 per diluted share, in the prior year period.
Adjusted diluted EPS decreased by 12.3% to $0.93 due to the impact from cough/cold products and divested businesses.
Worldwide Consumer Self-Care net sales decreased by 1.3% to $1.1 billion.
Revenue by Segment
Forward Guidance
Perrigo Worldwide Consumer is committed to delivering 3% organic net sales growth, 5% adjusted operating income growth and 7% adjusted diluted EPS growth. Based on a preliminary estimate of the accounting treatment to classify Rx as discontinued operations, this translates to an adjusted diluted EPS range of $2.50 to $2.70.
Positive Outlook
- Committed to delivering 3% organic net sales growth.
- Committed to delivering 5% adjusted operating income growth.
- Committed to delivering 7% adjusted diluted EPS growth.
- Adjusted diluted EPS range of $2.50 to $2.70.
- In line with CPG peers that trade at much higher multiples.
Challenges Ahead
- Cannot reconcile its expected adjusted diluted earnings per share to diluted earnings per share under Fiscal 2021 Outlook.
- Certain items that impact net income and other reconciling metrics are out of the Company’s control.
- Cannot be reasonably predicted at this time.
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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