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Dec 31, 2021
Perrigo Q4 2021 Earnings Report
Reported fourth quarter and fiscal year 2021 financial results.
Key Takeaways
Perrigo's fourth quarter net sales grew by 4.9% to $1.1 billion, driven by a strong rebound in demand for cough/cold products. The company's transformation into a focused, consumer-centric Self-Care company is now complete and their focus going forward is on long-term, profitable growth.
Fourth quarter net sales grew 4.9%, or 5.7% excluding the impact of currency, compared to the prior year to $1.1 billion led by a strong rebound in the demand for cough/cold products.
Fourth quarter GAAP (reported) diluted earnings per share (EPS) was $0.24, compared to a net loss per diluted share of $0.39 in the prior year.
Fourth quarter non-GAAP (adjusted) diluted EPS increased 27.7% to $0.60.
Completed milestone transformation initiatives during 2021: Divested the generic RX pharmaceutical business, announced the acquisition of HRA Pharma, and significantly reduced uncertainty by settling the Irish Tax assessment.
Revenue by Segment
Forward Guidance
The Company expects net sales growth of 3.5% to 4.5%, inclusive of negative impacts of approximately 2.0 percentage points from the planned divestiture of the Latin American businesses and 1.5 percentage points from adverse currency movements, Organic net sales growth of 7.0% to 8.0%, Adjusted diluted EPS of $2.10 to $2.30.
Positive Outlook
- Net sales growth of 3.5% to 4.5%
- Organic net sales growth of 7.0% to 8.0%
- First half margin compression and second half margin expansion
- Adjusted effective tax rate of approximately 23%
- Adjusted diluted EPS of $2.10 to $2.30
Challenges Ahead
- Negative impacts of approximately 2.0 percentage points from the planned divestiture of the Latin American businesses
- 1.5 percentage points from adverse currency movements
- First half margin compression
- Higher level of cost inflation
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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