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Dec 31, 2023
Perrigo Q4 2023 Earnings Report
Perrigo's Q4 2023 net sales increased slightly, with adjusted EPS up 14.7%.
Key Takeaways
Perrigo's Q4 2023 results showed a slight increase in net sales and a significant improvement in adjusted earnings per share. Net sales from continuing operations were a fourth quarter record. The company launched 'Project Energize' to drive sustainable growth.
Net sales increased 0.1% compared to the prior year quarter.
Consumer Self-Care International (CSCI) net sales increased 5.9% compared to the prior year quarter.
Adjusted diluted earnings per share (EPS) was $0.86, compared to $0.75 in the prior year quarter, an increase of 14.7%.
Fourth quarter operating cash flow was $209 million.
Revenue by Segment
Forward Guidance
The Company's fiscal year 2024 outlook includes organic net sales growth of 1.0% to 3.0% compared to the prior year and adjusted diluted EPS range of between $2.50 to $2.65.
Positive 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
- Mid-teens adj. EPS growth, excluding U.S. infant formula from both years
- Operating cash flow conversion (operating cash flow as a percentage of adjusted net income) of approximately 90% - 100%
Challenges Ahead
- Actions the Company is taking to augment and strengthen its infant formula business leads to adjusted diluted EPS relatively in-line with the prior year.
- Uncertainty of non-recurring infant formula related charges
- Timing of restructuring charges
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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