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- Perrigo Company plc (NYSE:PRGO) has posted Q2 sales of $981 million, an increase of 3.4% Y/Y, missing the consensus of $1.02 billion.
- The sales growth was primarily due to an increase in most businesses and favorable currency movements, partially offset by Y/Y customer inventory reductions and a historically weak cough/cold season. Organic net sales growth was 0.5%.
- Consumer Self-Care International Segment sales increased 11.7% to $359 million. Organic net sales grew 4.3%.
- Consumer Self-Care Americas Segment reported sales of $622 million, down 0.9% Y/Y.
- Adjusted operating income was $118 million, a decrease of 10.7%, due to higher operating expenses primarily to reinstate brand and marketing investments to pre-COVID-19 levels, lower volumes, unfavorable plant overhead absorption, higher input costs.
- Adjusted diluted EPS of $0.50 declined from $0.59 in the prior-year quarter due primarily to reinstatement of brand and marketing investments. The consensus estimate was $0.62.
- Outlook: Perrigo reaffirmed fiscal 2021 organic net sales growth outlook of 3% and expected adjusted diluted EPS towards the lower end of guidance of $2.50 - $2.70 (consensus $2.59).
- Price Action: PRGO shares are down 11.70% at $43.44 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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