DUBLIN - Perrigo Company plc (NYSE: NYSE:PRGO) reported second quarter earnings that beat analyst estimates, though revenue fell short of expectations. The consumer healthcare company reaffirmed its full-year earnings guidance.
The company's shares showed little movement in pre-market trading following the mixed earnings report.
Perrigo posted adjusted earnings per share of $0.53 for Q2, surpassing the analyst consensus of $0.46. However, revenue came in at $1.1 billion, below the $1.14 billion analysts were expecting.
Net sales declined 10.7% year-over-year, with organic net sales down 9.1%. The company cited lower infant formula sales and reduced demand in upper respiratory and pain/sleep aid categories as key factors impacting the top line.
"Our second quarter topline results were impacted by actions to augment and strengthen infant formula, lower seasonal demand compared to the prior year and, to a lesser extent, final SKU prioritization actions to enhance margins in CSCA," said President and CEO Patrick Lockwood-Taylor.
Despite the revenue miss, Perrigo reaffirmed its full-year 2024 adjusted EPS guidance range of $2.50-$2.65. The company said increased profitability from faster than anticipated recovery in infant formula, improved product mix and lower selling expenses are expected to offset the impact of lower sales.
Perrigo also maintained its outlook for interest expense of approximately $180 million and an adjusted tax rate of about 20.5% for the full year.
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