Perrigo Reaffirms FY24 Adj. EPS Guidance; Updates Sales Outlook

(RTTNews) - Perrigo Company plc (PRGO) reaffirmed 2024 adjusted EPS guidance of between $2.50 to $2.65. The company updated fiscal 2024 organic net sales growth outlook to approximately between a decline of 3% and a decline of 1%, from prior guidance of an increase of 1% to 3%. Total net sales growth outlook has been updated to between a decline of 5% and a decline of 3%, from prior guidance of flat. The company revised sales outlook due primarily to lower seasonal demand experienced in the first half of 2024 and expected lower distribution in U.S. store brand in the second half of 2024.

Second quarter reported net loss was $106 million compared to profit of $9 million, last year. Reported loss per share was $0.77, compared to proft of $0.06. Adjusted EPS was $0.53, compared to $0.63. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.46, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $1.1 billion, declined 10.7% from the prior year quarter. Organic net sales decreased 9.1%, for the quarter. Analysts on average had estimated $1.13 billion in revenue.

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