Stock Track | Perrigo Soars as Earnings Beat and Margin Expansion Offset Revenue Decline

Stock Track11-06

Shares of Perrigo Co PLC (PRGO) surged 6.51% in pre-market trading on November 6, 2024, following the company's impressive third-quarter 2024 financial results and reaffirmed fiscal year outlook.

The consumer self-care company reported adjusted earnings per share of $0.81, up 26.6% from the prior-year quarter and in line with analysts' expectations. Despite a 3.2% decline in net sales to $1.09 billion, Perrigo delivered robust margin expansion and operating income growth.

Perrigo's adjusted gross margin expanded 160 basis points to 41.0%, driven by benefits from its Supply Chain Reinvention program, favorable mix within global store brand and across the portfolio, and the recovery of its infant formula business. Adjusted operating income increased 21.3% to $182.4 million, and adjusted operating margin expanded 340 basis points to 16.8%.

The company reaffirmed its fiscal 2024 adjusted EPS outlook of $2.50 to $2.65, citing expectations for continued gross and operating margin expansion compared to the prior year. While Perrigo forecasts organic net sales and reported net sales towards the lower end of its previously stated ranges, the strong margin performance and cost savings initiatives are expected to support earnings growth.

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