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Perrigo reported first quarter 2024 financial results with adjusted diluted earnings per share above projections due to infant formula shipments. The company reaffirmed its 2024 financial outlook and highlighted progress in building One Perrigo. However, first quarter net sales declined 8.4%, with organic net sales decreasing 7.0%, primarily from lower infant formula sales and SKU prioritization actions. Gross margin declined, and adjusted EPS decreased by 35.6%. The company launched Opill®, the first over-the-counter birth control pill in the US. Perrigo also announced the divestment of its HRA Rare Diseases Business. Project Energize aims to drive growth and efficiency, expecting $140-$170 million in annual savings by 2026. An executive transition was announced for the Consumer Self-Care International Business. Cash equivalents were $659 million, and the company maintained its fiscal year 2024 outlook.
Perrigo Company plc announced an executive transition within its Consumer Self-Care International (CSCI) Business. Svend Andersen, EVP and President of CSCI, will retire in December, with Roberto Khoury taking over. Khoury, a seasoned consumer health professional, will bring his vast experience to lead the CSCI segment. Andersen will work alongside Khoury until August for a smooth handover. Khoury's background includes leadership roles at Kenvue and L'Oréal, emphasizing his expertise in the consumer products industry.
Perrigo Company plc (NYSE: PRGO) declared a quarterly dividend of $0.276 per share, payable on June 18, 2024, to shareholders of record on May 31, 2024. Perrigo is a global provider of Consumer Self-Care Products and OTC health solutions.
