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Perrigo (PRGO) recasts segments and records $1.3B goodwill impairment in 2025

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8-K

Rhea-AI Filing Summary

Perrigo Company plc updated its financial reporting to three product-based segments—Self Care, Specialty Care, and Infant Formula—and recast prior periods accordingly. For the year ended December 31, 2025, consolidated net sales were $4,253.1 million, compared with $4,373.4 million in 2024. Segment adjusted operating income for 2025 was $622.3 million, while reported operating income showed a loss of $1,122.2 million after recognizing a $1.3 billion goodwill impairment and a $33.6 million impairment on an equity method investment. The company also recorded restructuring, unusual litigation, and other adjustments, and continues to emphasize non‑GAAP measures such as adjusted operating income to evaluate performance. Recast segment data and non‑GAAP reconciliations for 2024–2025 are provided to help comparability under the new structure.

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Insights

Perrigo’s new segment structure comes with a large 2025 goodwill impairment.

Perrigo shifted from geographic to product-based segments—Self Care, Specialty Care, and Infant Formula—plus All Other. Management now evaluates performance using segment adjusted operating income, and has recast 2024–2025 results to match the new structure.

In 2025, consolidated net sales were $4,253.1 million, slightly below $4,373.4 million in 2024. Adjusted operating income reached $622.3 million, but reported operating income showed a loss of $1,122.2 million after a $1.3 billion goodwill impairment and a $33.6 million impairment on the Kazmira LLC equity method investment.

The sizeable non-cash charges materially affect GAAP profitability for 2025, even as underlying adjusted profitability remains positive. Future filings will show how the new Self Care, Specialty Care, and Infant Formula segments trend under this framework, and how often significant adjustments recur.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Consolidated net sales 2025 $4,253.1 million Year ended December 31, 2025
Consolidated net sales 2024 $4,373.4 million Year ended December 31, 2024
Adjusted operating income 2025 $622.3 million Consolidated, year ended December 31, 2025
Reported operating income 2025 $(1,122.2) million Consolidated, year ended December 31, 2025
Goodwill impairment 2025 $1.3 billion Goodwill impairment charge in three months ended December 31, 2025
Kazmira LLC impairment $33.6 million Other-than-temporary impairment of equity method investment in 2025
Self Care net sales 2025 $2,533.5 million Segment net sales, year ended December 31, 2025
Segment adjusted operating income 2025 $682.6 million Total of Self Care, Specialty Care, Infant Formula, year ended December 31, 2025
segment adjusted operating income financial
"the CODM reevaluated and changed the primary measure utilized to evaluate segment profitability from segment operating income to segment adjusted operating income"
goodwill impairment financial
"recorded a goodwill impairment charge of $1.3 billion and the existence of an other-than-temporary impairment"
Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.
non-GAAP financial measures financial
"The Company provides non-GAAP financial measures as additional information that it believes is useful to investors and analysts"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
equity method investment financial
"the existence of an other-than-temporary impairment of our equity method investment in Kazmira LLC and recorded an impairment charge"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
Nutrition Network Optimization Project financial
"accelerated depreciation as a result of our Nutrition Network Optimization Project and $2.8 million of professional consulting fees"
Dermacosmetics business financial
"Other product category, which includes the Dermacosmetics(1) business, are together disclosed as “All Other.”"
Consolidated net sales $4,253.1 million
Consolidated adjusted operating income $622.3 million
Reported operating income (loss) $(1,122.2) million
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________
 FORM 8-K
______________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
April 22, 2026
______________________________________________
Perrigo Company plc

(Exact name of registrant as specified in its charter)
_______________________________________________

Commission file number 001-36353
Ireland Not Applicable
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)

The Sharp Building, Hogan Place, Dublin 2, Ireland D02 TY74
+353 1 7094000

(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)

Not Applicable
(Former name or former address, if changed since last report)
________________________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
    (17 CFR 240.14d-2(b))
☐         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
        (17 CFR 240.13e-4(c))

Securities Registered pursuant to section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Ordinary shares, €0.001 par valuePRGONew York Stock Exchange
4.900% Notes due 2030
PRGO30New York Stock Exchange
6.125% Notes due 2032
PRGO32A
New York Stock Exchange
5.375% Notes due 2032
PRGO32B
New York Stock Exchange
5.300% Notes due 2043PRGO43New York Stock Exchange
4.900% Notes due 2044PRGO44New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


ITEM 2.02    Results of Operations and Financial Condition

The information contained in Item 7.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.02.

ITEM 7.01    Regulation FD Disclosure

On February 26, 2026, Perrigo Company plc (the “Company”) announced a change to its reporting segments to align with its organizational structure and vision. As part of this update, which was implemented as of the first quarter 2026, the Company has transitioned from a geographic segment reporting structure to one that is product category based, enabling the Company to better align its financial disclosures and operational analysis with the Company's product offerings and strategic priorities. These changes were made to reflect the way our chief operating decision maker ("CODM") makes operating decisions, allocates resources, and manages the growth and profitability of the Company.


The Company's new reporting segments are as follows:

Reporting Segment
Product Categories
Self Care
Includes over-the-counter health and wellness products intended for consumer self-treatment of common conditions, such as pain & sleep, upper respiratory, digestive health and healthy lifestyle products including vitamins, minerals, and supplements and oral electrolyte beverages
Specialty Care
Includes branded and specialty consumer health products that address more targeted or complex self-care needs, including women's health and skin health offerings, such as skin healing and insect repellant
Infant Formula
Comprised of the infant formula product category, which includes nutrition products designed to meet the dietary needs of infants

The Company's Oral Care product category and Other product category, which includes the Dermacosmetics(1) business, are together disclosed as “All Other.”

In connection with the change in the Company's reporting segments, the CODM reevaluated and changed the primary measure utilized to evaluate segment profitability from segment operating income to segment adjusted operating income. These updates have no impact on the Company's historical consolidated financial position, results of operations, or cash flows.

The Company is furnishing as Exhibit 99.1 select financial metrics for the Company's three new reporting segments for the three months ended March 30, 2024, June 29, 2024, September 28, 2024, December 31, 2024, March 29, 2025, June 28, 2025, September 27, 2025 and December 31, 2025, which have been recast to reflect the Company's new reporting segments (the "Unaudited Recast Financial Information").

The Unaudited Recast Financial Information contained in Exhibit 99.1 does not represent a restatement of previously issued financial statements and is being provided to aid in comparability. Amounts may not reconcile to previously disclosed category information due to changes in product category definitions and updates to allocation methodologies. The information in this Item 7.01, including Exhibit 99.1, should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 30, 2024, June 29, 2024, September 28, 2024, March 29, 2025, June 28, 2025, and September 27, 2025.

The information furnished pursuant to this Item 8.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

(1) The Dermacosmetics business was formerly included in the Skin Care Category.

The Company provides non-GAAP financial measures as additional information that it believes is useful to investors and analysts in evaluating the performance of the Company's ongoing operating trends, facilitating comparability between periods and, where applicable, with companies in similar industries and assessing the Company's prospects for future performance. These non-GAAP financial measures exclude items, such as amortization expense, unusual litigation, impairment charges, restructuring charges, and acquisition and integration-related charges, that by their nature affect comparability of operational performance or that we believe obscure underlying business operational trends. The intangible asset amortization excluded from these non-GAAP financial measures represents the entire amount recorded within the Company’s GAAP financial statements and is excluded because the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impaired or the estimated useful life of an intangible asset is revised. The revenue generated by the associated intangible assets has not been excluded from the related non-GAAP financial measure. The non-GAAP measures the Company provides are consistent with how management analyzes and assesses the operating performance of the Company, and disclosing them provides investor insight into management’s view of the business. Management uses these adjusted financial measures for planning and forecasting in future periods, and evaluating segment and overall operating performance. In addition, management uses certain of the profit measures as factors in determining compensation.

Non-GAAP measures related to profit measurements, which may include adjusted gross profit, adjusted net income, adjusted operating income, adjusted diluted earnings per share, adjusted gross margin, constant currency net sales, and adjusted operating margin are useful to investors as they provide them with supplemental information to enhance their understanding of the Company’s underlying business performance and trends, and enhance the ability of investors and analysts to compare the Company’s period-to-period financial results.

The Company believes these supplemental financial measures provide investors with consistency in financial reporting, enabling meaningful comparisons of past and present underlying operating results, and also facilitate analysis of the Company’s operating performance and acquisition and divestiture trends.

Investors should consider the non-GAAP measures furnished with this current report in conjunction with, and not in lieu of, the Company's reported financial statements in accordance with GAAP.


ITEM 9.01.    Financial Statements and Exhibits

(d)Exhibits
Exhibit NumberDescription
99.1
Unaudited recast annual and quarterly historical financial information for fiscal years 2024 and 2025, furnished solely pursuant to Item 2.02 and 7.01 of Form 8-K.


SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



(Registrant)
PERRIGO COMPANY PLC
By:/s/ Eduardo Bezerra
Dated: April 22, 2026Eduardo Bezerra
Chief Financial Officer



Exhibit 99.1
PERRIGO COMPANY PLC
SELECT SEGMENT INFORMATION
QUARTERS AND FISCAL YEARS TO DATE 2025 and 2024
(in millions)
(unaudited)

Three Months EndedTwelve Months Ended
March 29, 2025June 28, 2025September 27, 2025December 31, 2025December 31, 2025
Net Sales
Self Care $614.3 $598.6 $633.1 $687.6 $2,533.5 
Specialty Care 199.1 233.1 191.2 176.0 799.3 
Infant Formula 87.8 82.0 89.3 99.9 359.0 
Total Segments Net Sales $901.2 $913.6 $913.6 $963.4 $3,691.8 
All Other 142.7 142.7 129.7 146.2 561.3 
Consolidated Net Sales $1,043.9 $1,056.3 $1,043.3 $1,109.6 $4,253.1 


Three Months EndedTwelve Months Ended
Net Sales March 30, 2024June 29, 2024September 28, 2024December 31, 2024December 31, 2024
Self Care $627.7 $600.5 $637.6 $688.6 $2,554.3 
Specialty Care 208.7 220.2 188.3 179.5 796.6 
Infant Formula 74.3 74.9 115.4 132.4 397.0 
Total Segments Net Sales $910.7 $895.6 $941.3 $1,000.4 $3,747.9 
All Other 171.5 170.0 146.3 137.8 625.6 
Consolidated Net Sales $1,082.1 $1,065.5 $1,087.5 $1,138.3 $4,373.4 

Note: Amounts may not add or recalculate due to rounding.










Exhibit 99.1

PERRIGO COMPANY PLC
SELECT SEGMENT INFORMATION
QUARTERS AND CALENDAR YEAR TO DATE 2025
(in millions)
(unaudited)
Three Months Ended Twelve Months Ended
Continuing Operations March 29,
2025		June 28,
2025		September 27, 2025December 31, 2025December 31,
2025
Segment adjusted operating income:
Self Care $112.8 $93.8 $130.6 $135.3 $472.6 
Specialty Care 42.1 66.3 42.1 50.0 200.5 
Infant Formula 10.6 (12.2)14.6 (3.4)9.6 
Total segment adjusted operating income$165.5 $147.9 $187.3 $181.9 $682.6 
All Other21.0 25.7 22.5 24.2 93.4 
Unallocated (39.9)(38.5)(36.4)(38.9)(153.7)
Consolidated adjusted operating income $146.6 $135.2 $173.4 $167.2 $622.3 



Note: Amounts may not add or recalculate due to rounding.

















Exhibit 99.1


PERRIGO COMPANY PLC
RECONCILIATION OF NON-GAAP MEASURES
SELECT CONSOLIDATED INFORMATION
QUARTERS AND CALENDAR YEAR TO DATE 2025
(in millions)
(unaudited)
Three Months Ended Twelve Months Ended
Consolidated Continuing OperationsMarch 29,
2025		June 28,
2025		September 27, 2025December 31, 2025December 31,
2025
Reported Operating Income (Loss) $46.9 $45.4 $72.6 $(1,287.2)$(1,122.2)
Pre-tax adjustments:
Amortization expense related primarily to acquired intangible assets 55.0 56.8 56.0 55.7 223.5 
Unusual litigation8.9 15.4 15.0 19.7 59.0 
Restructuring charges and other termination benefits 29.4 8.7 20.9 13.0 71.9 
Impairment charges (1)
3.1 1.5 — 1,358.5 1,363.1 
Infant formula remediation0.9 — — — 0.9 
Other(2)
2.4 7.4 8.9 7.4 26.1 
Consolidated adjusted operating income $146.6 $135.2 $173.4 $167.2 $622.3 

Note: Amounts may not add or recalculate due to rounding.

(1) During the three months ended March 29, 2025, we determined the carrying value of the Richard Bittner Business net assets held for sale exceeded their fair value less costs to sell, resulting in a total impairment charge of $3.1 million, inclusive of a goodwill impairment charge of $1.2 million. During the three months ended June 28, 2025, we determined the carrying value of our Prevacid® branded product was impaired by $1.5 million. During the three months ended December 31, 2025, we determined the carrying value of our reporting units exceeded their estimated fair value and recorded a goodwill impairment charge of $1.3 billion and the existence of an other-than-temporary impairment of our equity method investment in Kazmira LLC and recorded an impairment charge of $33.6 million.
(2) Other pre-tax adjustments for the three months ended March 29, 2025 are related to professional consulting fees for potential divestiture activity. Other pre-tax adjustments for the three months ended June 28, 2025 are primarily related to $4.5 million of accelerated depreciation as a result of our Nutrition Network Optimization Project and $2.8 million of professional consulting fees for divestiture activity. Other pre-tax adjustments for the three months ended September 27, 2025 includes $4.2 million of accelerated depreciation and a $1.6 million asset abandonment related to our Nutrition Network Optimization Project and $3.1 million of professional consulting fees for divestiture activity. Other pre-tax adjustments for the three months ended December 31, 2025 includes $3.8 million of professional consulting fees for potential divestiture activity and $3.2 million of accelerated depreciation.



Source: View Original Filing on SEC EDGAR

FAQ

How did Perrigo (PRGO) change its reporting segments in 2026?

Perrigo reorganized its reporting into three main product-based segments: Self Care, Specialty Care, and Infant Formula, with Oral Care and Other, including the Dermacosmetics business, grouped as All Other. This replaces the prior geographic structure to align disclosures with product categories.

What were Perrigo (PRGO) consolidated net sales for 2025 and 2024?

For the year ended December 31, 2025, Perrigo reported consolidated net sales of $4,253.1 million. For the year ended December 31, 2024, consolidated net sales were $4,373.4 million. These figures are presented using the company’s new product-based segment reporting structure.

What was Perrigo (PRGO) 2025 adjusted operating income versus reported operating income?

For 2025, Perrigo reported consolidated adjusted operating income of $622.3 million. After including amortization, litigation, restructuring, and large impairment charges, reported operating income from continuing operations was a loss of $(1,122.2) million for the year ended December 31, 2025.

What major impairment charges did Perrigo (PRGO) record in 2025?

In 2025, Perrigo recorded a $1.3 billion goodwill impairment related to its reporting units and an $33.6 million impairment on its equity method investment in Kazmira LLC. Earlier in the year, it also booked smaller impairments to held-for-sale and branded product assets.

How did Perrigo’s (PRGO) Self Care and Specialty Care segments perform in 2025?

For 2025, Self Care net sales were $2,533.5 million and segment adjusted operating income was $472.6 million. Specialty Care net sales totaled $799.3 million with segment adjusted operating income of $200.5 million, reflecting their roles in the recast segment structure.

What are Perrigo (PRGO) non-GAAP measures and why are they used?

Perrigo presents non-GAAP measures such as adjusted operating income, adjusted net income, and adjusted diluted EPS. These exclude items like amortization, unusual litigation, restructuring, and impairment charges to highlight underlying operating trends and align with how management evaluates performance and plans compensation.

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