Perrigo Q2 adjusted EPS $0.63 beats $0.43 prior year; margins expand 220bps; FY outlook reaffirmed

PERRIGO Co plc

2023-Q2 EPS reported $0.04 revenue$2,374,800,000

Q2 net sales $1.2B, +6.4% reported; organic growth 0.8% as SKU prioritization (-2.7pp) and weaker allergy season offset pricing.
Adjusted diluted EPS $0.63 (+46.5% YoY); includes $0.08 discrete tax benefit and $0.05 HRA transition returns headwind.
Adjusted gross margin 38.7% (+220bps YoY, +120bps QoQ); operating income $57M GAAP vs $(7M) prior year.
CSCA organic sales -2.7% (SKU cuts -4.1pp, allergy -1.8pp); CSCI organic +7.1% on pricing and HRA.
FY2023 outlook reaffirmed: organic sales growth 3-6%, adjusted EPS $2.50-$2.70; Opill pre-launch investments included.

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