Perrigo Q2 net sales down 10.7% to $1.07B; adjusted EPS $0.53 vs $0.63; lowers FY sales outlook

PERRIGO Co plc

2024-Q2 EPS reported -$0.78 revenue$2,147,500,000

Q2 net sales $1.07B, down 10.7% YoY; organic sales down 9.1% due to infant formula actions and lower seasonal demand.
GAAP operating loss $27M vs income $57M; adjusted operating income $139M up 1.5%.
Adjusted diluted EPS $0.53 vs $0.63; impacted by $0.09 discrete tax benefit in prior year and -$0.14 from infant formula.
FY24 organic net sales growth outlook lowered to -3% to -1% from +1% to +3%; total sales growth -5% to -3%.
FY24 adjusted diluted EPS reaffirmed $2.50-$2.65; Project Energize on track with $53M YTD savings.

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