Perrigo Q3 adjusted EPS $0.81 (+26.6% YoY); net sales -3.2% to $1.09B

PERRIGO Co plc

2024-Q3 EPS reported -$0.93 revenue$3,235,100,000

Adjusted EPS $0.81 vs $0.64 prior year; GAAP EPS loss $(0.13).
Net sales $1.088B, down 3.2% YoY; organic net sales -2.4% due to lost distribution of lower-margin products.
Adjusted gross margin 41.0% (+160bps), adjusted operating margin 16.8% (+340bps); margin expansion driven by infant formula recovery and Project Energize.
Infant formula net sales +3% YoY and +58% sequentially; Perrigo-produced store brand share gains +40bps.
FY2024 adjusted EPS guidance reaffirmed at $2.50-$2.65; redeemed $700M 4.375% senior notes due 2026 after quarter end.

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