olivLaw · US equity research
Perrigo Company plc PRGO
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Perrigo is a self-care company focused on over-the-counter products, especially store brands for retail in North America and brands in Europe. In 2026 it is simplifying its portfolio through the sale of Dermacosmetics, which brought total consideration of about 362.9 million dollars, and reducing debt while core sales decline.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Perrigo Company plc (PRGO) stock was 15.71 USD (−0.76% on the day), with market capitalisation 2.2 bn USD, dividend yield 7.38%, beta 0.84, 52-week range 9.25–16.63 USD. Latest reported quarter (Q3 2026): revenue of 988.6 m USD (−5.2% YoY), net income of -27.5 m USD (−466.7% YoY), diluted EPS -0.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.7
- neutral
- Bollinger (20, 2)
- 15.18 – 16.61
- in the lower half of the band · %B 0.37 · band width 9.0%
- SMA 50 / 200
- 14.93 / 12.46
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.28 / 0.38
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.2% | −1.1% | +13.3 pp | — |
| 3 months | +25.3% | −0.5% | +25.7 pp | — |
| 6 months | +34.0% | +4.4% | +29.7 pp | — |
| Year to date | +12.9% | +12.3% | +0.5 pp | — |
| 1 year | +4.0% | +13.5% | −9.5 pp | +19.3% |
| 3 years | −44.8% | +76.4% | −121.2 pp | +13.7% |
| 5 years | −66.1% | +63.7% | −129.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.0 bn | 1.1 bn | 1.0 bn | 1.1 bn | 969.2 m | 1.0 bn | 988.6 m |
| Cost of revenue | 752.4 m | 651.6 m | 693.4 m | 666.2 m | 747.4 m | 643.7 m | 708.9 m | 667.8 m |
| Gross profit | 385.9 m | 392.3 m | 362.9 m | 377.1 m | 362.2 m | 325.5 m | 313.9 m | 320.8 m |
| Research & development | 27.8 m | 26.7 m | 22.0 m | 24.9 m | 21.8 m | 24.6 m | 23.7 m | 21.9 m |
| Operating income | 114.2 m | 46.9 m | 45.4 m | 72.6 m | -1.3 bn | -372.3 m | 23.5 m | 23.1 m |
| Depreciation & amortisation | 80.3 m | 79.9 m | 86.3 m | 85.4 m | 85.9 m | 83.3 m | 95.8 m ≈ | 81.8 m ≈ |
| Pre-tax income | 70.0 m | 8.3 m | 3.2 m | 22.4 m | -1.3 bn | -408.5 m | 105.4 m | -18.1 m |
| Income tax | 111.5 m | 8.2 m | 3.7 m | 9.7 m | 82.9 m | -18.7 m | 16.9 m | -3.8 m |
| Net income | -44.5 m | -6.4 m | -8.4 m | 7.5 m | -1.4 bn | -398.6 m | 74.5 m | -27.5 m |
| Diluted EPS | -0.32 ≈ | -0.05 | -0.06 | 0.05 | -10.30 ≈ | -2.87 | 0.53 | -0.20 |
| Operating cash flow | 312.6 m | -64.5 m | 75.9 m ≈ | 51.7 m ≈ | 175.4 m | -113.6 m | 82.6 m ≈ | 96.2 m ≈ |
| Capex | 37.7 m | 25.5 m | 19.2 m ≈ | 21.9 m ≈ | 26.8 m | 13.8 m | 14.3 m ≈ | 17.5 m ≈ |
| Dividends paid | 39.6 m | 40.6 m | 38.9 m ≈ | 39.9 m ≈ | 39.9 m | 39.9 m | 40.2 m ≈ | 40.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.7 bn | 3.9 bn | 4.1 bn | 4.1 bn | 4.5 bn | 4.7 bn | 4.4 bn | 4.3 bn |
| Revenue YoY | −4.3% | −18.2% | +5.6% | +1.2% | +7.6% | +4.6% | −6.1% | −2.8% |
| Net income | 131.0 m | 146.1 m | -162.6 m | -68.9 m | -140.6 m | -12.7 m | -171.8 m | -1.4 bn |
| Net income YoY | +9.5% | +11.5% | −211.3% | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.95 | 1.07 | -1.19 | -0.52 | -1.04 | -0.09 | -1.25 | -10.29 |
| Diluted EPS YoY | +13.1% | +12.6% | −211.2% | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 2.8% | 3.8% | -4.0% | -1.7% | -3.2% | -0.3% | -3.9% | -33.5% |
| Free cash flow | 490.4 m | 250.1 m | 465.8 m | 4.2 m | 210.9 m | 303.8 m | 244.6 m | 145.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 531.6 m USD
- Financial debt
- 3.6 bn USD
- Net debt
- 3.1 bn USD
- Equity
- 2.9 bn USD
- Total assets
- 8.5 bn USD
- Debt / equity
- 1.24x
- Current ratio
- 2.76x
- ROE
- -39.3%
- ROA
- -15.7%
- FCF margin
- 3.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.1 bn | 4.1 bn | 4.5 bn | 4.7 bn | 4.4 bn | 4.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 2.6 bn | 2.7 bn | 3.0 bn | 3.0 bn | 2.8 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 1.5 bn | 1.4 bn | 1.5 bn | 1.7 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 121.7 m | 122.0 m | 123.1 m | 122.5 m | 112.2 m | 95.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 265.2 m | 410.4 m | 78.9 m | 151.9 m | 112.9 m | -1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 384.8 m | 312.2 m | 338.6 m | 359.5 m | 325.9 m | 337.5 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 650.0 m ≈ | 722.6 m ≈ | 417.5 m ≈ | 511.4 m ≈ | 438.8 m ≈ | -784.7 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | — | 258.7 m | -139.1 m | -8.3 m | -80.7 m | -1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -38.3 m | 389.6 m | -8.2 m | -3.9 m | 80.0 m | 104.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -162.6 m | -68.9 m | -140.6 m | -12.7 m | -171.8 m | -1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -1.19 | -0.52 | -1.04 | -0.09 | -1.25 | -10.29 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 137.2 m | 133.6 m | 134.5 m | 135.3 m | 137.4 m | 138.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.90 | 0.96 | 1.04 | 1.09 | 1.10 | 1.16 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 631.5 m | 1.9 bn | 600.7 m | 751.3 m | 558.8 m | 531.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 593.5 m | 652.9 m | 697.1 m | 739.6 m | 642.3 m | 612.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 1.1 bn | 1.0 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 3.1 bn | 3.9 bn | 2.7 bn | 2.8 bn | 2.5 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 864.6 m | 864.1 m | 926.3 m | 916.4 m | 917.8 m | 898.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 3.1 bn | 3.0 bn | 3.5 bn | 3.5 bn | 3.3 bn | 2.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.9 bn | 3.7 bn | 5.0 bn | 5.0 bn | 4.5 bn | 4.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 11.5 bn | 10.4 bn | 11.0 bn | 10.8 bn | 9.6 bn | 8.5 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 451.6 m | 411.2 m | 537.3 m | 477.7 m | 495.2 m | 474.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 37.3 m | 603.8 m | 36.2 m | 440.6 m | 36.4 m | 36.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 3.5 bn | 2.9 bn | 4.1 bn | 3.6 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 1.4 bn | 1.6 bn | 1.1 bn | 1.6 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 5.8 bn | 5.3 bn | 6.2 bn | 6.0 bn | 5.3 bn | 5.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 5.7 bn | 5.2 bn | 4.8 bn | 4.8 bn | 4.3 bn † | 2.9 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 636.2 m | 156.3 m | 307.3 m | 405.5 m | 362.9 m | 238.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 170.4 m | 152.1 m | 96.4 m | 101.7 m | 118.3 m | 93.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 465.8 m ≈ | 4.2 m ≈ | 210.9 m ≈ | 303.8 m ≈ | 244.6 m ≈ | 145.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -187.8 m | 1.3 bn | -2.0 bn | -77.5 m | 78.8 m | -75.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -181.1 m | -178.7 m | 421.6 m | -187.2 m | -611.0 m | -220.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 123.9 m | 129.6 m | 142.4 m | 149.7 m | 152.5 m | 159.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 164.2 m | 0 | 0 | — | — | — | SEC (XBRL)· 28 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn USD
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.24 – 20.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)15.24 – 20.50 (Mid 17.49)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -20.9% | 10 (vs peers) | 22% |
| Net margin · Quality | -43.3% | 24 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -1.5% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.7% | 96 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 7.3% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 95.2% | 35 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns74/100 · 2/2 factors with a value
- Valuation· partial96/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Perrigo Company plc (PRGO). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 4.3 bn USD in 2025; YoY growth -2.8%; net margin -43.3%; ROE -51.4%.
The estimated value range is 15.24–20.50 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 17.49 USD, the price of 15.71 USD leaves a potential of 11.3% (value / price − 1) and a margin of safety of 10.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
- FCF yield: 7.7%
- Shareholder yield (distributions): 7.3%
What contradicts it
- ROIC: -20.9%
- Net margin: -43.3%
- Revenue CAGR 3Y: -1.5%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA.
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| RDYDr. Reddy’s Laboratories Limited | 12.1 bn | 18.4 | 17.0% | 17.4% | +13.8% | +3% / +4% |
| PRAXPraxis Precision Medicines, Inc. | 7.3 bn | — | -38.9% | — | −100.0% | +34% / +1,343% |
| INDVIndivior Pharmaceuticals, Inc. | 4.3 bn | 10.2 | — | 32.8% | +4.3% | +8% / +114% |
| ACADAcadia Pharmaceuticals Inc. | 3.7 bn | 9.6 | 35.7% | 33.4% | +11.9% | −15% / −5% |
| ARQTArcutis Biotherapeutics, Inc. | 3.4 bn | 125.2 | 14.9% | 5.9% | +91.3% | −12% / +1,367% |
| PRGOPerrigo Company plc | 2.2 bn | — | -51.4% | -43.3% | −2.8% | +4% / −45% |
| CYRXCryoport, Inc. | 812.9 m | — | -7.4% | -20.1% | +12.4% | +67% / +14% |
| AVTXAvalo Therapeutics, Inc. | 355.6 m | — | -36.3% | -170,055.9% | −86.6% | −65% / −61% |
1- and 3-year price returns: for PRGO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Perrigo is a self-care company focused on over-the-counter products, especially store brands for retail in North America and brands in Europe. In 2026 it is simplifying its portfolio through the sale of Dermacosmetics, which brought total consideration of about 362.9 million dollars, and reducing debt while core sales decline.
SWOT
Strengths
- A diversified portfolio with no single product dominating revenue, and a leading position as store brand provider in North America 1.
- Ability to innovate and launch new products quickly, supported by internal research and relationships with major customers 1.
- Debt reduction after the Dermacosmetics sale shows financial discipline and flexibility for the Three-S plan 23.
Weaknesses
- Dependence on a few large retail customers makes the company vulnerable to changes in those relationships 1.
- Margins declined in 2026 because of lower volumes, under absorption and less favorable product mix 3.
- The change of chief executive and the move to an interim leader may slow strategic decisions 2.
Opportunities
- Selling parts of the portfolio and reviewing infant formula and oral care could simplify the business and free up capital 3.
- Growth in store brand and European brands could support revenue recovery in the second half if share gains continue 3.
- Expansion in women's health, including Opill and ellaOne, is a growth direction highlighted by management 3.
Risks
- Reliance on a large customerhigh
A significant share of sales comes from a few large retailers, and a deterioration in those relationships could materially affect results 1.
- Tariff costsmedium
New tariffs on imports could raise cost of goods sold, and the final effect depends on mitigation measures 1.
- Weak consumptionhigh
If demand in the US and Europe stays soft, core results could continue to decline, as seen in the second quarter 3.
- Indebtednessmedium
Debt remains significant, and interest costs and refinancing needs could limit investment 13.
- Leadership transition and strategymedium
Changes in leadership and the strategic review of several businesses create operational and reputational uncertainty 2.
Investment thesis
What would need to be true (bull case)
- If consumption recovers and market share keeps rising, margins could improve in the second half, in line with the reaffirmed outlook 3.
- Portfolio simplification and lower debt could raise financial flexibility and support investment in higher-margin brands 23.
- A leading store brand position and a diversified portfolio could support revenue stability over the longer term 1.
What would break the thesis
- If tariffs and cost pressures persist, margins could stay below historical levels, especially in the core business 13.
- Core sales declines and volume losses could continue if retailers keep reducing inventory, as seen in Europe 3.
- Debt and dependence on a few large customers could limit flexibility if results do not improve 13.
What to watch
- Trend in Core net sales and market share in the US and EuropeQ3 2026
- Confirmation of the 2026 outlook and the effect of under absorption in the second halfQ3 2026
- Outcome of the strategic review of infant formula and oral care2026
- Appointment of a permanent chief executive and the new leadership's strategic directionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Perrigo Company plc presents itself as a pure-play self-care company with more than a century of history in health and wellness. Its strategy aims at sustainable growth through consumer-preferred brands, category growth with customers, a quality supply chain and a single global operating model 1. The Three-S plan aims to stabilize the US store brand and infant formula businesses, streamline the international portfolio and strengthen brands that work 1.
In the first quarter of 2026 the company began moving from a geographic segment view to a category-based view, and its August 2026 results report both All In and Core bases, with Core excluding infant formula and announced divestitures 13. Leadership changed in June 2026, with an interim chief executive appointed from the board 2.
Categories include upper respiratory, digestive health, pain and sleep, oral care, healthy lifestyle, skin care and women's health, plus infant formula, with key brands such as Opill, Mederma, Compeed, ellaOne and Solpadeine 1. Manufacturing sites are in the US, UK, Belgium, France, Germany and China 1.
Segments
Consumer Self-Care Americas
This segment covers the US and Canada and mainly produces store brand products for drug, supermarket and wholesale customers, alongside a small set of owned brands 1. Self Care net sales in the second quarter of 2026 fell 3.7% year on year, as category consumption softened 3.
Consumer Self-Care International
This segment operates in Europe and Australia with brands such as Solpadeine, Coldrex, Physiomer, Jungle Formula, NiQuitin, Compeed and ellaOne, sold through pharmacies and retailers in more than 30 countries 1. The sale of Dermacosmetics, including the ACO, Biodermal and Iwostin brands, was completed on April 30, 2026 2.
Market context
The self-care market is highly competitive and more fragmented in Europe than in North America 1. Demand in the US and Europe was weak in the second quarter of 2026, and Core net sales fell 3.1%, although the company reports gains in market share 3. Tariff pressures and macroeconomic uncertainty remain important cost factors 1.
For fiscal 2026 management reaffirmed its outlook, expecting a stronger second half, but results depend on economic conditions, and if consumption stays weak, results could come in below expectations 3.
Trends
- Tariff pressureheadwind
Tariffs on imported products could raise production costs, and the company estimated a gross increase in cost of goods sold that could be partly offset by pricing and US production 1.
- Consumer recovery in the UStailwind
Consumption improved through the second quarter and the company gained market share, which could support a recovery if conditions hold 3.
- Under absorption effectmixed
Lower sales volumes in the prior year created unabsorbed fixed costs that reduced margins in 2026, but management expects the effect to moderate in the second half 3.
- Infant formula regulationmixed
FDA requirements and the Operation Stork Speed initiative may raise compliance costs, while personal importation of formula could intensify competition 1.
Competitive position
Competitors include manufacturers such as Dr. Reddy's Labs, Aurobindo and Sun Pharmaceuticals, along with brand-name consumer and pharma companies such as Haleon, Kenvue, Procter & Gamble and Reckitt Benckiser 1. Competition is based on price, quality, assortment, customer service and approval of new products 1.
In the categories where the company holds its strongest positions, success depends on innovation and relationships with large retailers, while some competitors with larger volumes in certain categories could pressure prices 1.
- Haleon
Consumer health brand company competing in many of Perrigo's self-care categories 1.
- KenvueKVUE
Consumer health company competing in over-the-counter product categories 1.
- Procter & GamblePG
Large consumer goods company active in several health and personal care categories 1.
- Reckitt Benckiser
British consumer products company with brands competing in digestive health and wellness categories 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report29 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report (amendment)06 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report06 Jul 2026Departure or appointment of officers
- Current report30 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Perrigo Company plc · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Perrigo Company plc · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Perrigo Company plc · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.