Recent Updates — PRGO
Perrigo reported third-quarter net sales of $989 million, a 5.2% decline year-over-year, with Core organic sales down 1.1%. Adjusted diluted EPS for the period was $0.60 on an All-In basis and $0.61 on a Core basis, compared to $0.80 and $0.67 respectively in the prior year. The company announced it has agreed to divest its Infant Formula business for up to $175 million, consisting of $40 million upfront and contingent milestones. This transaction is expected to result in an impairment loss between $275 million and $375 million in Q4 2026. Perrigo also updated its full-year adjusted EPS outlook to $2.15-$2.35 on a Core basis, reflecting the divestiture and softer European demand. The company operates as a leading provider of consumer self-care products and over-the-counter health solutions.
Perrigo has entered into a definitive agreement to divest its Infant Formula business to MeridianMade for total consideration of up to $175 million, consisting of $40 million in cash at closing and up to $135 million contingent on future performance milestones through 2030. The transaction is expected to close in the first half of 2027, subject to customary conditions and regulatory approvals. Perrigo anticipates recording a non-cash impairment charge between $275 million and $375 million in the fourth quarter of 2026. This divestiture advances Perrigo's strategy to simplify its portfolio and focus on consumer self-care products. Perrigo is a leading provider of over-the-counter health and wellness solutions.
Perrigo Company plc reported second quarter 2026 financial results for the period ended June 27, 2026. Reported diluted earnings per share were $0.63, compared to $0.00 in the prior year, driven by a $129.4 million gain on the sale of its Dermacosmetics business. Core net sales declined 3.1% year-over-year to $907 million, while core adjusted diluted EPS fell 20.7% to $0.46. The company reaffirmed its full-year 2026 outlook, projecting adjusted EPS between $2.00 and $2.30 on an All-In basis. Perrigo operates in the consumer self-care and over-the-counter health products industry.
Perrigo Company plc has finalized the employment agreement for Albert A. Manzone, who was appointed as Interim President and Chief Executive Officer, effective July 3, 2026. The agreement includes an annual base salary of $1,270,000 and a potential one-time cash bonus of $250,000 upon the expiry of his fixed term or change of control. Additionally, Mr. Manzone will receive a special restricted stock unit equity grant with a grant-date fair value of $2,500,000. Perrigo Company plc is a consumer healthcare company that provides self-care products and self-care solutions.
Perrigo Company plc reinstated its Executive Committee Severance Policy on June 29, 2026. The policy applies to all executive officers except the Interim CEO and any future successor. During a Transition Period starting June 7, 2026, and ending 12 months after a new CEO begins employment, executives facing qualifying terminations will receive 1.5 times their base salary and target bonus over 18 months, plus employer-paid COBRA premiums. Eligible participants also receive pro rata annual bonuses and career transition assistance, contingent upon signing release and restrictive covenant agreements. Perrigo Company plc is a consumer self-care company providing various over-the-counter health products.
Perrigo Company plc expanded its Board of Directors from 8 to 10 members on June 30, 2026, with the appointment of Salman Amin and Omer Gajial. Salman Amin, formerly CEO of pladis Global, joined the Audit and Nominating and Governance Committees. Omer Gajial, current CEO of GoTo Foods, joined the Talent and Compensation Committee. Both directors will receive compensation as outlined in the company's March 20, 2026, proxy statement. Perrigo Company plc is a consumer healthcare company.