{"id":526428,"date":"2021-08-11T06:33:24","date_gmt":"2021-08-11T10:33:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/perrigo-reports-second-quarter-2021-financial-results-from-continuing-operations\/"},"modified":"2021-08-11T06:33:24","modified_gmt":"2021-08-11T10:33:24","slug":"perrigo-reports-second-quarter-2021-financial-results-from-continuing-operations","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/perrigo-reports-second-quarter-2021-financial-results-from-continuing-operations\/","title":{"rendered":"Perrigo Reports Second Quarter 2021 Financial Results From Continuing Operations"},"content":{"rendered":"
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Fiscal 2021 Net Sales Guidance Reaffirmed<\/h2>\n

Adjusted EPS Now Expected Towards the Lower End of the Guidance Range due to Lower Sales Volumes and Higher Input Costs<\/h2>\n

U.S. and E.U. Consumer Self-Care Take Away Rebounded Sharply in the Quarter<\/h2>\n

Divestiture of RX Business for $1.55 Billion Completed on July 6, 2021, Providing Significant Cash for Driving Business Growth<\/h2>\n

Maximum Amount of Income Tax in Irish Revenue Dispute Believed to be Less Than \u20ac1 billion, Down from \u20ac1.6 billion<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n DUBLIN<\/span>, Aug.\u00a011, 2021 \/PRNewswire\/ — Perrigo Company plc (NYSE; TASE: PRGO), a leading global provider of Consumer Self-Care Products,\u00a0today announced financial results from continuing operations for the second quarter of fiscal year 2021 ended July\u00a03, 2021. The Consumer Self-Care Americas (“CSCA”) segment, the Consumer Self-Care International (“CSCI”) segment and Corporate are included in results from continuing operations. Financial results from the generic RX pharmaceuticals business are reported as discontinued operations. All comparisons are against the prior year fiscal second quarter, unless otherwise noted. <\/p>\n

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President and CEO, Murray S. Kessler<\/span> commented, “Self-care has never been more important and with our portfolio reconfiguration completed and the investments made in technology, capabilities, talent and manufacturing capacity, as a pure-play consumer company Perrigo is in a great position to capitalize on this trend.”<\/p>\n

Kessler continued, “I am proud of how the Perrigo team continues to adjust during these challenging times, which have significantly impacted sales mix, channel dynamics and input costs. As a result, Perrigo net sales increased on most of our businesses, with the exception of OTC in the U.S., which was negatively impacted by year-over-year customer inventory reductions and a historically weak cough\/cold season. Most importantly, consumer take away rebounded sharply in Q2 on all businesses including cough\/cold, according to IRI MULO<\/span>, which bodes well for the second half. The decline in earnings this quarter was the result of these factors, the reinstatement of brand building support to pre-COVID-19 levels and higher input costs.” <\/p>\n

Kessler further noted, “We are reaffirming our fiscal 2021 net sales guidance based on the strong rebound in consumer take away. Current consumer trends, along with an expected increase in cough\/cold illnesses and the benefit of new products, are expected to result in higher volumes and accelerating growth, which will be compared to a weak year ago second half. However, we now expect adjusted EPS towards the lower end of our guidance range as productivity improvements and Project Momentum cost savings are only expected to partially offset higher input costs, which we now see continuing into early next year. For the first time in a number of years, price increases will also play a role in mitigating inflationary headwinds.” <\/p>\n

Kessler concluded, “Unless markets begin to shut down again due to a surge in COVID-19, we believe most of the volatility created by the pandemic is behind us. Perrigo is moving forward in a strong position with significant resources to drive returns for shareholders through base business growth, disciplined M&A and reducing uncertainty.”<\/p>\n

Refer to Tables I – IV at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information. The Company’s reported results are included in the attached Condensed Consolidated Statements of Operations, Balance Sheets and Statements of Cash Flows.<\/p>\n

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\n Second Quarter 2021 Financial Highlights From Continuing Operations<\/u>
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