Perrigo Company plc (PRGO) has reaffirmed its adjusted EPS guidance for 2024 to be in the range of $2.50 to $2.65. The company also revised its outlook for fiscal 2024 organic net sales growth, projecting a decline of 1% to 3%, in contrast to its earlier guidance of a 1% to 3% increase. Additionally, the total net sales growth forecast has been updated to reflect a decrease of 3% to 5%, a change from the prior projection of no growth. This adjustment in outlook is primarily attributed to lower-than-expected seasonal demand in the first half of 2024 and anticipated reduced distribution of U.S. store brands in the latter half of the year.
For the second quarter, Perrigo reported a net loss of $106 million, a significant downturn from a profit of $9 million in the same period last year. The reported loss per share was $0.77, compared to last year's profit of $0.06 per share. Adjusted EPS came in at $0.53, down from $0.63. Notably, this figure surpassed the expectations of three analysts polled by Thomson Reuters, who had projected a profit per share of $0.46; analysts' estimates typically exclude special items.
Net sales for the quarter were $1.1 billion, marking a 10.7% decline from the previous year's quarter. Organic net sales decreased by 9.1% during this period. Analysts, on average, had estimated the revenue to be $1.13 billion.
