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DUBLIN - Perrigo Company plc (NYSE:PRGO) shares jumped 18.4% in premarket trading after the consumer healthcare company reported fourth-quarter revenue that beat analyst expectations and provided an upbeat outlook for 2025.
The Dublin-based company posted Q4 revenue of $1.29 billion, surpassing the consensus estimate of $1.2 billion. However, adjusted earnings per share came in at $0.93, below the $0.95 analysts were expecting.
For the full year 2024, Perrigo reported net sales of $4.37 billion, down 6.1% YoY, and adjusted diluted EPS of $2.57, in line with the midpoint of its previously communicated guidance range.
"Though 2024 was a challenging year as we had to quickly overcome evolving regulatory dynamics within our infant formula business, we made substantial progress to rewire Perrigo through stabilizing our CSCA businesses, streamlining our operations and strengthening the Company for the long-term," said President and CEO Patrick Lockwood-Taylor.
The company highlighted that its infant formula net sales grew 17% in Q4 compared to the prior year quarter, driven primarily by market share gains and recovering customer inventory levels.
Looking ahead, Perrigo plans to share its 2025-2027 strategic plan to "Stabilize, Streamline and Strengthen" the company at its virtual Investor Day event on February 28. The company will also provide fiscal 2025 guidance at that time.
The strong revenue beat and positive outlook appear to be driving investor optimism, as reflected in the sharp stock price jump. Perrigo’s focus on stabilizing its core businesses and streamlining operations seems to be resonating with the market.
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