Perrigo announces director Katherine Doyle’s retirement

Perrigo Co plc (NYSE:PRGO), a global provider of pharmaceutical preparations with annual revenue of $4.39 billion and a market capitalization of $3.42 billion, announced today that Katherine Doyle, an independent member of its Board of Directors, will retire following the company’s annual general meeting in 2025.

According to InvestingPro analysis, the company currently maintains a "Good" financial health score and appears to be trading below its Fair Value. Doyle, who has served on the board since 2020 and is a part of the Nominating & Governance and Talent & Compensation Committees, has chosen not to stand for re-election.

The company clarified that her decision to retire does not stem from any disagreement with Perrigo’s strategies, operations, or practices. Patrick Lockwood-Taylor, Perrigo’s President and CEO, expressed gratitude for Doyle’s contributions during her tenure, particularly as the company has shifted its focus towards becoming a consumer self-care organization.

This transformation comes as analysts expect the company to return to profitability this year, as revealed in InvestingPro’s comprehensive analysis, which includes over 30 key metrics and valuable insights available in the Pro Research Report.

Doyle’s involvement with Perrigo spans a period of transformation for the company, which has been working to reposition itself within the market. Her role in guiding the company through this shift has been acknowledged by the management and her fellow board members. During this period, the company has maintained its 22-year track record of consecutive dividend payments, demonstrating financial stability despite ongoing changes.

Perrigo’s SEC filing on Monday, which confirmed the upcoming changes to its board, provided no further details regarding a successor or the impact of Doyle’s departure on the board’s composition. The company’s annual general meeting, where Doyle’s retirement will take effect, is expected to address these matters.

The information for this article is based on a press release statement.

In other recent news, Perrigo Company plc has experienced a series of developments. The company’s recent third-quarter financial results indicated a 3.2% decrease in net sales year-over-year, but a 21.3% growth in operating income and a 27% increase in earnings per share to $0.81. The infant formula segment showed a 3% increase in net sales year-over-year, although year-to-date net sales decreased by 7.5%.

Piper Sandler recently downgraded Perrigo’s stock rating from Overweight to Neutral due to concerns over the stagnant infant formula sales and potential pressures on the company’s financial model. However, four analysts from InvestingPro have revised their earnings upward for the upcoming period, expecting Perrigo to return to profitability this year.

In addition, Perrigo has settled a significant financial dispute, resolving an insurance litigation for $98 million, which pertains to claims from securities litigation during 2015 to 2017. This settlement amount will offset legal expenses and costs from related securities actions. Lastly, Perrigo’s Supply Chain Reinvention is projected to save $100 million to $120 million annually by 2025.

Perrigo has also appointed Abbie Lennox as the new Chief Scientific Officer, aiming to unify quality, regulatory, patient safety, and innovation functions under one umbrella. The restructuring aims to bolster the company’s consumer-led innovation pipeline.

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