Perrigo at 25th Annual Consumer Growth Conference: Strategic Insights Unveiled

On Tuesday, 10 June 2025, Perrigo Company PLC (NYSE:PRGO) presented at the 25th Annual Consumer Growth and E-Commerce Conference, unveiling its strategic initiatives aimed at stabilizing, streamlining, and strengthening its business model. While the company highlighted its robust position in the self-care market, it also acknowledged challenges such as tariff impacts and competitive risks in infant formula.

Key Takeaways

• Perrigo is implementing a "Stabilize, Streamline, and Strengthen" strategy to enhance its business operations.
• The company aims for $100-$200 million in incremental revenue from high-growth brands by 2027.
• Management is focused on reducing net leverage and boosting free cash flow over the next three years.
• A double-digit adjusted EPS growth is expected in 2025, with an emphasis on cost management and operational efficiency.
• The company is leveraging its store brand presence to capitalize on trade-down trends in the US.

Financial Results

• Revenue Mix: 40% from branded products and 60% from store brand products.
• US OTC Store Brand Volume Share: Increased by 110 basis points in May and 50 basis points in April.
• Cost of Goods Sold (COGS): Expected to rise by 1% due to tariffs, approximately $35 million in 2025.
• Net Leverage: Target reduction from 4x to below 3x by February 2027.
• Payment Plan: $500 million of the payment loan to be paid down by 2027.
• EPS Growth: Anticipated double-digit adjusted EPS growth in 2025.

Operational Updates

• US Store Brand: Service levels back to over 90%.
• International Business: Brand portfolio streamlined to 5-8 brands.
• Infant Formula: Achieved highest FDA inspection standards and launched 60 new SKUs.
• Compie Brand: $150 million brand growing over 30%.
• Moderna Brand: Net sales increased by over 35%.
• Daily Contraception: Repeat rates in the mid-fifties.

Future Outlook

• High-Growth Brands: Expected to contribute high single-digit growth.
• International Business: Anticipates mid to high revenue growth with expanding margins.
• Infant Formula: Aiming for a market share exit range of 20 to 22.
• EBITDA Growth: Targeting 3.5 times growth in 2025.
• Free Cash Flow: Aiming for a 200 basis point improvement as a percentage of sales.

Q&A Highlights

• Trade-Down Trends: Observed across categories like allergy and cold remedies.
• Infant Formula: Efforts to enhance competitiveness against European formulations.
• Tariffs: Monitoring closely with pricing adjustments and insourcing manufacturing as mitigation strategies.
• Strategic Review: Ongoing assessment of oral care and derma-cosmetic businesses for potential divestitures.
• Operation Stork Speed: A key focus area, with attention on market pricing strategies.

For a deeper dive into Perrigo’s strategic plans and financial outlook, readers are encouraged to refer to the full conference call transcript below.

Full transcript - 25th Annual Consumer Growth and E-Commerce Conference:

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Good afternoon, everyone. Thank you for sorry. Good morning, everyone. Thank you for joining us at Oppenheimer’s twenty fifth Annual Consumer Growth and Ecommerce Conference. My name is Rupesh Parikh.

I’m the senior food, grocery, and consumer products analyst here at Oppenheimer. I’m pleased to introduce our next presenting company, Perrigo. Joining us today are President and CEO, Patrick Lockwood Taylor and EVP and CFO, Eduardo Bezera. So thank you both for being here today. But just a quick note on the format of today’s session.

To start, I’m gonna turn it over to Patrick for a brief overview of the company. Then we’ll move to a few questions that I’ve that I’ve prepared, and then finally move to audience q and a. So if you do have questions, please enter them in the question panel below the video. So with that, Patrick, I’ll turn it over to you.

Patrick Lockwood Taylor, President and CEO, Perrigo: Thank you, Rupesh. Good morning, everybody. Please, can you take a look at the forward looking statements at the beginning of this presentation? Perrigo is a uniquely positioned global leader in the self care market, holding the number one US store brand share a little over 50%. We’re a top 10 branded company in Europe with leading brands across multiple categories.

We are a resilient asset in the global self care market, offering products across all price points, allowing us to cater a shopper across different economic cycles and periods of shifting consumer sentiment and habit. We’ve identified what makes Perrigo unique, and that’s the complementary nature of our business where each part of the business plays a specific and reinforcing role. Firstly, store brand and infant formula generate significant cash, enabling investment in key growth brands. Branding and innovation capabilities also enable brand and store brand demand generation leading to stronger customer partnerships and category growth. Consumer led innovation can be scaled across our brands, our store brands, and different geographies, and our supply chain enables us to compete with more molecules, more prices than any of our competitors.

Our fundamental differentiating asset is that we have 250 plus molecules and dosage form combinations, competing at a 100% price point coverage, giving us the opportunity to serve more consumers given what they can afford and the treatments they need. Our core relative strengths are the breadth and scale of our innovation, scale of our strategic customer relationships, scale of our global regulatory interface, and the scale of manufacturing supply growth where we produce 64,000,000,000 unit doses a year, and we can now accelerate it for growth. As you can see, we’ve got a phenomenal asset base to build from, and we have recently announced plans to further enhance our organization. We’ve anchored our strategy and initiatives behind three clear imperatives to drive cash and TSR growth and unlock the company’s asset base. Those are to stabilize, to streamline, and to strengthen.

Stabilizing our core by returning US store brand to growth and ensuring reliable quality infant formula supply. We’re streamlining our operations, reduce complexity, accelerate decision making, and improve execution. We’re strengthening our high growth brands with focused innovation and investment to drive a 100 to $200,000,000 in incremental revenue with margin accretive by 2027. Today, we’re continuing to realize the benefits of our stabilization efforts primarily in infant formula and store brand OTC growth. In 2026, we expect these stabilization benefits to continue in addition to realizing the early benefits of our high growth brands in the half of the year.

Looking out to 2027, we expect a full year of high growth contribution, a meaningful step up in free cash flow conversion, and net leverage below three times as we exit the year. Looking at our portfolio, we’re extremely diversified across the central global self care categories. We provide scaled, predictable growth with 40% of our sales coming from our branded products and 60% from our store brand contributions. Our store brand business has significant scale across consumers and customers. It provides important access to much needed over the counter medications.

We’re also the largest store brand provider. Our products can be found in just about every major US and UK retailer. We have unrivaled household penetration. Perrigo products are present in nearly two out of every three US households and over 80% of households in The UK. We’re the largest OTC manufacturer by volume in The US and The UK with lots of opportunities for competitive takeaway, breakdown into store brand, and more recently, a potential tailwind from the big beautiful bill in The US where up to eight million Americans could lose health coverage.

We’re highly cash generative. This enables investment in our higher ROI branded growth opportunities. Today, this business is trading at a massive discount to consumer health payers, which we believe presents a tremendous value opportunity. Let me tell you why. Applying a branded consumer health multiple to Perrigo based on our 40% branded split means you could own the store brand business at an extreme discount.

As we execute in our three s plan to stabilize, streamline, and strengthen our organization, we believe there is meaningful value to capture through multiple expansion as we deliver low mid single digit top line growth and mid high digit EPS growth. We deliver on our plans to reduce net leverage. We improve our free cash flow to net sales ratio all while growing our dividend. I also want to highlight the continued strength in our branded portfolio led by our international business, which has really seen turbocharged growth over the past few years. This business embodies the potential of our three s plan on a global scale by delivering high margin growth.

Our international business has also meaningfully expanded operating margin from our streamline and strengthen initiatives. We’re seeing good share growth from high potential brands with disproportionately driving investment and focus on our most accretive opportunities, and we’ve moved to regional clusters passing those savings to the bottom line. The macro environment remained very fluid, and we’re seeing a continuation of pressures on consumers. This has translated into lower consumption across most OTC categories, partially driven by lower consumer confidence, lower start to allergy in the some seasons. Specifically, US consumers are seeking how to stretch their dollars further, which plays into our favor being the largest store brand provider.

US OTC store brand volume share has increased a 110 basis points in May following a 50 basis point gain in April. Importantly, store brand share gains tend to be sticky. Additionally, we’re seeing a trade up within store brands to higher pack sizes, which is driving the store brand volume share gains. These gains demonstrate the advantages of our store brand business in a challenging environment, and in particular, the defensive nature of this asset in the self care space. So in closing, we continue to execute on our three s plan to deliver sustainable TSR.

We are reinvesting in our highest growth brand opportunities. We’re streamlining our portfolio and our organization to enable more agility and profitability. We’re becoming more predictable cash flow machine with diversified revenue streams. We’re committed to a growing dividend policy and deleveraging the balance sheet. We expect double digit adjusted EPS growth in ’25, trading at a high single digit PE multiple.

We’re extremely excited about the future of this company increasingly as we continue to provide the best self care for everyone.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Thank you. So thank you for that overview, Patrick. So, Patrick, it’s been nearly two years since you joined Perrigo. Looking back, what do you feel are the biggest opportunities of the big sorry. Looking back, what do feel are the biggest accomplishments of the company and lessons learned?

And what has you most excited as you think about the path forward?

Patrick Lockwood Taylor, President and CEO, Perrigo: Thank you very much, Rupesh. Yes. It is coming up for two years later on this month. Thank you for commenting on that. I mean, I look back coming into this company, the the three biggest opportunities and the three biggest things that we’ve had to address to get strong foundation and opportunity for accelerated growth.

It’s firstly in the critical US store brand business, which was losing volume share, and our service and innovation and cost competitiveness not not where it needed to be. We’re now back to 90% plus service levels. We’re addressing cost competitiveness, and we’re net new business contract wins. We’re expanding our share as store brand expands its share. The international business, highly fragmented in terms of brand portfolio, in terms of spending, in terms of organization, which was putting a lot of pressure on OI margin.

We’ve now prioritized the brand portfolio down to five to eight brands, and we’re focused on scalable growth platforms, developing innovation, marketing programs, etcetera, that can be scaled across multiple brand carriers and geographies, giving us much, much higher growth rates, share gains, and ROI. The infant formula business was also deeply troubled. Some of that external factors in terms of regulatory changes, international competition being opened up. After significant investments and focus in ’24, we’re achieving the highest standards of quality on our infant formula business. We got to the highest FDA inspection standard of no action indicated for all of our sites.

So a turnaround of that business, a much more competitively positioned for the future. We went through a lot of work to get clear on our strategy, clear on the operating model, the business model, and our portfolio. And that now positions us to really focus on growth. K? Attractive, scalable, margin accretive growth.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: K. Great. How do you see the company positioned today in the self care industry relative to peers?

Patrick Lockwood Taylor, President and CEO, Perrigo: Thank you. I mean, we we have a unique and scalable position. I think our model is unique. I think as we look at key markets, what’s driven that growth, it’s obvious to me that that provides our really our our our game plan to expand within the markets we currently compete and to start to think about new markets. So we’re we’re clear now on our how to, and it’s a question of of executing it in a sequence financially prudent way.

Consumer health care continues to be a very attractive growth opportunity, typically three to 5% across multiple self care categories, fairly consistent around the world. So I see a number of pure plays starting to emerge in the landscape, and they they continue to develop their game plans and their long term strategies as well, which I think is distinct, in many ways, complementary to ours. So we have a clear, expandable, unique role. We’ve been a leader here for over a century. We’re approaching a 140 years old, and it’s our mission has always been the same, actually, driving accessible, affordable self care for consumers who otherwise can’t access self care.

That was the same a 100 forty years ago as it is today. Here, we start to sort of scrape down into our asset base. We have a highly diversified portfolio. You know, five to 10 x more diversified than some of our nearest competitors. This allows us to offer multiple molecules across different treatment areas.

They simply we can compete in more places, but also across the entire value spectrum. We compete in premium price brands. We compete in mid tier store brands, mid tier brands, but also, critically, we can access the lower income consumer with genuine day to day value offerings, basically allowing 100% price point coverage, enabling much more household penetration access. Store brand OTC and infant formula, very strong cash generative businesses. This allows us providing they’re growing and we’re managing them prudently to extract cash to reinvest in very attractive branded ROI opportunity, which we can realize very often within the same fiscal year.

So it really is a virtuous investment model for us. We’ve identified a number of high growth brands. We’re very focused on those. The programs are already starting to impact. They’re driving consumer preference and share.

We will continue to disproportionately invest in those through a and p, r and d innovation, which we have significantly scaled down to get to bigger, more scalable, more financially attractive, more consumer meaningful innovation. And also, we will be putting our very best marketers and best marketers we can access to work against these global categories.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Okay. Great. And then another area that we’ve asked really all our companies is is The US consumer backdrop. So how do you feel how do you view The US how do view the consumer environment in The US today, and where are you seeing trade down most prevalent in the categories where you play? And are you are you seeing the same trade down effect in Europe as well?

Patrick Lockwood Taylor, President and CEO, Perrigo: Yeah. This is a volatile environment, literally changing on a weekly basis. It is an exercise in understanding and agility and customer customer partnership. I’ve been pleased how we’re managing that. It is not straightforward, but the team has organized very well.

We are seeing trade down in nearly every category including allergy, cough, cold, nicotine replacement, etcetera. The key concern for all of us, particularly our retailers, is consumers trade out as opposed to trade down. So we provide an essential consumption safety net, hence why we’re just so strategic to our retailers at the moment. And, actually, most of the pressure that we’re facing from the retailers is investing in demand generation and innovation in order to accelerate category growth. We’re able to uniquely do that because we play across so many molecules.

Okay. We’re category agnostic, so different. We’re brand agnostic, so different. And therefore, we can focus on what’s right for the entire category. The good news is essential OTC products and categories are are much less volatile for obvious reasons than other CPG categories.

So the volatility we’re seeing is about a fraction that other categories are seeing that are far Our business model is serving us well here. It allows us to win in this environment, and we have a unique share growth and category growth opportunity. That’s the difference. I think a lot of other companies, understandably, are having to play very defensively.

We’re playing very offensively. We want to win more contracts, and we wanna generate more consumer demand and drive mutual household penetration. And to final part of your question, though, we’re not seeing, which is encouraging, the same trade down in Europe. I think this is a short term uncertainty effect, and it’s for us to now convert that to a long term business building opportunity.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Great. Thank you. I’m gonna jump to another topic. You’re clearly putting more emphasis on brands. What are you most excited about over the next three years?

Patrick Lockwood Taylor, President and CEO, Perrigo: We we we have a lot of brand assets. We’re getting focused on which of those brands matter most as it relates to long term opportunity, ability to get to number one or number two position in attractive categories across multiple geographies. I I think there is too little emphasis on the role and the tremendous market leading growth that we’re seeing in our branded portfolio and the role of our international business, which has really been a mid, single digit plus revenue growth for several years now. It’s been a high single digit OI margin expansion for several so it really is a high growth machine. We think we can sustain that by focusing on a narrower range of categories and, a narrower range of brands and scaling what we call our innovation chassis, our marketing chassis across more carriers in more in more geographies.

So one of our biggest brands is Compie. This is a skin blister brand. We’re actually diversifying that proposition to a number of other related areas. A $150,000,000 is growing at over 30%. It’s also globally relevant as a proposition.

Moderna, our fastest growing brand, grew net sales of over 35. Both of these brands compete in what I call the skin healing category. K? That is a large, very fast growing, relatively low penetration, globally relevant category. Okay?

And we enjoy a strong very strong market position in that wherever we compete. Open daily contraception is is ramping up. It’s seeing repeat rates now in the mid fifties, which is the highest I’ve ever seen in in CPG, which is in incredible. And we’re really narrowing in on the cohorts whether that is most relevant and expanding our share of that that those groups. So as we look at our three year top line growth target, we do expect high single digit growth contribute contribution from our high growth brand, mid to high revenue growth in our international business continuing whilst expanding margin.

Most importantly is scaling those branded opportunities to more brands in more geographies. But, frankly, we’re just getting higher return from those initial investments in in innovation and in our marketing programs.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: We expect

Patrick Lockwood Taylor, President and CEO, Perrigo: after being appropriate risk adjusted, a 100 to $200,000,000 of incremental revenue coming from these high growth brands. And, really, at the again, at the at the core of who we are is what we call this Perrigo chassis, k, which is about scaling our innovation, focusing our innovation, and using that to drive growth in more brands and more geographies because it’s just highly margin accretive. So, again, as an asset, store brand to win with low income consumers, particularly in an uncertain economic environment, high growth in categories that are underdeveloped where we enjoyed very strong market positions, drive household penetration in the markets where we currently compete, and enter new markets in order to expand our footprint and our long term growth potential.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Great. And as we think about the stabilization efforts, can you provide some color around the recovery of infant formula? Any thoughts on Operation Stork Speed?

Patrick Lockwood Taylor, President and CEO, Perrigo: Thank you. Operation Stork Speed is moving at speed and is occupying a lot of our thinking. However, it is a constructive long term program is my view on it now. Whilst I understand, how can I say, some of the the media highlight recently, it is a responsible program of which we are strongly intertwined, but I’ll come to that in a moment? So firstly, for for Perrigo, we had to get to quality manufacturing.

That has been an outstanding success for us. Our production attainment, packaging attainment, customer service levels are at historical highs. These are more reliable, more efficient, more quality assured operations than we’ve ever had before, and in our view, they’re market leading. Share recovery is going well. Of course, it’s never fast enough.

It has recently slowed because of some slightly strange pricing executions that we saw in the market. But in the in the last four weeks, there is up to actually, it’s up 20 basis points versus the prior four weeks. And we continue to see very strong building blocks to exit the share in the sort of 20 to 22 range, which has been our our publicly expressed target. How are doing that? We’re launching 60 new SKUs, which are rolling out at the moment that will build our share of distribution, share of shelf, and allow us to reach more consumption needs than we can currently.

Those retail shelf resets are actually happening now. They’ve actually already started, and they’re in execution on those. We have to work through the emergent competitive risks we saw over the last few years, interesting uniform manufacturing standards across the industry. Subsidized foreign product has posed a short term competitive risk. We have to start to think about the consumer and the consumption opportunity and, frankly, get more competitive against that.

We are under a lot of positive pressure to drive demand generation with these country with these customers, whose consumers favor European formulation by starting to get national brand equivalent, and and and frankly, even within our brand, be more competitive of that. That competitive opportunity has just become more front and center for us in infant formula. Stalk feed. I I I met with the secretary a couple of months ago. It was clear what the areas of focus were.

We’ve been very encouraged by the FDA commissioner’s recent comments, but the FDA will step up inspections of non US based companies and try to move to a more level playing field in terms of notification, number of swabs, etcetera. Okay? We we support any competition as long as it’s fair and equal competition. We share the desire to continue to innovate formulas to be as close as breast milk as possible, driven by good science, clinical evidence, responsible undisrupted manufacturing. We have significant interface with the FDA as the program progresses.

I think we’ve had somewhere in the region of four to five detailed technical consultations. They will continue. We all share the same interest here, which is close to breast milk as possible for the long term in a stable supply environment. We believe US formula is the most efficacious in the world. There is no high fructose corn syrup in any US infant formula.

Heavy metals are below the most stringent global standards, including California. So I wanna restate that. These are below the most stringent standards in the world. Okay? I know there’s a lot of focus on heavy metal.

It shouldn’t become distracting because it’s extremely safe today. Gain will be extremely marginal, and we need to consider the return on that effort versus focusing on other safety and efficacious efforts. This is also a master of national security. We’re talking about feeding US infants. All stakeholders need to understand the importance of this national security and work with that in mind.

It is extremely dangerous to become overly reliant on foreign suppliers of such a critical food source. We do not expect the new guidelines to be developed without industry input. We can trust that from two years ago where there was limited input on the manufacturing guidelines, and that created as correct as the focus is was because of that lack of industry partnership did lead to significant supply disruption. I don’t believe that will happen this time, and we embrace that.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Great. Another area we’ve been getting a lot of questions at our conference and just in general last couple months is just tariffs. Do you see any impact for Perrigo?

Eduardo Bezera, EVP and CFO, Perrigo: Yeah. Hi, Rupesh. Eduardo here. So, again, the tariffs landscape continues very fluid today. And based on what we shared, you know, at our q one earnings, still based on a 145%, you know, China tariffs, we expect 2025 COGS increase of about 1% or around $35,000,000.

The analyzed impact of that is about 5% or about a $150,000,000. So all impacting our America’s business with oral care about representing 80% that, and US OTC 20%. So as we highlight at that time, we’re working on the mitigating mitigating action plan right through pricing. We continue to look and work with our customers about potential benefits of insourcing, manufacturing to mainly in oral care into our Michigan facility. And also, we look into you know, we already have for many of the products that we have across our portfolio dual or triple sourcing, but we continue to explore other alternative sources around the world.

If there is remain at the current, let’s say, agreed 30%. Right? So we expect that these impacts to be skewed significantly lower. Also, we’re tracking, you know, the whole conversations that are going on with the European Union. Right?

So because there may be some specific products in our portfolio that we have parts of sourcing that comes from there. And so we continue to watch that closely and close relationship and contact with our customers to make sure we implement the mitigating actions as fast as possible.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Great. Another another question I have is just, is there any update on the strategic review of the oral care or derma cosmetic businesses you may look at potentially divesting?

Eduardo Bezera, EVP and CFO, Perrigo: Yeah. Just to give a little bit background. Right? So we did an extensive portfolio review over the last year and a half. So as we highlight in our three s plan, we streamlined our portfolio and prioritize our asset asset significantly on the strategic role that they play in portfolio focusing on the synergies of both innovation as well as category work, etcetera, that’s required to win the long term.

So we’re really focusing on the ready to scale brands in in those high growth categories that we have. And we feel that we’re positioning the other parts to portfolio to focus on the cash, allowing us to reinvest on that. And that’s what Patrick alluded in his presentation on the road that store brand and infant nutrition play significantly on on generate enough cash to yield investments on the growth side. These two segments, these two categories that you mentioned, right, so are both very attractive businesses. But as I mentioned, with less energies with our current focused portfolio, so we continue running that.

So you can imagine that oral care, given all of the potential tariffs impact, you know, is creating further deep analysis that we’re working as we speak. And we’re gonna continue to share any updates as the analysis move forward. But at this time, there is nothing else that we we are able to share.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Okay. I’m gonna try to fit in two more financial questions. So, Eduardo, your three year plan target, a reduction in net leverage from four times today to below three times by the February with potential upside. Can you walk us through the key drivers functions behind achieving that goal?

Eduardo Bezera, EVP and CFO, Perrigo: Yes. So of all, you know, we expect the EBITDA growth to achieve, that will help us in 2025 to achieve 3.5 times. Also, in the near term, by 2027, we expect about $500,000,000 of our payment loan a to be paid down. So that will get us below three times. And also, we have the ability to accelerate, those the achievement of those targets with any proceeds that could come from these portfolio assessments that we’re doing to maximize shareholder value.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Great. And then my final question, just following up on your leverage targets. Your three year plan also calls for a 200 basis point improvement in free cash flow as a percent of sales. Can you walk us through the key buildings blocks that drive that free cash flow expansion?

Eduardo Bezera, EVP and CFO, Perrigo: Yes. One thing that I want to really to emphasize, this is a metric that is is is very critical for us given all the feedback we got from investors and many other stakeholders to the point that our long term incentives, you know, it’s really based on how we’re gonna be able to really increase that free cash flow or net sales ratio over time. So I would say there are many three components that will enable us to really significantly increase that. So we continue to work on our inventory levels. Right?

So both in a and I as we optimize our operations. In a, as we continue to work with our retailers on how do we optimize, you know, our IBP, integrated business planning process, forecast accuracy. We expect that to to have a a positive effect, as well as in our international business. As Patrick highlighted, focusing on the key growth brands, we’re gonna be able to adjust our safety stock higher on those areas, but to be prioritized on our lower brands. So that’s a key emphasis on us.

The piece is, over the last two years, you saw a significant restructuring costs and also associated with the accretive initiatives, both the supply chain reinvention as well as project energized. So that also will help to free up more cash. And the absence of the infant formula self remediation cost, that drove a significant impact in 2024 on one time cost that we have to incur. And the last piece, know, we continue to focus through our EBITDA growth to improve our operating cash flow. And with some key investments that we’re doing in CapEx on our infant formula network to really optimize that, that will also help beyond the 2027 to achieve significant upside on our free cash flow over net sales.

Rupesh Parikh, Senior food, grocery, and consumer products analyst, Oppenheimer: Great. Thank you. So thanks, Patrick and Eduardo, for joining us today.

Eduardo Bezera, EVP and CFO, Perrigo: Thank you, everybody. It was a pleasure. Thank you.

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