Perrigo Company Plc · NYSE:PRGO
Perrigo — Q1 2026 Earnings Presentation
25 slides from Perrigo's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 6, 2026
Slide 2: Eric Jacobson, VP Global Investor Relations
Eric Jacobson VP Global Investor Relations
Slide 3: Forward-Looking Statements
Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future finan
Slide 4: Agenda
Agenda Eric Jacobson • Introduction Patrick Lockwood-Taylor • Three-S Plan & 2026 Assumptions • Market Overview & Q1’26 Performance • FY2026 Outlook & Key Priorities Eduardo Bezerra • Financial Review • Balance Sheet & Capital Allocation • FY2026 Outlook All • Q&A 4
Slide 5: Patrick Lockwood-Taylor, President and CEO
Patrick Lockwood-Taylor President and CEO
Slide 6: Key Takeaways
Key Takeaways • Transforming Perrigo into more focused, disciplined, and consistent business • Mitigating challenging market conditions with Three-S plan • Driving market share gains in store brand OTC and key brands • Reaffirmed 2026 guidance; results expected to be second-half weighted 6
Slide 7: Three-S Plan Progress and Momentum
Three-S Plan Progress and Momentum Stabilize Streamline Strengthen U.S. Store Brand OTC Share Portfolio and Organization Expand Focused and Prioritized to Drive Focused and Brand Portfolio with R&D Ensuring Consistent and Reliable Scalable Growth Supply of Infant Formula Manufacturing Network to Pri
Slide 8: 2026 Transition Year – Remains on Track
2026 Transition Year – Remains on Track 2026 Assumptions Status • Market softness accelerated in Q1 Soft 1H OTC consumption, transitioning to growth in 2H • Expect sequential improvement through the year • Increased share in U.S. OTC and key Continued market share gains brands in Europe 2026 revenue
Slide 9: Q1 Financial Results Reflect Impact of Category Softness & Expected Prior Year Manufacturing Volume Headwind
Q1 Financial Results Reflect Impact of Category Softness & Expected Prior Year Manufacturing Volume Headwind Net Sales Adj EPS YoY Change -8.3% $918M YoY Change -20.0% $842M $0.50 Core net sales and EPS declines $0.40 driven primarily by cough/cold Core softness and carryover of 2025 manufacturing v
Slide 10: Category Headwinds Expected to Moderate
Category Headwinds Expected to Moderate U.S. & European Consumption1,2 Remains Soft Driving Factors & Impact Unfavorable seasonal patterns weighed on category consumption • U.S. flu incidence estimated down 33%3 • European flu activity peaked earlier and declined more rapidly vs year-ago4 Retail inv
Slide 11: Growth Initiatives Driving Share Gains
Growth Initiatives Driving Share Gains 12 Consecutive Periods of Perrigo U.S. Store Key European Brands Brand Volume Share Gains1 1.3 1.0 1.3 +20bps 0.9 0.9 0.9 value share2 0.7 0.7 0.6 0.4 0.4 0.3 4/1/2025 5/1/2025 6/1/2025 7/1/2025 8/1/2025 9/1/2025 10/1/2025 11/1/2025 12/1/2025 1/1/2026 2/1/2026
Slide 12: Scaling Core Capabilities Across the Portfolio
Scaling Core Capabilities Across the Portfolio 360° Demand Generation 360° Innovation Geographic Expansion Enabling Distribution Gains U.S. Store Brand NRT U.S. Store Brand Allergy Perrigo only serves ~5% of global +280bps Volume Share1 +150bps Volume Share1 households today Agnostic to Brand, Devel
Slide 13: 2026 Key Priorities
2026 Key Priorities • Transform Perrigo into a more focused, disciplined, and consistent business • Mitigate challenging market conditions with Three-S plan • Drive continued market share gains in store brand OTC and key brands • Deliver on 2026 guidance and position for growth in 2027 13
Slide 14: Eduardo Bezerra, EVP, Chief Financial Officer
Eduardo Bezerra EVP, Chief Financial Officer
Slide 15: Aligning Segment Reporting with New Operating Model
Aligning Segment Reporting with New Operating Model Specialty Infant Self Care All Other Care Formula New Segment Reporting Upper Women’s Infant Oral Care Respiratory Health Formula Effective Product Digestive Health Skin Health Other Q1’26 Categories Pain & Sleep Healthy Lifestyle 15
Slide 16: Q1 Segment Sales Overview
Q1 Segment Sales Overview Core Net Sales All In Net Sales YoY Change -7.2% YoY Change -8.3% $1,044M $918M $8M $842M $8M $2M $969M -$69M -$15M -$71M -$14M Q1'25 Core Self Specialty All Q1'26 Core Q1'25 All In Self Specialty Infant All Q1'26 All In Net Sales Care Care Other Net Sales Net Sales Care Ca
Slide 17: Q1 Segment Adj. Operating Income Overview
Q1 Segment Adj. Operating Income Overview Core Adj. Operating Income All In Adj. Operating Income YoY Change -23.0% YoY Change -15.5% $147 $128 $13 $5 $113 $7 $5 $108 $11 $13 -$45 -$18 -$45 Q1'25 Core Self Specialty All Corporate Q1'26 Core Q1'25 All In Self Specialty Infant All Corporate Q1'26 All
Slide 18: Consolidated Adj. Gross & Operating Margins
Consolidated Adj. Gross & Operating Margins Adj. Gross Margin Adj. Operating Margin YoY Change -160bps YoY Change -110bps Margins pressured by expected prior-year 40.8% 39.2% 13.9% 12.8% manufacturing headwinds from U.S. OTC and lower consumption; partially offset by lower operating Core expenses, i
Slide 19: Q1'26 Consolidated Adj. EPS
Q1’26 Consolidated Adj. EPS Adj. EPS YoY Change -20.0% $0.50 $0.40 Core Q1'25 Q1'26 Core Core YoY Change -28.3% $0.60 $0.43 All In Q1'25 Q1'26 All In All In 1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. 19 2. Core Perrigo excludes the Infant Formula b
Slide 20: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Q1 Cash Flow & Uses Capital Allocation Cash on balance sheet of $357M Priorities Unchanged • Business growth, reducing total debt and Operating cash outflow in line with outlook net leverage, and returning value to shareholders through dividends Uses of cash • Completed t
Slide 21: FY2026 Outlook Reaffirmed
FY2026 Outlook Reaffirmed FY2025 CORE FY2026 CORE Drivers of FY2026 CORE Outlook vs. FY2026 All In Metric Perrigo Actuals Perrigo Outlook FY2025 CORE Actuals Perrigo Outlook Reported Net Sales $3,756M -3.0% to +1.0% YoY • Grow share ahead of the market driven by consumer-centric innovation, amplifie
Slide 22: Thank You
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Slide 23: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures New Operating Model Enhances Scale • Strategy, innovation, and investment now integrated, improving focus and follow-through • Clear ownership reduces handoffs and speeds decision-making • Integrated decision-making improves consistency and scale • Proven initiati
Slide 24: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures New Operating Model Enhances Scale • Strategy, innovation, and investment now integrated, improving focus and follow-through • Clear ownership reduces handoffs and speeds decision-making • Integrated decision-making improves consistency and scale • Proven initiati
Slide 25: Net Sales by Segment & Category
Net Sales by Segment & Category New Operating Model Enhances Scale 25