Perrigo Company Plc · NYSE:PRGO
Perrigo — Q3 2025 Earnings Presentation
28 slides from Perrigo's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation Nov 5, 2025
Slide 2: Bradley Joseph, VP Global Investor Relations
Bradley Joseph 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: Patrick Lockwood-Taylor, President and CEO
Patrick Lockwood-Taylor President and CEO
Slide 5: Perrigo U.S. OTC Gaining Share Amid Soft Consumption Trends
Perrigo U.S. OTC Gaining Share Amid Soft Consumption Trends U.S. Total OTC Volume Consumption & Category Perrigo Volume Share ∆ Latest 13-Weeks Perrigo U.S. OTC Volume Share (YoY Changes, YTD 2025) Smoking Cessation +3.9ppts Six consecutive months of volume share gains Allergy +1.6ppts 3.8% 0.9 1.0
Slide 6: Perrigo Key E.U. Brands Gaining Share Amid Soft Consumption Trends
Perrigo Key E.U. Brands Gaining Share Amid Soft Consumption Trends Key E.U. Brands Perrigo Dollar Share ∆ Latest 13-Weeks E.U. Total OTC Euro Consumption & (~40% of CSCI Net Sales) Perrigo E.U. Key Brands Euro Share +1.0ppts (YoY Changes, YTD 2025) +0.8ppts Five consecutive months of euro share gain
Slide 7: Advancing Our 'Three-S Plan'
Advancing Our ‘Three-S Plan’ U.S. OTC Store Brand Stabilized and Growing Share Stabilize Infant Formula Operations Stabilized and Delivering Safe, Affordable Infant Formula • Delivering Benefits from Supply Chain Reinvention and Project Energize Streamline • Reached Agreement to Sell Dermacosmet
Slide 8: Diversified Portfolio Drives Resilience Amid Soft Consumer Health Market Consumption
Diversified Portfolio Drives Resilience Amid Soft Consumer Health Market Consumption Q3’25 YoY Key Financial Highlights YTD’25 YoY Key Financial Highlights • Organic Net Sales -4.4% • Organic net sales -1.7% • OTC -1.6% due primarily to soft category • Infant Formula & Oral Care collectively consump
Slide 9: Updating FY'25 Outlook Due to Soft OTC Consumption & Infant Formula Dynamics
Updating FY’25 Outlook Due to Soft OTC Consumption & Infant Formula Dynamics What’s Changed Since Initial 2025 Impact vs. Initial 2025 Net Net Sales Outlook Sales Outlook Perrigo Share Gains +$30M Greater than Anticipated Equating to ~70bps of Perrigo net sales growth OTC Consumption(1,2) -$150M to
Slide 10: Initiating Strategic Review of Infant Formula Business
Strategic Review Rationale • Continuously evaluate portfolio to drive Initiating Strategic sustainable growth and strong free cash flow Review of Infant • Operations have stabilized Formula Business • External environment demands greater investment and focus, making Infant Formula’s long-term fit wi
Slide 11: Key Takeaways
Key Takeaways Disciplined execution of ‘Three-S’ plan is positioning Perrigo for long-term success Perrigo is gaining share in challenging markets, reinforcing strength of OTC strategy Updated outlook reflects infant formula dynamics and soft OTC consumption 11
Slide 12: Eduardo Bezerra, EVP, Chief Financial Officer
Eduardo Bezerra EVP, Chief Financial Officer
Slide 13: Perrigo Q3'25 Non-GAAP Adjustments
Perrigo Q3’25 Non-GAAP Adjustments See attached Appendix for footnotes. 13
Slide 14: Perrigo Q3 & YTD 2025 Financial Highlights
Perrigo Q3 & YTD 2025 Financial Highlights Q3 $ Change % Change Organic % YTD % Change YTD Organic % ($ in millions, except margin, tax rate, eps) 2025 YoY YoY Change YoY Change YoY Net Sales $1,043 ($44) (4.1%) (4.4%) (2.8%) (1.7%) Drivers Adj. Gross Profit $417 ($30) (6.6%) (7.2%) (2.1%) (0.1%) Ad
Slide 15: CSCI: Share Gains & Favorable FX Impacted by Soft Market Consumption, Divestitures & Exited Products
CSCI: Share Gains & Favorable FX Impacted by Soft Market Consumption, Divestitures & Exited Products CSCI Q3’25 CSCI YTD’25 Net Sales YoY Net Sales YoY YoY Change Organic +0.7% -2.4% Organic -5.3% YoY Change $1.29B $1.26B $416M -4.5% $398M Q3'24 CSCI OTC Currency Divestitures & Q3'25 CSCI YTD Q3'24
Slide 16: CSCA: Share Gains Impacted by Soft Market Consumption and Businesses Under Review
CSCA: Share Gains Impacted by Soft Market Consumption and Businesses Under Review CSCA Q3’25 CSCA YTD’25 Net Sales YoY Net Sales YoY YoY Change -3.1% YoY Change $1.95B $1.89B $671M -3.8% $646M Q3'24 CSCA OTC Infant Formula Q3'25 CSCA YTD Q3'24 CSCA OTC PY Opill® Infant Formula YTD Q3'25 CSCA Net Sal
Slide 17: Share Gains, Project Energize Savings and Lower Variable Expenses Impacted by Sales, Divestitures & Exited Products
Share Gains, Project Energize Savings and Lower Variable Expenses Impacted by Sales, Divestitures & Exited Products Organic -5.2% YoY Change -4.9% Perrigo $182M $173M Q3’25 Adj. Operating Income Q3'24 Adj. Global OTC Infant Formula Currency Divestitures Q3'25 Adj. Operating Income & Corporate & Oral
Slide 18: Leading to Adj. EPS -$0.01 in Q3'25, +$0.34 YTD
Leading to Adj. EPS -$0.01 in Q3’25, +$0.34 YTD YoY Change Organic -1.3% -1.2% $0.81 $0.80 Perrigo Q3’25 Adj. EPS Q3'24 Adj. Operating Interest, Currency Translation, Q3'25 Adj. EPS Income Tax & Other Divestitures & Adj. EPS Exited Products YoY Growth Organic +27.0% +20.9% $1.97 $1.63 Perrigo YTD Q3
Slide 19: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Balance Sheet & Cash Flow Streamline Activities • YTD’25 Operating cash flow of +$63M • Dermacosmetics divestiture on track to • Q1’25 Operating cash outflow of -$65M close in Q1’26, with net proceeds prioritized to reducing leverage • Q2’25 Operating cash inflow of +$76M •
Slide 20: Updating FY'25 Outlook
Updating FY’25 Outlook Q4’25 YoY Considerations FY 2025 Targets FY 2025 Targets Metric as of 11/5/25 as of 8/6/25 • OTC: share gains and cough (constant currency to FY’24) (constant currency to FY’24) cold season drive organic net sales growth 0% to 1% Reported Net Sales Growth -2.5% to -3.0% 0% to
Slide 21: Thank You
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Slide 22: Three Months Ended September 27, 2025
‘Three Months Ended September 27, 2025 ‘Three Months Ended September 26, 2024 Income (Loss) Diluted Ea Income from from ings _ . Gross Operating Continuing, Gross Operating Continuing, (L985) Consolidated Continuing Operations Profit Income Operations! Profit Income Operatic Share? Reported Sosa § 7
Slide 23: Nine Months Ended September 27, 2025
Nine Months Ended September 27, 2025 Nine Months Ended September 28, 2024 Gross "Sotinuing, Diluted Earnings Gross Operating from Continuing sere Consolidated Continuing Operations Profit Reome’ operat per Share") Profit income (oss) “Operations” “Share” Reported $s 1323 § 1649 23°=«S 009 $~=«(1,156
Slide 24: Three Months Ended September 27, 2025
Three Months Ended September 27, 2025 Three Months Ended September 28, 2024 Consolidated Continuing Operations Interest and Other___Income Tax Expense Interest and Other _Income Tax Expense Reported $ 302° § 97 $ 586 $ 394 As a % of reported net sales” 48% 0.9% 54% 36% Effective tax rate 43.3% 180.9
Slide 25: Three Months Ended / Nine Months Ended
Three Months Ended Nine Months Ended September 27, September September 27, September 28, aie gone fae 2024 Consolidated Continuing Operations % Change % Change Net Sales 3 10433 $ 1,087.5 (44)% $ 31435 $ 3,235.1 (2.8)% Less: Currency impact” 176 - 16% 23.4 = 0.7% Less: Divestitures® = 147 (1.3)% = 6
Slide 26: Consolidated Continuing Operations Three Months Ended
Consolidated Continuing Operations Three Months Ended Category Less: Constant Contribution to September 27, September 28, Curren Currency Divestiture Total Perrigo Net Sales 2025 2024 %Change__Impact(? Change“ _Impact® Organic Change _Organic Change Upper Respiratory $s 2098 $ 2071 «1.3% 2.0% (0.7)%
Slide 27: Consolidated Continuing Operations Nine Months Ended
Consolidated Continuing Operations Nine Months Ended Less: Constant Contribution to September 27, September 28, Currency Currey Divestiture Total Perrigo Net Sales 2025 2024 %Change__Impact Change __Impact® Organic Change _ Organic Change Upper Respiratory 3 5999 $ 3760 4.1% 0.9% 3.2% 0.6% 38% 07% S
Slide 28: Consolidated Continuing Operations
Consolidated Continuing Operations Adjusted gross profit Adjusted gross margin Less: Currency impact"! Less: Divestitures®) Organic gross profit, Organic gross margin ‘Adjusted operating income Adjusted operating margin Less: Currency impact”! Less: Divestitures®) Organic operating income Organic op