Perrigo Company Plc · NYSE:PRGO
Perrigo — Q3 2026 Earnings Presentation
35 slides from Perrigo's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 4, 2026 1
Slide 2: Eric Jacobson, VP Global Investor Relations
Eric Jacobson VP Global Investor Relations 2
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 Albert Manzone • Priorities • Third-quarter Performance • Three-S Plan • Commercial Opportunities Eduardo Bezerra • Financial Review • FY2026 Outlook All • Q&A 4
Slide 5: Albert Manzone, Interim President and CEO
Albert Manzone Interim President and CEO 5
Slide 6: Key Takeaways
Key Takeaways • Three-S plan execution driving sequential improvement in operating results • Agreement to divest Infant Formula business accelerating evolution into a simpler, more focused consumer self-care company • Gained share in U.S. store-brand OTC and key European brands • Category trends imp
Slide 7: Q3'26 Financial Highlights
Q3’26 Financial Highlights Net Sales Adj. EPS2 Core YoY Change -1.7% YoY Change -9.0% • Net Sales: Lower consumption, particularly in Europe, more measured retailer inventory $924 $908 $0.67 positioning ahead of the cough and cold season, $0.61 and lower contract volumes. Core1 • Adj. EPS: Lower vol
Slide 8: Operating Results Improved Sequentially
Operating Results Improved Sequentially Growth and efficiency initiatives combined with category recovery driving sequential improvement1,2 $907M -3.1% YoY $908M -1.7% YoY 14.3% $842M -8.3% YoY 13.0% 12.8% Q1'26 Q2'26 Q3'26 Core Net Sales Core Adj. Operating Margin 1. Core Perrigo excludes the Infan
Slide 9: Category Growth Showing Sequential Improvement as Expected
Category Growth Showing Sequential Improvement as Expected Consumption headwinds moderating U.S. & European Consumption1 U.S.2 Europe3 OTC Market Growth OTC Market Growth 6.9% 4.0% 3.3% Sequential 3.7% 3.6% Sequential Improvement Improvement 0.9% 1.4% 0.6% 0.9% 0.6% 0.2% 0.2% -0.5% -0.6% -1.1% -1.2%
Slide 10: Three-S Plan Progress
Three-S Plan Progress Improving execution and simplifying the business • Improved consistency of operations • Enhanced service driving stronger retail customer relationships and improved collaboration Stabilize • Simplifying portfolio with Infant Formula and Dermacosmetics divestitures • Oral Care s
Slide 11: Strengthen: Continuing to Advance Our Growth Building Blocks
Strengthen: Continuing to Advance Our Growth Building Blocks Investing in brands and store brands Consumer-centric Continued Amplified innovation distribution gains demand generation Accelerate innovation across Win store-brand distribution Build brands and deepen store brands and differentiated wit
Slide 12: Investing Behind Our Brands and Store Brand Franchise
Investing Behind Our Brands and Store Brand Franchise Key Brands Continue Momentum STORE BRAND GLP-1 ACTIVATION +7.6% growth +70 bps share1 +9.8% growth +20 bps share2 • Approved claims to support consumer GLP-1 journey • Deepening strategic relationships with customers +20.4% growth +360 bps share1
Slide 13: eCommerce Is Growing Rapidly and Increasing in Importance to Perrigo
eCommerce Is Growing Rapidly and Increasing in Importance to Perrigo U.S. eCommerce Total Perrigo U.S. Share: eCommerce vs % of Perrigo U.S. Category Volume Growth Total Category1 Volume from eCommerce 18.3% +130bps 22.0% 14.8% 19.0% +120bps 12.3% 15.5% +60bps 14.0% -10bps 12.7% -10bps +10bps -20bps
Slide 14: Market Share Gains Demonstrate Benefits of Three-S Plan
Market Share Gains Demonstrate Benefits of Three-S Plan Perrigo continues to outperform relevant categories in both the U.S. and Europe U.S. Store Brand OTC E.U. OTC Q3 20261 Latest Available 3-Months2 PRGO Value PRGO Value PRGO Volume PRGO Volume Key E.U. Brands Growth Share Category Growth Share W
Slide 15: Looking Forward
Looking Forward • Sustain market share gains and grow categories by expanding access to high-quality, affordable self-care products • Further simplify and strengthen our portfolio to sharpen focus, discipline, and consistency • Strengthen balance sheet and enhance financial flexibility • Execute on
Slide 16: Eduardo Bezerra, Chief Financial Officer
Eduardo Bezerra Chief Financial Officer 16
Slide 17: Q3'26 Segment Net Sales Overview
Q3’26 Segment Net Sales Overview Core Net Sales1,2 All In Net Sales YoY Change -1.7% YoY Change -5.2% (YoY Organic Change -1.1%) (YoY Organic Change -1.9%) $1,043M -$20M $989M $924M $13M $908M -$9M -$9M -$17M -$19M -$9M Q3'25 All In Self Specialty Infant All Q3'26 All In Q3'25 Core Self Specialty Al
Slide 18: Q3'26 Segment Adjusted Operating Income Overview
Q3’26 Segment Adjusted Operating Income Overview Core Adj. Operating Income1 All In Adj. Operating Income YoY Change -25.5% YoY Change -14.4% $173M $152M -$25M $4M $2M $129M -$10M $11M $2M $130M -$15M -$25M -$10M Q3'25 Core Self Specialty All Corporate Q3'26 Core Q3'25 All In Self Specialty Infant A
Slide 19: Consolidated Adjusted Gross & Operating Margins
Consolidated Adjusted Gross & Operating Margins Adj. Gross Adj. Operating Margin1 Core Margin1 YoY Change -140bps YoY Change -210bps • Adj. gross margin impacted by lower net sales volumes and unfavorable mix. 39.4% 37.9% 16.5% • Adj. operating margin benefited from 14.3% Operational Enhancement Pro
Slide 20: Consolidated Adj. EPS
Consolidated Adj. EPS Adj. EPS YoY Change -9.0% Core $0.67 $0.61 • Adj. EPS impacted by lower sales and operating income as a result of lower Core1 consumption and more measured retailer inventory positioning ahead of the cough Q3'25 Q3'26 and cold season. Core Core YoY Change -25.0% All In $0.80 •
Slide 21: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow Q3 Cash Flow & Uses Capital Allocation Cash on balance sheet of $437M Priorities • Sustainable business growth, reducing Operating cash flow of $96M in line with total debt and net leverage, and outlook maintaining a disciplined and balanced capital allocation framework Use
Slide 22: Updated FY2026 Outlook
Updated FY2026 Outlook FY2026 Core FY2026 Core1,3 FY2026 All In FY2026 All In2,3 FY2025 All In FY2025 Core Metric Perrigo Outlook Perrigo Outlook Perrigo Outlook Perrigo Outlook Perrigo Actuals Perrigo Actuals Previous as of 8/5/26 Updated as of 11/4/26 Previous as of 8/5/26 Updated as of 11/4/26 Re
Slide 23: Thank you
Thank you 23 23
Slide 24: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Perrigo ‘Three Months Ended September 26, 2026 Three Months Ended September 27, 2025 Income (Loss) Income from Operating from Continuing Diluted Earnings Operating Continuing Diluted Earnings Consolidated Continuing Operations Gross Profit Income Operations (Loss)
Slide 25: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Perrigo Nine Months Ended September 26, 2026 Nine Months Ended September 27, 2025 Income (Loss) Income from Operating from Continuing Diluted Earnings Operating Continuing Diluted Earnings Consolidated Continuing Operations Gross Profit Income (Loss) Operations _(
Slide 26: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures ‘Three Months Ended September 26, 2026 Three Months Ended September 27, 2025 gore oping "Sana gro opwaing ‘Sune Consolidated Continuing Operations Net Sales Profit, Income” Operations __perShare__NetSales Profit Income’ Operations _per Share Allin Adjusted $ 9886
Slide 27: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Perrigo Nine Months Ended September 26, 2026 Nine Months Ended September 27, 2025 Income from: Consolidated Continuing Operations Net Sales Gross Profit WPerane' Diluted Income from rating Continuing —_Earnings Operations _perShare __Net Sales _ Gross Profit n Dil
Slide 28: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended Less: Currency _Less: Divestitures and Category Net Sales September 26,2026 __ September 27, 2025 % Change Impact exited products) Organic % Change Upper Respiratory $ 1954 $ 211.1 (74)% (0.4)% (0.6)% 65)% Digestive Health 117.2 116.1 1.0% —% —%
Slide 29: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Nine Months Ended Less: Currency _Less: Divestitures and Category Net Sales September 26,2026 __ September 27, 2025 % Change Impact () exited products?) Organic % Change Upper Respiratory $ S711 $ 607.1 (5.9)% 1.3% (0.8)% (6.4)% Digestive Health 329.5 348.7 (5.5)%
Slide 30: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended ‘September 26, September 27, Consolidated Continuing Operations 2026 2025 % Change Net Sales $ 988.6 $ 1,043.3 (5.2)% Less: Currency impact“ (6.1) _ (0.5)% Less: Divestitures and exited products?) (0.2) 30.5 (2.9)% Organic net sales $ 993.9 $ 1,
Slide 31: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Sequential Reconciliations Three Months Ended June 27, 2026 Consolidated Continuing Operations ‘Operating Income (Loss) ‘Operating Income. Reported $ As a % of reported net sales”) Pre-tax adjustments): Amortization expense related primarily to acquired intangible
Slide 32: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Three Months Ended March 28, 2026 March 29, 2025 June 27, 2026 June 28, 2025 Consolidated Continuing Operations Net Sales Operating Income. Net Sales ‘Net Sales. ‘Operating Income Net Sales All In Adjusted $ 9692 $ 112.8 $ 1,043.9 10228 $ 124.5 $ 1,056.3 Core Adju
Slide 33: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Perrigo ‘Twelve Months Ended December 31, 2025 Gross Income (Loss) from Diluted Earnings (Loss) Consolidated Continuing Operations Profit, Operating Income (Loss) ___ Continuing Operations per Share Reported $ 14945 (11222) $ (1,402.3) $ (10.12) As a % of reported
Slide 34: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures ‘Twelve Months Ended December 31, 2025 Consolidated Continuing Operations Interest and Other Reported $ 175.7 ‘As a % of reported net sales “") 41% Effective tax rate Pre-tax adjustments: Amortization expense primary related to acquired as) Loss on early debt exti
Slide 35: New Operating Model Enhances Scale
New Operating Model Enhances Scale 35