Perrigo Company Plc · NYSE:PRGO
Perrigo — Q4 2025 Earnings Presentation
32 slides from Perrigo's earnings presentation, Feb 26, 2026
Slide 1: Q4 & FY2025 Earnings Presentation
Q4 & FY2025 Earnings Presentation February 26, 2026
Slide 2: Bradley Joseph
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: Agenda
Agenda Brad Joseph • Introduction Patrick Lockwood-Taylor • Market Overview & FY2025 Performance • ‘Three-S’ Plan Progress & New Reporting Segments • FY2026 Outlook & Key Priorities Eduardo Bezerra • Financial Review • Balance Sheet & Capital Allocation • Operational Enhancement Program & FY2026 Out
Slide 5: Patrick Lockwood-Taylor
Patrick Lockwood-Taylor President and CEO
Slide 6: Key Takeaways
Key Takeaways Winning with Consumers & Customers; Gaining Market Share Delivered Adj. EPS In-line with Updated Expectations - Solid Improvement vs. Prior Year Strong Progress on our ‘Three-S’ plan, despite Market and Infant Formula Softness 2026 Guidance Reflects Market Conditions and Work R
Slide 7: Perrigo Gains Share in U.S. OTC Amid Soft Market
Perrigo Gains Share in U.S. OTC Amid Soft Market U.S. OTC Market Change YoY Category Perrigo Volume Share ∆ Latest 52-Weeks1 Smoking Cessation +2.8ppts 3.4% Value Volume Allergy +1.8ppts 2.5% Cough / Cold +0.5ppts 0.8% Digestive Health +0.1ppts Women’s Health +0.0ppts -0.4% -1.1% Pain and Sleep Aids
Slide 8: Key Brands Remained Resilient Amid Soft Consumption
Key Brands Remained Resilient Amid Soft Consumption E.U. OTC Market Change YoY1 Key E.U. Brands Perrigo Dollar Share ∆ Latest 52-Weeks1 +0.6ppts 5.6% Value Units +0.6ppts +0.3ppts 1.8% +0.3ppts 1.3% +0.1ppts -0.1% -0.1ppts -0.8% -1.2% -1.7% -0.5ppts Total -3.5% +0.1ppts Key E.U. Brands Q1 Q2 Q3 Q4 1
Slide 9: Delivered FY2025 Adj. EPS at the Midpoint of Updated Outlook Range
Delivered FY2025 Adj. EPS at the Midpoint of Updated Outlook Range FY2025 Results Q4 2025 Results Organic Change All In $1,110M Organic Change All In $4.3B Net YoY -2.4% Net YoY -4.5% Sales Organic Change Sales Organic Change CORE $3.8B CORE $977M YoY -1.9% YoY -2.0% All In $622M Change YoY Change Y
Slide 10: Significant Progress Executing Our 'Three-S' Plan in 2025
Significant Progress Executing Our ‘Three-S’ Plan in 2025 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 Manuf
Slide 11: Aligning Segments with New Operating Model
Aligning Segments with New Operating Model Specialty Care Provides a clear Focused care for life’s most personal needs Infant Formula view of CORE Perrigo – the business that Self-Care will power our future Empowering everyday health, simply and reliably Other 11
Slide 12: FY2026 CORE Perrigo Outlook
FY2026 CORE Perrigo Outlook – Expect Perrigo Consumption Ahead of Market Amid Soft Consumption OTC Perrigo Consumption Perrigo FY2026 Market Ahead of Market FY2026 Outlook A Transition Year • Market softness Continued share CORE Perrigo FY2026 • Work through near-term accelerated throughout momentum
Slide 13: 2026 Key Priorities
2026 Key Priorities Grow Share in Top Brands & Deliver Innovation Pipeline Continue Driving U.S. Storebrand Demand Generation in Partnership with Retailers Deliver Operational & Cost Savings Program Continue Portfolio Assessment Efforts Drive our Category Model & Performance Culture 13
Slide 14: Eduardo Bezerra
Eduardo Bezerra EVP, Chief Financial Officer
Slide 15: CSCI FY & Q4 2025 Financial Highlights
CSCI FY & Q4 2025 Financial Highlights Net Sales Adj. Operating Income Organic Change YoY Change All In $1,668M All In $365M +0.3% +$13M, +3.7% FY2025 FY2025 Organic Change YoY Change CORE $1,528M CORE $337M -0.2% +35M, +11.6% All In $413M Organic Change YoY Change -1.0% All In $90M +$6M, +7.4% Q4’2
Slide 16: CSCA FY & Q4 2025 Financial Highlights
CSCA FY & Q4 2025 Financial Highlights Net Sales Adj. Operating Income All In $2,585M Organic Change All In $411M YoY Change -4.0% -$11M, -2.6% FY2025 FY2025 Organic Change CORE YoY Change CORE $2,229M $402M -3.0% -$10M, -2.4% All In Organic Change All In $117M YoY Change $697M -6.3% -$29M, -20.1% Q
Slide 17: Cash Flow and Balance Sheet
Cash Flow and Balance Sheet Cash & Leverage Capital Allocation Year End 2025 Cash on Balance Sheet Priorities Remain Unchanged of $532M • Business growth, reducing total debt and net leverage, and returning CY2025 Operating Cash Flow of $239M value to shareholders through • Q4’24 Operating cash flow
Slide 18: Aligning Segment Reporting with New Commercial Operating Model
Aligning Segment Reporting with New Commercial Operating Model Specialty Infant Self-Care Other Care Formula New Segment Reporting Upper Women’s Infant Oral Care Respiratory Health Formula Begins Product Digestive Health Skin Health Other Q1’26 Categories Pain & Sleep-Aids Healthy Lifestyle 18
Slide 19: Operational Enhancement Program Advances 'Three-S' Plan
Operational Enhancement Program Advances ‘Three-S’ Plan & Aligns Organization to Current Market Conditions Driving Efficiency in Current Market Conditions Expected Annualized Run-rate Pre-tax Savings of • Remain disciplined managing costs in dynamic environment $80M to $100M • Improves productivity,
Slide 20: FY2026 Perrigo Outlook
FY2026 Perrigo Outlook 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 • Growing share ahead of the market driven by -5.5% to -1.5% YoY consumer-centric i
Slide 21: FY2025 to FY2026 Adj. EPS Outlook Walk
FY2025 to FY2026 Adj. EPS Outlook Walk All In Perrigo CORE Perrigo $2.75 $2.52 $2.25 to $2.55 $2.00 to $2.30 FY'25 Infant Divestitures FY'25 A&P and OTC Under Base Cost Savings Interest, FY'26 Infant Divestitures FY'26 All In Formula & Exited CORE Incentives Absorption Business (Primarily Op. Taxes,
Slide 22: Thank You
MEDERMA PM Intensive Overnight UNGLE FORMULA’
Slide 23: Appendix – FY2025 CORE Perrigo and FY2026 Outlook
Appendix – FY2025 CORE Perrigo and FY2026 Outlook FY2025 Actuals Net Sales ($M) Adj. Gross Margin Adj. Operating Margin Adj. EPS All In Perrigo 2025 $4,253 38.7% 14.6% $2.75 Exclude Infant Formula $357 120bps 110bps $0.05 Exclude Divestitures $140 (40)bps (10)bps $0.18 CORE Perrigo 2025 $3,756 39.6%
Slide 24: Appendix - Supplementary Financial Information
Appendix - Supplementary Financial Information Quarterly Impact of Infant Formula and Divestitures on Selected Non-GAAP Financial Measures Q1 2025 Q2 2025 Q3 2025 Q4 2025 Divestitures Divestitures Divestitures Divestitures Infant (Primarily Infant (Primarily Infant (Primarily Infant (Primarily Formu
Slide 25: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 25
Slide 26: Twelve Months Ended December 31, 2025
‘Twelve Months Ended December 31, 2025, ‘Twelve Months Ended December 31, 2024 Income (Loss) Diluted Earnings Income (Loss) Diluted Earnings Consolidated Continuing Operations Profit Income (Loss) Operations’ Share Prone "Operations! Share"? Reported $ 14985 $ (14222) $ (4,402.3) (1012) $ 14,5427 co
Slide 27: Three Months Ended December 31, 2025
Tivos Moniha Ended December 31,2028 Three Months Ended December 31, 2024 Gross _ R&D ‘Operating Gross RED | DSGRA Operating ‘Consumer Self-Care Americas Profit Expense Expense Inseme (Loss) Profit Expense Expense Reported $1865 $ 124 $ 935 $ (872.7) $2166 $ 144 $ 758 $ ao As a % of reported net sale
Slide 28: Twelve Months Ended December 31, 2025
Twelve Months Ended December 3 ‘Twelve Months Ended December 31, 2024 Gross R&D ‘Operating Gross R&D += SG&A. ‘Consumer Self-Care Americas Prot Expense Expense Income (Loss) Profit Expense Expense Reported $ 7549 $ 529 $ 3825 $ (669.0) $ 7791 $ 60.0 $ 3817 $ 2699 AS a % of reported net sales) 292% 2
Slide 29: Three Months Ended Twelve Months Ended
Three Months Ended Twelve Months Ended December 31, December 31, December 31, | December 31, Consolidated Continuing Operations 2025 2024 % Change 2025 2024 % Change All In Net Sales $ 1,109.6 $ 1,138.3, (2.5)% $ 4,253.1 4,373.4 (2.8)% Less: Prior Year Divestitures') _- 43 _- 66.5 Less: Infant formu
Slide 30: Three Months Ended Twelve Months Ended
Three Months Ended ‘Twelve Months Ended December 31, _ December 31, December 31, _ December 31, 2025 2024 % Change 2025 2024 % Change $ 1,1096 $ 1,138.3 (2.5)% S$ 42531 $ 43734 (28)% 26.7 = 498 _ Less: Prior year divestitures® = 43 = 66.5 All In Organic net sales $ 10829 $ 7,134.0 (4.5)% S 42033 $ 4
Slide 31: December 31, 2025
December 31, December 31, December 31, December 31, 2025 2024 Total Change 2025 2024 Total Change Consolidated Continuing Operations Alll In Adjusted operating income $ 1672 $ 1939 $ (267) (13.8)% $ 6223 $ 6085 $ 138 2.3% Less: Infant formula (3.4) 18.0 86 96 Less: Previously announced divestitures"
Slide 32: Trailing Twelve Months Ended
Trailing Twelve Months Ended Reported income (loss) from continuing operations $ (1,402.3) Income tax benefit 104.4 Interest expense, net 162.5 Depreciation and amortization 337.5 EBITDA (797.9) Non-cash stock-based compensation expense 54.6 Restructuring charges and other termination benefits 19 Un