Shares of Perrigo Company plc (PRGO) last traded at $43.10 in current trading, down -12.33%. At close of trading yesterday, PRGO stock was trading at $49.17. The PRGO stock fluctuated between $48.11 and $49.34. PRGO stock exchanged 2.18 million shares, exceeding the company’s 50-day daily volume of 1.09 million and its Year-to-date volume of 1.24 million.
The PRGO stock retreated -4.97% over the last year, but has moved up 0.94% in the last week. Over the last six months, PRGO stock has gained a total of 12.00%, and over the last three months, the stock has gained 10.89%. After the release of its financials, PRGO stock fell.
How did PRGO Stock do last quarter?
Perrigo manufactures and sells quality, affordable over-the-counter (OTC) products that help individuals achieve and maintain a healthy lifestyle by empowering them to treat or prevent conditions that can be self-managed. As the largest store brand OTC player in the US, PRGO offers more than 9,000 store-brand products under customer-owned labels under its consumer self-care strategy. Additionally, PRGO markets more than 200 OTC products across 28 countries. PRGO places among the Top 10 OTC companies by revenue in Europe.
Financial results from the second quarter of fiscal year 2021 ended July 3, 2021 were announced by Perrigo today. As part of the results from continuing operations, the Consumer Self-Care Americas (“CSCA”) segment, the Consumer Self-Care International (“CSCI”) segment and Corporate are included.
Second Quarter 2021 Financial Highlights:
- Net sales were $981 million in PRGO’s second quarter, an increase of 3.4%, driven primarily by growth in most of the company’s businesses and favorable foreign currency movements, offset partially by lower customer inventory levels than last year, and an unusually weak cough/cold season.
- Gross sales of PRGO increased by 0.5% organically, although cough and cold-related net sales decreased by 2.3 percentage points.
- In the second quarter, CSCI’s net sales were $359 million, up 11.7% compared to the prior year quarter, with organic growth of 4.3%; in the same quarter, CSCA’s net sales were $622 million, down 0.9% and organic sales down 1.4%.
- For the second quarter of 2021, PRGO reported diluted loss per share (“EPS”) of $0.84 per diluted share, primarily because of impairment charges of $1.17 per diluted share in connection with the sale of its Latin American business.
- According to PRGO, adjusted diluted earnings per share decreased 15.3% to $0.50 in the second quarter of 2021 from $0.59 in the prior year quarter. This was due primarily to the reinstatement of brand and marketing investments.
Important factors:
Among Perrigo (PRGO)’s businesses, net sales increased in all but OTC in the United States, which was negatively affected by lower customer inventory levels and a historically weak cough and cold season. Accordingly, consumer take-aways rebounded sharply in Q2 across all businesses of PRGO, including coughs/colds, which bodes well for the second half.
