Perrigo Company: 2Q First Take: Results Ahead Of Expectations, Guidance Re-Iterated

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

Perrigo Company

Neutral

PRGO, PRGO US

Price (03 Aug 26):$10.68

2Q First Take: Results Ahead Of Expectations,

Guidance Re-Iterated

This morning, PRGO reported 2Q results that were ahead of our expectations and

re-iterated full-year guidance. On the quarter, PRGO reported sales of ~$1bn (+

$18mm vs JPMe) which includes infant formula sales of $101mm (+17mm vs

JPM). And below the top line, the gross margin of 35.6% (+60bps vs JPMe) came

in modestly above, although was helped be the recovery of previously paid tariffs

where we will look for more details on the call, while Opex and the tax rate came

in modestly below, leading to EPS of $0.50 (+$0.18 vs JPMe). Looking to 2026

guidance, PRGO re-affirmed sales / EPS guidance, noting an anticipated

sequentially stronger 2H and moderation in under absorption (which should help

margins). And, on the call, we will be listening closely for additional commentary

on 1) OTC market dynamics / expectations from here, 2) the infant formula

strategic review, and 3) broader strategy in-light of the current CEO search.

Pharmaceuticals — Major &

Specialty

Chris Schott, CFA AC

(1-212) 622-5676

Ethan Brown

(1-212) 622-4928

Ekaterina V Knyazkova, CFA

(1-212) 622-9576

Taylor Hanley

(1-212) 622-0790

Hardik Parikh, CFA

Figure 1: 2Q26 Earnings Variance

Perrigo

Total Revenue

Self Care

Specialty Care

Infant Formula

All Other

Gross Profit

Gross margin

R&D

SG&A

Operating income

Operating margin

Tax rate

Net income

Adj. EPS

Shares Outstanding

2Q26 Reported

$1,023

$577

$227

$101

$119

$365

35.6%

$23

$217

$125

12.2%

17.5%

$70

$0.50

139.6

2Q26 JPMe

$1,004

$583

$235

$84

$103

$352

35.0%

$22

$231

$99

9.8%

21.0%

$44

$0.32

140.5

Source: Company Reports, J.P. Morgan Estimates