Perrigo Company plc announced its first quarter 2025 financial results on May 7, 2025, reporting net sales of $1.044 billion, a 3.5% decrease compared to the prior year. The company recorded a reported net income of $0 million, or $0.00 per diluted share. This decline was primarily due to unfavorable impacts from divested businesses, exited product lines, and currency translation.
Despite the net sales decline, adjusted diluted EPS surged by 106.9% to $0.60 per share, driven by higher adjusted gross profit and Project Energize savings. Adjusted gross margin expanded by 440 basis points to 41.0%, and adjusted operating income increased by 57.6% to $147 million. The infant formula business showed strong recovery, contributing to a 16% net sales growth in the Nutrition category.
Perrigo widened its 2025 net sales target ranges due to macroeconomic uncertainty, including potential tariffs and evolving consumer behavior. However, the company reaffirmed all other previously provided 2025 financial targets, including its adjusted EPS range of $2.90 to $3.10. This confidence is rooted in mitigation actions, strong Q1 results, and the advantages of its diversified portfolio and U.S.-based manufacturing capabilities.
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