Perrigo backs FY24 adjusted EPS view $2.50-$2.65, consensus $2.35
Backs FY24 revenue view flat, consensus $4.66B. Backs FY24 adjusted tax rate 20.5%. Lockwood-Taylor continued, "We also delivered a good first quarter by advancing our operational priorities, including the successful launch of Opill(R), the first-ever over-the-counter oral contraceptive in the U.S., at more than 65,000 retail stores nationwide. Elsewhere, many of our key brands delivered healthy growth, leading to another quarter of strong topline growth in CSCI, while U.S. retailer de-stocking of store brand offerings across most categories impacted growth in CSCA. Quality improvement actions in infant formula are progressing well, and manufacturing volumes are expected to ramp in the second half of the year. The financial impact from infant formula in the quarter was expected and sizable, but I am proud that the team delivered meaningful year-over-year gross and operating margin expansion across the rest of the business. We remain focused on delivering on our operational priorities and outlook, while continuing to build One Perrigo."
