Perrigo (PRGO)

NYSEHealth CareDrug Manufacturers - Specialty & GenericSnapshot 2026-10-23

$15.96-2.50%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Perrigo’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-27
Revenue	—	1.07B
EPS	—	0.768
Annual ending 2026-12-31
Revenue	—	4.05B
EPS	—	2.189
Annual ending 2027-12-31
Revenue	—	4.07B
EPS	—	2.389

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Reduce debt using proceeds from divestitures	Perrigo aims to cut debt using €306 million from sales.	Intact	Proceeds from divestitures fall short of €300 million by Q1 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 3 of last 3 quarters. Management completed the Dermacosmetics divestiture with upfront proceeds of approximately €306 million and applied about $359 million of cash proceeds toward debt reduction. The company continues strategic reviews of Infant Formula and Oral Care businesses to simplify the portfolio. This demonstrates consistent delivery on the priority of debt reduction through divestitures. Delivery assessment Oct 24, 2026
Keep dividend payments steady at $0.29 per share	The company keeps paying steady dividends of $0.29 per share.	Intact	Dividend per share falls below $0.29 in next 4 quarters	Dividend per share: $0.29 per share FY2026-Q2; GAAP. Published target: Dividend per share >= $0.29 in next 4 quarters. Target period is not explicitly aligned with this observation. Source published Aug 5, 20260.29 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 27, 2026 Source: company_financial_results. Reference: b8543f54-3ea9-432f-956b-b94b6557466e. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated in 3 of last 3 quarters. Dividend payments have been consistently maintained at $0.29 per share from 2025-Q2 through 2026-Q1. This reflects management's ongoing commitment to returning capital to shareholders with stable dividend payments. Delivery assessment Oct 24, 2026
Improve operating cash flow from negative $114 million	A primary condition in Perrigo's published investment case. The stated target is Operating cash flow >= $0 in FY 2026.	Under Pressure	Operating cash flow remains negative through FY 2026	Cash from operations: $138.3M FY2026-Q2; GAAP. Published target: Operating cash flow >= $0 in FY 2026. Target period ends 2026-12-31; this observation covers 2026-Q2. Source published Aug 5, 2026138,300,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 27, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Maintain operating margin near 13%	It plans profit margins near 13% in 2026.	Intact	Operating margin falls below 12.5% in FY 2026	Operating margin: 2.3% FY2026-Q2; GAAP. Published target: Operating margin >= 12.5% in FY 2026. Target period ends 2026-12-31; this observation covers 2026-Q2. Source published Aug 5, 20262.297614 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 27, 2026 Source: company_financial_results. Reference: b8543f54-3ea9-432f-956b-b94b6557466e. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

Unavailable → Unavailable · observed estimates

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	3 / 4
2026-07-25	Unavailable	Unavailable	3 / 4
2026-07-26	$2.36	Unavailable	5 / 4
2026-07-27	$2.36	Unavailable	5 / 4
2026-07-28	$2.36	Unavailable	5 / 4
2026-07-29	$2.36	Unavailable	5 / 4
2026-07-30	Unavailable	Unavailable	3 / 4
2026-07-31	Unavailable	Unavailable	3 / 4
2026-08-01	Unavailable	Unavailable	3 / 4
2026-08-02	$2.37	Unavailable	5 / 4
2026-08-03	Unavailable	Unavailable	3 / 4
2026-08-04	Unavailable	Unavailable	3 / 4
2026-08-05	Unavailable	Unavailable	3 / 4
2026-08-06	$2.37	Unavailable	5 / 4
2026-08-07	Unavailable	Unavailable	3 / 4
2026-08-08	$2.40	Unavailable	5 / 4
2026-08-09	$2.40	Unavailable	5 / 4
2026-08-10	Unavailable	Unavailable	3 / 4
2026-08-12	$2.40	Unavailable	5 / 4
2026-08-13	$2.40	Unavailable	5 / 4
2026-08-14	Unavailable	Unavailable	3 / 4
2026-08-15	Unavailable	Unavailable	3 / 4
2026-08-16	Unavailable	Unavailable	3 / 4
2026-08-17	Unavailable	Unavailable	3 / 4
2026-08-18	Unavailable	Unavailable	3 / 4
2026-08-19	Unavailable	Unavailable	3 / 4
2026-08-20	Unavailable	Unavailable	3 / 4
2026-08-21	Unavailable	Unavailable	3 / 4
2026-08-22	Unavailable	Unavailable	3 / 4
2026-08-23	Unavailable	Unavailable	3 / 4
2026-08-24	Unavailable	Unavailable	3 / 4
2026-08-25	Unavailable	Unavailable	3 / 4
2026-08-26	Unavailable	Unavailable	3 / 4
2026-08-27	Unavailable	Unavailable	3 / 4
2026-08-28	Unavailable	Unavailable	3 / 4
2026-08-29	Unavailable	Unavailable	3 / 4
2026-08-30	Unavailable	Unavailable	3 / 4
2026-08-31	Unavailable	Unavailable	3 / 4
2026-09-01	Unavailable	Unavailable	3 / 4
2026-09-02	Unavailable	Unavailable	3 / 4
2026-09-03	Unavailable	Unavailable	3 / 4
2026-09-04	Unavailable	Unavailable	3 / 4
2026-09-05	Unavailable	Unavailable	3 / 4
2026-09-06	Unavailable	Unavailable	3 / 4
2026-09-07	Unavailable	Unavailable	3 / 4
2026-09-08	Unavailable	Unavailable	3 / 4
2026-09-09	Unavailable	Unavailable	3 / 4
2026-09-10	Unavailable	Unavailable	3 / 4
2026-09-11	Unavailable	Unavailable	3 / 4
2026-09-12	Unavailable	Unavailable	3 / 4
2026-09-13	Unavailable	Unavailable	3 / 4
2026-09-14	Unavailable	Unavailable	3 / 4
2026-09-15	Unavailable	Unavailable	3 / 4
2026-09-16	Unavailable	Unavailable	3 / 4
2026-09-17	Unavailable	Unavailable	3 / 4
2026-09-18	Unavailable	Unavailable	3 / 4
2026-09-19	Unavailable	Unavailable	3 / 4
2026-09-20	Unavailable	Unavailable	3 / 4
2026-09-21	Unavailable	Unavailable	3 / 4
2026-09-22	Unavailable	Unavailable	3 / 4
2026-09-23	Unavailable	Unavailable	3 / 4
2026-09-24	Unavailable	Unavailable	3 / 4
2026-09-25	Unavailable	Unavailable	3 / 4
2026-09-26	Unavailable	Unavailable	3 / 4
2026-09-27	Unavailable	Unavailable	3 / 4
2026-09-28	Unavailable	Unavailable	3 / 4
2026-09-29	Unavailable	Unavailable	3 / 4
2026-09-30	Unavailable	Unavailable	3 / 4
2026-10-01	Unavailable	Unavailable	3 / 4
2026-10-02	Unavailable	Unavailable	3 / 4
2026-10-03	Unavailable	Unavailable	3 / 4
2026-10-04	Unavailable	Unavailable	3 / 4
2026-10-05	Unavailable	Unavailable	3 / 4
2026-10-06	Unavailable	Unavailable	3 / 4
2026-10-07	Unavailable	Unavailable	3 / 4
2026-10-08	Unavailable	Unavailable	3 / 4
2026-10-09	Unavailable	Unavailable	3 / 4
2026-10-10	Unavailable	Unavailable	3 / 4
2026-10-11	Unavailable	Unavailable	3 / 4
2026-10-12	Unavailable	Unavailable	3 / 4
2026-10-13	Unavailable	Unavailable	3 / 4
2026-10-14	Unavailable	Unavailable	3 / 4
2026-10-15	Unavailable	Unavailable	3 / 4
2026-10-16	Unavailable	Unavailable	3 / 4
2026-10-17	Unavailable	Unavailable	3 / 4
2026-10-18	Unavailable	Unavailable	3 / 4
2026-10-19	Unavailable	Unavailable	3 / 4
2026-10-20	Unavailable	Unavailable	3 / 4
2026-10-21	Unavailable	Unavailable	3 / 4
2026-10-22	Unavailable	Unavailable	3 / 4
2026-10-23	Unavailable	Unavailable	3 / 4
2026-10-24	Unavailable	Unavailable	3 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	2	3
2026-06-01	2	3
2026-07-01	2	3
2026-08-01	2	3
2026-09-01	2	3
2026-10-01	2	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 2 Buy / Strong Buy · 4 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Reduce debt using proceeds from divestituresDirect metric needs a verified mapping
Keep dividend payments steady at $0.29 per shareDividend per share: $0.29 per share
Improve operating cash flow from negative $114 millionPublished status: Under Pressure
Maintain operating margin near 13%Operating margin: 2.3%

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.6%Typical daily move · historical

Downside history

-55.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Perrigo outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a challenged consumer-healthcare business with a recovery element, not a steady growth story. Its multi-year view remains intact, but execution is still being tested as sales soften and earnings quality is loss-making.

What's priced into Perrigo

The valuation evidence is mixed: one measure says PRGO is cheap versus peers, while another shows a 47% premium to peers. The expectations gap is negative, and the market tag says the valuation is justified, with no flagged signs of unusual fragility.

What the fundamentals likely do

Near term, management has reaffirmed 2026 guidance for three straight quarters, and a recent earnings beat supported a mild improvement in the signal. Core net sales still fell 3.1% year over year in the second quarter, while store-brand OTC volume share gained 100 basis points in the first quarter. Debt reduction has some support from divestiture proceeds, but execution remains under watch and business risk is elevated.

What Perrigo hinges on

The next guidance update is a key swing factor: a cut would weaken the thesis, while continued delivery would support management’s expected stronger second half. The multi-year view also depends on whether the Three-S plan can sustain market-share gains despite sales softness, and whether divestitures continue to reduce debt. Broader signals from healthcare peers and a weakening jobs trend add uncertainty.