- Perrigo Company plc's (NYSE: PRGO) Q3 FY22 sales increased 5.5% Y/Y or 12.3%, excluding the impact of currency translation to $1.10 billion, almost in line with the consensus of $1.10 billion.
- The growth was led by the acquisition of HRA, strategic pricing actions across Consumer Self-Care segments, and cough/cold-related product sales.
- Adjusted EPS increased 24.4% to $0.56, up from $0.45 a year ago.
- "Although revenue growth in the quarter was robust, it was below our estimates due to unfavorable currency translation, labor shortages affecting supply, and slower category growth rates," said President and CEO Murray S. Kessler.
- Related: FDA Postpones Review Meeting For First OTC Contraceptive Option From Perrigo.
- Guidance: Perrigo reiterates its fiscal 2022 organic net sales growth range outlook of 9.0%-10.0% versus the prior year.
- The company also reiterates its fiscal 2022 total net sales growth of 8.5%-9.5%.
- If foreign currency exchange rates hold near current levels, the company sees FY sales unfavorably impacted by 5%-6%.
- The company lowers FY22 adjusted EPS guidance to $2.00-$2.10 from $2.25-$2.35 on lower sales volumes in Consumer Self-Care Americas and $0.10 from the worsening impact of currency translation.
- Price Action: PRGO shares are down 17% at $32.60 during the market session on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Read the original article on Benzinga
