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Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc ("Elan"). Unless the context requires otherwise, the terms "Perrigo," the "Company," "we," "our," "us," and similar pronouns used herein refer to Perrigo Co…
The business is unprofitable at the operating level (-26.39% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.8% YoY. Margins deteriorated 29.0pp alongside, both lines moving the wrong way.
Free cash flow declined 41% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.04% to -11.90%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4.18B
▼ -2.8% YoY
Net Income (TTM)
-$1.82B
▼ -729.7% YoY
Op. Margin
-41.83%
▼ -29.0pp YoY
ROIC
-18.61%
▼ -12.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$108M
▼ -40.7% YoY
Op. Cash Flow (TTM)
$189M
▼ -34.3% YoY
Net Debt
$3.46B
Cash & Equiv.
$357M
5Y CAGR: +0.8%
5Y CAGR: -20.8%
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