Perrigo Company (PRGO) Piper Sandler Growth Frontiers Conference summary

Business Overview and Strategy

• Operates in the $400B global self-care market, delivering $30B in annual healthcare savings in the US and EU.

• Two-thirds of US households purchased products in 2023, reflecting strong market penetration.

• Portfolio is 40% branded (higher margin, growth driver) and 60% store brand (largest US provider).

• Focused on consumer-led innovation, expanding store brand business, and brand building.

• Well-diversified across global self-care categories, reducing seasonality impacts.

Talent and Organizational Development

• Strengthened executive and senior leadership with hires from top consumer organizations, bringing over 200 years of combined experience.

• Enhanced consumer focus and healthcare expertise.

• Building a winning culture and clear growth strategy.

Financial Priorities and Cost Initiatives

• Near-term focus on stabilizing infant formula, targeting $140M annual adjusted operating income recovery by 2025/26.

• Project Energize aims for $100M–$110M in cost savings by end of 2026.

• Expanding $2.5B US store brand business and optimizing cost structure under One Perrigo model.

• Prioritizing free cash flow and deleveraging balance sheet as investment costs wind down.

• Ongoing integration of recent acquisitions and cost-reduction efforts to drive growth and efficiency.