Prestige Consumer Healthcare (PBH) Barclays 19th Annual Global Consumer Conference summary

Company overview and recent developments

• Generates about 80% of revenue from North America, with the remainder internationally.

• Recent acquisitions include Pillar5 Pharma (Canada), Breathe Right (largest in company history, $1B), and LaCorium Health (Australia).

• Pro forma sales now approach $1.4 billion, with expected 10% top-line growth over the next three years.

• Anticipates $900 million in free cash flow over three years to support deleveraging.

• Expanding portfolio and international presence, especially in Europe and Asia-Pacific.

Business model and competitive positioning

• Focuses on niche categories where brands can define and grow the space, using consumer insights for innovation.

• Grows brands individually rather than by broad category, leveraging direct consumer feedback.

• Competitive advantage lies in brand-by-brand consumer insight and category leadership.

Market dynamics and consolidation

• Consumer healthcare is highly fragmented due to the individualized nature of health needs and historical brand ownership.

• Sees ongoing consolidation opportunities, as shown by recent acquisitions.