Increase in Perrigo sales in Q2

Private label and over-the-counter personal care drug producer Perrigo shared its financial results for the second quarter of 2022, highlighted by a strong increase in net sales.

Net sales were $1.1 billion in the quarter ended July 2, 2022, an increase of 14.3%, or 20.2% excluding the impact of currency translation, compared to the quarter of the previous year. Sales were driven by strong increases in the new categories of women’s health (48.1%), upper respiratory (38.6%) and nutrition (30.6%) in Perrigo’s portfolio.

In the second quarter, Perrigo created the new Women’s Health reporting category, comprising the recently acquired HRA Women’s Health portfolio, including ellaOne and Hana, in addition to Perrigo’s legacy Women’s Health products, including feminine hygiene and pregnancy products. Perrigo also created the Skincare reporting category, including Compeed, Mederm and all products in the former Perrigo “Skincare and Personal Hygiene” category, except former Women’s Health products. Perrigo. An Other category has also been added and now includes the HRA Rare Diseases activity.

“It was a truly remarkable quarter for the Perrigo team. During the quarter,” said Perrigo President and Chief Executive Officer Murray S. Kessler. “We closed the HRA transaction, closed secured credit facilities $2.6 billion top-tier, received FDA clearance and launched Nasonex 24HR’s first Rx-to-OTC switch, filed with the FDA for the first-ever Rx-to-OTC switch for a pill daily contraceptive, and worked around the clock in our infant formula factories to help alleviate the shortage in the United States – while delivering a 20% constant currency increase in net sales and sequential improvement in 310 basis points of our consolidated revenue adjusted gross margin. All of this was achieved despite a buoyant external environment, including severe inflationary headwinds. I could not be more proud of the performance of my colleagues at Perrigo, as our personal care strategy is executed with excellence.”

Following the results, Perrigo is raising its outlook for organic net sales growth for fiscal year 2022 to 9.0%-10.0%, from 8.0%-9.0%, year-on-year, in due to high demand. Company reaffirms full year 2022 total net sales growth outlook of 8.5% to 9.5% as higher organic net sales growth outlook is expected to be offset by worsening inflation .

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