Slides
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June 10, 2025 Oppenheimer 25th Annual Consumer Growth & E-Commerce Conference
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2 Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our, or our industry’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” "forecast," “predict,” “potential” or the negative of those terms or other comparable terminology. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including: supply chain impacts on our business, including those caused or exacerbated by armed conflict, trade and other economic sanctions and/or disease; general economic, credit, and market conditions; increased or new tariffs by the U.S. or foreign governments (and any retaliatory or reciprocal tariffs); the impact of the war in Ukraine and any escalation thereof, including the effects of economic and political sanctions imposed by the United States, United Kingdom, European Union, and other countries related thereto; the outbreak or escalation of conflict in other regions where we do business, including the Middle East; current and future impairment charges, if we determine that the carrying amount of specific assets may not be recoverable from the expected future cash flows of such assets; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than we do; pricing pressures from customers and consumers; resolution of uncertain tax positions and any litigation relating thereto, ongoing or future government investigations and regulatory initiatives; uncertainty regarding our ability to obtain and maintain our regulatory approvals; potential costs and reputational impact of product recalls or sales halts; potential adverse changes to U.S. and foreign tax, healthcare and other government policy; the effect of epidemic or pandemic disease; the timing, amount and cost of any share repurchases (or the absence thereof) and/or any refinancing of outstanding debt at or prior to maturity; fluctuations in currency exchange rates and interest rates; receipt of potential earnout payments in connection with the sale of the HRA Rare Diseases Business, and the sale of our Hospital and Specialty Business and the risk that potential costs or liabilities incurred or retained in connection with those transactions may exceed our estimates or adversely affect our business or operations; the risk that potential costs or liabilities incurred or retained in connection with the sale of our Rx business may exceed our estimates or adversely affect our business or operations; the consummation and success of other announced and unannounced acquisitions or dispositions, and our ability to realize the desired benefits thereof; and our ability to execute and achieve the desired benefits of announced cost-reduction efforts and other strategic initiatives and investments, including our ability to achieve the expected benefits from our ongoing restructuring programs described herein. Adverse results with respect to pending litigation could have a material adverse impact on our operating results, cash flows and liquidity, and could ultimately require the use of corporate assets to pay damages, reducing assets that would otherwise be available for other corporate purposes. These and other important factors, including those discussed in our Form 10-K for the year ended December 31, 2024 and in any subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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3 Perrigo Has a Unique, Complementary & Expandable Business Model Store Brand Generates Cash to Invest in Brands & Innovation Scalable, Low-Cost Supply Chain to Deliver 250+ Molecules & Dosage Form Combinations in Brands & Store Brands Consumer-led Innovation Scales Across Brand & Store Brand & Geographies Same Capabilities Drive Brand & Store Brand Demand Generation Driving Self- Care Access & Household Penetration (HHP)
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4 Leveraging Our Core Strengths to Drive Self-Care Access & Household Penetration Scale of Customer Relationships Breadth & Scale of Innovation Scale of Global Regulatory Interface Scale of Manufacturing Supply 250+ Molecules & Dosage Form Combinations at 100% Price Point Coverage
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5 Initiated ‘Three S’ Plan to Drive Attractive, Sustainable TSR Stabilize Streamline Strengthen 1. Free cash flow = operating cash flow – capital expenditures. 2. Net leverage = total debt outstanding – cash and cash equivalents / adj. EBITDA. FY 2024 FY 2025 FY 2026 FY 2027 • Return to growth in U.S. Store Brand • Continue infant formula recovery and relaunch paused SKUs • Continue benefits from accretive initiatives to fuel investments for ‘High-Grow’ brands • Continue growth in U.S. Store Brand • Drive infant formula volumes and operations upgrades • Continue achieving benefits from accretive initiatives • ‘High-Grow’ brand investments begin delivering benefits in 2H’26 • ‘High-Grow’ brand sales acceleration target • Fortify/upgrade infant formula network • Delivering sustainable growth on the top and bottom line • 40%+ improvement in FCF 1/Sales target vs. 2024 • Net Leverage2 target <3x WE ARE HERE • Establish and align around One Perrigo strategy • Define 2025-2027 action plan (Three-S) • Define and implement unified ways of working
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6 Perrigo Uniquely Provides Offerings Across the Value Spectrum Perrigo Net Sales FY 20241 1. Based on FY 2024 net sales. 2. Circana L52 w/e 12/29/24, in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicotine replacement, skin care and women’s health categories. 3. Consumer Health peer average based on 2025E P/E ratios for KVUE, HLN, and PBH based on consensus estimates. Total Perrigo based on 2025E P/E ratio using closing price as of 6/4/25 and $3.00 midpoint of company provided outlook range. Brand, ~40% Store Brand, ~60% • Structural tailwinds of OTC categories • Significant U.S. household penetration 2 of 62% • Leading U.S. Store Brand share 2 of ~50% • U.S. based manufacturing • Significant free cash flow generation Currently at a Discount P/E Multiple Comparison3 Store Brand is a Great Business 19.6x 8.7x 0.0x 5.0x 10.0x 15.0x 20.0x Consumer Health Average Perrigo
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7 Anticipate Brands, Primarily Led by Our CSCI Business, to Drive Growth 1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. 2. ellaOne®: FY2024 IQVIA. 3. Compeed #1 Blister specialist brand in Europe Full Year 2024 - IQVIA (DE, ES, AT, BE, PL, IE, GR, CH, SE, FI, NO, CZ, SK), NewLine (IT), OpenHealth (FR), Circana (UK), Nielsen IQ (NL). 4. FY2024 IQVIA. 5. IQVIA Data December 2024.Circana latest 52-weeks ending 12/29/24. #1 In Europe2 #1 Share In Europe & U.K.3 #3 Share In Europe & U.K.5 #3 In Cough/Cold in Countries We Play4 Consumer Self-Care International Segment (CSCI) Organic Net Sales Growth & Adj. Operating Margin1 7.5% 7.4% 2.9% 14.6% 16.8% 21.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% FY'22 FY'23 FY'24 Organic Net Sales Growth Adj. Operating Margin
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8 Perrigo’s Unique Business Model Provides Opportunities in Current Macro Environment 1. Company estimates based on multiple third-party data sources. 2. Circana L4 w/e 5/18/25 and 4/20/25, in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicotine replacement, skin care and women’s health categories. Lower consumption across most U.S. and E.U. OTC categories stemming from: • Lower consumer confidence • Slower start to allergy and sun seasons U.S. consumers seeking enhanced value driving store brand share gains: • National brand buyers trading into store brand • Trading up to larger pack sizes within Store Brand 4-Weeks Ending 4/20/25 Latest Available 4-Weeks Ending 5/18/25 +110bps +50bps U.S. OTC Store Brand Volume Share2 Recent Consumer Trends1
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9 Key Takeaways Accelerating Growth Reinvesting in ‘High-Grow’ brands for long-term sustainable growth. Compelling Valuation Expected double-digit adj. EPS growth YoY , at a high single-digit P/E multiple. Enhancing Capital Structure Committed to a growing dividend policy and de-levering the balance sheet. Lowering Risk Profile More predictable cash flows with diversified revenue streams. Enhancing Profitability Streamlining portfolio and organization for greater agility and profitability. Balancing Near-Term Volatility Declining consumption and tariffs uncertainty
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10 Thank You
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Appendix
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