Slides
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Q4 & FY2025 Earnings Presentation February 26, 2026
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Bradley Joseph VP Global Investor Relations
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3 Forward-Looking Statements Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, 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 particular, statements about our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this report, including certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are 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: our ability to complete the proposed divestment of the Dermacosmetics branded business, receipt of works council and regulatory approval regarding the transaction, performance by counterparties to the transaction and the likelihood of satisfying the deferred payment milestones associated with the transaction, 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) and changes in global trade relations; 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 risk that potential costs or liabilities incurred or retained in connection with this transaction 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, 2025, 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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4 Agenda • Introduction • Market Overview & FY2025 Performance • ‘Three-S’ Plan Progress & New Reporting Segments • FY2026 Outlook & Key Priorities • Financial Review • Balance Sheet & Capital Allocation • Operational Enhancement Program & FY2026 Outlook • Q&A Patrick Lockwood-Taylor Eduardo Bezerra All Brad Joseph
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Patrick Lockwood-Taylor President and CEO
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6 Key Takeaways Winning with Consumers & Customers; Gaining Market Share Delivered Adj. EPS In-line with Updated Expectations - Solid Improvement vs. Prior Year Strong Progress on our ‘Three-S’ plan, despite Market and Infant Formula Softness 2026 Guidance Reflects Market Conditions and Work Required to Offset Headwinds Confident to Deliver Long-Term Growth and Value
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7 Perrigo Gains Share in U.S. OTC Amid Soft Market U.S. OTC Market Change YoY 1. Circana MULO+ Omnichannel in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicotine replacement, skin care and women’s health. Does not include oral care or infant formula. Smoking Cessation +2.8ppts Allergy +1.8ppts Cough / Cold +0.5ppts Digestive Health +0.1ppts Women’s Health +0.0ppts Pain and Sleep Aids +0.0ppts Skin Care -0.2ppts Total +0.6ppts Perrigo Volume Share ∆ Latest 52-Weeks1Category Q1 Q2 Q3 Q4 3.4% 2.5% -1.1% 0.8% -2.8% -0.4% -4.2% -2.0% Value Volume
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8 E.U. OTC Market Change YoY1 Key Brands Remained Resilient Amid Soft Consumption +0.6ppts +0.6ppts +0.3ppts +0.3ppts +0.1ppts -0.1ppts -0.5ppts Total Key E.U. Brands +0.1ppts Key E.U. Brands Perrigo Dollar Share ∆ Latest 52-Weeks1 Q1 Q2 Q3 Q4 5.6% 1.3% 1.8% -1.2% -0.8% -3.5% -0.1% -1.7% Value Units 1. Consolidation of various data sources (IQVIA, IRI, Nielsen, Openhealth, Newline, HMR, reddata, Farmastat).
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9 Delivered FY2025 Adj. EPS at the Midpoint of Updated Outlook Range 1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. 2. CORE Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 3. Change in organic net sales excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. Net Sales $4.3B $3.8B All In CORE FY2025 Results Organic Change YoY -2.4% Organic Change YoY -4.5% Organic Change YoY -2.0% $622M $587M All In CORE Adj. Operating Income Organic Change YoY -1.9% Change YoY +$14M, +2.3% Change YoY +$36M, +6.7% $2.75 $2.52 All In CORE Adj. EPS Change YoY +$0.18, +7.0% Change YoY +$0.31, +14.0% $1,110M $977M All In CORE Q4 2025 Results Net Sales $167M $165M All In CORE Adj. Operating Income Change YoY -$27M, -13.8% Change YoY -$4M, -2.1% $0.77 $0.76 All In CORE Change YoY -$0.16, -17.2% Change YoY -$0.02, -2.6% Adj. EPS
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10 Significant Progress Executing Our ‘Three-S’ Plan in 2025 Stabilize Streamline Strengthen U.S. Store Brand OTC Share Expand Focused and Prioritized Brand Portfolio with R&D Prioritize A&P to Scalable High- Margin, Key Brands Portfolio and Organization to Drive Focused and Scalable Growth Manufacturing Network to Enable Reach and Scale Ensuring Consistent and Reliable Supply of Infant Formula Grew SB Market Share for the first time in years: +0.6pt share1 Recovered Infant Formula service levels to >90%. Demand recovery in Infant Formula slower amid intense competition Streamlined portfolio: Announced divestiture of Dermacosmetics business, assessing Infant Formula, Oral Care Substantially completed major efficiency initiatives with excellence (Project Energize & Supply Chain Reinvention achieved $320M in benefits) Key E.U. Brands +0.1pts share2 Innovation Pipeline Value 3x vs. 2024 Expanded Retailer partnerships & capabilities; i.e. Demand Generation 1. Circana MULO+ Omnichannel in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicotine replacement, skin care and women’s health. 2. Consolidation of various data sources (IQVIA, IRI, Nielsen, Openhealth, Newline, HMR, reddata, Farmastat).
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11 Aligning Segments with New Operating Model Infant Formula Other Self-Care Empowering everyday health, simply and reliably Specialty Care Focused care for life’s most personal needs Provides a clear view of CORE Perrigo – the business that will power our future
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12 FY2026 CORE Perrigo Outlook – Expect Perrigo Consumption Ahead of Market Amid Soft Consumption 1. CORE Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 2. Change in organic net sales excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. 3. CORE Perrigo FY2026 Outlook assumes previously announced divestment of Dermacosmetics closes Q2’2026. Assumes exchange rates of USD/EURO of approximately $1.16. OTC Market • Market softness accelerated throughout 2025 • Consumption so far in 2026 has further weakened • Expect global OTC consumption remains soft in 1H’26, returns to growth in 2H’26 • Consumers continuing to choose high quality, value offerings Perrigo Consumption Ahead of Market Continued share momentum via: • Consumer-centric innovation • Amplified demand generation with top customers • Geographic expansion • Distribution gains Perrigo FY2026 Outlook CORE Perrigo FY2026 Outlook: • Net Sales Growth YoY: -3.0% to +1.0% • Organic Net Sales Growth YoY: -3.5% to +0.5% • Adj. EPS: $2.25 to $2.55 FY2026 A Transition Year • Work through near-term market pressures and temporary manufacturing impacts • Strategy and portfolio focus support return to healthier growth as conditions normalize
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13 2026 Key Priorities Grow Share in Top Brands & Deliver Innovation Pipeline Continue Driving U.S. Storebrand Demand Generation in Partnership with Retailers Deliver Operational & Cost Savings Program Continue Portfolio Assessment Efforts Drive our Category Model & Performance Culture
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Eduardo Bezerra EVP , Chief Financial Officer
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15 CSCI FY & Q4 2025 Financial Highlights 1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. 2. CORE Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 3. Change in organic net sales excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. See attached Appendix. $1,668M $1,528M All In CORE FY2025 Net Sales Adj. Operating Income Organic Change +0.3% Organic Change -0.2% Organic Change -1.0% Organic Change -1.4% $413M $379M All In CORE Q4’25 $365M $337M All In CORE FY2025 YoY Change +$13M, +3.7% YoY Change +35M, +11.6% $90M $84M All In CORE Q4’25 YoY Change +$6M, +7.4% YoY Change +$8M +10.3%
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16 CSCA FY & Q4 2025 Financial Highlights 1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. 2. CORE Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 3. Change in organic net sales excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. See attached Appendix. Net Sales Adj. Operating Income FY2025 FY2025 $2,585M $2,229M All In CORE $411M $402M All In CORE Q4’25 $697M $597M All In CORE $117M $120M All In CORE Q4’25 Organic Change -4.0% Organic Change -3.0% Organic Change -6.3% Organic Change -2.4% YoY Change -$11M, -2.6% YoY Change -$10M, -2.4% YoY Change -$29M, -20.1% YoY Change -$8M, -6.2%
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17 Cash Flow and Balance Sheet Year End 2025 Cash on Balance Sheet of $532M CY2025 Operating Cash Flow of $239M • Q4’24 Operating cash flow of $175M CY2025 Uses of Cash • Capital expenditures of $93M • Dividends paid of $159M Year End Net Leverage 4.0x • Includes unfavorable FX translation on gross debt of 0.1x 1. Net leverage ratio calculated using trailing 12 months adjusted EBITDA. See attached Appendix. Priorities Remain Unchanged • Business growth, reducing total debt and net leverage, and returning value to shareholders through dividends • Expect proceeds from sale of Dermacosmetics (expected to close Q2’26) to contribute to debt reduction Cash & Leverage Capital Allocation
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18 Aligning Segment Reporting with New Commercial Operating Model New Segment Reporting Begins Q1’26 Upper Respiratory Digestive Health Pain & Sleep-Aids Healthy Lifestyle Women’s Health Skin Health Oral Care Other Infant Formula Self-Care Specialty Care Infant Formula Other Product Categories
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19 Operational Enhancement Program Advances ‘Three-S’ Plan & Aligns Organization to Current Market Conditions • Remain disciplined managing costs in dynamic environment • Improves productivity, streamlines operations and enhances competitiveness • Improves agility, accelerates decision making and better leverages technology Driving Efficiency in Current Market Conditions Expected Annualized Run-rate Pre-tax Savings of $80M to $100M Expected Cash Costs $80M to $90M
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20 FY2026 Perrigo Outlook Metric FY2025 CORE Perrigo Actuals FY2026 CORE Perrigo Outlook Drivers of FY2026 CORE Outlook vs. FY2025 CORE Actuals FY2026 All In Perrigo Outlook Reported Net Sales $3,756M -3.0% to +1.0% YoY • Growing share ahead of the market driven by consumer-centric innovation, amplified demand generation, targeted geographic expansion, and continued distribution gains -5.5% to -1.5% YoY Organic Net Sales -3.5% to +0.5% YoY Adj. Gross Margin 39.6% 39.0% to 40.0% • Under absorption, higher A&P and the reset of variable incentives plans offset by operational enhancement program and targeted cost savings 36.5% to 37.5% Adj. Operating Margin 15.6% 15.0% to 16.0% 12.5% to 13.5% Adj. Effective Tax Rate 17.0% ~20.0% • Benefits in 2025 that do not repeat in 2026 ~20.0% Adj. Diluted EPS $2.52 $2.25 to $2.55 • Interest expense of ~$156M • FY2026 adj. EPS includes net unfavorable impact of -$0.06 vs. FY2025 from changes in interest, tax rate, shares outstanding and foreign currency • FY2026 adj. EPS 1H of 30% to 35%; 2H 65% to 70% $2.00 to $2.30 Diluted Shares Outstanding 138.9M 140.5M 140.5M Cash From Operations as a % to Adj. Net Income N/A N/A Mid-60% 1. CORE Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 2. Change in organic net sales excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. 3. CORE Perrigo FY2026 Outlook assumes previously announced divestment of Dermacosmetics closes Q2’2026. Assumes exchange rates of USD/EURO of approximately $1.16.
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21 FY'25 All In Infant Formula Divestitures & Exited Products FY'25 CORE A&P and Incentives OTC Under Absorption Base Business Growth Cost Savings (Primarily Op. Enhancement Program) Interest, Taxes, Shares & FX FY'26 CORE Infant Formula Divestitures & Exited Products FY'26 All In FY2025 to FY2026 Adj. EPS Outlook Walk 1. CORE Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 2. Change in organic net sales excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. 3. CORE Perrigo FY2026 Outlook assumes previously announced divestment of Dermacosmetics closes Q2’2026. Assumes exchange rates of USD/EURO of approximately $1.16. $2.00 to $2.30 $2.25 to $2.55$2.52 $2.75 All In Perrigo CORE Perrigo
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22 Thank You
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23 Appendix – FY2025 CORE Perrigo and FY2026 Outlook FY2025 Actuals Net Sales ($M) Adj. Gross Margin Adj. Operating Margin Adj. EPS All In Perrigo 2025 $4,253 38.7% 14.6% $2.75 Exclude Infant Formula $357 120bps 110bps $0.05 Exclude Divestitures $140 (40)bps (10)bps $0.18 CORE Perrigo 2025 $3,756 39.6% 15.6% $2.52 FY2026 Outlook Net Sales Growth Adj. Gross Margin Adj. Operating Margin Adj. EPS All-In Perrigo FY2026 -5.5% to -1.5% 36.5% to 37.5% 12.5% to 13.5% $2.00 to $2.30 Exclude Infant Formula Flat ~240bps ~260bps ~$0.30 Exclude Divestitures ~(270)bps ~(10)bps ~(10)bps ~$(0.05) CORE Perrigo FY2026 -3.0% to +1.0% 39.0% to 40.0% 15.0% to 16.0% $2.25 to $2.55 CORE Organic FY2026 -3.5% to +0.5% 1. CORE Perrigo – Reflects the Company’s go-forward business – excludes Infant Formula and divestitures, primarily Dermacosmetics. 2. All-In Perrigo – Reflects total Company. 3. Organic excludes acquisitions, divestitures and FX. 4. 2026 Outlooks assume previously announced divestment of Dermacosmetics closes Q2’26. Assume exchange rates of USD/EURO of approximately $1.16.
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24 Appendix - Supplementary Financial Information Quarterly Impact of Infant Formula and Divestitures on Selected Non-GAAP Financial Measures Q1 2025 Q2 2025 Q3 2025 Q4 2025 Infant Formula Divestitures (Primarily Dermacosmetics) Infant Formula Divestitures (Primarily Dermacosmetics) Infant Formula Divestitures (Primarily Dermacosmetics) Infant Formula Divestitures (Primarily Dermacosmetics) Net Sales ($M) $87 $38 $81 $38 $89 $30 $100 $33 Adj. Gross Profit ($M) $32 $20 $10 $21 $37 $15 $11 $15 Adj. Operating Income ($M) $10 $8 -$13 $10 $15 $5 -$3 $5
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25 Reconciliation of Non-GAAP Measures
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