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1 Q3 2026 Earnings Presentation Nove mber 4 , 2 0 26
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2 Eric Jacobson 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 the proposed divestiture of the Company’s Infant Formula business, including the timing and benefits thereof and the anticipated use of proceeds, our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this presentation 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,” "outlook," "momentum," "continue," “estimate,” "forecast," “predict,” “potential” or the negative of those terms or other comparable terminology. The information presented under "Fiscal 2026 Outlook" is inherently forward-looking. 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) 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 ongoing conflict and social, political and economic environment in Israel and the broader 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 satisfaction of certain deferred payment milestones associated with the Dermacosmetics Business divestment; the risk that potential costs or liabilities incurred or retained in connection with the sale of our Rx and other divested businesses may exceed our estimates or adversely affect our business or operations; the ability to consummate the proposed sale of our Infant Formula business on the anticipated terms and timeline, or at all, including the satisfaction or waiver of closing conditions and receipt of required third-party approvals; risks and uncertainties relating to the proposed sale, including potential disruption to our business, relationships with customers, suppliers, employees and other business partners, and risks associated with the separation of the Infant Formula business and related transition arrangements; our ability to realize the anticipated benefits of the proposed sale; the consummation and success of other announced and unannounced acquisitions or dispositions, the satisfaction of deferred payment milestones associated with prior dispositions, and our ability to realize the desired benefits of such transactions; 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 and strategic review processes 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 • Priorities • Third-quarter Performance • Three-S Plan • Commercial Opportunities • Financial Review • FY2026 Outlook • Q&A Albert Manzone Eduardo Bezerra All Eric Jacobson
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5 Albert Manzone Interim President and CEO
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6 Key Takeaways 6 • Three-S plan execution driving sequential improvement in operating results • Agreement to divest Infant Formula business accelerating evolution into a simpler, more focused consumer self-care company • Gained share in U.S. store-brand OTC and key European brands • Category trends improved sequentially throughout 2026 • Updated full-year 2026 outlook to reflect divestiture, more measured retailer inventory positioning, and continued softness in Europe
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7 Q3’26 Financial Highlights All In Adj. EPS2Net Sales YoY Change -1.7% YoY Change -9.0% YoY Change -5.2% YoY Change -25.0% Core1 • Net Sales: Primarily driven by same factors as Core, as well as the impact of Infant Formula and divestitures. • Adj. EPS: Impacts of Infant Formula, including planned under absorption, and divestitures, partially offset by Operational Enhancement Program savings. • Net Sales: Lower consumption, particularly in Europe, more measured retailer inventory positioning ahead of the cough and cold season, and lower contract volumes. • Adj. EPS: Lower volume and mix, partly offset by lower tax expense, Operational Enhancement Program benefits and operational execution. Core All In 1. Core Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 2. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. $924 $908 Q3'25 Core Q3'26 Core $0.67 $0.61 Q3'25 Core Q3'26 Core $1,043 $989 Q3'25 All In Q3'26 All In $0.80 $0.60 Q3'25 All In Q3'26 All In
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8 Operating Results Improved Sequentially $842M $907M $908M 12.8% 13.0% 14.3% Q1'26 Q2'26 Q3'26 Core Net Sales Core Adj. Operating Margin Growth and efficiency initiatives combined with category recovery driving sequential improvement1,2 1. Core Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 2. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. -8.3% YoY -3.1% YoY -1.7% YoY
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9 Consumption headwinds moderating Category Growth Showing Sequential Improvement as Expected 1. 2025 Net Sales by Category U.S. & European Consumption1 OTC Market Growth U.S.2 OTC Market Growth Europe3 1. Historical figures reflective of reconstitution. 2. Circana MULO+ Omnichannel in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicoti ne replacement, skin care and women’s health for 13WE 9/27/2026. 3. Consolidation of various data sources (IQVIA, Nielsen, and Circana) for last 3 months ending August 2026. 4.0% -1.2% -3.1% -4.4% -3.4% -1.6% -1.1% 3.3% 0.9% -0.5% -2.1% -1.6% -0.6% 0.6% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Value Volume Sequential Improvement Sequential Improvement 6.9% 3.6% 0.9% 1.4% -2.6% 0.2% 0.6% 3.7% 0.2% -1.7% -1.1% -3.7% -1.4% -1.6% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Value Units
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10 Improving execution and simplifying the business Three-S Plan Progress • Improved consistency of operations • Enhanced service driving stronger retail customer relationships and improved collaboration • Simplifying portfolio with Infant Formula and Dermacosmetics divestitures • Oral Care strategic review remains ongoing • Operational Enhancement Program drove $42M of YTD savings; on track for 2026 savings of ~$60–80M • Demand generation programs driving store brand share gains—U.S. OTC gained 30bps of volume share1 • Innovation and advertising and promotional initiatives benefiting key brands--key European brands gained 80bps of value share2 Stabilize Streamline Strengthen 1. Circana MULO+ Omnichannel in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicoti ne replacement, skin care and women’s health for 13WE 9/27/2026. 2. Consolidation of various data sources (IQVIA, Nielsen, and Circana) for last 3 months ending August 2026.
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11 Strengthen: Continuing to Advance Our Growth Building Blocks Consumer-centric innovation Accelerate innovation across store brands and differentiated brands through shared platforms. Premiumize offerings and build pricing power. Continued distribution gains Win store-brand distribution with quality at accessible prices. Expand in e-commerce, e-pharmacies, and discounters. Amplified demand generation Build brands and deepen customer partnerships. Use digital activation to grow online demand and store-brand penetration. Investing in brands and store brands
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12 Investing Behind Our Brands and Store Brand Franchise STORE BRAND GLP-1 ACTIVATION • Approved claims to support consumer GLP-1 journey • Deepening strategic relationships with customers Key Brands Continue Momentum +7.6% growth +70 bps share1 +9.8% growth +20 bps share2 1. IQVIA, Nielsen, and Circana, value share for last 3 months ending August 2026. 2. Circana MULO+ Omnichannel, value share 13WE 9/27/2026. +20.4% growth +360 bps share1
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13 eCommerce Is Growing Rapidly and Increasing in Importance to Perrigo U.S. eCommerce Total Category Volume Growth Perrigo U.S. Share: eCommerce vs Total Category1 % of Perrigo U.S. Volume from eCommerce 7.9% 4.8% 12.3% 18.3% 14.8% 2022 2023 2024 2025 YTD 2026 12.7% 14.0% 15.5% 19.0% 22.0% 2022 2023 2024 2025 YTD 2026 Source: Circana; CYTD ending September 27, 2026. 1. Share change compared to prior year. eCommerce continues to grow rapidly Perrigo’s U.S. eCommerce share exceeds its share in total MULO+ eCommerce represents a growing portion of Perrigo’s U.S. total volume 2022 2023 2024 2025 YTD 2026 MULO+ Share eCommerce Share +10bps -10bps -50bps -10bps +20bps -20bps +40bps +120bps +60bps +130bps
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14 Perrigo continues to outperform relevant categories in both the U.S. and Europe Market Share Gains Demonstrate Benefits of Three-S Plan 1. 2025 Net Sales by Category1. Circana MULO+ Omnichannel in the categories where Perrigo participates in cough cold, allergy, digestive health, pain, nicoti ne replacement, skin care and women’s health for 13WE 9/27/2026. 2. Consolidation of various data sources (IQVIA, Nielsen, and Circana) for last 3 months ending August 2026. Total Category Volume Growth +0.6% U.S. Store Brand OTC Q3 20261 Total Category Value Growth +0.6% E.U. OTC Latest Available 3-Months2 Category PRGO Volume Growth PRGO Volume Share Women’s Health +26.8% +10 bps Cough / Cold +2.6% +20 bps Smoking Cessation +1.9% +310 bps Pain and Sleep Aids +1.1% +70 bps Digestive Health +4.1% +20 bps Allergy +4.5% +180 bps Skin Health -20.7% -40 bps Oral Electrolytes -23.8% -50 bps Total Perrigo +2.0% +30 bps Key E.U. Brands PRGO Value Growth PRGO Value Share +20.4% +360 bps +7.6% +70 bps +1.0% Flat -0.1% -90 bps -10.5% -30 bps +6.7% +130 bps -3.9% +20 bps Total Perrigo Key E.U. Brands +6.5% +80 bps
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15 Looking Forward 15 • Sustain market share gains and grow categories by expanding access to high-quality, affordable self-care products • Further simplify and strengthen our portfolio to sharpen focus, discipline, and consistency • Strengthen balance sheet and enhance financial flexibility • Execute on our updated 2026 outlook and position Perrigo for sustainable long-term growth 15
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16 Eduardo Bezerra Chief Financial Officer
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17 Q3’26 Segment Net Sales Overview All In Net SalesCore Net Sales1,2 YoY Change -5.2% (YoY Organic Change -1.9%) YoY Change -1.7% (YoY Organic Change -1.1%) • Self Care impacted by softer category consumption and more measured retailer inventory positioning ahead of the cough and cold season. • Specialty Care supported by strong Women's Health momentum, offset by lower volumes of store brand and contract manufactured Minoxidil. • All In results reflected the same category dynamics as Core in addition to the impact of lower Infant Formula net sales and divestitures. 1. Core Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 2. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts. $1,043M -$20M -$9M -$9M -$17M $989M Q3'25 All In Net Sales Self Care Specialty Care Infant Formula All Other Q3'26 All In Net Sales $924M -$19M -$9M $13M $908M Q3'25 Core Net Sales Self Care Specialty Care All Other Q3'26 Core Net Sales
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18 $173M -$25M -$10M -$15M $4M $2M $129M Q3'25 All In Adj. Op. Income Self Care Specialty Care Infant Formula All Other Corporate Q3'26 All In Adj. Op. Income Q3’26 Segment Adjusted Operating Income Overview All In Adj. Operating Income Core Adj. Operating Income1 YoY Change -25.5% YoY Change -14.4% • Self Care impacted by unfavorable gross profit flow through, driven by mix, and higher advertising and promotional investments, partially offset by benefits from the Operational Enhancement Program. • Specialty Care impacted by unfavorable mix in Skin Health and higher advertising and promotional investments across the segment. • All In trends broadly consistent with Core operating income performance in addition to impacts from Infant Formula, including planned under absorption, and divestitures. * See attached Appendix for reconciliation of Adjusted (Non -GAAP) to Reported (GAAP) amounts. 1. Core Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. $152M -$25M -$10M $11M $2M $130M Q3'25 Core Adj. Op. Income Self Care Specialty Care All Other Corporate Q3'26 Core Adj. Op. Income
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19 Consolidated Adjusted Gross & Operating Margins • Adj. gross and operating margin trends broadly consistent with Core, in addition to impacts from Infant Formula, including planned under absorption, and divestitures. • Adj. gross margin impacted by lower net sales volumes and unfavorable mix. • Adj. operating margin benefited from Operational Enhancement Program savings, which partially offset gross margin pressure and higher advertising and promotional investments. Core2 All In Adj. Gross Margin1 Adj. Operating Margin1 YoY Change -140bps YoY Change -370bps YoY Change -360bps YoY Change -210bps Core All In * See attached Appendix for reconciliation of Adjusted (Non -GAAP) to Reported (GAAP) amounts. 1. Amounts may not sum due to rounding. 2. Core Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. 39.4% 37.9% Q3'25 Core Q3'26 Core 16.5% 14.3% Q3'25 Core Q3'26 Core 39.9% 36.3% Q3'25 All In Q3'26 All In 16.6% 13.1% Q3'25 All In Q3'26 All In
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20 Consolidated Adj. EPS Core1 All In Adj. EPS YoY Change -9.0% YoY Change -25.0% • Adj. EPS impacted by lower sales and operating income as a result of lower consumption and more measured retailer inventory positioning ahead of the cough and cold season. • Adj. diluted EPS reflected factors similar to Core in addition to lower sales volumes and operating income in Infant Formula. Core All In * See attached Appendix for reconciliation of Adjusted (Non -GAAP) to Reported (GAAP) amounts. 1. Core Perrigo excludes the Infant Formula business and previously announced divestitures, primarily Dermacosmetics and exited products. $0.67 $0.61 Q3'25 Core Q3'26 Core $0.80 $0.60 Q3'25 All In Q3'26 All In
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21 Balance Sheet & Cash Flow Q3 Cash Flow & Uses Capital Allocation Cash on balance sheet of $437M Operating cash flow of $96M in line with outlook Uses of cash • Capital expenditures of $18M • Dividends paid of $40M Priorities • Sustainable business growth, reducing total debt and net leverage, and maintaining a disciplined and balanced capital allocation framework • Subsequent to quarter end, announced an agreement to divest Infant Formula business for upfront cash of $40M and contingent payments of up to $135M contingent on the achievement of future performance milestones through 2030
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22 Metric FY2025 All In Perrigo Actuals FY2025 Core Perrigo Actuals FY2026 Core Perrigo Outlook Previous as of 8/5/26 FY2026 Core1,3 Perrigo Outlook Updated as of 11/4/26 FY2026 All In Perrigo Outlook Previous as of 8/5/26 FY2026 All In2,3 Perrigo Outlook Updated as of 11/4/26 Reported Net Sales $3,894M $3,754M -3.0% to +1.0% YoY -3.6% to -2.5% YoY -5.5% to -1.5% YoY -5.7% to -4.6% YoY Organic Net Sales -3.5% to +0.5% YoY -3.8% to -2.7% YoY Adj. Gross Margin 40.0% 39.6% 39.0% to 40.0% 37.5% to 38.5% 36.5% to 37.5% 37.8% to 38.8% Adj. Operating Margin 15.7% 15.6% 15.0% to 16.0% 14.0% to 15.0% 12.5% to 13.5% 14.3% to 15.3% Net Interest Expense $163M $163M ~$156M ~$162M ~$156M ~$162M Adj. Effective Tax Rate 17.0% 17.0% ~18.0% ~14.0% ~18.0% ~14.0% Adj. Diluted EPS $2.69 $2.52 $2.25 to $2.55 $2.15 to $2.35 $2.00 to $2.30 $2.25 to $2.45 Diluted Shares Outstanding 138.9M 138.9M 139.3M 140.0M 139.3M 140.0M Cash From Operations as a % to Adj. Net Income N/A N/A N/A N/A Mid-60% Low-to-Mid-60% Updated FY2026 Outlook (1) Core reflects the performance of the Company’s go -forward business and excludes businesses that have been divested or classified as discontinued operations. (2) All In reflects total company continuing operations; following the classification of the Infant Formula business as discontin ued operations, as of 11/4/26 our All In outlook no longer includes results from that business. (3) Assumes exchange rates of USD/EURO of approximately $1.12.
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23 Thank you 23
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35 New Operating Model Enhances Scale