Perrigo PRGO reported second-quarter 2026 All In adjusted earnings per share (EPS) of 50 cents, which beat the Zacks Consensus Estimate of 31 cents. The reported figure declined 12.3% year over year owing to lower sales volumes and the carryover impact of planned under-absorption stemming from lower prior-year sales volumes.
All In net sales declined 3.2% year over year to $1.02 billion but marginally beat the Zacks Consensus Estimate of $1 billion. The decline was attributed to softer consumer demand, lower retail inventory levels and the impact of divestitures, partially offset by growth in Infant Formula sales.
In the second quarter of 2026, All In sales declined 2.2% year over year on account of exited businesses and product lines but benefited 0.3% from favorable currency movements. At constant currency (excluding foreign currency translation), sales fell 3.5%. Organic net sales (excluding the effects of acquisitions and divestitures and the impacts of currency) declined 1.3%.
To remind investors, Perrigo had announced a restructuring of its reporting framework in the fourth quarter of 2025. Beginning in 2026, the company reported results using two perspectives, “All In” and “Core”. “All In” reflects historical operations and “Core” represents the go-forward business excluding Infant Formula and announced divestitures, primarily the Dermacosmetics unit.
Core adjusted EPS for the first quarter was 46 cents, down 20.7% year over year. Perrigo recorded $907 million in core adjusted sales, down 3.1% year over year.
PRGO stock gained 23% on Wednesday, likely due to better-than-expected earnings results. Investors reacted positively to the earnings beat.
Year to date, shares of Perrigo have risen 0.1% against the industry’s 15.7% decline.
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More on PRGO’s Q2 Earnings
Under the new structure, beginning in the first quarter of 2026, Perrigo reports results under three separate segments: Self Care, Specialty Care and Infant Formula.
The Self Care segment encompasses the Upper Respiratory, Digestive Health, Pain and Sleep Aids, and Healthy Lifestyles categories, covering both branded and store-brand products. Meanwhile, the Specialty Care segment includes Women’s Health and Skin Health businesses. The Infant Formula segment continues to represent the company’s established infant nutrition business.
An additional “All Other” category includes oral care, the Dermacosmetics business, currently being divested and smaller non-core brands.
Self Care: The segment’s net sales in the second quarter came in at $577 million, down 3.7% year over year, primarily due to continued softness in category consumption across the United States and Europe.
Specialty Care: The segment reported net sales of $227 million, down 2.8% from the year-ago period, mainly due to weaker Skin Health performance, partly offset by growth in the Women's Health category.
Infant Formula: In this segment, net sales rose 23.1% year over year to $101 million, driven by the timing of contract infant formula shipments.
Under the All Other category, net sales decreased 16.9% year over year to $119 million.
Perrigo ended the second quarter with cash and investments of $399.7 million compared with $357.2 million as of March 31, 2026.
Perrigo Company plc Price, Consensus and EPS Surprise
Perrigo Company plc price-consensus-eps-surprise-chart | Perrigo Company plc Quote
PRGO Reaffirms 2026 Guidance
The company expects All In net sales to decline by 1.5%-5.5% year over year in 2026. All In adjusted EPS is projected to be in the range of $2.00-$2.30.
For its Core business, sales are forecast to range from a 3% decline to 1% growth. Core adjusted EPS is expected to be in the range of $2.25-$2.55.
PRGO’s Zacks Rank & Stocks to Consider
Some better-ranked stocks in the biotech sector are Harmony Biosciences HRMY and Liquidia Corporation LQDA, each currently sporting a Zacks Rank #1 (Strong Buy) and Altimmune ALT, which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, earnings per share estimates for Harmony Biosciences have increased from $3.20 to $3.33 for 2026. Over the same period, estimates for earnings per share increased from $3.64 to $3.87 for 2027. HRMY shares have risen 2.2% year to date.
Harmony Biosciences missed on earnings in three of the trailing four quarters and beat in the remaining one, delivering an average negative surprise of 13.97%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $3.02 from $2.97. Over the same period, EPS estimates for 2027 have risen to $5.31 from $4.81. LQDA shares have gained 158.4% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.
Over the past 60 days, estimates for Altimmune’s 2026 loss per share have narrowed from 69 cents to 64 cents. Over the same period, loss estimates for 2027 have also improved from 73 cents to 64 cents. ALT shares have declined 16.1% year to date.
Altimmune’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, the average surprise being 15.81%.
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