Morningstar

Morningstar, Inc.

Equity Bottom-Up

At Perrigo’s analyst day, the company presented first-quarter results that were generally in line with expectations. Management also spent significant time reviewing the anticipated prioritization of self-care, but the discussion included significant moving parts, such as the announcement of the divestiture of the animal health segment, planned sale or spin-off of the prescription pharmaceutical segment, and the acquisition of Ranir, which made overall quarterly comparisons challenging. We…

Perrigo continues to post mixed results following weakness stemming from Omega integration issues, the return of branded competitors like Johnson &amp; Johnson to store shelves, and competitive pressure in the company's prescription topicals business. While we previously considered Perrigo’s store-brand market share gains from competitor manufacturing issues and consumers seeking lower-cost options during the recession as unsustainable, we think Perrigo's operations can sustain reasonable growth…

<p>We are placing Perrigo under review as we transfer coverage to a new analyst. We expect to publish a new fair value estimate in the second quarter.</p>

United States

Perrigo Company PLC is a global healthcare supplier that develops, manufactures, and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

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