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Perrigo Out From Under VMS Weight As IVC Lifts Private Label Profile

This article was originally published in The Tan Sheet

Executive Summary

The cash deal for Perrigo's vitamins, minerals and supplements business will make International Vitamin Corporation the largest US private label nutritional product manufacturer and better position Perrigo to either continue on its own or as an even more attractive takeover target.

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Perrigo's Infant Formula Already A Key Sales Driver, And Nutrition Sector Takes Larger Role Ahead

OTC private label giant said gaining another grocery chain as an infant formula customer was a key sales driver in the 2019 Q4, with nutrition sales up 21% to account for 17% of Americas consumer health sales growth. The firm plans to re-enter the broader VMS space, but infant formula helped its global consumer health net sales reach $1.1bn in the October-December period.

Infant Formula Woes Turn Perrigo's Q2 Sour Despite Solid Americas’ OTC Sales

Perrigo reports 4% Q2 sales growth for OTC drugs in the Americas region was offset by nearly 15% drop in infant formula sale. Total consumer sales in the Americas slipped 2.5% to $582m, but CEO Murray Kessler says brighter days are ahead on benefits from Ranir oral care acquisition.

Perrigo's Turnaround Tools: 'National Brand,' Novel NRTs, CBD And Natural Products, Sponsoring OTC Switches

Following investor day conference, market analysts gave Perrigo points for an ambitious three-year plan while also noting the degree of difficulty it faces in succeeding. Other changes planned to stem slump sales and earnings slump include potentially getting into CBD supplement space and getting back into VMS manufacturing after leaving the sector in one of several moves since 2015 intended to help drive net income and improve its margin.

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