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

Executive Summary

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.

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Perrigo Adds Good Start Brand In $230M Statement On Boosting Infant Formula Production Capacity

Good Start formula line marketed in US and in Canada will move to Perrigo from Nestle along with a formula plant in Wisconsin, where Perrigo will expand current 29mil pound annual production capacity to 36m within 18 months. Good Start available in US as part of iconic Gerber brand and under Nestle brand in Canada.

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.

Perrigo's Combo For Growth: Bolt-on Acquisitions And New Products

CEO Murray Kessler says Perrigo's history shows "when it looks like we were winning, there was a certain level of bolt-on" acquisitions in addition to new products. The combination drove Perrigo in Q3 with reported worldwide consumer product net sales up 3.3% to $961m.

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