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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'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.

Store Brand Cough/Cold OTCs, Alterna Conditioners Among Recent Recalls

Sun Pharmaceutical, P&L Developments and Preferred Pharmaceutical made OTCs for customers including CVS, Target and Walgreens. Latest updates to FDA recalls database also includes polypeptide- and colostrum-containing immunity support supplements made by APS BioGroup and Alterna anti-aging, moisture-replenishing conditioning milk and cream marketed by Henkel Corp.

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