PRGO - Perrigo: A Solid Consumer Goods Business With VC-Like Optionality
2018 was a horrible year for Perrigo (PRGO) and its shareholders. Profit-warning after profit-warning and at the end, as icing on the cake, the heavy tax claim in Ireland. In 2018, Perrigo had three CEOs. It decided to sell or spin off its generics business, but the outlook for this business worsened and this caused Perrigo to lower twice its earnings guidance and will have a negative effect on the selling price for this division. The two remaining divisions, Consumer Healthcare Americas and Consumer Healthcare International, will be the healthy base of the