PRGO - Perrigo reports Q2 mixed results; raises FY22 organic net sales growth outlook

• Perrigo press release ( NYSE: PRGO ): Q2 Non-GAAP EPS of $0.43 misses by $0.01 .
• Revenue of $1.1B (+12.1% Y/Y) beats by $40M .
• Second quarter adjusted gross margin was 36.5%, an increase of 310 basis points sequentially compared to the first quarter 2022, while down 190 basis points compared to the prior year quarter.
• Increases fiscal 2022 organic net sales growth range outlook to 9.0%-10.0% from 8.0%-9.0% versus the prior year, due to continued strong global consumer demand; reaffirms fiscal 2022 total net sales growth range outlook of 8.5%-9.5% vs. estimated growth of 8.75% Y/Y as the organic net sales growth range outlook increase is expected to be offset by the worsening impact of currency translation.
• Expects to achieve constant currency adjusted EPS range outlook of $2.40-$2.50 per diluted share vs. consensus of $2.30, in line with guidance provided on March 1, 2022; updates adjusted EPS range outlook to $2.25-$2.35 from $2.30-$2.40, due entirely to the worsening impact of currency translation.

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