Benzinga | May 11, 2021 09:12AM EDT

Pandemic Hits Perrigo Q1 Top And Bottomline

* Perrigo Company plc (NYSE: PRGO) reported Q1 net sales were $1.01 billion, a decrease of 6.8% year-on-year, missing the consensus of $1.02 billion.

* Adjusted diluted EPS fell 25.4% to $0.50, well below the consensus of $0.57.

* The reported declines in the first quarter were distorted by consumer pantry loading in the year-ago quarter and by a historically weak cough/cold season this year, both of which resulted from COVID-19.

* Consumer Self-Care Americas segment Q1 net sales of $641 million were 8.6% lower than the prior-year quarter, with organic growth down 11.8%.

* Consumer Self-Care International segment sales decreased 3.4% Y/Y to $370 million, with organic growth down 9.1%.

* Operating income of $51 million fell from $86 million a year ago. Adjusted operating income came in at $118 million, lower than $151 million last year.

* The results were impacted by lower net sales volumes leading to lower gross profit, divestitures, and higher operating expenses, including R&D investments.

* Guidance: Perrigo reaffirmed its FY21 outlook and expected to deliver 3% organic net sales growth, 5% adjusted operating income growth.

* It sees adjusted EPS of $2.50 to $2.70, in line with the consensus of $2.62.

* Price Action: PRGO shares are up 0.5% at $43.34 during the premarket trading on the last check Tuesday.