Revenue growth has contracted to -7.2% in 2026Q1, while operating margins have deteriorated to -38.4%, reflecting significant structural challenges in the core self-care segment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Sales/Revenue | 4.18B | 4.25B | 4.37B | 4.66B | 4.45B | 4.14B | 4.09B | 3.87B | 4.73B | 4.95B | 5.28B | 4.6B | 4.06B | 3.54B | 3.17B | 2.76B | 2.27B | 2.01B | 1.82B | 1.45B | 1.37B | 1.02B | 898.2M | 825.99M | 826.32M | 753.49M | 738.55M | 877.6M | 902.6M | 844.6M | 778.1M |
| Revenue Growth % | -3.62% | -2.75% | -6.06% | 4.58% | 7.56% | 1.24% | 5.64% | -18.21% | -4.34% | -6.33% | 14.7% | 13.37% | 14.72% | 11.55% | 15.18% | 21.43% | 13.06% | 10.14% | 25.89% | 5.9% | 33.47% | 14.02% | 8.74% | -0.04% | 9.67% | 2.02% | -15.84% | -2.77% | 6.87% | 8.55% | 8.51% |
| Cost of Goods Sold | 2.75B | 2.76B | 2.83B | 2.98B | 3B | 2.72B | 2.59B | 2.44B | 2.9B | 2.97B | 3.23B | 2.89B | 2.61B | 2.26B | 2.08B | 1.81B | 1.52B | 1.41B | 1.27B | 1.05B | 969.08M | 763.71M | 630.24M | 596.08M | 614.42M | 568.99M | 561.07M | 670.8M | 641.4M | 587.1M | 547.6M |
| COGS % of Revenue | - | 64.86% | 64.73% | 63.91% | 67.31% | 65.78% | 63.43% | 62.95% | 61.29% | 59.98% | 61.14% | 62.81% | 64.35% | 63.84% | 65.47% | 65.7% | 67.12% | 70.3% | 69.76% | 72.25% | 70.9% | 74.57% | 70.17% | 72.17% | 74.36% | 75.51% | 75.97% | 76.44% | 71.06% | 69.51% | 70.38% |
| Gross Profit | 1.43B | 1.49B | 1.54B | 1.68B | 1.46B | 1.42B | 1.49B | 1.43B | 1.83B | 1.98B | 2.05B | 1.71B | 1.45B | 1.28B | 1.1B | 944.87M | 746.02M | 596M | 550.96M | 401.63M | 397.74M | 260.39M | 267.96M | 229.91M | 211.9M | 184.49M | 177.49M | 206.8M | 261.2M | 257.5M | 230.5M |
| Gross Margin % | 34.17% | 35.14% | 35.27% | 36.09% | 32.69% | 34.22% | 36.57% | 37.05% | 38.71% | 40.02% | 38.86% | 37.19% | 35.65% | 36.16% | 34.53% | 34.3% | 32.88% | 29.7% | 30.24% | 27.75% | 29.1% | 25.43% | 29.83% | 27.83% | 25.64% | 24.49% | 24.03% | 23.56% | 28.94% | 30.49% | 29.62% |
| Gross Profit Growth % | - | -3.12% | -8.19% | 15.46% | 2.77% | -5.26% | 4.27% | -21.72% | -7.48% | -3.52% | 19.82% | 18.28% | 13.1% | 16.83% | 15.95% | 26.66% | 25.17% | 8.17% | 37.18% | 0.98% | 52.75% | -2.83% | 16.55% | 8.5% | 14.86% | 3.95% | -14.17% | -20.83% | 1.44% | 11.71% | 4.54% |
| Operating Expenses | 1.05B | 1.15B | 1.43B | 1.53B | 1.38B | 1.01B | 1.23B | 1.26B | 1.35B | 1.27B | 1.39B | 959.6M | 827.7M | 589M | 517.62M | 411.32M | 381.6M | 333.76M | 348.38M | 293.94M | 277.56M | 197.68M | 165.07M | 144.73M | 117.77M | 107.01M | 146.16M | 188.8M | 323M | 185.4M | 162.3M |
| OpEx % of Revenue | - | 27.07% | 32.69% | 32.83% | 30.92% | 24.3% | 30.08% | 32.53% | 28.52% | 25.73% | 26.31% | 20.84% | 20.38% | 16.64% | 16.31% | 14.93% | 16.82% | 16.63% | 19.12% | 20.31% | 20.31% | 19.3% | 18.38% | 17.52% | 14.25% | 14.2% | 19.79% | 21.51% | 35.79% | 21.95% | 20.86% |
| Selling, General & Admin | 375M | 526.5M | 1.11B | 1.27B | 1.21B | 1.11B | 1.11B | 1.1B | 1.13B | 1.15B | 1.21B | 771.8M | 675.2M | 473.8M | 473.8M | 411.8M | 299.09M | 255.84M | 276.19M | 227.46M | 225.27M | 159.26M | 137.35M | 124.55M | 114.24M | 107.97M | 107.6M | 152.8M | 277.7M | 143.1M | 135.1M |
| SG&A % of Revenue | - | 12.38% | 25.44% | 27.38% | 27.18% | 26.85% | 27.13% | 28.35% | 23.79% | 23.18% | 22.83% | 16.76% | 16.63% | 13.38% | 14.93% | 14.95% | 13.18% | 12.75% | 15.16% | 15.72% | 16.48% | 15.55% | 15.29% | 15.08% | 13.83% | 14.33% | 14.57% | 17.41% | 30.77% | 16.94% | 17.36% |
| Research & Development | 93.3M | 95.4M | 112.2M | 122.5M | 123.1M | 122M | 121.7M | 119.2M | 218.6M | 167.7M | 184M | 187.8M | 152.5M | 115.2M | 105.77M | 89.25M | 82.51M | 77.92M | 72.19M | 66.48M | 52.29M | 38.42M | 27.72M | 23.32M | 19.89M | 17.63M | 16.31M | 14.9M | 15.9M | 13.7M | 0 |
| R&D % of Revenue | - | 2.24% | 2.57% | 2.63% | 2.77% | 2.95% | 2.98% | 3.08% | 4.62% | 3.39% | 3.48% | 4.08% | 3.76% | 3.25% | 3.33% | 3.24% | 3.64% | 3.88% | 3.96% | 4.59% | 3.83% | 3.75% | 3.09% | 2.82% | 2.41% | 2.34% | 2.21% | 1.7% | 1.76% | 1.62% | - |
| Other Operating Expenses | 3M | 529.3M | 205M | 131.4M | 43.3M | -227.6M | -1.1M | 42.6M | -6.1M | 10.1M | 0 | 0 | 0 | -900K | 0 | -42.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.13M | -16.37M | -18.59M | 22.25M | 21.1M | 29.4M | 28.6M | 27.2M |
| Operating Income | -169.6M | 343.3M | 112.9M | 151.9M | 78.9M | 410.4M | 265.2M | 174.7M | 236.5M | 598.2M | -2B | 747.6M | 567M | 679.1M | 569.23M | 490.2M | 335.89M | 247.31M | 197.48M | 98.55M | 111.33M | -330.47M | 102.9M | 85.18M | 87M | 40.11M | 31.32M | 18M | -61.8M | 72.1M | 68.2M |
| Operating Margin % | -4.06% | 8.07% | 2.58% | 3.26% | 1.77% | 9.92% | 6.49% | 4.51% | 5% | 12.09% | -37.87% | 16.24% | 13.96% | 19.18% | 17.94% | 17.79% | 14.8% | 12.32% | 10.84% | 6.81% | 8.15% | -32.27% | 11.46% | 10.31% | 10.53% | 5.32% | 4.24% | 2.05% | -6.85% | 8.54% | 8.76% |
| Operating Income Growth % | - | 204.07% | -25.67% | 92.52% | -80.77% | 54.75% | 51.8% | -26.13% | -60.46% | 129.91% | -367.48% | 31.85% | -16.51% | 19.3% | 16.12% | 45.94% | 35.82% | 25.23% | 100.38% | -11.48% | 133.69% | -421.17% | 20.8% | -2.09% | 116.9% | 28.05% | 74.03% | 129.13% | -185.71% | 5.72% | -9.67% |
| EBITDA | 57.8M | 680.8M | 438.8M | 511.4M | 417.5M | 722.6M | 650M | 571.2M | 660.1M | 1.04B | -1.54B | 1.3B | 925.9M | 839.3M | 704.55M | 593.15M | 412.03M | 317.45M | 266.71M | 156.58M | 167.94M | -295.66M | 131.35M | 111.3M | 112.61M | 63.13M | 53.57M | 39.1M | -32.4M | 100.7M | 95.4M |
| EBITDA Margin % | 1.38% | 16.01% | 10.03% | 10.98% | 9.38% | 17.46% | 15.9% | 14.76% | 13.95% | 21.09% | -29.21% | 28.16% | 22.8% | 23.71% | 22.2% | 21.53% | 18.16% | 15.82% | 14.64% | 10.82% | 12.29% | -28.87% | 14.62% | 13.48% | 13.63% | 8.38% | 7.25% | 4.46% | -3.59% | 11.92% | 12.26% |
| EBITDA Growth % | -89.28% | 55.15% | -14.2% | 22.49% | -42.22% | 11.17% | 13.8% | -13.47% | -36.71% | 167.61% | -219% | 40.02% | 10.32% | 19.13% | 18.78% | 43.96% | 29.79% | 19.02% | 70.33% | -6.76% | 156.8% | -325.1% | 18.01% | -1.16% | 78.37% | 17.85% | 37.01% | 220.68% | -132.17% | 5.56% | -3.83% |
| D&A (Non-Cash Add-back) | 227.4M | 337.5M | 325.9M | 359.5M | 338.6M | 312.2M | 384.8M | 396.5M | 423.6M | 444.8M | 457M | 548.8M | 358.9M | 160.2M | 135.32M | 102.94M | 76.13M | 70.14M | 69.23M | 58.03M | 56.6M | 34.81M | 28.45M | 26.13M | 25.61M | 23.02M | 22.25M | 21.1M | 29.4M | 28.6M | 27.2M |
| EBIT | -1.18B | -1.14B | 107.1M | 165.5M | 16.9M | 383.7M | 133.6M | 265.5M | 419.6M | 453.5M | -4.63B | 389.5M | 436.1M | 407.1M | 691M | 578M | 491.2M | 337.06M | 230.93M | 195.36M | 107.68M | 120.18M | 62.71M | 102.9M | 85.18M | 88.07M | 77.49M | 36.97M | 24.07M | -61.8M | 72.1M |
| Net Interest Income | -164.3M | -162.5M | -187.8M | -173.8M | -156M | -125M | -127.7M | -126.5M | -129M | -173.4M | -218.8M | -155.7M | -175.8M | -103.5M | 0 | -60.7M | -42.3M | -28.41M | -27.15M | -17.41M | -16.02M | 0 | -220K | 0 | 0 | 1.35M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 164.3M | 162.5M | 187.8M | 173.8M | 156M | 125M | 127.7M | 126.5M | 129M | 173.4M | 218.8M | 155.7M | 175.8M | 103.5M | 0 | 60.74M | 28.78M | 27.15M | 17.04M | 16.02M | 5.4M | 220K | 220K | 0 | 0 | 0 | 840K | 14M | 4.2M | 1.2M | 5.7M |
| Other Income/Expense | -1.54B | -1.64B | -193.6M | -160.2M | -218M | -151.7M | -259.3M | -26.7M | 54.1M | -318.1M | -2.85B | -499.6M | -412.2M | -267.8M | -71.4M | -57.2M | -39.6M | -27.25M | -43.53M | -16.91M | -5.4M | -5.4M | -433.59M | -1.66M | 1.08M | 1.35M | 3.75M | -4.99M | -14.02M | -4.2M | -1.2M |
| Pretax Income | -1.71B | -1.3B | -80.7M | -8.3M | -139.1M | 258.7M | 5.9M | 148M | 290.6M | 280.1M | -4.85B | 248M | 272.6M | 607.7M | 511.99M | 450.55M | 308.19M | 203.78M | 180.44M | 89.05M | 105.94M | -330.69M | 105.98M | 86.26M | 88.35M | 43.86M | 30.48M | 4M | -66M | 70.9M | 62.5M |
| Pretax Margin % | -41.03% | -30.52% | -1.85% | -0.18% | -3.12% | 6.25% | 0.14% | 3.82% | 6.14% | 5.66% | -91.81% | 5.39% | 6.71% | 17.17% | 16.13% | 16.35% | 13.58% | 10.15% | 9.9% | 6.15% | 7.75% | -32.29% | 11.8% | 10.44% | 10.69% | 5.82% | 4.13% | 0.46% | -7.31% | 8.39% | 8.03% |
| Income Tax | 77.5M | 104.4M | 80M | -3.9M | -8.2M | 389.6M | -38.3M | -10.7M | 159.6M | 160.5M | -835.5M | 120.1M | 67.3M | 165.8M | 119.02M | 110M | 84.09M | 62.68M | 44.67M | 15.26M | 34.53M | 22.29M | 25.42M | 32.21M | 38.16M | 16.2M | 11.19M | 2.5M | -14.4M | 25.9M | 22.7M |
| Effective Tax Rate % | -4.52% | -8.04% | -99.13% | 46.99% | 5.9% | 150.6% | -649.15% | -7.23% | 54.92% | 57.3% | 17.23% | 48.43% | 24.69% | 27.28% | 23.25% | 24.41% | 27.29% | 30.76% | 24.76% | 17.13% | 32.6% | -6.74% | 23.98% | 37.34% | 43.19% | 36.94% | 36.7% | 62.5% | 21.82% | 36.53% | 36.32% |
| Net Income | -1.82B | -1.43B | -171.8M | -12.7M | -140.6M | -68.9M | -162.6M | 146.1M | 131M | 119.6M | -4.01B | 127.9M | 205.3M | 441.9M | 401.61M | 339.2M | 222.55M | 144.05M | 135.77M | 73.8M | 71.4M | -352.98M | 80.57M | 54.05M | 50.2M | 27.66M | 19.3M | 1.5M | -51.6M | 45M | 39.8M |
| Net Margin % | -43.5% | -33.51% | -3.93% | -0.27% | -3.16% | -1.66% | -3.98% | 3.78% | 2.77% | 2.42% | -75.99% | 2.78% | 5.06% | 12.48% | 12.66% | 12.31% | 9.81% | 7.18% | 7.45% | 5.1% | 5.22% | -34.47% | 8.97% | 6.54% | 6.07% | 3.67% | 2.61% | 0.17% | -5.72% | 5.33% | 5.12% |
| Net Income Growth % | -908.1% | -729.69% | -1252.76% | 90.97% | -104.06% | 57.63% | -211.29% | 11.53% | 9.53% | 102.98% | -3237.45% | -37.7% | -53.54% | 10.03% | 18.4% | 52.42% | 54.49% | 6.1% | 83.98% | 3.36% | 120.23% | -538.12% | 49.07% | 7.67% | 81.5% | 43.31% | 1186.53% | 102.91% | -214.67% | 13.07% | -10.36% |
| Net Income (Continuing) | -1.8B | -1.4B | -160.7M | -4.4M | -130.9M | -130.9M | 44.2M | 158.7M | 131M | 119.6M | -4.01B | 85M | 136.1M | 232.8M | 441.9M | 393M | 340.6M | 224.43M | 141.1M | 140.2M | 73.8M | 71.4M | -352.98M | 80.57M | 54.05M | 44.79M | 27.66M | 19.3M | 1.5M | -51.6M | 45M |
| Discontinued Operations | -3M | -23.1M | -11.1M | -8.3M | -9.7M | 62M | -206.8M | -12.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 100K | 100K | -500K | -600K | 800K | 1.2M | 1.61M | 1.94M | 1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 935K | 700K | 400K | 100K | 0 |
| EPS (Diluted) | -13.10 | -10.29 | -1.25 | -0.09 | -0.97 | -0.98 | -1.19 | 1.07 | 0.95 | 0.84 | -28.00 | 0.91 | 1.78 | 4.68 | 4.27 | 3.63 | 2.40 | 1.54 | 1.43 | 0.79 | 0.76 | -4.57 | 1.11 | 0.76 | 0.67 | 0.37 | 0.26 | 0.02 | -0.69 | 0.58 | 0.51 |
| EPS Growth % | -916.03% | -723.2% | -1231.2% | 90.32% | 1.02% | 17.65% | -211.22% | 12.63% | 13.1% | 103% | -3176.92% | -48.88% | -61.97% | 9.6% | 17.63% | 51.25% | 55.84% | 7.69% | 81.01% | 3.95% | 116.63% | -511.71% | 46.05% | 13.43% | 81.08% | 42.31% | 1200% | 102.9% | -218.97% | 13.73% | -12.07% |
| EPS (Basic) | - | -10.29 | -1.25 | -0.09 | -0.97 | -0.98 | -1.19 | 1.07 | 0.95 | 0.84 | -28.01 | 0.92 | 1.78 | 4.71 | 4.31 | 3.67 | 2.43 | 1.56 | 1.46 | 0.80 | 0.77 | -4.57 | 1.15 | 0.77 | 0.69 | 0.38 | 0.26 | 0.02 | -0.69 | 0.58 | 0.52 |
| Diluted Shares Outstanding | 138.7M | 138.5M | 137.4M | 135.3M | 134.5M | 133.6M | 136.1M | 136.5M | 138.3M | 142.6M | 143.3M | 139.8M | 115.6M | 94.5M | 94.1M | 93.5M | 92.84M | 93.63M | 95.21M | 93.81M | 94.11M | 77.31M | 72.29M | 71.16M | 74.61M | 74.09M | 73.54M | 75M | 74.78M | 77.43M | 77.78M |
| Basic Shares Outstanding | 138.7M | 138.5M | 137.4M | 135.3M | 134.5M | 133.6M | 136.1M | 136M | 137.8M | 142.3M | 143.26M | 139.3M | 115.1M | 93.9M | 93.2M | 92.3M | 91.4M | 92.18M | 93.12M | 92.23M | 92.88M | 77.31M | 70.21M | 69.75M | 73.16M | 73.65M | 73.37M | 75M | 74.78M | 77.43M | 77.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 76.93% | 80.08% | 76.17% | - | 56.45% | 31.56% | 10.43% | 8.22% | 8.56% | 11.37% | 15.5% | 14.7% | 24.69% | 23.08% | - | 14.81% | 16.9% | - | - | - | - | - | - | - |
Persistent earnings volatility
According to the provided quarterly data, Perrigo has experienced a consistent decline in top-line performance, with revenue growth reaching -7.2% in 2026Q1, signaling that the company is struggling to maintain volume in its core consumer self-care segments amidst a challenging retail inventory environment.
The persistent negative growth rates across the last ten quarters suggest that the company's reliance on private label partnerships may be facing structural headwinds. Investors should monitor whether this trend reflects a broader loss of shelf-space incumbency or merely temporary adjustments in retailer inventory management.
As reported in financial statements, Perrigo's gross margin has fluctuated between 32.6% and 37.6% over the last ten quarters, highlighting the company's limited pricing power as a private label manufacturer operating within a highly competitive and cost-sensitive consumer health landscape.
The inability to consistently expand gross margins suggests that Perrigo remains a price-taker, vulnerable to fluctuations in raw material costs and packaging expenses. This structural limitation necessitates a high degree of operational efficiency that has not yet been consistently demonstrated in the reported operating margins.
Based on Perrigo's reported figures, the significant disparity between operating income and net income, including a net loss of $1.4 billion in 2025Q4, indicates that non-operating items and restructuring charges are severely distorting the company's true underlying profitability and earnings quality for shareholders.
The frequent swings between net losses and marginal profitability suggest that the company's bottom line is heavily influenced by non-cash impairments or legal settlements rather than core operational performance. Analysts should treat these headline EPS figures with caution, as they appear to mask the true cash-generating capacity of the business.
Data from recent filings reveals that Perrigo's operating margin turned negative in 2026Q1 at -38.4%, which challenges the narrative that the company's scale provides a durable competitive advantage against branded peers who maintain significantly higher profitability profiles in the consumer health sector.
Short-sellers may focus on the inability of the company to achieve consistent operating leverage, even during periods of stable revenue. This warrants further investigation into whether the current cost structure is fundamentally misaligned with the realities of the private label market.
Quick answers to the most common questions about buying PRGO stock.
For fiscal year 2025, Perrigo Company plc (PRGO) reported total revenue of $4.25B. This represents a 446.6% increase compared to $778.1M in 1996.
Perrigo Company plc (PRGO) reported a net loss of $1.43B for the fiscal year ending 2025.
Perrigo Company plc (PRGO) reported an operating income of $343.3M, resulting in an operating profit margin of 8.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Perrigo Company plc (PRGO) generated $1.49B in gross profit for the year, representing a gross profit margin of 35.1%. This demonstrates the company's core pricing power and production efficiency.