Perrigo (PRGO) FY2024 results: revenue $4.4 billion, down 6.1% on the year

Perrigo Co. plc (PRGO) reported revenue of $4.4 billion for fiscal 2024, the year ended 31 December 2024, down 6.1% on the year before. Net income was -$172 million, and diluted earnings per share $-1.25. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2025.

Revenue

$4.4 billion

-6.1% on the year

FY2017FY2024

Operating margin

2.6%

3.3% a year earlier

FY2017FY2024

Net income

-$172 million

FY2017FY2024

Diluted EPS

-$1.25

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,373	4,656	4,452	-6.1%
Cost of revenue	2,831	2,975	2,996	-4.9%
Gross profit	1,543	1,680	1,455	-8.2%
Gross margin	35.3%	36.1%	32.7%
Research and development	112	122	123	-8.4%
Operating income	113	152	78.9	-25.7%
Operating margin	2.6%	3.3%	1.8%
Pre-tax income	-80.7	-8.3	-139
Income tax	80.0	-3.9	-8.2
Net income	-172	-12.7	-141
Net margin	-3.9%	-0.3%	-3.2%
Diluted EPS	-$1.25	-$0.09	-$1.04

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	363	406	307	-10.5%
Capital expenditure	118	102	96.4	+16.3%
Free cash flow	245	304	211	-19.5%
Free cash flow margin	5.6%	6.5%	4.7%
Cash from investing	78.8	-77.5	-1,959
Cash from financing	-611	-187	422
Depreciation and amortisation	326	360	339	-9.3%
Share-based compensation	64.4	68.8	54.9	-6.4%
Buybacks	n/a	n/a	0.0
Dividends paid	152	150	142	+1.9%
Dividend per share	$1.10	$1.09	$1.04	+0.9%
Diluted shares, weighted	137m	135m	134m	+1.6%
Shares outstanding at period end	136m	136m	135m	+0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,319	4,768	4,842	-9.4%
Debt	3,618	4,073	4,107	-11.2%
Operating lease liabilities	154	160	190	-3.6%
Finance lease liabilities	12.0	13.2	17.4	-9.1%
Other liabilities	1,544	1,795	1,862	-14.0%
Total liabilities and equity	9,648	10,809	11,017	-10.7%
Fixed assets	918	916	926	+0.2%
Goodwill	3,320	3,529	3,490	-5.9%
Intangible assets	4,503	5,002	5,008	-10.0%
Cash and equivalents	559	751	601	-25.6%
Receivables	642	740	697	-13.2%
Inventory	1,082	1,141	1,150	-5.2%
Total assets	9,648	10,809	11,017	-10.7%

10-K for the year ended 31 December 2024, filed 28 February 2025: the filing.