Perrigo (PRGO) FY2025 results: revenue $4.3 billion, down 2.8% on the year
Perrigo Co. plc (PRGO) reported revenue of $4.3 billion for fiscal 2025, the year ended 31 December 2025, down 2.8% on the year before. Net income was -$1.4 billion, and diluted earnings per share $-10.29. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.
Revenue
$4.3 billion
-2.8% on the year
FY2018FY2025
Operating margin
-26.4%
2.6% a year earlier
FY2018FY2025
Net income
-$1.4 billion
FY2018FY2025
Diluted EPS
-$10.29
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 19 new.
Fiscal 2025 net sales declined 2.8%: FY2025 net sales were $4.25 billion, down 2.8%. Organic net sales fell 2.4%, divestitures and exited products reduced sales 1.5%, and currency added 1.1%.
Fourth-quarter reported loss on impairment: Reported EPS was $(10.20) for the fourth quarter, driven by the goodwill impairment. Adjusted EPS was $0.77 against $0.93 a year earlier.
Reporting segments change from Q1 2026: From the first quarter of 2026 the company reports Self Care, Specialty Care and Infant Formula, with Oral Care, Dermacosmetics and small brands in Other. History is not restated in these results.
Store brands gained volume share: Perrigo U.S. store brands gained 120 basis points of volume share in the fourth quarter, with dollar, unit and volume share gains accelerating through the year.
Adjusted gross margin down 110bps: Adjusted gross margin was 36.1% in the fourth quarter, down 110 basis points. Infant formula accounted for 100 basis points of the decline.
$ million except per share. Read moreFree 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
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
238
363
406
-34.3%
Capital expenditure
93.4
118
102
-21.0%
Free cash flow
145
245
304
-40.7%
Free cash flow margin
3.4%
5.6%
6.5%
Cash from investing
-75.4
78.8
-77.5
Cash from financing
-220
-611
-187
Depreciation and amortisation
338
326
360
+3.6%
Share-based compensation
54.6
64.4
68.8
-15.2%
Dividends paid
159
152
150
+4.5%
Dividend per share
$1.16
$1.10
$1.09
+5.5%
Diluted shares, weighted
138m
137m
135m
+0.8%
Shares outstanding at period end
138m
136m
136m
+0.8%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,936
4,319
4,768
-32.0%
Debt
3,640
3,618
4,073
+0.6%
Operating lease liabilities
152
154
160
-1.5%
Finance lease liabilities
11.5
12.0
13.2
-4.2%
Other liabilities
1,796
1,544
1,795
+16.3%
Total liabilities and equity
8,535
9,648
10,809
-11.5%
Fixed assets
899
918
916
-2.1%
Goodwill
2,050
3,320
3,529
-38.3%
Intangible assets
4,760
4,503
5,002
+5.7%
Cash and equivalents
532
559
751
-4.9%
Receivables
613
642
740
-4.6%
Inventory
1,149
1,082
1,141
+6.2%
Total assets
8,535
9,648
10,809
-11.5%
10-K for the year ended 31 December 2025, filed 26 February 2026: the filing.