Perrigo’s Performance Continues to Waver Amid Executive Turnover
We plan to lower our fair value estimate for Perrigo as the company posted weakness in its animal health franchise and the prescription topical segment in the third quarter. Management lowered its year-end outlook to nearly $4.7 billion in revenue and adjusted EPS of $4.45-$4.65, both meaningfully below our estimates. While we’re surprised by the magnitude of the pressure Perrigo faced this quarter, our no-moat and negative trend ratings reflect our belief that the intensifying competition we’ve...
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