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May 11, 2022, 6:54 a.m. EDT

Perrigo shares slide 4% premarket after company swings to Q1 loss

Perrigo PLC shares (NYS:PRGO) slid 4% in premarket trade Wednesday, after the personal self-care product maker swung to a loss for the first quarter and fell short of estimates. The Dublin-based Perrigo posted a net loss of $2.4 million, or 2 cents a share, after income of $38.1 million, or 28 cents a share, in the year-earlier period. Adjusted per-share earnings came to 33 cents, below the 42 cent FactSet consensus. Sales rose to $1.075 billion from $1.010 billion a year ago, inching ahead of the $1.057 billion FactSet consensus. The company completed the acquisition of Héra SAS after the quarter end, adding consumer brands Compeed, ellaOne and Mederma along with a rate disease portfolio. It raised its full-year guidance to reflect that deal and now expects sales to grow 8.5% to 9.5% versus prior guidance of 3.5% to 4.5%. It expects adjusted EPS to range from $2.30 to $2.40, up from prior guidance of $2.10 to $2.30. Shares have fallen 17% in the year to date, while the S&P 500 (S&P:SPX) has fallen 16%.

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