PRGOHIGH SIGNALFINANCIAL10-K

Perrigo experienced a dramatic cash position decline with cash and equivalents falling by two-thirds alongside meaningfully reduced operating cash flow generation.

The substantial depletion of cash reserves from $1.9B to $600.7M, combined with a 34% decline in operating cash flow, suggests either significant strategic investments, debt repayments, or operational challenges that merit close investor scrutiny. This cash burn pattern, coupled with reduced stockholders' equity and lower R&D spending, indicates potential financial stress or major capital allocation decisions that could impact the company's strategic flexibility.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

Perrigo's financial position deteriorated notably with cash reserves declining by two-thirds to $600.7M while operating cash flow generation fell by over one-third to $238.5M. The balance sheet contracted with total assets down 11.5% and stockholders' equity declining 32%, though current assets provided some stability with a modest 12.7% increase. The combination of dramatically reduced cash, weaker cash generation, and lower R&D investment suggests either significant one-time capital deployments or underlying operational challenges requiring investor attention.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-67.8%
$1.9B→$600.7M

Cash declined 67.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Cash Flow
Cash Flow
-34.3%
$362.9M→$238.5M

Operating cash flow fell 34.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
-32%
$4.3B→$2.9B

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Capital Expenditure
Cash Flow
-21%
$118.3M→$93.4M

Capex reduced 21% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

R&D Expense
P&L
-15%
$112.2M→$95.4M

R&D spending cut 15% — could signal cost discipline or concerning reduction in innovation investment.

Current Assets
Balance Sheet
+12.7%
$2.5B→$2.8B

Current assets grew 12.7% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
-11.5%
$9.6B→$8.5B

Total assets contracted 11.5% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
As of February 24, 2026, the registrant had 137,649,352 outstanding ordinary shares.
Exhibits and Financial Statement Schedules 126 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and are subject to the safe harbor created thereby.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections.
Perrigo works to fulfill its vision and purpose as a top-tier consumer self-care company with a focused portfolio based on consumer-led innovation, which meets societal needs for: Access : Perrigo's self-care products and solutions enhance the daily lives of millions of families, empowering them to take control of their health and wellness.
Value : Perrigo delivers value by helping consumers proactively manage their well-being through affordable and effective self-care solutions.
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REMOVED
As of February 21, 2025, the registrant had 136,458,620 outstanding ordinary shares.
The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections.
In Europe, our portfolio consists primarily of brands, including Compeed , EllaOne , Solpadeine , and ACO .
Two key initiatives are fundamental to advancing our self-care strategy our Supply Chain Reinvention Program, a global supply chain efficiency program, and Project Energize, a global investment and efficiency program.
Strategy Competitive Advantage Our objective is to grow our business by responsibly leveraging our global infrastructure to deliver high quality self-care solutions to customers and consumers through our expansive product offerings, providing new innovative products, brands, and product line extensions to existing consumers and servicing new consumers through entering new adjacent products and categories, new geographies and new channels of distribution organically and inorganically.
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