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• Perrigo is like Johnson & Johnson's consumer health division, specializing in over-the-counter medicines and store-brand wellness products.
• Perrigo is like Procter & Gamble, but focused purely on consumer health products—from infant formula to OTC medicines—including many store brands.
• Perrigo is like the company that makes the 'store brand' versions of popular over-the-counter medicines and health products, similar to how generic drug companies operate for prescriptions.

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• Over-the-Counter (OTC) Pain Relief: Provides private-label analgesics, including store-brand acetaminophen and ibuprofen, for pain management.
• Over-the-Counter (OTC) Cough, Cold & Allergy: Offers a wide range of store-brand solutions for common cold, flu, and allergy symptoms, such as antihistamines and decongestants.
• Over-the-Counter (OTC) Gastrointestinal Health: Supplies private-label digestive health products, including antacids, laxatives, and anti-diarrheals.
• Vitamins, Minerals, and Supplements (VMS): Manufactures a variety of store-brand daily vitamins, multivitamin formulations, and specialty supplements.
• Infant Formula: Produces private-label infant nutritional formulas, offering an affordable alternative to national brands.
• Oral Self-Care Products: Provides store-brand oral hygiene solutions, including toothpastes, mouthwashes, and dental accessories.
• Feminine Hygiene Products: Manufactures private-label feminine care items such as pads, tampons, and liners.
• Dermatological Products: Develops and produces store-brand topical solutions for various skin conditions, including moisturizers and anti-fungals.

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Perrigo (PRGO) primarily sells its Over-The-Counter (OTC) health and wellness products, as well as prescription generic drugs, to other companies. Its major customers are large retail chains, pharmacies, and wholesale distributors who then sell to individual consumers.

Based on its business model and publicly available information, some of Perrigo's major customer companies include:

• Walmart Inc. (Symbol: NYSE: WMT)
• CVS Health Corporation (Symbol: NYSE: CVS)
• Walgreens Boots Alliance, Inc. (Symbol: NASDAQ: WBA)
• McKesson Corporation (Symbol: NYSE: MCK)
• Amazon.com, Inc. (Symbol: NASDAQ: AMZN)

While Perrigo's 10-K filings indicate that no single customer accounted for more than 10% of its net sales in recent fiscal years, these companies represent the primary channels through which Perrigo's products reach consumers globally.

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Patrick Lockwood-Taylor President & Chief Executive Officer

Patrick Lockwood-Taylor assumed the role of President and Chief Executive Officer of Perrigo in June 2023. Prior to joining Perrigo, he served as President Bayer US and Regional President of Bayer Consumer Health from 2018 to 2023. Before his tenure at Bayer, he was the President and CEO of The Oneida Group Inc., which was a private company. Lockwood-Taylor also spent over 20 years at Procter & Gamble, holding various global leadership positions in operations management, sales, marketing, country management, and brand franchise leadership. He previously served as Chairman of the Consumer Health Products Association.

Eduardo Bezerra Executive Vice President & Chief Financial Officer

Eduardo Bezerra was appointed Executive Vice President and Chief Financial Officer of Perrigo in 2022. Before his role at Perrigo, he served as the Senior Vice President and Chief Financial Officer for Del Monte Fresh Produce Inc. Bezerra also held various positions of increasing responsibility at Monsanto Co.

Matt Winterman Executive Vice President, Product Supply, Operations Strategy and Transformation Officer

Matt Winterman is set to become Perrigo's Executive Vice President, Product Supply, Operations Strategy and Transformation Officer, effective June 23, 2025, succeeding Ron Janish. He brings over two decades of experience in global supply chain and strategy leadership. Most recently, Winterman served as Senior Vice President of Global Supply Chain and Strategy at AstraZeneca. His prior experience also includes roles as Global Head of End-to-End Supply Chain at Roche Holding AG and various positions in technical operations strategy and supply chain performance at GSK plc.

Robert Willis Executive Vice President, Chief Human Resources Officer

Robert Willis has served as Executive Vice President and Chief Human Resources Officer at Perrigo since 2019. Before this role, he was the Vice President of Human Resources Global Businesses for Perrigo. His career also includes human resources leadership positions at Fawaz Alhokair Group, GE Capital, DoubleClick, and Norkom Technologies. He was also a Partner and Founding Member of the Black & White Group.

Ronald Janish Executive Vice President, Global Operations & Supply Chain

Ronald Janish has been the Executive Vice President of Global Operations & Supply Chain at Perrigo since October 2015 and is slated to retire on September 30, 2025, after more than two decades with the company. His leadership has been crucial in aligning Perrigo's supply chain with its strategic goals and steering the Supply Chain Reinvention program. Prior to his current role, he held positions such as Senior Vice President of International and RX Operations (2012-2015) and Managing Director of Perrigo's Australian operations (2010-2012). Before joining Perrigo in 2003, Mr. Janish held multiple senior-level global procurement roles at Nalco Chemicals and GE Plastics.

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• Challenges in the Infant Formula Segment: Perrigo's infant formula business has been a significant source of concern, characterized by increased regulatory scrutiny, production halts, and declining market performance. The company has initiated a strategic review of this segment and revised its investment plans, directly contributing to lowered financial guidance. These struggles have also led to a securities fraud investigation regarding potential misrepresentations of the business's financial health and strategies.
• Macroeconomic Uncertainties and Competitive Pressures: The company is exposed to global economic volatility, including inflation and fluctuating exchange rates, which can negatively impact its cost structure and overall profitability. Additionally, the consumer health market is highly competitive, requiring continuous innovation and product differentiation for Perrigo to maintain its market share against numerous rivals.
• Financial Health and Profitability Challenges: Perrigo exhibits a mixed financial picture, with a negative net margin and an Altman Z-Score that indicates potential financial distress. The company has reported net losses in recent fiscal periods and carries a significant level of debt, posing risks to its overall financial stability and ability to generate consistent shareholder returns.

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The increasing proliferation and market penetration of direct-to-consumer (DTC) health and wellness brands.

Perrigo's business model relies significantly on traditional retail channels (pharmacies, supermarkets, mass merchandisers) for the distribution and sale of its private label and branded over-the-counter (OTC) products. DTC brands bypass these established channels by selling directly to consumers online, often leveraging subscription models, personalized offerings, and highly targeted digital marketing. This allows them to build direct relationships with customers, gather valuable data, and offer a perceived higher level of convenience or personalization.

This trend represents an emerging threat as DTC companies attract consumers seeking modern, convenient, and often personalized health solutions, potentially eroding market share in categories where Perrigo operates, such as vitamins, supplements, digestive health, and skincare. The collective growth of these agile, digital-first competitors shifts consumer spending away from traditional retail OTC purchases and introduces a new competitive landscape that challenges Perrigo's reliance on established shelf space and brand recognition within conventional retail environments.

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Perrigo Company plc (PRGO) is a global leader in consumer self-care, focusing on the acquisition, manufacture, and sale of over-the-counter (OTC) healthcare products. The company has transitioned to a "pure-play global consumer self-care company" after divesting its prescription pharmaceutical business. Perrigo's main product categories include a wide range of OTC medications, infant formula, skin care, women's health products, and other consumer self-care solutions.

The addressable markets for Perrigo's main products and services are as follows:

• Consumer Self-Care (Over-the-Counter medications): The global self-care industry, which encompasses wellness, health, and personal care, represents a substantial market opportunity of approximately $450 billion. Perrigo is the largest private-label OTC consumer healthcare manufacturer in the U.S., supplying over 50% of the market on a volume basis. Its OTC product portfolio in the U.S. includes categories such as analgesics, cough/cold/allergy/sinus, gastrointestinal, smoking cessation, first aid, antacids, hemorrhoidal remedies, motion sickness, sleep aids, feminine hygiene products, vitamins, and nutritional supplements.
• Infant Formula: The global infant formula market is a significant segment, with an estimated size of USD 90.27 billion in 2025, projected to reach approximately USD 207.19 billion by 2034, growing at a CAGR of 9.55%. For the United States specifically, the infant formula market is valued at USD 6.56 billion in 2025 and is expected to grow to USD 9.08 billion by 2035, with a CAGR of 3.3%. Perrigo is a leading provider of infant formulas for the store brand market in the U.S. and Canada.
• Skin Care: Skin care is Perrigo's second-largest and fastest-growing category. While a specific overall global or U.S. market size for the segment of skin care products Perrigo focuses on (such as OTC dermatological care, scar management, and specific beauty brands) was not explicitly stated as a single figure in the provided context, Perrigo's dermacosmetics business generated approximately €125 million (around $146 million) in net sales during calendar year 2024. The company includes brands like Mederma (a leading U.S. OTC scar care brand), Compeed (a global OTC brand), Biodermal, Emolium, Dermalex, and Aco within its skin care portfolio.
• Women's Health: This category includes feminine hygiene and contraceptives. Perrigo has a strong global portfolio of women's health brands. The U.S. daily oral contraceptive market alone was valued at $3.7 billion in 2020, representing a significant opportunity for products like Opill, an FDA-approved over-the-counter women's contraception drug that Perrigo's subsidiary HRA Pharma received approval to sell in 2023.

Market sizes for other categories like Oral Care, Healthy Lifestyle, and Vitamins, Minerals, and Supplements (VMS) were not explicitly detailed with comprehensive market values or regions in the provided search results to the same extent as the categories above. While Perrigo offers products in these areas as part of its consumer self-care portfolio, specific addressable market sizes for their current scope of operations in these categories were not clearly defined.

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Perrigo Company plc (PRGO) is focused on several key initiatives expected to drive its future revenue growth over the next two to three years. These drivers are rooted in strategic brand investment, market share expansion, operational efficiencies, and targeted portfolio management.

1. Investment in "High-Grow" Brands and Consumer-Led Innovation: Perrigo plans to prioritize and increase investments in its key "High-Grow" brands. This strategy includes leveraging branding and innovation capabilities to drive demand and scaling consumer-led innovation across various brands, store brands, and geographies. Examples of high-performing brands include Mederma and ellaOne.
2. Continued Market Share Gains in Store Brand Over-The-Counter (OTC) Products: The company anticipates sustained growth through gaining volume and unit share in the store brand OTC market. This is driven by new business awards and consumers increasingly seeking value, enabling Perrigo to outpace competitors in this segment. In Q3 2025, Perrigo achieved market share gains in five of seven OTC store brand categories.
3. Operational Efficiencies Enabling Reinvestment in Growth: Initiatives such as "Project Energize" and the Supply Chain Reinvention program are crucial. While primarily focused on cost savings and efficiency, these programs are expected to deliver significant benefits, expand gross and operating margins, and free up capital for increased investments in Perrigo's innovation pipeline and advertising and promotion, thus indirectly fueling future revenue growth.
4. Strategic Portfolio Optimization and New Market Opportunities: Perrigo is actively optimizing its portfolio by focusing on core consumer self-care products. This includes exploring and capitalizing on new growth avenues, such as developing over-the-counter solutions to address side effects associated with the rapidly growing GLP-1 medication market. The company recently initiated a strategic review of its Infant Formula business to align its portfolio.

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Share Repurchases

• Perrigo repurchased $164.2 million of ordinary shares in 2020.
• No share repurchases were made during 2021, 2022, or 2023.
• An authorization for up to $1.0 billion in share repurchases, with no expiration date, was approved in October 2018, and $835.8 million remained available under this authorization as of December 31, 2023.

Share Issuance

• Perrigo issues ordinary shares under restricted stock plans as part of employee compensation.
• In July and September 2025, Restricted Stock Units (RSUs) were granted to executives and directors, which convert to ordinary shares upon vesting.
• The Board of Directors has the authority to issue new ordinary or preferred shares, and this authorized share capital can be increased by an ordinary resolution of shareholders.

Outbound Investments

• In Q4 2020, Perrigo acquired three OTC skincare and hair loss treatment brands (Emolium®, Iwostin®, and Loxon®) from Sanofi for approximately €21 million ($23 million).
• Perrigo completed the acquisition of the oral self-care assets of High Ridge Brands in 2020, including brands such as Firefly®, REACH®, and Dr. Fresh®.
• In September 2021, Perrigo acquired HRA Pharma, a company focused on Women's Health and Endocrinology, for $2.13 billion.

Capital Expenditures

• Capital expenditures were $102 million in 2023 and $118 million in fiscal year 2024. Year-to-date capital expenditures were $67 million as of September 27, 2025.
• Perrigo is investing approximately $240 million to upgrade its infant formula network, focusing on optimizing manufacturing footprint, enhancing packaging capabilities, harmonizing quality processes, and strengthening R&D.
• A $60 million investment was committed in 2023 to increase capacity at its Wisconsin infant formula facility as part of its supply chain reinvention program.