<p>佩瑞戈公司（Perrigo Company (PRGO)）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>佩瑞戈最新的财报电话会议传达了谨慎乐观的基调，结合了切实的运营胜利与明显的短期财务压力。管理层强调市场份额的增长和成本节约作为战略有效的证明，但也承认需求疲软、利润压缩和大额商誉减值对业绩造成了压力。高管们认为这些逆风是暂时的，并将 2026 年视为下半年复苏的故事。</p>
<h2>美国自有品牌非处方药的增长支撑竞争地位</h2>
<p>佩瑞戈强调美国自有品牌非处方药的显著势头，报告称本季度的销量市场份额增长了 100 个基点，整体第一季度增长了 270 个基点。七个非处方药类别中有六个获得了市场份额，表明公司在整体市场放缓的情况下正在从品牌竞争对手那里夺取业务。</p>
<h2>欧洲品牌组合显示出针对性的强劲表现</h2>
<p>在欧洲，佩瑞戈突出了关键品牌的胜利，ellaOne、Jungle Formula、Physiomer、Mederma Cold Sore 和 Opill 都实现了价值市场份额的增长。Compeed 在季节性表现上表现突出，使意大利的市场份额达到约 35%，推动法国接近 36%，进一步巩固了公司专注品牌战略的实力。</p>
<h2>成本节约计划为利润恢复奠定基础</h2>
<p>运营提升计划在第一季度实现了超过 700 万美元的成本节约，并预计到 2026 年将产生约 6000 万至 8000 万美元的收益。管理层预计在 2027 年将再增加 2000 万至 4000 万美元的节约，将这些效率视为在收入逆风减轻后重建利润的关键杠杆。</p>
<h2>投资组合简化和资产负债表行动</h2>
<p>佩瑞戈完成了其皮肤美容业务的出售，获得了约 3.06 亿欧元的前期收益，并表示计划利用这笔现金来减少债务。公司还修订了其 10 亿美元的循环信贷额度，将到期日延长至 2031 年，并利用该额度偿还了 4.21 亿美元的 A 类贷款，同时保持了 4000 万美元的股息回报。</p>
<h2>每股收益交付和重申多年度目标</h2>
<p>核心调整后每股收益达到 0.40 美元，而全额调整后每股收益为 0.43 美元，管理层表示核心每股收益超出内部预期，尽管收入面临压力。重要的是，佩瑞戈重申了 2026 年全年的指导，并重申收益将在下半年大幅集中，预计约三分之二的核心调整后每股收益将在下半年实现。</p>
<h2>创新和商业执行作为增长引擎</h2>
<p>管理层强调了一种 “360 度” 的创新方法，结合了产品发布、自有品牌需求生成和选择性地理扩张。预计约 60% 的创新收益将在下半年实现，佩瑞戈强调，美国自有品牌家庭渗透率每增加一个百分点，可能会带来约 1 亿美元的额外零售销售。</p>
<h2>收入下降反映市场和库存压力</h2>
<p>尽管市场份额有所增长，核心净销售额同比下降 8.3%，有机核心净销售额下降约 11%，而全额净销售额下降 7.2%。公司将短缺主要归因于自我护理需求疲软，特别是在咳嗽和感冒类别，以及零售商削减库存水平。</p>
<h2>咳嗽/感冒疲软和去库存的逆风</h2>
<p>佩瑞戈量化了较低的咳嗽和感冒发生率使核心销售额减少了约 3.5%，而零售商去库存又增加了 3 个百分点的拖累。综合来看，这些因素占据了净销售下降的近三分之二，进一步支持管理层的观点，即大部分疲软是周期性的而非结构性的。</p>
<h2>利润在损益表中承压</h2>
<p>利润显著恶化，核心调整后毛利率下降 160 个基点至 39.2%，全额毛利率下降 340 个基点至 37.6%。核心调整后营业利润率下降 110 个基点至 12.8%，而全额调整后营业利润率下降 240 个基点至 11.6%，反映出在较低销量和制造效率低下的情况下的去杠杆化。</p>
<h2>传统制造量拖累收益</h2>
<p>公司指出，持续的制造量问题是一个显著的收益逆风，预计在 2026 年对全额每股收益产生约 0.60 美元的不利影响。其中约 0.26 美元的拖累在第一季度已经实现，给销量和每股收益带来了压力，但管理层将这一影响视为暂时的，预计会随着时间的推移而减轻。</p>
<h2>非现金商誉减值影响报告结果</h2>
<p>佩瑞戈在本季度记录了 3.31 亿美元的非现金商誉减值，原因是将商誉重新分配到新的报告单位。尽管高管们强调这一费用不会影响现金流或流动性，但这对报告收益造成了重大打击，并突显了公司传统资产基础所面临的挑战。</p>
<h2>营运资金和现金流仍然是压力点</h2>
<p>第一季度的经营现金流为负 1.14 亿美元，同比恶化 4900 万美元，管理层指出第一季度通常是现金使用的高峰期。总债务为 36 亿美元，尽管预计剥离收益和成本节约会随着时间的推移改善杠杆，但资产负债表仍然是投资者需要关注的关键领域。</p>
<h2>美国和欧洲的宏观和市场疲软</h2>
<p>基础市场趋势不利，美国场外交易市场在此期间价值下降约 4.1%，交易量下降 2.1%。欧洲市场表现类似，价值下降约 3.7%，交易量下降 4.4%，由于咳嗽和感冒季节疲软以及更广泛的宏观经济压力影响了消费者的健康支出。</p>
<h2>指引框架为下半年复苏故事</h2>
<p>前瞻性评论集中在下半年复苏的预期上，管理层重申预计核心调整后的每股收益在上半年仅占 30% 到 35%，而下半年占 65% 到 70%。尽管短期指引反映出由于交易量下降、制造差异和市场疲软带来的利润压力，公司仍寄希望于创新、成本节约和正常化需求，以恢复到 2026 年的增长和盈利能力。</p>
<p>培瑞克的财报电话会议描绘了一家在商业上执行良好但面临周期性和结构性逆风的公司，这些逆风暂时掩盖了进展。投资者被要求透过当前疲弱的销售、利润压缩和高杠杆，期待下半年更强劲的表现和更有利可图的 2026 年，因此在创新和成本控制上的执行成为关键关注点。</p>

培瑞克

<p>Perrigo Company (PRGO) 举行了第一季度财报电话会议，强调了运营成功与财务压力的结合。公司在美国自有品牌非处方药市场份额有所增长，但面临需求疲软和利润压缩的挑战。Perrigo 的运营改进带来了超过 700 万美元的成本节约，预计到 2026 年将达到 6000 万至 8000 万美元。尽管核心净销售额同比下降 8.3%，管理层对 2026 年下半年的复苏仍持乐观态度，并重申了全年的指导预期。331 万美元的非现金商誉减值影响了报告的收益，但现金流问题依然存在</p>

<p>Perrigo Company ((PRGO)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>佩瑞戈公司（Perrigo Company (PRGO)）已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Perrigo’s latest earnings call struck a cautiously optimistic tone, blending tangible operational wins with stark near‑term financial pressure. Management highlighted market share gains and cost savings as proof the strategy is working, yet acknowledged that weaker demand, margin compression, and a sizable goodwill impairment are weighing on results. Executives argued these headwinds are temporary and framed 2026 as a back‑half recovery story.</p>
<div class="lb-trans"><p>佩瑞戈最新的财报电话会议传达了谨慎乐观的基调，结合了切实的运营胜利与明显的短期财务压力。管理层强调市场份额的增长和成本节约作为战略有效的证明，但也承认需求疲软、利润压缩和大额商誉减值对业绩造成了压力。高管们认为这些逆风是暂时的，并将 2026 年视为下半年复苏的故事。</p>
</div><h2>U.S. Store-Brand OTC Gains Underpin Competitive Position</h2>
<div class="lb-trans"><h2>美国自有品牌非处方药的增长支撑竞争地位</h2>
</div><p>Perrigo underscored notable momentum in U.S. store‑brand over‑the‑counter medicines, reporting a 100 basis point volume share gain in the quarter and 270 basis points in the first quarter overall. Six of seven OTC categories gained share, suggesting the company is taking business from branded rivals even as the broader market softens.</p>
<div class="lb-trans"><p>佩瑞戈强调美国自有品牌非处方药的显著势头，报告称本季度的销量市场份额增长了 100 个基点，整体第一季度增长了 270 个基点。七个非处方药类别中有六个获得了市场份额，表明公司在整体市场放缓的情况下正在从品牌竞争对手那里夺取业务。</p>
</div><h2>Branded Portfolio in Europe Shows Targeted Strength</h2>
<div class="lb-trans"><h2>欧洲品牌组合显示出针对性的强劲表现</h2>
</div><p>In Europe, Perrigo spotlighted branded wins across key franchises, with ellaOne, Jungle Formula, Physiomer, Mederma Cold Sore, and Opill all posting value share gains. Compeed delivered standout seasonal performance, driving Italy to about a 35% share and pushing France toward 36%, reinforcing the strength of the company’s focused brand strategy.</p>
<div class="lb-trans"><p>在欧洲，佩瑞戈突出了关键品牌的胜利，ellaOne、Jungle Formula、Physiomer、Mederma Cold Sore 和 Opill 都实现了价值市场份额的增长。Compeed 在季节性表现上表现突出，使意大利的市场份额达到约 35%，推动法国接近 36%，进一步巩固了公司专注品牌战略的实力。</p>
</div><h2>Cost-Savings Program Builds Margin-Recovery Foundation</h2>
<div class="lb-trans"><h2>成本节约计划为利润恢复奠定基础</h2>
</div><p>The operational enhancement program delivered more than $7 million of cost savings in the first quarter and remains on track to generate roughly $60 million to $80 million in 2026. Management expects an additional $20 million to $40 million in 2027, positioning these efficiencies as a key lever to rebuild margins once revenue headwinds ease.</p>
<div class="lb-trans"><p>运营提升计划在第一季度实现了超过 700 万美元的成本节约，并预计到 2026 年将产生约 6000 万至 8000 万美元的收益。管理层预计在 2027 年将再增加 2000 万至 4000 万美元的节约，将这些效率视为在收入逆风减轻后重建利润的关键杠杆。</p>
</div><h2>Portfolio Simplification and Balance Sheet Actions</h2>
<div class="lb-trans"><h2>投资组合简化和资产负债表行动</h2>
</div><p>Perrigo completed the sale of its Dermacosmetics business, securing upfront proceeds of about €306 million and signaling plans to use the cash to cut debt. The company also amended its $1 billion revolver, extending maturity to 2031, drew on the facility to repay $421 million of Term Loan A, and maintained capital returns with $40 million in dividends.</p>
<div class="lb-trans"><p>佩瑞戈完成了其皮肤美容业务的出售，获得了约 3.06 亿欧元的前期收益，并表示计划利用这笔现金来减少债务。公司还修订了其 10 亿美元的循环信贷额度，将到期日延长至 2031 年，并利用该额度偿还了 4.21 亿美元的 A 类贷款，同时保持了 4000 万美元的股息回报。</p>
</div><h2>EPS Delivery and Reaffirmed Multi-Year Targets</h2>
<div class="lb-trans"><h2>每股收益交付和重申多年度目标</h2>
</div><p>CORE adjusted EPS reached $0.40, while All In adjusted EPS came in at $0.43, with management indicating CORE EPS beat internal expectations despite top‑line pressure. Importantly, Perrigo reaffirmed its full‑year 2026 guidance and reiterated that earnings will be heavily second‑half weighted, with roughly two‑thirds of CORE adjusted EPS expected in the back half.</p>
<div class="lb-trans"><p>核心调整后每股收益达到 0.40 美元，而全额调整后每股收益为 0.43 美元，管理层表示核心每股收益超出内部预期，尽管收入面临压力。重要的是，佩瑞戈重申了 2026 年全年的指导，并重申收益将在下半年大幅集中，预计约三分之二的核心调整后每股收益将在下半年实现。</p>
</div><h2>Innovation and Commercial Execution as Growth Engine</h2>
<div class="lb-trans"><h2>创新和商业执行作为增长引擎</h2>
</div><p>Management emphasized a “360‑degree” innovation approach, combining product launches, store‑brand demand generation, and selective geographic expansion. Roughly 60% of innovation benefits are expected to land in the second half, and Perrigo highlighted that each one‑point increase in U.S. store‑brand household penetration could translate to about $100 million in incremental retail sales.</p>
<div class="lb-trans"><p>管理层强调了一种 “360 度” 的创新方法，结合了产品发布、自有品牌需求生成和选择性地理扩张。预计约 60% 的创新收益将在下半年实现，佩瑞戈强调，美国自有品牌家庭渗透率每增加一个百分点，可能会带来约 1 亿美元的额外零售销售。</p>
</div><h2>Revenue Declines Reflect Market and Inventory Pressures</h2>
<div class="lb-trans"><h2>收入下降反映市场和库存压力</h2>
</div><p>Despite share gains, CORE net sales fell 8.3% year over year, with organic CORE net sales down about 11%, while All In net sales declined 7.2%. The company linked the shortfall mainly to weaker Self Care demand, particularly in cough and cold categories, and to retailers trimming inventory levels.</p>
<div class="lb-trans"><p>尽管市场份额有所增长，核心净销售额同比下降 8.3%，有机核心净销售额下降约 11%，而全额净销售额下降 7.2%。公司将短缺主要归因于自我护理需求疲软，特别是在咳嗽和感冒类别，以及零售商削减库存水平。</p>
</div><h2>Headwinds from Cough/Cold Weakness and Destocking</h2>
<div class="lb-trans"><h2>咳嗽/感冒疲软和去库存的逆风</h2>
</div><p>Perrigo quantified that softer cough and cold incidence reduced CORE sales by roughly 3.5%, while retailer inventory destocking added another 3 percentage points of drag. Taken together, these factors accounted for nearly two‑thirds of the net sales decline, reinforcing management’s argument that a large portion of the weakness is cyclical rather than structural.</p>
<div class="lb-trans"><p>佩瑞戈量化了较低的咳嗽和感冒发生率使核心销售额减少了约 3.5%，而零售商去库存又增加了 3 个百分点的拖累。综合来看，这些因素占据了净销售下降的近三分之二，进一步支持管理层的观点，即大部分疲软是周期性的而非结构性的。</p>
</div><h2>Margins Under Pressure Across the P&amp;L</h2>
<div class="lb-trans"><h2>利润在损益表中承压</h2>
</div><p>Margins deteriorated meaningfully, with CORE adjusted gross margin down 160 basis points to 39.2% and All In gross margin sliding 340 basis points to 37.6%. CORE adjusted operating margin fell 110 basis points to 12.8%, while All In adjusted operating margin dropped 240 basis points to 11.6%, reflecting deleveraging on lower volumes and manufacturing inefficiencies.</p>
<div class="lb-trans"><p>利润显著恶化，核心调整后毛利率下降 160 个基点至 39.2%，全额毛利率下降 340 个基点至 37.6%。核心调整后营业利润率下降 110 个基点至 12.8%，而全额调整后营业利润率下降 240 个基点至 11.6%，反映出在较低销量和制造效率低下的情况下的去杠杆化。</p>
</div><h2>Legacy Manufacturing Volume Drag on Earnings</h2>
<div class="lb-trans"><h2>传统制造量拖累收益</h2>
</div><p>The company flagged carryover manufacturing volume issues as a notable earnings headwind, estimating an unfavorable All In EPS impact of about $0.60 in 2026. Around $0.26 of this drag was already realized in the first quarter, pressuring both volumes and EPS, but management framed the impact as temporary and expected to roll off over time.</p>
<div class="lb-trans"><p>公司指出，持续的制造量问题是一个显著的收益逆风，预计在 2026 年对全额每股收益产生约 0.60 美元的不利影响。其中约 0.26 美元的拖累在第一季度已经实现，给销量和每股收益带来了压力，但管理层将这一影响视为暂时的，预计会随着时间的推移而减轻。</p>
</div><h2>Noncash Goodwill Impairment Clouds Reported Results</h2>
<div class="lb-trans"><h2>非现金商誉减值影响报告结果</h2>
</div><p>Perrigo recorded a noncash goodwill impairment of $331 million in the quarter following the reallocation of goodwill to new reporting units. While executives stressed that the charge does not affect cash flows or liquidity, it is a sizeable hit to reported earnings and underscores the challenges baked into the company’s legacy asset base.</p>
<div class="lb-trans"><p>佩瑞戈在本季度记录了 3.31 亿美元的非现金商誉减值，原因是将商誉重新分配到新的报告单位。尽管高管们强调这一费用不会影响现金流或流动性，但这对报告收益造成了重大打击，并突显了公司传统资产基础所面临的挑战。</p>
</div><h2>Working Capital and Cash Flow Remain Stress Points</h2>
<div class="lb-trans"><h2>营运资金和现金流仍然是压力点</h2>
</div><p>Operating cash flow was a negative $114 million in the first quarter, a $49 million deterioration versus the prior year, with management noting that the first quarter is typically the peak period for cash usage. Total debt stood at $3.6 billion, and although divestiture proceeds and cost savings are expected to improve leverage over time, the balance sheet remains a key area for investors to monitor.</p>
<div class="lb-trans"><p>第一季度的经营现金流为负 1.14 亿美元，同比恶化 4900 万美元，管理层指出第一季度通常是现金使用的高峰期。总债务为 36 亿美元，尽管预计剥离收益和成本节约会随着时间的推移改善杠杆，但资产负债表仍然是投资者需要关注的关键领域。</p>
</div><h2>Macro and Market Weakness Across U.S. and Europe</h2>
<div class="lb-trans"><h2>美国和欧洲的宏观和市场疲软</h2>
</div><p>Underlying market trends were unsupportive, with the U.S. OTC market down roughly 4.1% in value and 2.1% in volume over the period. European markets fared similarly, falling about 3.7% in value and 4.4% in volume, as soft cough and cold seasons and broader macroeconomic pressures weighed on consumer health spending.</p>
<div class="lb-trans"><p>基础市场趋势不利，美国场外交易市场在此期间价值下降约 4.1%，交易量下降 2.1%。欧洲市场表现类似，价值下降约 3.7%，交易量下降 4.4%，由于咳嗽和感冒季节疲软以及更广泛的宏观经济压力影响了消费者的健康支出。</p>
</div><h2>Guidance Framed as a Second-Half Recovery Story</h2>
<div class="lb-trans"><h2>指引框架为下半年复苏故事</h2>
</div><p>Forward‑looking commentary centered on a back‑half‑loaded recovery, with management reiterating that only about 30% to 35% of CORE adjusted EPS is expected in the first half and 65% to 70% in the second half of the year. While near‑term guidance reflects margin pressure from volume declines, manufacturing variance, and market softness, the company is banking on innovation, cost savings, and normalized demand to restore growth and profitability into 2026.</p>
<div class="lb-trans"><p>前瞻性评论集中在下半年复苏的预期上，管理层重申预计核心调整后的每股收益在上半年仅占 30% 到 35%，而下半年占 65% 到 70%。尽管短期指引反映出由于交易量下降、制造差异和市场疲软带来的利润压力，公司仍寄希望于创新、成本节约和正常化需求，以恢复到 2026 年的增长和盈利能力。</p>
</div><p>Perrigo’s earnings call painted a story of a company executing commercially but wrestling with cyclical and structural headwinds that are temporarily obscuring progress. Investors are being asked to look through weak current sales, margin compression, and heavy leverage in anticipation of a stronger second half and a more profitable 2026, making execution on innovation and cost discipline critical watchpoints.</p>
<div class="lb-trans"><p>培瑞克的财报电话会议描绘了一家在商业上执行良好但面临周期性和结构性逆风的公司，这些逆风暂时掩盖了进展。投资者被要求透过当前疲弱的销售、利润压缩和高杠杆，期待下半年更强劲的表现和更有利可图的 2026 年，因此在创新和成本控制上的执行成为关键关注点。</p>
</div>

培瑞克的财报电话会议在进展与压力之间取得了平衡