Perrigo Company plc said its 2026 All In forecast will exclude its infant formula business, setting adjusted diluted earnings at $2.25 to $2.45 per share as it prepares to sell the unit.
The company’s separate Core outlook puts adjusted diluted earnings per share (EPS) at $2.15 to $2.35. It expects Core net sales to decline 2.5% to 3.6% and its adjusted operating margin to range from 14% to 15%.
The two measures cover different business scopes. Core excludes infant formula and previously announced divestitures, while All In continues to include other divested businesses. The accounting change takes effect in Perrigo’s fourth-quarter and full-year results, which will present the formula unit as discontinued operations.
Perrigo linked its outlook to cautious retailer inventory levels ahead of the cough-and-cold season and continued weakness among European consumers. Albert Manzone, the company’s interim president, interim CEO and a director, said Perrigo had grown “too complex.”
Perrigo has agreed to sell the infant formula business to MeridianMade. The deal includes $40 million upfront and up to $135 million more contingent on net-sales milestones through 2030, for a maximum potential value of $175 million.
Perrigo said selling the unit would streamline its portfolio, support a stronger margin profile and substantially lower capital spending in the years ahead. The new classification will appear in the company’s fourth-quarter and full-year results.
