Perrigo initiates strategic review of infant formula business

Perrigo (PRGO) announced that it is initiating a strategic review of its infant formula business. The review will assess a full range of alternatives. It will focus on a combination of accelerating cash flows and reassessing the company’s previously announced investment in this business of $240M, while optimizing portfolio impact and focus. The infant formula business in 2025 is expected to generate net sales of approximately $360M, or approximately 90% of Perrigo’s global Nutrition category, equating to less than 10% of Perrigo’s annual net sales. Perrigo will continue to serve parents and caregivers with infant formula throughout the review process.