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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Perrigo reported revenue of $4.3B in the fiscal year ended Dec 2025, down 2.8% from the year before. Operating income was −$1.1B, an operating margin of −26.4%, and net income was −$1.4B. Operating cash flow of $239M less capital expenditure of $93M left free cash flow of $145M. Net debt was $3.1B.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,139 | 4,452 | 4,656 | 4,373 | 4,253 |
| Cost of revenue | 2,723 | 2,996 | 2,975 | 2,831 | 2,759 |
| Gross profit | 1,416 | 1,455 | 1,680 | 1,543 | 1,495 |
| Research & development | 122 | 123 | 123 | 112 | 95.4 |
| Selling, general & admin | 1,018 | 1,097 | 1,164 | 1,015 | 962 |
| Operating income | 410 | 78.9 | 152 | 113 | −1,122 |
| Net interest incomeBanks | −125 | −156 | −174 | – | – |
| Pre-tax income | 259 | −139 | −8.3 | −80.7 | −1,298 |
| Income tax | 390 | −8.2 | −3.9 | 80.0 | 104 |
| Net income | −68.9 | −141 | −12.7 | −172 | −1,425 |
| Diluted EPS | −0.52 | −1.04 | −0.09 | −1.25 | −10.29 |
| Diluted shares | 134 | 135 | 135 | 137 | 139 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,865 | 601 | 751 | 559 | 532 |
| Receivables | 653 | 697 | 740 | 642 | 613 |
| Inventory | 1,020 | 1,150 | 1,141 | 1,082 | 1,149 |
| Current assets | 3,860 | 2,720 | 2,833 | 2,482 | 2,797 |
| Net PP&E | 864 | 926 | 916 | 918 | 899 |
| Goodwill | 2,999 | 3,490 | 3,529 | 3,320 | 2,050 |
| Total assets | 10,426 | 11,017 | 10,809 | 9,648 | 8,535 |
| Payables | 411 | 537 | 478 | 495 | 475 |
| Current liabilities | 1,588 | 1,114 | 1,586 | 1,044 | 1,013 |
| Short-term debt | 604 | 36.2 | 441 | 36.4 | 36.6 |
| Long-term debt | 2,917 | 4,070 | 3,633 | 3,582 | 3,604 |
| Total liabilities | 5,274 | 6,175 | 6,041 | 5,328 | 5,600 |
| Shareholders' equity | 5,152 | 4,842 | 4,768 | 4,319 | 2,936 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 156 | 307 | 406 | 363 | 239 |
| Capital expenditure | 152 | 96.4 | 102 | 118 | 93.4 |
| Free cash flow | 4.2 | 211 | 304 | 245 | 145 |
| Depreciation & amortisation | 312 | 339 | 360 | 326 | 338 |
| Stock-based compensation | 60.1 | 54.9 | 68.8 | 64.4 | 54.6 |
| Acquisitions | 0.0 | 2,011 | 0.0 | 0.0 | – |
| Share buybacks | 0.0 | 0.0 | – | – | – |
| Dividends paid | 130 | 142 | 150 | 153 | 159 |
| Dividend per share | 0.96 | 1.04 | 1.09 | 1.10 | 1.16 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 7.6% | 4.6% | −6.1% | −2.8% |
| Operating income growth (YoY) | – | −80.8% | 92.5% | −25.7% | −1094.0% |
| Gross margin | 34.2% | 32.7% | 36.1% | 35.3% | 35.1% |
| Operating margin | 9.9% | 1.8% | 3.3% | 2.6% | −26.4% |
| Net margin | −1.7% | −3.2% | −0.3% | −3.9% | −33.5% |
| Return on equityBlank when equity is negative | −1.3% | −2.9% | −0.3% | −4.0% | −48.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.6% | 0.8% | 1.6% | 1.3% | −14.9% |
| Free cash flow margin | 0.1% | 4.7% | 6.5% | 5.6% | 3.4% |
| Cash conversion (CFO ÷ net income) | −2.27x | −2.19x | −31.9x | −2.11x | −0.17x |
| Receivable days | 58 | 57 | 58 | 54 | 53 |
| Inventory days | 137 | 140 | 140 | 139 | 152 |
| Payable days | 55 | 65 | 59 | 64 | 63 |
| Debt ÷ equity | 0.68x | 0.85x | 0.85x | 0.84x | 1.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,656 | 3,506 | 3,322 | 3,059 | 3,109 |
| Current ratio | 2.43x | 2.44x | 1.79x | 2.38x | 2.76x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.