What’s Next For Perrigo Stock After Its Recent 11% Fall?

What’s Next For Perrigo Stock After Its Recent 11% Fall?

A couple of months back we discussed that Perrigo stock (NASDAQ: PRGO), a private label over-the-counter pharmaceuticals company, may see lower levels, based on the Trefis machine learning engine, which analyzes historical stock price movements. PRGO stock is now down 12% from the levels seen in early-October. Specifically, PRGO stock was down 11% in yesterday's trading session (Nov 10). The company recently announced its Q3 results, and they were below the consensus estimates. The company saw its top-line expand 4% y-o-y to $1. 0 billion, falling short of the $1. 1 billion consensus estimate. Perrigo's earnings of $0. 45 on an adjusted and per share basis was down 25% y-o-y, and well below the $0. 65 consensus estimate. The company stated that higher input costs and supply chain disruptions adversely impacted its Q3 performance. Furthermore, Perrigo lowered its full-year 2021 earnings outlook to now be in the range of $2. 00 and $2. 10, compared to its prior guidance of $2. 50 and $2. 70. This did not sit well with the investors, evident from an 11% drop in PRGO stock in a single trading session. But now that PRGO stock has seen a fall of 10% in a single