Why Did Perrigo Stock Tumble 9% Pre-Market Today?
Synopsis
The company announced plans to undertake a strategic review of its infant formula segment, noting that the initiative aligns with its ‘Three-S’ framework: Stabilize, Streamline, Strengthen.
- The review will evaluate multiple strategic options, and no specific timeline has been set for completing the process.
- The review is part of an ongoing effort to optimize operations and drive shareholder value.
Perrigo Company plc (PRGO) has announced plans to undertake a strategic review of its infant formula segment as part of an ongoing effort to optimize operations and drive shareholder value.
The review will evaluate multiple strategic options, and no specific timeline has been set for completing the process.
Part Of Perrigo’s ‘Three-S’ Strategy
The company stated that the initiative aligns with its ‘Three-S’ framework, ‘Stabilize, Streamline, Strengthen,’ which aims to improve capital discipline and boost returns on investment.
As part of the review, Perrigo will reassess its previously announced $240 million investment in the infant formula business while exploring ways to accelerate cash flow.
Following the announcement, Perrigo’s stock traded over 9% lower in Wednesday’s premarket.
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