Company: PRGO
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0000950170-25-035751
Chunk: 3

Company: PERRIGO Co plc
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 3
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2024 Performance Update1

We made substantial progress on our strategy in 2024 by clearly defining our Enterprise Strategy, which outlines a tangible roadmap to drive performance and Total Shareholder Return ("TSR") on our journey to become 'One Perrigo’. We refined our Business Model to deliver a focused portfolio of solutions that delight consumers, and in partnership with our customers, improve access and accelerate category growth. Now, we are laser-focused on scaling more molecules, at more price points, to more consumers, in support of our Purpose: to make lives better through trusted health and wellness solutions, accessible to all.

We anchored our strategy around three clear steps:

Stabilize: We made substantial progress stabilizing our operations in 2024 as our infant formula business is consistently producing quality assured reliable product and our U.S. store brand business is on track for growth in 2025.

Streamline: We simplified our portfolio, structure, operating model, systems and supply chain by reducing our footprint of hundreds of small brands; our innovation by reducing from hundreds of small initiatives to larger scalable programs; and our structure, to accelerate decision-making and sharper execution.

Strengthen: Looking ahead, we are prioritizing high-growth brands, amplifying R&D, bolstering capabilities and directing resources where they matter most.

#### PERRIGO•2025 PROXY STATEMENTiii
Proxy Summary

In addition to these strategic advancements, the Company achieved full-year adjusted EPS within its communicated guidance range, delivered mid-single-digit adjusted operating income growth and expanded adjusted operating margin, due in part to accretive initiatives and new products. These successes were achieved despite the evolving U.S. regulatory environment within the infant formula industry, which impacted our infant formula business during the year.

See Appendix A for reconciliation of Adjusted (non-GAAP) to Reported (GAAP).

Other strategic and operational highlights include:

Launched our three-year plan to Consumerize, Simplify and Scale the Company, including 2025 to 2027 financial targets, at the Company’s Investor Day .

Launched and progressed ‘One Perrigo’ through the introduction of our North America Perrigo Business Services organization, the implementation of a central finance solution, and the realignment of our finance and information technology organizations.

Instilled a disciplined approach to capital allocation, ensuring that our every dollar spent is aligned with long-term shareholder value creation.

'Project Energize' streamlining efforts achieved annual gross savings of $139 million in 2024 and the Company remains on track to achieve its annual gross savings