Perrigo Company plc (NYSE:PRGO) Q3 2022 Earnings Conference Call November 8, 2022 8:30 AM ET

Company Participants

Brad Joseph - Vice President, Investor Relations

Murray Kessler - President, Chief Executive Officer

Eduardo Bezerra - Executive Vice President, Chief Financial Officer

Conference Call Participants

Elliot Wilbur - Raymond James

Chris Schott - JPMorgan

Jacob Hughes - Wells Fargo Securities

Operator

Good morning and welcome to the Perrigo Third Quarter 2022 Financial Results Conference Call.

[Operator instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator instructions] Please note this event is being recorded.

I would now like to turn the conference over to Brad Joseph, VP of Investor Relations. Please go ahead.

Brad Joseph

Good morning, everyone and welcome to Perrigo’s third quarter 2022 earnings conference call. I hope you all had a chance to review the earnings press release we issued this morning. A copy of the earnings release and presentation for today’s discussion are available within the Investors section of perrigo.com website. Joining today’s call are President and CEO, Murray Kessler, CFO, Eduardo Bezerra.

I’d like to remind everyone that during this call, participants will make certain forward-looking statements. Please refer to the important information for shareholders and investors and Safe Harbor language regarding these statements in our press release issued earlier this morning.

A few quick items before we start. First, unless stated, all financial results discussed and presented are on a continuing operations basis. They do not include any contributions from the divested Rx business, which was accounted for as discontinued operations prior to its sale. In addition to other non-GAAP adjustments as described in the appendix, adjusted profit measures including adjusted EPS and adjusted operating income exclude from the prior year period certain costs incurred to support the operations of the Rx business which were reported in continuing operations. See the appendix for additional details and for reconciliations of all non-GAAP financial measures presented.

Second, organic growth excludes acquisitions, divestitures, and currency in both comparable periods; and third, management’s discussion will focus solely on non-GAAP results except as otherwise expressly noted. All comments related to constant currency impact of currency translation versus the prior year by exchange rates used in the comparable measurements in the prior year's financial statements.

And with that, I'd like to turn the call over to Murray.

Murray Kessler

Thank you, Brad and thank you everyone for joining us this morning. On today's call, I'll first highlight Perrigo's double-digit third quarter constant currency top and bottom line growth versus a year ago and the strong fundamentals on our business that drove that growth. Then I'll dive into the macroeconomic factors that required us to update our adjusted EPS guidance and finally provide some exciting updates on our strategic initiatives that will keep us basically on track with our 2023 financial goals despite the continued volatility in the macroeconomic environment. Following my comments, Eduardo will walk you through details of our Q3 financials.