Perrigo Company (PRGO): 3Q Earnings Preview: Focus Remains On Underlying Consumer Trends & Infant Formula

Ahead of Perrigo's 3Q26 results, J.P. Morgan maintains a Neutral rating and a Dec-27 price target of $15. The firm forecasts 3Q sales of $977 million, with core sales down 2% year over year, infant formula sales of $76 million and EPS of $0.50. For 2026, it models sales down 5% and EPS of $2.21, within company guidance. The update will focus on OTC market and consumer trends, the pace at which inventory destocking and manufacturing under-absorption headwinds ease, and the infant formula strategic review. J.P. Morgan forecasts 2027 EPS of $2.41 but sees significant uncertainty around consumer trends and margins; the stock trades at about 7x 2026E EPS.