Perrigo narrows FY23 adjusted EPS view to $2.50-$2.60 from $2.50-$2.70

Consensus $2.63. Cuts FY23 revenue view to up 4%-6% from up 7%-11%, consensus $2.63. Sees FY23 adjusted tax rate 14%. Lockwood-Taylor concluded, “The Perrigo team delivered third quarter double-digit gross profit, operating income and EPS growth year-over-year led by strong business fundamentals across the global portfolio, which more than offset continued volatility in infant formula. While we have updated our expectations for infant formula and the adverse impact from currency translation, the strength of our diversified portfolio, greater than originally anticipated margin expansion and a lower expected adjusted tax rate allows us to maintain the mid-to-lower end of our original 2023 EPS guidance range.”