Perrigo: Positioning Through A Thesis Reset
Perrigo was the top underperformer in O’Keefe Stevens Advisory's portfolio in 2025, declining 46%, with continued struggles into Q1 2026. The firm now views challenges in its infant formula business as structural rather than cyclical, as the company has failed to regain market share and shelf space. Despite the setbacks, the advisory added to its position, seeing the business near a bottom while maintaining a modest holding size. The stock remains a high-conviction but cautious play amid ongoing operational headwinds.
- ▪Perrigo declined 46% in 2025 and continued to underperform in Q1 2026.
- ▪O’Keefe Stevens Advisory identifies structural issues in Perrigo's infant formula segment, not just cyclical headwinds.
- ▪The firm added to its Perrigo position but keeps it as a smaller core holding due to ongoing challenges.
- ▪Perrigo reported disappointing Q4 2025 results, missing expectations.
- ▪Investors view Perrigo as potentially near a bottom despite continued market share losses.
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