PRGOPERRIGO Co plc

Pharmaceutical Preparations

Revenue: $4.3B; 2.8% YoY
Operating margin: -26.4%; 1122% YoY
EBITDA: −$785M; 279% YoY
Market cap: $2.2B
Employees: —
Net debt / EBITDA: —; $2.9B net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
67% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
22% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$106K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.1B	$4.5B	$4.7B	$4.4B	$4.3B	2.8%
Operating income	$410M	$79M	$152M	$113M	−$1.1B	1094%
Net income	−$69M	−$141M	−$13M	−$172M	−$1.4B	730%
Operating cash flow	$156M	$307M	$406M	$363M	$239M	34%
Capex	$152M	$96M	$102M	$118M	$93M	21%
Stock-based comp	$60M	$55M	$69M	$64M	$55M	15%
Buybacks	$0	$0	—	—	—
Dividends	$130M	$142M	$150M	$153M	$159M	4.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 16, 2019	Starboard Value LP	SC 13D/A	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $106K · 1
Open-market sells, 12 mo: $0 · 0
Net: $106K

Pay vs performance

No pay-versus-performance disclosure yet.