O'Keefe Stevens Advisory, Inc. on Perrigo Company plc

The adviser continues to own Perrigo and most recently added in February 2026 despite substantial losses since the initial purchase. The business is not yet repaired, but divestiture proceeds allowed it to pay down $759 million of debt in the first half of 2026 and extend its credit agreement to 2031. The stock rebounded 42.1% in Q3 as sentiment moved from very negative to less negative, even while sales and earnings remained weak. The adviser sees a potential second catalyst in a reversal of the stock’s status as a short-leg funding position, with speculative acquisition interest possibly adding support. The thesis is a distressed sentiment and balance-sheet improvement rather than a claim that operations have already normalized.