Perrigo is rated Hold because of its distressed balance sheet, high leverage, and unsustainable dividend coverage. The company's 10.9% dividend yield is not supported by free cash flow, creating a near-term risk of a dividend cut unless it sells more assets. Recent divestitures, like the sale of its Dermacosmetics business, provide short-term relief but reduce margins and highlight the need to consolidate its product portfolio. To stabilize, Perrigo must reduce debt, shrink its product range, and restore cash flow to sustainably cover dividends.
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