PRGO · CIK 1585364
What Perrigo Company plc told the SEC could break it.
Perrigo's disclosures converge on one vulnerability: a drug supply chain sourced abroad and now squeezed by trade policy. New 2025 tariffs materially raised its cost of goods for products and materials sourced overseas, particularly China, and a separate Section 232 national-security investigation into pharmaceutical imports could add tariffs on the foreign-sourced drugs it depends on. Underneath that sit concrete supply concentrations — several key active-ingredient suppliers (including for omeprazole) are in Israel, where Middle East conflict raises disruption risk, and certain raw materials and packaging components are available from only one or a few suppliers that require extensive testing before alternates can be used.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- 2025 import tariffs (materially increased COGS, especially China)high
New tariffs and trade policies materially increased Perrigo's cost of goods through fiscal 2025 for products and materials sourced from other countries, particularly China, with a significant impact on results of operations.
“Through fiscal year 2025, these new tariffs and trade policies have had a significant impact on our results of operations and the impact of these tariffs has materially increased the cost of goods for our products and materials sourced from other countries, particularly China.”
- Section 232 pharmaceutical import national-security investigationmedium
The U.S. Department of Commerce initiated a Section 232 investigation into pharmaceutical and pharmaceutical-ingredient imports; it may lead to tariffs on pharma imports consistent with the administration's reshoring objective, threatening Perrigo's foreign-sourced drug supply.
“Department of Commerce initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, to determine the effects of importing pharmaceuticals and pharmaceutical ingredients on national security.”
Geographic concentration
- Israel API suppliers (omeprazole)medium
Several of Perrigo's key API suppliers are located in Israel — a critical node in the global API market — from which it sources raw materials and finished goods for certain self-care products including omeprazole; Middle East conflict creates potential supply/logistics disruption (alternate suppliers engaged as a precaution).
“Israel is a global technology research and development center that plays a critical role in the global Active Pharmaceutical Ingredients ("API") market, as a number of our key suppliers are located within Israel.”
Supplier concentration
- limited/single-source raw materials & packaging componentsmedium
Certain raw materials and packaging components, due to technical specifications and delivery systems, are available from only one or a few suppliers and require extensive compatibility testing before alternates can be used.
“However, supplies of certain raw materials and packaging components, due to their technical specifications and product delivery systems, are more limited as they may be available from one, or only a few suppliers, and may require extensive compatibility testing before we can use them.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Sales to Walmart Inc. represented 12.9% and 11.9% of our consolidated net sales in 2025 and 2024, respectively.”
Cited →
Its suppliers
“Our largest customers for our custom containers business include Badia Spices Inc., Berlin Packaging LLC, Conagra Brands, Inc., General Mills, Inc., Kraft Heinz, Lactalis Canada Inc., Mars, Incorporated, McCormick & Company, Incorporated, Nice-Pak Products, Inc., Perrigo Company plc, The Procter & Gamble Company, Sazerac Company, The Scotts Company LLC, TricorBraun, Inc.”
Cited →
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