Prestige Consumer Healthcare нарастила выручку на 6,5% и увеличила прогноз после двух крупных слияний

Prestige Consumer Healthcare (NYSE:PBH) closed two acquisitions within three weeks this summer, adding roughly $240 million in annualized revenue to a portfolio anchored by Dramamine and Compound W. The first quarter fiscal 2027 earnings call, held August 6, showed a company beating its own targets even before Breathe Right and LaCorium Health joined the mix. But Clear Eyes, one of its historically strongest brands, is still working through a manufacturing bottleneck. Bull Case: A Diversified Machine Adding Fuel First quarter sales reached $265.7 million, up 6.5% from $249.5 million a year earlier, with organic growth of 3.2% once currency and the new Breathe Right contribution are excluded. Gains came from across the portfolio: Dramamine and Fleet lifted the GI category, Compound W led skin care higher, and TheraTears and Debrox both grew. Adjusted diluted EPS climbed to $0.98 from $0.95, and adjusted free cash flow hit a quarterly record of $83.7 million. Then came the deals. Breathe Right closed June 12 and is expected to add about $200 million in annual revenue from a brand with over 90% consumer awareness sold in more than 20 countries, with a new Breathe Right Sport strip launching now alongside the Menthol variant introduced in 2025. Management said integration was largely complete within 60 days. LaCorium Health, closed July 1, adds roughly $40 million in annualized revenue and a leading dermal therapy brand in Australia's eczema and cold sore categories. Combined, the two deals are expected to add more than 20% to Prestige's annualized revenue base, and full-year guidance rose to $1.29 billion to $1.315 billion in sales and $4.55 to $4.65 in adjusted EPS. Bear Case: Clear Eyes And New Debt Cloud The Picture Clear Eyes sales declined in the quarter as supply from the Pillar5 manufacturing facility stayed constrained, and management expects similar volatility in the second quarter before conditions stabilize in the back half of the year. International segment revenue fell 2.1% organically, which the company attributed to distributor order timing rather than weaker demand. Gross margin came in near 55%, down 120 basis points from a year earlier on higher transportation costs and product mix. The acquisitions were funded with new debt. Prestige used a seven-year Term Loan B to pay for Breathe Right and LaCorium, then priced $400 million of new unsecured notes on July 15 to replace notes coming due. Net debt stood at approximately $2 billion as of June 30, and the company expects to end the fiscal year with leverage just below four times. Higher interest expense of roughly $100 million and additional amortization of about $33 million from the deals will weigh on results even as revenue grows. Order timing that helped the first quarter is expected to reverse into a modest organic revenue decline in the second quarter.