Perrigo Company plc PRGO reported third-quarter 2021 adjusted earnings of 45 cents per share, which significantly missed the Zacks Consensus Estimate of 65 cents. Earnings decreased 25% year over year due to higher input costs and two product recalls.Net sales increased 4% year over year to $1.04 billion but slightly missed the Zacks Consensus Estimate of $1.05 billion. The year-over-year increase was driven by growth across all business, additional sales from acquired products and favorable currency movements. These were partially offset by loss of sales from discontinued products, product recalls and sudden supply chain disruptions in the United States, resulting in record unshipped orders. Organic net sales were up 2.6% year over year.The company stated that consumer takeaway was strong during the third quarter across almost all businesses. Despite being lower than normal, sales of cough/cold products showed strong recovery during the third quarter. However, supply chain disruptions that started during the reported quarter may continue to hurt sales in the fourth quarter.Shares of Perrigo were down 12% in pre-market trading on Nov 10, following lower-than-expected quarterly results. However, the company’s shares have gained 6.1% so far this year compared with the industry’s increase of 2.4%.Image Source: Zacks Investment ResearchSegment DiscussionPerrigo reports its results under the following segments — Consumer Self Care Americas (“CSCA”) and Consumer Self Care International (“CSCI”). Please note that the company completed the divestment of its generic Rx Pharmaceuticals business to Altaris Capital Partners in July 2021. The company reported the generic Rx pharmaceuticals business as discontinued operations.CSCA: Net sales of the segment in the third quarter of 2021 came in at $694 million, up 4.6% year over year. Sales increased due to a strong rebound in cough/cold sales and higher OTC sales, partially offset by loss of sales from discontinued products and product recalls.Net sales at CSCA decreased 4.2% organically.CSCI: The segment reported net sales of $349 million, up 2.8% from the year-ago period. Organic sales decreased 0.6%. Sales were driven by U.K. store brand business, higher sales of NiQuitin smoking cessation products, higher prices and favorable currency movements. These were partially offset by supply chain disruptions, lower sales of cough/cold products and weight loss products, and product recalls.2021 EPS Guidance CutPerrigo lowered its earnings guidance for 2021 to reflect higher input costs, sudden supply chain disruption and lower-than normal cough/cold sales. The company now expects adjusted earnings per share to be in the range of $2.00 to $2.10, compared with the previous range of $2.50-$2.70.Perrigo Company plc Price, Consensus and EPS Surprise Perrigo Company plc price-consensus-eps-surprise-chart | Perrigo Company plc QuoteZacks Rank and Stocks to ConsiderCurrently, Perrigo carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the pharma/biotech sector include Endo International ENDP, Gemini Therapeutics GMTX and Crinetics Pharmaceuticals CRNX. While Endo sports a Zacks Rank #1 (Strong Buy), Gemini and Crinetics carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Estimates for Gemini have narrowed from loss per share of $1.96 to $1.93 for 2021 and from $2.16 to $2.00 over the past 30 days.Earnings estimates for Endo have been revised upward from $2.29 to $2.75 for 2021 and from $2.24 to $2.46 over the past 30 days. The company delivered an earnings surprise of 57.69%, on average, in the last four quarters.Estimates for Crinetics have improved from a loss per share of $2.81 to $2.72 for 2021 and from $2.97 to $2.55 over the past 30 days. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Endo International plc (ENDP): Free Stock Analysis Report Perrigo Company plc (PRGO): Free Stock Analysis Report Crinetics Pharmaceuticals, Inc. (CRNX): Free Stock Analysis Report Gemini Therapeutics, Inc. (GMTX): Free Stock Analysis Report To read this article on Zacks.com click here.