GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

On November 8, 2013, the Company issued senior notes (the "Bonds") totaling $2.3 billion to finance part of the cash portion of the acquisition of Elan. See Note 7 for additional information related to these Bonds. The Company and certain other of its principal 100% owned subsidiaries (the "Guarantors") fully and unconditionally guaranteed, on a joint and several basis, the Bonds. The following tables present consolidated condensed financial information for (a) the Company (for purposes of this discussion and table, "Parent"); (b) the guarantors of the Bonds, which include substantially all of the U.S., 100% owned subsidiaries of the Parent and specific Elan subsidiaries ("Subsidiary Guarantors"); and (c) the wholly- and partially-owned non-U.S. subsidiaries of the Parent, which do not guarantee the Notes ("Non-Guarantor Subsidiaries"). Separate financial statements of the Subsidiary Guarantors are not presented because they are fully and unconditionally, jointly and severally liable under the guarantees. The consolidating adjustments primarily relate to eliminations of investments in subsidiaries and intercompany balances and transactions. The condensed consolidating financial statements present investments in subsidiaries using the equity method of accounting.

Perrigo Company plc, which was formed on December 18, 2013, is the Parent Company. For periods prior to December 18, 2013, the Parent entity is Perrigo Company, which is a guarantor, therefore no Parent column is presented for fiscal years 2013 and 2012.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the year ended June 28, 2014

(in millions)



	Unconsolidated
	Perrigo Company plc			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net sales	$	—		$	3,592.2		$	1,068.9		$	(600.3	)	$	4,060.8
Cost of sales	—			2,535.2			641.1			(563.2		)	2,613.1
Gross profit	—			1,057.0			427.8			(37.1		)	1,447.7

Operating expenses
Distribution	—			44.3			11.0			—			55.3
Research and development	—			124.1			57.0			(28.6		)	152.5
Selling	—			171.2			42.5			(5.1		)	208.6
Administration	56.3			313.6			44.1			(2.7		)	411.3
Write-off of in-process research and development	—			4.0			2.0			—			6.0
Restructuring	—			29.7			17.3			—			47.0
Total	56.3			686.9			173.9			(36.4		)	880.7

Operating income (loss)	(56.3		)	370.1			253.9			(0.7		)	567.0

Interest, net	62.9			439.1			(398.5		)	—			103.5
Other expense (income), net	0.5			(359.9		)	371.5			0.3			12.4
Loss on sales of investments	—			—			12.7			—			12.7
Loss on extinguishment of debt	19.0			146.8			—			—			165.8
Income (loss) before income taxes and equity in net income (loss) of subsidiaries	(138.7		)	144.1			268.2			(1.0		)	272.6
Income tax expense	(2.4		)	35.5			34.2			—			67.3
Income (loss) before equity in net income (loss) of subsidiaries	(136.3		)	108.6			234.0			(1.0		)	205.3
Equity in net income (loss) of subsidiaries	341.6			(241.0		)	98.7			(199.3		)	—
Net income (loss)	$	205.3		$	(132.4	)	$	332.7		$	(200.3	)	$	205.3

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the year ended June 28, 2014

(in millions)



	Unconsolidated
	Perrigo Company plc			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated

Net income	$	205.3		$	(132.4	)	$	332.7	$	(200.3	)	$	205.3
Other comprehensive income:
Foreign currency translation adjustments, net of tax	83.8			(0.1		)	84.4		(84.3		)	83.8
Change in fair value of derivative financial instruments, net of tax	(11.6		)	1.2			0.7		(1.9		)	(11.6		)
Change in fair value of investment securities, net of tax	2.4			2.4			2.5		(4.9		)	2.4
Post-retirement liability adjustments, net of tax	(12.0		)	(12.0		)	—		12.0			(12.0		)
Other comprehensive income, net of tax	62.6			(8.5		)	87.6		(79.1		)	62.6
Comprehensive income	$	267.9		$	(140.9	)	$	420.3	$	(279.4	)	$	267.9

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the year ended June 29, 2013

(in millions)



	Unconsolidated
	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net sales	$	2,986.9		$	1,089.3		$	(536.4	)	$	3,539.8
Cost of sales	2,057.9			738.3			(536.4		)	2,259.8
Gross profit	929.0			351.0			—			1,280.0

Operating expenses
Distribution	37.7			9.8			—			47.5
Research and development	76.5			38.7			—			115.2
Selling	145.8			40.3			—			186.1
Administration	207.5			32.7			—			240.2
Write-off of in-process research and development	9.0			—			—			9.0
Restructuring	2.9			—			—			2.9
Total	479.3			121.5			—			600.9

Operating income	449.7			229.5			—			679.1

Interest, net	64.6			1.2			—			65.8
Other expense (income), net	291.4			(290.5		)	—			0.9
Loss on sales of investments	3.1			1.6			—			4.7
Income (loss) before income taxes and equity in net income (loss) of subsidiaries	90.6			517.2			—			607.7
Income tax expense	147.9			17.9			—			165.8
Income (loss) before equity in net income (loss) of subsidiaries	(57.3		)	499.2			—			441.9
Equity in net income (loss) of subsidiaries	499.2			(311.4		)	(187.8		)	—
Net income	$	441.9		$	187.8		$	(187.8	)	$	441.9

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME

For the year ended June 29, 2013

(in millions)



	Unconsolidated
	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated

Net income	$	441.9	$	187.8	$	(187.8	)	$	441.9
Other comprehensive income:
Foreign currency translation adjustments	30.0		30.0		(33.1		)	26.9
Change in fair value of derivative financial instruments, net of tax	6.0		1.9		(1.9		)	6.0
Change in fair value of investment securities, net of tax	1.4		4.7		(1.6		)	4.4
Post-retirement liability adjustments, net of tax	0.3		—		—			0.3
Other comprehensive income, net of tax	37.6		36.7		(36.7		)	37.6
Comprehensive income	$	479.6	$	224.5	$	(224.5	)	$	479.6

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS

For the year ended June 30, 2012

(in millions)



	Unconsolidated
	Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net sales	$	2,715.1	$	931.4		$	(473.2	)	$	3,173.2
Cost of sales	1,945.5		605.4			(473.2		)	2,077.7
Gross profit	769.6		326.0			—			1,095.6

Operating expenses
Distribution	29.2		9.9			—			39.1
Research and development	67.7		38.1			—			105.8
Selling	110.3		38.0			—			148.3
Administration	180.5		44.2			(0.3		)	224.4
Restructuring	8.8		—			—			8.8
Total	396.5		130.2			(0.3		)	526.4

Operating income	373.1		195.8			0.3			569.2

Interest, net	27.6		33.1			—			60.7
Other expense (income), net	219.0		(222.8		)	0.3			(3.5		)
Income from continuing operations before income taxes and equity in net income of subsidiaries	126.5		385.5			—			512.0
Income tax expense	115.8		3.2			—			119.0
Income from continuing operations before equity in net income of subsidiaries	10.7		382.3			—			393.0
Equity in net income (loss) of subsidiaries	382.3		(266.2		)	(116.1		)	—
Income from continuing operations	$	393.0	$	116.1		$	(116.1	)	$	393.0
Income from discontinued operations, net of tax	8.6		8.6			(8.6		)	8.6
Net income (loss)	$	401.6	$	124.7		$	(124.7	)	$	401.6

CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS)

For the year ended June 30, 2012

(in millions)



	Unconsolidated
	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net income	$	401.6		$	124.7		$	(124.7	)	$	401.6
Other comprehensive income (loss):
Foreign currency translation adjustments	(76.7		)	(76.2		)	76.2			(76.7		)
Change in fair value of derivative financial instruments, net of tax	(9.4		)	(2.5		)	2.5			(9.4		)
Change in fair value of investment securities, net of tax	(1.0		)	(1.3		)	1.3			(1.0		)
Post-retirement liability adjustments, net of tax	(0.6		)	—			—			(0.6		)
Other comprehensive income (loss), net of tax	(87.6		)	(80.0		)	80.0			(87.6		)
Comprehensive income	$	314.0		$	44.7		$	(44.7	)	$	314.0

CONDENSED CONSOLIDATING BALANCE SHEET

June 28, 2014

(in millions)



	Unconsolidated
	Perrigo Company plc		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated
Assets
Cash and cash equivalents	$	323.4	$	245.2	$	230.9	$	—		$	799.5
Investment securities	—		—		5.9		—			5.9
Accounts receivable, net	1.4		463.9		4,495.7		(4,025.9		)	935.1
Inventories	—		613.9		148.1		(130.4		)	631.6
Current deferred income taxes	—		59.8		3.0		—			62.8
Prepaid expenses and other current assets	9.9		62.7		43.4		—			116.0
Total current assets	334.7		1,445.5		4,927.0		(4,156.3		)	2,550.9
Property and equipment, net	—		532.4		247.5		—			779.9
Goodwill and other indefinite-lived intangible assets	—		3,078.3		465.5		—			3,543.8
Other intangible assets, net	—		6,583.8		203.2		—			6,787.0
Non-current deferred income taxes	16.0		—		23.6		(16.0		)	23.6
Other non-current assets	23.8		84.5		86.7		—			195.0
Intercompany loans receivable	7,300.0		2,145.7		11,444.1		(20,889.8		)	—
Investments in subsidiaries	6,218.9		7,826.9		325.2		(14,371.0		)	—
Total non-current assets	13,558.7		20,251.6		12,795.8		(35,276.8		)	11,329.3
Total assets	$	13,893.4	$	21,697.1	$	17,722.8	$	(39,433.1	)	$	13,880.2
Liabilities and shareholders’ equity
Accounts payable	$	35.2	$	3,998.0	$	487.3	$	(4,156.2	)	$	364.3
Short-term debt	—		—		2.1		—			2.1
Payroll and related taxes	0.1		79.9		32.3		—			112.3
Accrued customer programs	—		65.6		190.9		—			256.5
Accrued liabilities	11.4		121.8		46.7		(0.5		)	179.4
Accrued income taxes	—		3.4		14.0		—			17.4
Current deferred income taxes	—		1.1		—		—			1.1
Current portion of long-term debt	140.0		1.6		—		—			141.6
Total current liabilities	186.7		4,271.4		773.3		(4,156.7		)	1,074.7
Long-term debt, less current portion	3,084.0		1.9		4.6		—			3,090.5
Non-current deferred income taxes	—		709.6		34.3		(16.0		)	727.9
Other non-current liabilities	—		182.6		110.8		—			293.4
Intercompany loans payable	1,929.0		11,291.5		7,667.8		(20,888.3		)	—
Total non-current liabilities	5,013.0		12,185.6		7,817.5		(20,904.3		)	4,111.8
Total liabilities	5,199.7		16,457.0		8,590.8		(25,061.0		)	5,186.5
Controlling interest	8,693.7		5,240.1		9,131.2		(14,372.1		)	8,692.9
Non-controlling interest	—		—		0.8		—			0.8
Shareholders’ equity	8,693.7		5,240.1		9,132.0		(14,372.1		)	8,693.7
Total liabilities and shareholders' equity	$	13,893.4	$	21,697.1	$	17,722.8	$	(39,433.1	)	$	13,880.2

CONDENSED CONSOLIDATING BALANCE SHEET

June 29, 2013

(in millions)



	Unconsolidated
	Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminating Entries			Consolidated
Assets
Cash and cash equivalents	$	519.6	$	260.3	$	—		$	779.9
Accounts receivable, net	409.4		1,515.9		(1,273.4		)	651.9
Inventories	682.9		147.3		(126.3		)	703.9
Current deferred income taxes	39.8		7.3		—			47.1
Prepaid expenses and other current assets	23.7		30.4		—			54.1
Total current assets	1,675.4		1,961.2		(1,399.7		)	2,236.9
Property and equipment, net	468.4		213.0		—			681.4
Goodwill and other indefinite-lived intangible assets	746.5		427.6		—			1,174.1
Other intangible assets, net	938.9		218.7		—			1,157.6
Non-current deferred income taxes	—		20.3		—			20.3
Other non-current assets	56.9		23.7		—			80.6
Intercompany loans receivable	2.2		—		(2.2		)	—
Investments in subsidiaries	2,045.1		2,872.8		(4,917.9		)	—
Total non-current assets	4,258.0		3,776.1		(4,920.1		)	3,114.0
Total assets	$	5,933.4	$	5,737.3	$	(6,319.8	)	$	5,350.8
Liabilities and shareholders’ equity
Accounts payable	$	1,220.8	$	560.8	$	(1,399.6	)	$	382.0
Short-term debt	—		5.0		—			5.0
Payroll and related taxes	55.1		27.0		—			82.1
Accrued customer programs	43.0		88.7		—			131.7
Accrued liabilities	74.0		21.7		—			95.7
Accrued income taxes	7.3		4.3		—			11.6
Current deferred income taxes	—		0.2		—			0.2
Current portion of long-term debt	41.2		—		—			41.2
Total current liabilities	1,441.4		707.7		(1,399.6		)	749.4
Long-term debt, less current portion	1,923.3		4.6		—			1,927.8
Non-current deferred income taxes	88.2		39.6		—			127.8
Other non-current liabilities	149.1		64.0		—			213.2
Intercompany loan payable	—		2.2		(2.2		)	—
Total non-current liabilities	2,160.6		110.3		(2.2		)	2,268.8
Total liabilities	3,602.0		818.0		(1,401.8		)	3,018.2
Controlling interest	2,331.4		4,918.1		(4,918.1		)	2,331.4
Non-controlling interest	—		1.2		—			1.2
Shareholders’ equity	2,331.4		4,919.3		(4,918.1		)	2,332.6
Total liabilities and shareholders' equity	$	5,933.4	$	5,737.3	$	(6,319.8	)	$	5,350.8

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended June 28, 2014

(in millions)



	Unconsolidated
	Perrigo Company plc			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net cash (for) from operating activities	$	(126.5	)	$	385.6		$	434.4		$	—		$	693.5
Cash Flows (For) From Investing Activities
Acquisitions of businesses, net of cash acquired	(3,334.0		)	1,728.2			—			—			(1,605.8		)
Purchases of securities	—			(15.0		)	—			—			(15.0		)
Proceeds from sales of securities	—			2.0			79.4			—			81.4
Additions to property and equipment	—			(123.4		)	(48.2		)	—			(171.6		)
Proceeds from sales of property and equipment	—			1.6			4.6						6.2
Intercompany notes issued	(1,510.0		)	(1,908.0		)	(692.3		)	4,110.3			—
Net cash (for) from investing activities	(4,844.0		)	(314.6		)	(656.5		)	4,110.3			(1,704.8		)
Cash Flows (For) From Financing Activities
Purchase of noncontrolling interest	—			—			(7.2		)	—			(7.2		)
Borrowings of short-term debt, net	—			—			(3.0		)	—			(3.0		)
Premium on early retirement of debt	—			(133.5		)	—			—			(133.5		)
Net proceeds from debt issuances	3,293.6			—			—			—			3,293.6
Repayments of long-term debt	(70.0		)	(1,965.0		)	—			—			(2,035.0		)
Deferred financing fees	(48.8		)	—			—			—			(48.8		)
Excess tax benefit of stock transactions	5.7			—			—			—			5.7
Issuance of common stock	9.8			—			—			—			9.8
Repurchase of common stock	(7.5		)	—			—			—			(7.5		)
Cash dividends	(28.1		)	(18.0		)	—			—			(46.1		)
Intercompany notes borrowed	2,139.2			1,771.1			200.0			(4,110.3		)	—
Net cash from financing activities	5,293.9			(345.4		)	189.8			(4,110.3		)	1,028.0
Effect of exchange rate changes on cash	—			—			2.9						2.9
Net increase (decrease) in cash and cash equivalents	323.4			(274.4		)	(29.4		)	—			19.6
Cash and cash equivalents of continuing operations, beginning of period	—			519.6			260.3			—			779.9
Cash and cash equivalents, end of period	$	323.4		$	245.2		$	230.9		$	—		$	799.5

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended June 29, 2013

(in millions)



	Unconsolidated
	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net cash from operating activities	$	216.1		$	337.7		$	—		$	553.8
Cash Flows (For) From Investing Activities
Acquisitions of businesses, net of cash acquired	(571.5		)	(280.8		)	—			(852.3		)
Proceeds from sales of securities	—			8.6			—			8.6
Additions to property and equipment	(71.3		)	(32.8		)	—			(104.1		)
Intercompany notes issued	6.9			—			(6.9		)	—
Net cash (for) from investing activities	(635.9		)	(305.0		)	(6.9		)	(947.8		)
Cash Flows (For) From Financing Activities
Borrowings of short-term debt, net	—			5.0			—			5.0
Net proceeds from debt issuances	636.9			0.3			—			637.3
Repayments of long-term debt	(40.0		)	—			—			(40.0		)
Deferred financing fees	(6.0		)	—			—			(6.0		)
Excess tax benefit of stock transactions	15.7			—			—			15.7
Issuance of common stock	10.7			—			—			10.7
Repurchase of common stock	(12.4		)	—			—			(12.4		)
Cash dividends	(33.0		)	—			—			(33.0		)
Intercompany notes borrowed	—			(6.9		)	6.9			—
Net cash (for) from financing activities	571.9			(1.6		)	6.9			577.2
Effect of exchange rate changes on cash	—			(5.8		)	—			(5.8		)
Net increase in cash and cash equivalents	152.1			25.3			—			177.4
Cash and cash equivalents, beginning of period	367.5			235.0			—			602.5
Cash and cash equivalents, end of period	$	519.6		$	260.3		$	—		$	779.9

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the year ended June 30, 2012

(in millions)



	Unconsolidated
	Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminating Entries			Consolidated

Net cash from operating activities	$	(1,272.7	)	$	1,786.1		$	—		$	513.4
Cash Flows (For) From Investing Activities
Acquisitions of businesses, net of cash acquired	(582.3		)	—			—			(582.3		)
Additions to property and equipment	(81.7		)	(38.5		)	—			(120.2		)
Proceeds from sale of intangible assets and pipeline development projects	7.0			3.5			—			10.5
Proceeds from sale of business	—			8.6			—			8.6
Acquisitions of assets	(0.3		)	(0.5		)	—			(0.8		)
Intercompany notes issued	1,604.9			—			(1,604.9		)	—
Net cash (for) from investing activities	947.6			(26.8		)	(1,604.9		)	(684.1		)
Cash Flows (For) From Financing Activities
Repayments of short-term debt, net	—			(2.7		)	—			(2.7		)
Net proceeds from debt issuances	1,085.0			4.2			—			1,089.2
Repayments of long-term debt	(610.0		)	—			—			(610.0		)
Deferred financing fees	(5.1		)	—			—			(5.1		)
Excess tax benefit of stock transactions	12.9			—			—			12.9
Issuance of common stock	11.6			—			—			11.6
Repurchase of common stock	(8.2		)	—			—			(8.2		)
Cash dividends	(29.0		)	—			—			(29.0		)
Intercompany notes borrowed	—			(1,604.9		)	1,604.9			—
Net cash from financing activities	457.2			(1,603.4		)	1,604.9			458.7
Effect of exchange rate changes on cash	—			4.4			—			4.4
Net increase in cash and cash equivalents	132.1			160.3			—			292.4
Cash and cash equivalents, beginning of period	235.4			74.7			—			310.1
Cash and cash equivalents, end of period	$	367.5		$	235.0		$	—		$	602.5