0001585364-14-000023.txt : 20141106 0001585364-14-000023.hdr.sgml : 20141106 20141106072611 ACCESSION NUMBER: 0001585364-14-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20141104 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Submission of Matters to a Vote of Security Holders ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141106 DATE AS OF CHANGE: 20141106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERRIGO Co plc CENTRAL INDEX KEY: 0001585364 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: L2 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36353 FILM NUMBER: 141198794 BUSINESS ADDRESS: STREET 1: TREASURY BUILDING STREET 2: LOWER GRAND CANAL STREET CITY: DUBLIN STATE: L2 ZIP: 2 BUSINESS PHONE: 269-673-8451 MAIL ADDRESS: STREET 1: 515 EASTERN AVENUE CITY: ALLEGAN STATE: MI ZIP: 49010 FORMER COMPANY: FORMER CONFORMED NAME: PERRIGO Co Ltd DATE OF NAME CHANGE: 20130828 8-K 1 a2015q1earningsrelease8-k.htm 8-K 2015 Q1 earnings release 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

_______________________________________________
 FORM 8-K
_______________________________________________

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):
November 4, 2014
_______________________________________________
Perrigo Company plc
(Exact name of registrant as specified in its charter)
_______________________________________________

Commission file number 001-36353

Ireland
 
Not Applicable
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
Treasury Building, Lower Grand Canal Street, Dublin 2, Ireland
 
-
(Address of principal executive offices)
 
(Zip Code)
+353 1 7094000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________ 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]     Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[ ]     Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[ ]     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

[ ]         Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))



ITEM 2.02.    Results of Operations and Financial Condition

On November 6, 2014, Perrigo Company plc (the “Company”) released earnings for the first quarter of fiscal 2015. The press release related to the Company’s earnings is attached as Exhibit 99.1.

The earnings release contains certain non-GAAP measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) in the statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation for Cost of sales, Gross profit, Operating expenses, Operating income, Interest expense, net, Other expense (income), net, Income before income taxes, Income tax expense, Net income and Earnings per share within its earnings release to the most directly comparable U.S. GAAP measures for these non-GAAP measures.

The Company excludes the items listed below in the applicable period when monitoring and evaluating the on-going financial results and trends of its business, and believes that presenting operating results excluding these items is also useful for investors, since it provides important insight into the Company's on-going core business operations on a normalized basis. Adjusted earnings is one of the primary indicators management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of the Company’s business from period to period without the effect of the non-core business items indicated. Management uses adjusted earnings to prepare operating budgets and forecasts and to measure the Company’s performance against those budgets and forecasts on a corporate and segment level.

Items excluded from reported results and guidance:

First Quarter Fiscal 2014 Results
•
Amortization of acquired intangible assets related to business combinations and asset acquisitions
•
Acquisition and integration-related charges
•
Restructuring charges related to completed business acquisition and for organizational improvements
•
Litigation settlement

First Quarter Fiscal 2015 Results
•
Amortization of acquired intangible assets related to business combinations and asset acquisitions
•
Acquisition and integration-related charges
•
Restructuring charges related to completed business acquisition and for organizational improvements
•
Equity method investment losses
•
Investment distribution

Fiscal 2015 Guidance
•
Amortization of acquired intangible assets related to business combinations and asset acquisitions
•
Acquisition and integration-related charges
•
Restructuring charges related to completed business acquisition and for organizational improvements
•
Equity method investment losses
•
Investment distribution

    



ITEM 5.07 Submission of Matters to a Vote of Security Holders.

At the Company’s Annual General Meeting of Shareholders held on November 4, 2014, the Company’s shareholders voted on the following matters:

1. Election of 11 directors of the Company:
Nominee
 
For
 
Against
 
Abstain
 
Broker Non-Votes
Laurie Brlas
 
101,852,590

 
3,817,685

 
137,248

 
5,667,290

Gary M. Cohen
 
102,822,219

 
2,853,269

 
132,031

 
5,667,294

Jacqualyn A. Fouse
 
103,511,398

 
2,152,056

 
144,069

 
5,667,290

David T. Gibbons
 
73,987,086

 
31,710,192

 
110,245

 
5,667,290

Ran Gottfried
 
103,299,623

 
2,368,096

 
139,801

 
5,667,293

Ellen R. Hoffing
 
103,457,804

 
2,236,561

 
113,156

 
5,667,292

Michael J. Jandernoa
 
72,473,161

 
32,650,459

 
683,901

 
5,667,292

Gary K. Kunkle, Jr.
 
102,265,789

 
3,403,159

 
138,572

 
5,667,293

Herman Morris, Jr.
 
103,064,664

 
2,604,466

 
138,388

 
5,667,295

Donal O’Connor
 
104,194,386

 
1,476,054

 
137,080

 
5,667,293

Joseph C. Papa
 
93,163,125

 
11,661,580

 
973,268

 
5,676,840


2. Ratification of the appointment of Ernst & Young LLP:
For
 
Against
 
Abstain
 
Broker Non-Votes
105,992,912

 
3,577,256

 
193,344

 
1,711,301

3. Advisory vote on the Company's executive compensation:
For
 
Against
 
Abstain
 
Broker Non-Votes
92,148,504

 
13,054,694

 
607,958

 
5,663,657

4. Authorization of market purchases and overseas market purchases of Company shares:
For
 
Against
 
Abstain
 
Broker Non-Votes
110,014,620

 
799,903

 
660,290

 
—


5. Determination of price range for reissuance of treasury shares:
For
 
Against
 
Abstain
 
Broker Non-Votes
104,419,082

 
748,505

 
643,569

 
5,663,657


6. Approval of the creation of distributable reserves by the reduction of share capital:
For
 
Against
 
Abstain
 
Broker Non-Votes
105,321,233

 
312,787

 
177,136

 
5,663,657




ITEM 7.01.    Regulation FD Disclosure

At its meeting on November 4, 2014, the Company’s Board of Directors approved the following committee assignments, effective immediately:           
 
Audit Committee
 
Renumeration Committee
 
Nominating and Goverance Committee
Laurie Brlas (Chair)
 
Ellen R. Hoffing (Chair)
 
Gary M. Cohen (Chair)
Jacqualyn A. Fouse
 
Laurie Brlas
 
Gary K. Kunkle, Jr.
Ellen R. Hoffing
 
Ran Gottfried
 
Herman Morris, Jr.
Donal O’Connor
 
Gary K. Kunkle, Jr.
 
 
   
ITEM 9.01.    Financial Statements and Exhibits

(d)
Exhibits

99.1
Press release issued by Perrigo Company plc on November 6, 2014, furnished solely pursuant to Item 2.02 of Form 8-K.

The information in Items 2.02 and 7.01 of this Report and the press release included as Exhibit 99.1 are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.



SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
 
 
(Registrant)

 
 
 
PERRIGO COMPANY PLC

 
 
 
 
 
 
 
 
By:
/s/ Judy L. Brown
Dated:
November 6, 2014
 
 
Judy L. Brown
 
 
 
 
Executive Vice President and
 
 
 
 
Chief Financial Officer
 
 
 
 
(Principal Accounting and Financial Officer)


         
                        
     


Exhibit Index

99.1
Press release issued by Perrigo Company plc on November 6, 2014, furnished solely pursuant to Item 2.02 of Form 8-K.


 EX-99.1 2 a2015q1pressrelease.htm PRESS RELEASE ISSUED NOVEMBER 6, 2014 BY PERRIGO COMPANY PLC 2015 Q1 Press Release



                                         
FOR IMMEDIATE RELEASE

PERRIGO COMPANY PLC REPORTS RECORD FIRST QUARTER REVENUE, ADJUSTED NET INCOME AND ADJUSTED MARGINS

•
Fiscal first quarter net sales increased to a first quarter record of $952 million.

•
Fiscal first quarter adjusted net income increased 30% to a first quarter record of $188 million, with reported GAAP net income of $96 million. Adjusted and GAAP diluted earnings per share were $1.40 and $0.72, respectively.

•
Record fiscal first quarter adjusted gross margin of 44.4% (GAAP gross margin of 33.8%) and record fiscal first quarter adjusted operating margin of 26.0% (GAAP operating margin of 14.4%).

•
Record first quarter operating cash flow of $195 million.

•
Management continues to expect full-year fiscal 2015 adjusted earnings range of $7.20 to $7.50 per diluted share, an increase of 13% to 17% over fiscal 2014 adjusted earnings per share, and reported earnings of between $4.58 and $4.88 per diluted share.


DUBLIN, Ireland - November 6, 2014 - Perrigo Company plc (NYSE: PRGO; TASE) today announced results for its first quarter ended September 27, 2014.

Perrigo’s Chairman, President and CEO Joseph C. Papa commented, “The team's financial performance for the quarter was generally in-line with our expectations, highlighted by record first quarter net sales, adjusted net income and adjusted margins. First quarter performance reflects expected lower year-over-year seasonal sales volume and contract sales in our Consumer Healthcare segment, planned Rx pricing programs implemented in the quarter and disappointing sales in the VMS Nutritional category, partially offset by 11% growth in the infant formula category. Our team remains focused on launching over 100 new products in fiscal year 2015, the majority of which will launch in the second half of the year, illustrating our continued commitment to make quality healthcare more affordable for consumers around the globe."

Refer to Tables I, II, and III at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP

1


information. The Company’s reported results are summarized in the attached Consolidated Statements of Operations, Balance Sheets and Cash Flows.

Perrigo Company plc
(in millions, except per share amounts)
(see the attached Table I for reconciliation to GAAP numbers)
(YoY % Change may not calculate due to rounding)

 
Fiscal 2015
Fiscal 2014
 
 
First Quarter Ended
First Quarter Ended
YoY

 
9/27/2014
9/28/2013
% Change

Net Sales
$951.5
$933.4
2
 %
Reported Net Income
$96.3
$111.4
-14
 %
Adjusted Net Income
$187.5
$143.9
30
 %
Reported Diluted EPS
$0.72
$1.18
-39
 %
Adjusted Diluted EPS
$1.40
$1.52
-8
 %
Diluted Shares
134.4
94.7
42
 %
    
First Quarter Results

Net sales in the quarter were $952 million, an increase of 2% over the first quarter of fiscal 2014, primarily attributable to $92 million in sales from the acquisition of Elan Corporation plc ("Elan") and new product sales of $24 million. This increase was offset partially by lower sales volumes on certain existing products in the Consumer Healthcare and API segments, as well as net charges taken to meet contractual obligations associated with pricing programs in the Rx segment.

Excluding charges as outlined in Table I at the end of this release, first quarter fiscal 2015 adjusted net income increased 30% to $188 million or $1.40 per diluted share. Reported net income was $96 million, or $0.72 per diluted share. The difference between the reported net income and adjusted net income was attributable primarily to amortization expense and other items not related to the ongoing operations of the Company's business.


2


Consumer Healthcare

Consumer Healthcare Segment
(in millions)
(see the attached Table II for reconciliation to GAAP numbers)
(YoY % Change may not calculate due to rounding)

 
Fiscal 2015

Fiscal 2014

 
 
First Quarter Ended

First Quarter Ended

YoY

 
9/27/2014

9/28/2013

% Change

 
 
 
 
Net Sales
$493.3
$538.5
-8
 %
Reported Gross Profit
$152.8
$176.9
-14
 %
Adjusted Gross Profit
$159.9
$180.3
-11
 %
Reported Operating Income
$65.3
$89.9
-27
 %
Adjusted Operating Income
$76.4
$96.0
-20
 %
 
 
 
 
Reported Gross Margin
31.0
%
32.9
%
-190 bps

Adjusted Gross Margin
32.4
%
33.5
%
-110 bps

Reported Operating Margin
13.2
%
16.7
%
-350 bps

Adjusted Operating Margin
15.5
%
17.8
%
-230 bps


Consumer Healthcare segment net sales were $493 million, reflecting an increase in sales of existing products of $20 million (primarily in the smoking cessation category), $7 million in new product sales and $6 million attributable to the acquisition of OTC products from Aspen. These combined increases were more than offset by a decline of $78 million in sales of existing products (primarily in the cough/cold, contract manufacturing and analgesics categories) due primarily to relatively higher seasonal purchases from retailers during last year's cough/cold and flu season, lower contract manufacturing sales and the absence of sales from guaifenesin 600mg ER this quarter versus last year.

Adjusted gross margin contracted 110 bps due to lower sales of higher margin products versus last year. Adjusted operating margin included increased R&D investments as more products move from prescription to over-the-counter status.



3


Nutritionals

Nutritionals Segment
(in millions)
(see the attached Table II for reconciliation to GAAP numbers)
(YoY % Change may not calculate due to rounding)

 
Fiscal 2015

Fiscal 2014

 
 
First Quarter Ended

First Quarter Ended

YoY

 
9/27/2014

9/28/2013

% Change

 
 
 
 
Net Sales
$125.3
$129.0
-3
 %
Reported Gross Profit
$33.4
$30.8
+8
 %
Adjusted Gross Profit
$36.5
$33.9
+8
 %
Reported Operating Income
$8.6
$7.7
+12
 %
Adjusted Operating Income
$15.9
$15.1
+5
 %
 
 
 
 
Reported Gross Margin
26.7
%
23.9
%
+280 bps

Adjusted Gross Margin
29.2
%
26.3
%
+290 bps

Reported Operating Margin
6.8
%
6.0
%
+80 bps

Adjusted Operating Margin
12.6
%
11.7
%
+90 bps


The Nutritionals segment reported first quarter net sales of $125 million as new product sales of $7 million were more than offset by $6 million in lower year-over-year sales primarily in the VMS and infant/toddler food categories and $5 million in discontinued products.

First quarter gross margin expanded due to a greater proportion of sales from the higher margin infant formula category versus last year and improved efficiencies at the manufacturing facilities. Operating margin included increased selling investments.
 


4


Rx Pharmaceuticals

Rx Pharmaceuticals Segment
(in millions)
(see the attached Table II for reconciliation to GAAP numbers)
(YoY % Change may not calculate due to rounding)

 
Fiscal 2015

Fiscal 2014

 
 
First Quarter Ended

First Quarter Ended

YoY

 
9/27/2014

9/28/2013

% Change

 
 
 
 
Net Sales
$194.5
$203.6
-4
 %
Reported Gross Profit
$96.4
$112.5
-14
 %
Adjusted Gross Profit
$113.3
$128.5
-12
 %
Reported Operating Income
$64.7
$83.1
-22
 %
Adjusted Operating Income
$81.8
$103.1
-21
 %
 
 
 
 
Reported Gross Margin
49.6
%
55.2
%
-560 bps
Adjusted Gross Margin
58.3
%
63.1
%
-480 bps
Reported Operating Margin
33.3
%
40.8
%
-750 bps
Adjusted Operating Margin
42.1
%
50.6
%
-850 bps

The Rx Pharmaceuticals segment reported first quarter net sales of $195 million as new product sales of $8 million and $4 million of net sales from acquisitions were offset by $11 million in discontinued products. Net charges taken to meet contractual obligations associated with pricing programs also impacted net sales during the quarter. The expected benefits of these programs are anticipated to commence in the second fiscal quarter.

Gross margin was impacted by the net charges discussed above while operating margin was impacted by higher clinical costs and continued investments to grow the specialty pharmaceuticals sales force.


5


API

API Segment
(in millions)
(see the attached Table II for reconciliation to GAAP numbers)
(YoY % Change may not calculate due to rounding)

 
Fiscal 2015

Fiscal 2014

 
 
First Quarter Ended

First Quarter Ended

YoY

 
9/27/2014

9/28/2013

% Change

 
 
 
 
Net Sales
$24.8
$43.2
-43
 %
Reported Gross Profit
$13.0
$29.8
-56
 %
Adjusted Gross Profit
$13.5
$30.3
-55
 %
Reported Operating Income
$7.1
$22.4
-69
 %
Adjusted Operating Income
$7.6
$22.9
-67
 %
 
 
 
 
Reported Gross Margin
52.3
%
69.1
%
-1,680 bps

Adjusted Gross Margin
54.4
%
70.3
%
-1,590 bps

Reported Operating Margin
28.3
%
52.0
%
-2,370 bps

Adjusted Operating Margin
30.5
%
53.1
%
-2,260 bps


The API segment’s first quarter net sales were $25 million due primarily to a decrease in sales of existing products of $18 million as a result of increased competition on certain products.

Margins were impacted primarily by the loss of U.S. exclusivity on the generic version of temozolomide and lower absorption rates versus this time last year.


6


Specialty Sciences

Specialty Sciences Segment
(in millions)
(see the attached Table II for reconciliation to GAAP numbers)
 
Fiscal 2015

 
First Quarter Ended

 
9/27/2014

 
 
Net Sales
$91.9
Reported Gross Profit
$19.4
Adjusted Gross Profit
$91.9
Reported Operating Income
$14.9
Adjusted Operating Income
$87.8
 
 
Reported Gross Margin
21.1
%
Adjusted Gross Margin
100.0
%
Reported Operating Margin
16.2
%
Adjusted Operating Margin
95.6
%

During the first quarter, the Company recognized $92 million of royalty revenue related to global sales of Multiple Sclerosis drug Tysabri®.

Reported gross and operating losses were impacted by $73 million of amortization expense. Operating expenses included administrative costs.


7


Closing

Excluding the charges outlined in Table III at the end of this release, the Company continues to expect fiscal 2015 adjusted earnings to be between $7.20 and $7.50 per diluted share as compared to $6.39 in fiscal 2014. This range implies a year-over-year growth rate in adjusted earnings of 13% to 17% over fiscal 2014's adjusted earnings per diluted share. The Company also expects fiscal 2015 reported earnings to be between $4.58 and $4.88 per diluted share as compared to $1.77 in fiscal 2014. A reconciliation to GAAP measures is attached in Table III.

Due to the announced acquisition of Omega Pharma, the conference call will now be available live at 8:30 a.m. (ET) via webcast to interested parties in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcasts or by phone at 877-248-9413, International 973-582-2737, and reference ID#22247296. A taped replay of the call will be available beginning at approximately 1:00 p.m. (ET) Thursday, November 6, 2014, until midnight Friday, November 21, 2014. To listen to the replay, dial 855-859-2056, International 404-537-3406, and use access code 22247296.
    
From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and has a specialty sciences business comprised of assets focused on the treatment of Multiple Sclerosis. The Company is the world's largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo's mission is to offer uncompromised "Quality Affordable Healthcare Products®," and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America. Visit Perrigo on the Internet (http://www.perrigo.com).

Note: Certain statements in this report are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this report, including certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology.

8


Please see the Company's documents filed with the Securities and Exchange Commission, including the Company's annual reports filed on Form 10-K, quarterly reports on Form 10-Q, and any amendments hereto for a discussion of certain important risk factors that relate to forward-looking statements contained in this document. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. These and other important factors may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Any forward-looking statements are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Arthur J. Shannon, Vice President, Investor Relations and Global Communications
(269) 686-1709
E-mail: ajshannon@perrigo.com

Bradley Joseph, Director, Investor Relations and Global Communications
(269) 686-3373
E-mail: bradley.joseph@perrigo.com


9


PERRIGO COMPANY PLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)

 
Three Months Ended
 
September 27, 2014
 
September 28, 2013
Net sales
$
951.5

 
$
933.4

Cost of sales
629.7

 
577.1

Gross profit
321.8

 
356.3

 
 
 
 
Operating expenses
 
 
 
Distribution
14.4

 
13.2

Research and development
36.6

 
32.3

Selling
50.4

 
50.2

Administration
81.5

 
78.8

Restructuring
1.7

 
2.1

Total operating expenses
184.6

 
176.6

 
 
 
 
Operating income
137.2

 
179.7

 
 
 
 
Interest expense, net
25.9

 
21.4

Other expense (income), net
2.7

 
1.0

Income before income taxes
108.6

 
157.3

Income tax expense
12.3

 
45.9

Net income
$
96.3

 
$
111.4

 
 
 
 
Earnings per share
 
 
 
Basic earnings per share
$
0.72

 
$
1.18

Diluted earnings per share
$
0.72

 
$
1.18

 
 
 
 
Weighted average shares outstanding
 
 
 
Basic
133.9

 
94.2

Diluted
134.4

 
94.7

 
 
 
 
Dividends declared per share
$
0.105

 
$
0.09



10


PERRIGO COMPANY PLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)

 
Three Months Ended
 
September 27, 2014
 
September 28, 2013
 
 
 
 
Net income
$
96.3

 
$
111.4

Other comprehensive income (loss):
 
 
 
Foreign currency translation adjustments
(63.8
)
 
36.6

Change in fair value of derivative financial instruments, net of tax of ($1.1) million and ($4.6) million, respectively
(2.1
)
 
(9.2
)
Change in fair value of investment securities, net of tax of $0.3 million and $0 million, respectively
0.6

 
—

Change in post-retirement and pension liability adjustments, net of tax of $0 million and $0 million, respectively
—

 
(0.1
)
Other comprehensive income (loss), net of tax
(65.3
)
 
27.3

Comprehensive income
$
31.0

 
$
138.7



11


PERRIGO COMPANY PLC
CONSOLIDATED BALANCE SHEETS
(in millions)
 
September 27,
2014
 
June 28,
2014
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
891.5

 
$
799.5

Investment securities
21.6

 
5.9

Accounts receivable, net of allowance for doubtful accounts of $2.6 million and $2.7 million, respectively
869.4

 
935.1

Inventories
656.8

 
631.6

Current deferred income taxes
64.6

 
62.8

Prepaid expenses and other current assets
130.1

 
116.0

Total current assets
2,634.0

 
2,550.9

Non-current assets
 
 
 
Property and equipment, net
761.7

 
779.9

Goodwill and other indefinite-lived intangible assets
3,503.0

 
3,543.8

Other intangible assets, net
6,671.8

 
6,787.0

Non-current deferred income taxes
28.5

 
23.6

Other non-current assets
182.0

 
195.0

Total non-current assets
11,147.0

 
11,329.3

Total assets
$
13,781.0

 
$
13,880.2

Liabilities and Shareholders’ Equity
 
 
 
Current liabilities
 
 
 
Accounts payable
$
309.0

 
$
364.3

Short-term debt
—

 
2.1

Payroll and related taxes
77.0

 
112.3

Accrued customer programs
274.5

 
256.5

Accrued liabilities
179.9

 
179.4

Accrued income taxes
31.7

 
17.4

Current deferred income taxes
4.3

 
1.1

Current portion of long-term debt
141.5

 
141.6

Total current liabilities
1,017.9

 
1,074.7

Non-current liabilities
 
 
 
Long-term debt, less current portion
3,050.8

 
3,090.5

Non-current deferred income taxes
708.7

 
727.9

Other non-current liabilities
286.9

 
293.4

Total non-current liabilities
4,046.4

 
4,111.8

Total liabilities
5,064.3

 
5,186.5

Commitments and contingencies
 
 
 
Shareholders’ equity
 
 
 
Controlling interest:
 
 
 
Preferred shares, $0.0001 par value, 10 million shares authorized
—

 
—

Ordinary shares, €0.001 par value, 10 billion shares authorized
6,685.2

 
6,678.2

Accumulated other comprehensive income
74.3

 
139.6

Retained earnings
1,957.2

 
1,875.1

 
8,716.7

 
8,692.9

Noncontrolling interest
—

 
0.8

Total shareholders’ equity
8,716.7

 
8,693.7

Total liabilities and shareholders' equity
$
13,781.0

 
$
13,880.2

 
 
 
 
Supplemental Disclosures of Balance Sheet Information
 
 
 
Preferred shares, issued and outstanding
—

 
—

Ordinary shares, issued and outstanding
133.9

 
133.8


12


PERRIGO COMPANY PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
Three Months Ended
 
September 27, 2014
 
September 28, 2013
Cash Flows From (For) Operating Activities
 
 
 
Net income
$
96.3

 
$
111.4

Adjustments to derive cash flows
 
 
 
Depreciation and amortization
126.6

 
47.7

Share-based compensation
8.8

 
5.9

Unrealized loss on equity method investments
3.1

 
—

Non-cash restructuring charges
1.7

 
1.9

Income tax benefit from exercise of stock options
1.5

 
1.8

Excess tax benefit of stock transactions
(4.3
)
 
(7.2
)
Deferred income taxes
(20.1
)
 
(14.6
)
Subtotal
213.6

 
146.9

Changes in operating assets and liabilities, net of acquisitions
 
 
 
Accounts receivable
57.3

 
(45.7
)
Inventories
(29.7
)
 
(12.0
)
Accounts payable
(32.5
)
 
(67.6
)
Payroll and related taxes
(34.9
)
 
(8.6
)
Accrued customer programs
18.1

 
27.5

Accrued liabilities
0.6

 
21.2

Accrued income taxes
14.6

 
34.6

Other
(12.0
)
 
2.4

Subtotal
(18.5
)
 
(48.2
)
Net cash from (for) operating activities
195.1

 
98.7

Cash Flows From (For) Investing Activities
 
 
 
Additions to property and equipment
(31.7
)
 
(40.4
)
(Purchase) return of investment
(0.1
)
 
—

Proceeds from sale of business
1.1

 
—

Proceeds from sale of land
—

 
4.6

Net cash from (for) investing activities
(30.7
)
 
(35.8
)
Cash Flows From (For) Financing Activities
 
 
 
Repayments of long-term debt
(39.5
)
 
—

Cash dividends
(14.1
)
 
(8.5
)
Repurchase of common stock
(7.5
)
 
(7.3
)
Settlements of contingent consideration
(5.0
)
 
—

Borrowings (repayments) of short-term debt, net
(2.1
)
 
1.1

Issuance of common stock
2.6

 
3.5

Excess tax benefit of stock transactions
4.3

 
7.2

Deferred financing fees
—

 
(24.8
)
Net cash from (for) financing activities
(61.3
)
 
(28.8
)
Effect of exchange rate changes on cash
(11.1
)
 
2.6

Net increase (decrease) in cash and cash equivalents
92.0

 
36.7

Cash and cash equivalents, beginning of period
799.5

 
779.9

Cash and cash equivalents, end of period
$
891.5

 
$
816.6

 
 
 
 
Supplemental Disclosures of Cash Flow Information
 
 
 
Cash paid/received during the period for:
 
 
 
Interest paid
$
5.2

 
$
1.7

Interest received
$
0.2

 
$
0.2

Income taxes paid
$
10.9

 
$
22.1

Income taxes refunded
$
0.5

 
$
0.8



13


Table I
PERRIGO COMPANY PLC
RECONCILIATION OF NON-GAAP MEASURES
(in millions, except per share amounts)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
Consolidated
September 27, 2014
 
September 28, 2013
 
% Change
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
GAAP*
 
Non-GAAP Adjustments*
 
As Adjusted*
 
GAAP
 
As Adjusted
Net sales
$
951.5

 
$
—

 
$
951.5

 
$
933.4

 
$
—

 
$
933.4

 
2
 %
 
2
 %
Cost of sales
629.7

 
100.5

(a) 
529.2

 
577.1

 
23.5

(a) 
553.7

 
9
 %
 
-4
 %
Gross profit
321.8

 
100.5

 
422.3

 
356.3

 
23.5

 
379.7

 
-10
 %
 
11
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Distribution
14.4

 
—


14.4

 
13.2

 
—


13.2

 
9
 %
 
9
 %
Research and development
36.6

 
—


36.6

 
32.3

 
—


32.3

 
13
 %
 
13
 %
Selling
50.4

 
5.6

(a) 
44.8

 
50.2

 
5.5

(a) 
44.6

 
—
 %
 
—
 %
Administration
81.5

 
2.3

(a,b) 
79.2

 
78.8

 
15.4

(a,b,d) 
63.4

 
3
 %
 
25
 %
Restructuring
1.7

 
1.7

(c) 
—

 
2.1

 
2.1

(c) 
—

 
-18
 %
 
NM

Total operating expenses
184.6

 
9.6

 
175.0

 
176.6

 
23.1

 
153.5

 
5
 %
 
14
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
137.2

 
110.1


247.3

 
179.7

 
46.5


226.2

 
-24
 %
 
9
 %
Interest expense, net
25.9

 
—


25.9

 
21.4

 
2.8

(b) 
18.7

 
20
 %
 
26
 %
Other expense (income), net
2.7

 
1.9

(e) 
0.8

 
1.0

 
—


1.0

 
NM

 
NM

Income before income taxes
108.6

 
112.0

 
220.6

 
157.3

 
49.3

 
206.5

 
-31
 %
 
7
 %
Income tax expense
12.3

 
20.8

(f) 
33.1

 
45.9

 
16.8

(f) 
62.7

 
-73
 %
 
-47
 %
Net income
$
96.3

 
$
91.2

 
$
187.5

 
$
111.4

 
$
32.5

 
$
143.9

 
-14
 %
 
30
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per share
$
0.72

 
 
 
$
1.40

 
$
1.18

 
 
 
$
1.52

 
-39
 %
 
-8
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted weighted average shares outstanding
134.4

 
 
 
134.4

 
94.7

 
 
 
94.7

 
42
 %
 
42
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
33.8
%
 
 
 
44.4
%
 
38.2
%
 
 
 
40.7
%
 
 
 
 
         Operating expenses
19.4
%
 
 
 
18.4
%
 
18.9
%
 
 
 
16.4
%
 
 
 
 
         Operating income
14.4
%
 
 
 
26.0
%
 
19.3
%
 
 
 
24.2
%
 
 
 
 



14


* Amounts may not sum or cross-foot due to rounding
 
 
 
 
 
 
 
 
 
 
 
 
**Ratios as a % to net sales may not calculate due to rounding
 
 
 
 
 
 
 
 
 
 
NM - Calculations are not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Acquisition-related amortization
 
 
 
 
 
 
 
 
 
 
 
 
(b) Acquisition and integration-related charges
 
 
(c) Restructuring and other integration-related charges
 
 
(d) Litigation settlement of $2.5 million
 
 
(e) Equity method investment losses totaling $3.1 million and a $1.2 million investment distribution
 
 
(f) Total tax effect for non-GAAP pre-tax adjustments
 
 
 
 
 

15


Table II
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
Consumer Healthcare
September 27, 2014
 
September 28, 2013
 
% Change
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
GAAP*
 
Non-GAAP Adjustments*
 
As Adjusted*
 
GAAP
 
As Adjusted
Net sales
$
493.3

 
$
—


$
493.3

 
$
538.5

 
$
—


$
538.5

 
-8
 %
 
-8
 %
Cost of sales
340.5

 
7.1

(a) 
333.4

 
361.5

 
3.4

(a) 
358.1

 
-6
 %
 
-7
 %
Gross profit
152.8

 
7.1

 
159.9

 
176.9

 
3.4

 
180.3

 
-14
 %
 
-11
 %
Operating expenses
87.5

 
4.0

(a,c) 
83.5

 
87.0

 
2.7

(a,c) 
84.3

 
1
 %
 
-1
 %
Operating income
$
65.3

 
$
11.1

 
$
76.4

 
$
89.9

 
$
6.1

 
$
96.0

 
-27
 %
 
-20
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
31.0
%
 
 
 
32.4
%
 
32.9
%
 
 
 
33.5
%
 
 
 
 
         Operating expenses
17.7
%
 
 
 
16.9
%
 
16.2
%
 
 
 
15.7
%
 
 
 
 
         Operating income
13.2
%
 
 
 
15.5
%
 
16.7
%
 
 
 
17.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nutritionals
September 27, 2014
 
September 28, 2013
 
% Change
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
GAAP*
 
Non-GAAP Adjustments*
 
As Adjusted*
 
GAAP
 
As Adjusted
Net sales
$
125.3

 
$
—

 
$
125.3

 
$
129.0

 
$
—

 
$
129.0

 
-3
 %
 
-3
 %
Cost of sales
91.8

 
3.1

(a) 
88.7

 
98.2

 
3.1

(a) 
95.1

 
-7
 %
 
-7
 %
Gross profit
33.4

 
3.1

 
36.5

 
30.8

 
3.1

 
33.9

 
8
 %
 
8
 %
Operating expenses
24.9

 
4.2

(a) 
20.7

 
23.1

 
4.3

(a) 
18.8

 
7
 %
 
10
 %
Operating income
$
8.6

 
$
7.3

 
$
15.9

 
$
7.7

 
$
7.4

 
$
15.1

 
12
 %
 
5
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
26.7
%
 
 
 
29.2
%
 
23.9
%
 
 
 
26.3
%
 
 
 
 
         Operating expenses
19.9
%
 
 
 
16.5
%
 
17.9
%
 
 
 
14.6
%
 
 
 
 
         Operating income
6.8
%
 
 
 
12.6
%
 
6.0
%
 
 
 
11.7
%
 
 
 
 

16


Table II continued
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
Rx Pharmaceuticals
September 27, 2014
 
September 28, 2013
 
% Change
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
GAAP*
 
Non-GAAP Adjustments*
 
As Adjusted*
 
GAAP
 
As Adjusted
Net sales
$
194.5

 
$
—


$
194.5

 
$
203.6

 
$
—


$
203.6

 
-4
 %
 
-4
 %
Cost of sales
98.1

 
16.9

(a) 
81.2

 
91.1

 
16.0

(a) 
75.1

 
8
 %
 
8
 %
Gross profit
96.4

 
16.9

 
113.3

 
112.5

 
16.0

 
128.5

 
-14
 %
 
-12
 %
Operating expenses
31.7

 
0.2

(a) 
31.5

 
29.4

 
4.0

(a,c,d) 
25.4

 
8
 %
 
24
 %
Operating income
$
64.7

 
$
17.1

 
$
81.8

 
$
83.1

 
$
20.0

 
$
103.1

 
-22
 %
 
-21
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
49.6
%
 
 
 
58.3
%
 
55.2
%
 
 
 
63.1
%
 
 
 
 
         Operating expenses
16.3
%
 
 
 
16.2
%
 
14.4
%
 
 
 
12.5
%
 
 
 
 
         Operating income
33.3
%
 
 
 
42.1
%
 
40.8
%
 
 
 
50.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
API
September 27, 2014
 
September 28, 2013
 
% Change
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
GAAP*
 
Non-GAAP Adjustments*
 
As Adjusted*
 
GAAP
 
As Adjusted
Net sales
$
24.8

 
$
—

 
$
24.8

 
$
43.2

 
$
—

 
$
43.2

 
-43
 %
 
-43
 %
Cost of sales
11.8

 
0.5

(a) 
11.3

 
13.3

 
0.5

(a) 
12.8

 
-11
 %
 
-12
 %
Gross profit
13.0

 
0.5

 
13.5

 
29.8

 
0.5

 
30.3

 
-56
 %
 
-55
 %
Operating expenses
5.9

 
—

 
5.9

 
7.4

 
—

 
7.4

 
-20
 %
 
-20
 %
Operating income
$
7.1

 
$
0.5

 
$
7.6

 
$
22.4

 
$
0.5

 
$
22.9

 
-69
 %
 
-67
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
52.3
%
 
 
 
54.4
%
 
69.1
%
 
 
 
70.3
%
 
 
 
 
         Operating expenses
24.0
%
 
 
 
24.0
%
 
17.1
%
 
 
 
17.1
%
 
 
 
 
         Operating income
28.3
%
 
 
 
30.5
%
 
52.0
%
 
 
 
53.1
%
 
 
 
 


17


Table II continued
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
 
 
 
Specialty Sciences
September 27, 2014
 
 
 
 
 
 
 
 
 
 
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
 
 
 
 
 
 
 
 
 
Net sales
$
91.9

 
$
—


$
91.9

 
 
 
 
 
 
 
 
 
 
Cost of sales
72.5

 
72.5

(a) 
—

 
 
 
 
 
 
 
 
 
 
Gross profit
19.4

 
72.5

 
91.9

 
 
 
 
 
 
 
 
 
 
Operating expenses
4.5

 
0.4

(a) 
4.1

 
 
 
 
 
 
 
 
 
 
Operating income
$
14.9

 
$
72.9

 
$
87.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
21.1
%
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
 
         Operating expenses
4.9
%
 
 
 
4.4
%
 
 
 
 
 
 
 
 
 
 
         Operating income
16.2
%
 
 
 
95.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
Other
September 27, 2014
 
September 28, 2013
 
% Change
 
GAAP
 
Non-GAAP Adjustments
 
As Adjusted
 
GAAP*
 
Non-GAAP Adjustments*
 
As Adjusted*
 
GAAP
 
As Adjusted
Net sales
$
21.7

 
$
—

 
$
21.7

 
$
19.1

 
$
—

 
$
19.1

 
14
 %
 
14
 %
Cost of sales
15.0

 
0.4

(a) 
14.6

 
12.9

 
0.4

(a) 
12.5

 
16
 %
 
17
 %
Gross profit
6.7

 
0.4

 
7.1

 
6.3

 
0.4

 
6.7

 
6
 %
 
6
 %
Operating expenses
5.8

 
—

 
5.8

 
5.0

 
—

 
5.0

 
16
 %
 
16
 %
Operating income
$
0.9

 
$
0.4

 
$
1.3

 
$
1.2

 
$
0.4

 
$
1.6

 
-25
 %
 
-19
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected ratios as a percentage of net sales**
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
         Gross profit
30.9
%
 
 
 
32.9
%
 
32.4
%
 
 
 
34.7
%
 
 
 
 
         Operating expenses
26.9
%
 
 
 
26.9
%
 
26.2
%
 
 
 
26.2
%
 
 
 
 
         Operating income
4.0
%
 
 
 
5.9
%
 
6.2
%
 
 
 
8.5
%
 
 
 
 

18


* Amounts may not sum or cross-foot due to rounding
 
 
 
 
 
 
 
 
 
 
 
 
**Ratios as a % to net sales may not calculate due to rounding
 
 
 
 
 
 
 
 
 
 
NM - Calculations are not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) Acquisition-related amortization
 
 
 
 
 
 
 
 
 
 
 
 
(b) Acquisition and integration-related charges
 
 
(c) Restructuring and other integration-related charges
 
 
(d) Litigation settlement of $2.5 million
 
 
(e) Equity method investment losses totaling $3.1 million and a $1.2 million investment distribution
 
 
(f) Total tax effect for non-GAAP pre-tax adjustments
 
 

19


Table III
PERRIGO COMPANY PLC
FY 2015 GUIDANCE AND FY 2014 EPS
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)
 
 
 
 
 
Fiscal 2015 Guidance
 
FY15 reported diluted EPS range
$4.58 - $4.88
 
Acquisition-related amortization (1)
2.59
 
Restructuring and impairments
0.01
 
Acquisition-related costs
0.01
 
Losses on Elan equity method investments
0.02
 
Distributions from investments
(0.01)
 
FY15 adjusted diluted EPS range
$7.20 - $7.50
 
 
 
 
 
 
 
 
 
 
 
Fiscal 2014
 
FY14 reported diluted EPS
$1.77
 
Acquisition-related costs
2.06
 
Acquisition-related amortization (1)
1.93
 
Restructuring and impairments
0.34
 
Charges associated with litigation settlements
0.11
 
Losses on sales of investments
0.09
 
Losses on Elan equity method investments
0.06
 
Charges associated with write-offs of in-process R&D
0.03
 
Earnings associated with escrow settlement
(0.01)
 
Charge associated with contingent consideration adjustment
0.01
 
FY14 adjusted diluted EPS
$6.39
 
 
 
 
(1) Amortization of acquired intangible assets related to business combinations and asset acquisitions.

20
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