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):

October 22, 2015

_______________________________________________

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 October 22, 2015, Perrigo Company plc (the “Company”) released earnings for the third calendar quarter of 2015. The press release related to the Company’s earnings is attached as Exhibit 99.1.

The Directors of the Company accept responsibility for the information contained in this document. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the case), the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information.

A person interested in 1% or more of any class of relevant securities of the Company or Mylan N.V. may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules.

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 organic sales on a constant currency basis, Cost of sales, Gross profit, Operating expenses, Operating income, Interest expense, net, Other expense, net, Income before income taxes, Income tax expense, Net income, Diluted weighted average shares outstanding, and diluted 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. Management uses adjusted financial data 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 also uses adjusted financial data 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:

Third Calendar Quarter 2014 Results

• Amortization of acquired intangible assets related to business combinations and asset acquisitions

• Restructuring charges related to completed business acquisitions and for organizational improvements

• Acquisition and integration-related charges

• Equity method investment losses

• Investment distribution

Third Calendar Quarter 2015 Results

• Amortization of acquired intangible assets related to business combinations and asset acquisitions

• Restructuring charges related to completed business acquisitions and for organizational improvements

• Acquisition and integration-related charges

• Equity method investment losses

• Legal and consulting fees related to the Mylan N.V. ('Mylan") defense

• Losses related to the euro-denominated purchase price of the GSK product portfolio acquisition

Non-GAAP guidance for calendar year 2015 excludes restructuring, and unusual litigation charges, along with costs associated with an unsolicited offer to acquire the Perrigo Company plc by Mylan and costs associated with the initiatives announced in the press release issued by the Company today.  At this time, a reconciliation to GAAP for these measures for calendar year 2015 is impracticable to provide given the uncertainty and potential variability of these items. The unavailable reconciling items could significantly impact the Company's financial results.

ITEM 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On October 22, 2015, the Company announced that John T. Hendrickson, formerly Executive Vice President, Global Operations and Supply Chain, was promoted to the position of President, effective immediately. Mr. Hendrickson will report to Joe Papa, who will no longer serve as President of the Company, but will continue to serve as Chairman and CEO.

Mr. Hendrickson, age 53, was named the Company’s Executive Vice President, Global Operations and Supply Chain in March 2007. He served as Executive Vice President and General Manager, Perrigo Consumer Healthcare from August 2003 to August 2007, and served as Executive Vice President of Operations from October 1999 to August 2003.

Mr. Hendrickson has no family relationships with any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. Hendrickson is not party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Mr. Hendrickson has not entered into any material plan, contract, arrangement or amendment in connection with his appointment as President of the Company.

ITEM 7.01.Regulation FD Disclosure

On October 22, 2015, the Company issued a press release announcing certain initiatives and a share repurchase plan, which is attached as Exhibit 99.2.

On October 22, 2015, the Company made available an investor presentation in connection with announcing its earnings, certain initiatives and a share repurchase plan, which is attached as Exhibit 99.3.

ITEM 8.01Other Events

On October 22, 2015, the Company announced that it intends to undertake certain initiatives designed to (i) globalize the Company’s supply chain through global shared service arrangements, (ii) increase operational efficiencies through the streamlining of its organization structure and (iii) commence a strategic alternatives process for certain assets. The Company also announced a $2.0 billion share repurchase plan over three years.

Certain statements in this Current Report on Form 8-K are forward-looking statements. 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 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 other comparable terminology. 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, including future actions that may be taken by Mylan in furtherance of its unsolicited offer; the timing, amount and cost of share repurchases;

and the ability to execute and achieve the desired benefits of announced initiatives. These and other important factors, including those discussed under “Risk Factors” in the Perrigo Company’s Form 10-K for the year ended June 27, 2015, as well as the Company’s subsequent filings with the SEC, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this Current Report 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.

ITEM 9.01.Financial Statements and Exhibits

(d) Exhibits

99.1 Press release issued by Perrigo Company plc on October 22, 2015, furnished solely pursuant to Item 2.02 of Form 8-K.

99.2 Press release, issued by Perrigo Company plc on October 22, 2015, furnished solely pursuant to Item 7.01 of Form 8-K.

99.3 Perrigo Company plc investor presentation, October 2015, furnished solely pursuant to Item 7.01 of Form 8-K.

The information in Items 2.02 and 7.01 of this Current Report and the press releases and the investor presentation included as Exhibits 99.1, 99.2 and 99.3 respectively 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:	October 22, 2015		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 October 22, 2015, furnished solely pursuant to Item 2.02 of Form 8-K.

99.2 Press release, issued by Perrigo Company plc on October 22, 2015, furnished solely pursuant to Item 7.01 of Form 8-K.

99.3 Perrigo Company plc investor presentation, October 2015, furnished solely pursuant to Item 7.01 of Form 8-K.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

PERRIGO COMPANY PLC REPORTS RECORD THIRD QUARTER

HIGHLIGHTED BY 10% ORGANIC NET SALES GROWTH

Third Quarter Calendar Year 2015* Highlights:

• Delivered record third quarter net sales of $1.34 billion, comprised of $977 million from consumer-facing businesses

• Grew net sales by 41%, highlighted by organic net sales of $95 million, an increase of 10% from the prior year on a constant currency basis

• Adjusted net income increased38% to a record $258 million, with adjusted diluted earnings per share of $1.76 up 26%

• Achieved record third quarter adjusted gross margin of 49% and record third quarter adjusted operating margin of 27%

• Reported third quarter GAAP net income of $113 million and GAAP diluted earnings per share of $0.77 with GAAP gross margin of 41% and GAAP operating margin of 14%

• Announced $2.0 Billion Share Repurchase Plan, including $500 Million in Q4 2015 that is Incremental to 2016 EPS Forecast of $9.30 per share

• Perrigo narrows full year 2015 adjusted EPS guidance range to $7.65 - 7.85, excluding the benefits from Share Repurchase Plan

*As previously disclosed, the Company is changing its fiscal year end from June to December 31. 

Dublin, Ireland - October 22, 2015 - Perrigo Company plc (NYSE: PRGO; TASE) today announced results for the third calendar quarter ended September 26, 2015.

Perrigo’s Chairman and CEO Joseph C. Papa commented, “The team delivered record third quarter performance. Looking at the results, net sales grew 44%, highlighted by consolidated organic growth of 10%, and Consumer Healthcare ("CHC") growth of 8%,

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on a constant currency basis. Our world-class supply chain team demonstrated their expertise once again, helping to deliver CHC adjusted operating margin growth of 590 basis points over the prior year. The Rx segment continues its track record of impressive quarterly growth as net sales increased 34% versus last year. We continue to execute on our 'Base Plus Plus Plus' strategy, closing three acquisitions in the quarter that will build upon our global platform, as well as a licensing agreement this month that will give us new capabilities in the development of a portfolio of over-the-counter (OTC) extended release suspension products. Our durable business model and future growth prospects are self-evident as we continue to deliver value for our shareholders and provide "Quality Affordable Healthcare Products^®" to our customers and patients worldwide."

Refer to Tables I, II, III and IV 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 information. The Company’s reported results are summarized in the attached Condensed Consolidated Statements of Operations.

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)

	Calendar 2015	Calendar 2014
	Third Quarter Ended	Third Quarter Ended	YoY		Constant Currency
	9/26/2015	9/27/2014	% Change		% Change
Net Sales
Consumer Healthcare	$675.2	$640.3	5	%	8	%
Branded Consumer Healthcare	$302.2	—	—	%	—	%
Rx	$260.3	$194.5	34	%	34	%
Specialty Science	$84.5	$91.9	-8	%	-1	%
Other	$22.5	$24.8	-9	%	-5	%
Total Net Sales	$1,344.7	$951.5	41	%	44	%
Reported Net Income	$112.6	$96.3	17	%
Adjusted Net Income	$258.3	$187.5	38	%
Reported Diluted EPS	$0.77	$0.72	7	%
Adjusted Diluted EPS	$1.76	$1.40	26	%
Reported Diluted Shares	146.9	134.4	9	%
Adjusted Diluted Shares	146.9	134.4	9	%

**This press release contains non-GAAP measures. The reconciliation of these measures to the most comparable GAAP measures is included at the end of this press release. As a part of these non-GAAP measures, we report sales performance using the financial measure of "constant currency". We believe this provides meaningful information to assist our shareholders in understanding our financial results and true operational performance by assuming that foreign exchange rates had not changed between the prior and current period. The comparisons presented at constant currency reflect current year results translated at the prior year's exchange

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rates. This includes the royalty revenue related to Biogen Inc.'s sales of its Multiple Sclerosis drug Tysabri^® included in the Specialty Sciences Segment.

Third Calendar Quarter Results

Net sales in the quarter were $1.34 billion, an increase of 41% on a reported basis. On a constant currency basis, net sales in the quarter increased 44% over the third quarter of 2015, attributable primarily to $302 million related to the inclusion of the Branded Consumer Healthcare ("BCH") segment, 34% growth in the Rx segment and 8% growth in the CHC segment on a constant currency basis. New product sales were $114 million driven by $84 million from legacy Perrigo and a $31 million contribution from BCH. This increase was offset partially by $54 million in discontinued products. Net sales were impacted by $22 million of unfavorable foreign currency movements.

Excluding charges as outlined in Table I at the end of this release, third quarter calendar year 2015 adjusted net income increased 38% to $258 million or $1.76 per diluted share versus $1.40 for the same period last year.

Segment Results

Consumer Healthcare

Net sales were $675 million, an 8% increase on a constant currency basis, reflecting new product sales of $65 million and an increase in sales of existing products of $49 million (primarily in the gastrointestinal, infant formula and cough/cold categories). These increases were offset by discontinued products of $52 million, a decline of $27 million in existing products (primarily in animal health, diabetes and analgesics). Net sales were impacted by $14 million of unfavorable foreign currency movements.

Record adjusted gross profit margin of 36% increased 440 basis points compared to last year primarily due to product mix and manufacturing efficiencies.

Adjusted operating income of $139 million improved $45 million, or 48%, compared to the prior year due to higher gross profit contribution and relatively lower operating expenses compared to last year.

Branded Consumer Healthcare

Net sales of $302 million included new product sales of $31 million.

Third calendar quarter adjusted gross profit percent to sales was 56% and adjusted operating income was $44 million, or 15% of sales.

Rx Pharmaceuticals

Net sales of $260 million, an increase of 34% over the prior year, were driven by an increase in existing products of $47 million and new product sales of $18 million.

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Adjusted operating income of $110 million improved $28 million, or 34%, compared to the prior year, even after making enhanced R&D investments on new product development and investments in the specialty pharmaceuticals sales force.

Specialty Sciences

The Company recognized $85 million of royalty revenue related to Biogen Inc.'s global sales of its Multiple Sclerosis drug Tysabri^®. Net sales included $6 million in unfavorable foreign currency movements.

Actions to Deliver Shareholder Value Far Superior to Mylan Offer, Including a $2 billion Share Repurchase Plan

The Company today separately announced actions to drive substantial profit growth in calendar year 2016 and beyond. Please refer to the press release titled "Perrigo Taking Actions To Deliver Shareholder Value Far Superior to Mylan Offer" in the investor relations sections on www.perrigo.com for further information on calendar year 2016 guidance metrics and the benefits from the Share Repurchase Plan.

Non-GAAP guidance for calendar 2015 excludes among other items listed on Table I, restructuring, and unusual litigation charges, as well as with costs associated with an unsolicited offer to acquire the Perrigo Company plc by Mylan N.V. ("Mylan") and costs associated with the initiatives announced today in a separate press release.At this time, a reconciliation to GAAP for these measures for calendar 2015 is impracticable to provide given the uncertainty and potential variability of these items. The unavailable reconciling items could significantly impact the Company's financial results.

A conference call will begin at 8:00 a.m. (ET) live via webcast to interested parties in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcastsor by phone at 877-248-9413, International 973-582-2737, and reference ID #54344799. A taped replay of the call will be available beginning at approximately 4:00 p.m. (ET) on October 22, 2015 until midnight on November 6, 2015. To listen to the replay, dial 855-859-2056, International 404-537-3406, and use access code 54344799.

Perrigo Company plc, a top five global over-the-counter (OTC) consumer goods and pharmaceutical company, offers patients and customers high quality products at affordable prices. From its beginnings in 1887 as a packager of generic home remedies, Perrigo, headquartered in Ireland, has grown to become the world's largest manufacturer of OTC products and supplier of infant formulas for the store brand market. The Company is also a leading provider of generic extended topical prescription products and receives royalties from Multiple Sclerosis drug Tysabri®. Perrigo provides "Quality Affordable Healthcare Products®" across a wide variety of product categories and geographies primarily in North America, Europe, and Australia, as well as other markets, including Israel and China.

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A copy of this announcement will be available on Perrigo's website at www.perrigo.com.

Certain statements in this press release are forward-looking statements. 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 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 other comparable terminology. 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, including but not limited to, the successful integration of the Omega Pharma Invest NV business and future actions that may be taken by Mylan N.V. in furtherance of its unsolicited offer; the timing, amount and cost of share repurchases; and the ability to execute and achieve the desired benefits of announced initiatives. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended June 27, 2015, as well as the Company’s subsequent filings with the Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release 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.

This press release contains non-GAAP measures. The reconciliation of those measures to the most comparable GAAP measures is included at the end of this press release. A copy of this press release, including the reconciliations, is available on our website at www.perrigo.com.

The directors of Perrigo accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Perrigo (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Additional Information and Where to Find it

This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. In response to the exchange offer commenced by Mylan N.V., Perrigo has filed a solicitation/recommendation statement on Schedule 14D-9 with the Securities and Exchange Commission (“SEC”). Security holders are urged to read the solicitation/

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recommendation statement and other relevant materials if and when they become available because they will contain important information. The solicitation/recommendation statement and other SEC filings made by Perrigo may be obtained (when available) without charge at the SEC’s website at www.sec.gov and at the investor relations section of the Perrigo website at perrigo.investorroom.com. Shareholders may also obtain copies of the information by contacting Mackenzie Partners, Inc. at 212-929-5500 or 800-322-2885 Toll-Free in North America or by email at PRGO@mackenziepartners.com.

Sources of Information and Bases of Calculation

The relevant bases of calculation and sources of information are set out below and provided in the order in which the information appears in the announcement. Where such information is repeated in the announcement the underlying sources and bases are not repeated.

The Perrigo forecasts and goals included in this announcement are derived from Perrigo’s quarterly forecast and documents produced to support the forecasting process.   Each quarter Perrigo completes an updated forecast based on current information available.

The information for product categories and new product sales forecasts and goals in this announcement are consistent with the forecast for the year presented.   The new product launch sales information included in the forecast is risk-adjusted to reflect Perrigo’s assessment of the individual probability of launch of products in development and, when applicable, timing of regulatory approval. Perrigo estimates market share penetration and pricing relative to the national brand based on historical or similar product category experience.  The basis for the unit volumes of Rx Pharmaceuticals and Rx to OTC switches are derived from current brand sales based on readily available public information.

            Overhead and material costs are derived from current spending patterns with specific capital and manufacturing expansions based on requirements generated from product sales forecast information.  Perrigo estimates manufacturing cost and purchasing efficiencies as well as administrative expenditures based on the principle of achieving operating leverage. R&D forecasts are based on management’s best estimate of specific product launch timing and investment requirements to achieve expected launch dates. 

Information relative to interest expense and shares outstanding are based on the current capital structure at the time the forecast is made.

A person interested in 1% or more of any class of relevant securities of Perrigo or Mylan N.V. may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie. "Interests in securities" arise, in summary, when a person

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has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.

If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020; fax number +353 1 678 9289.

The EPS guidance provided by Perrigo in this announcement for calendar year 2015 constitutes a profit forecast for the purposes of the Irish Takeover Rules. This profit forecast will be reported on by Perrigo's reporting accountants and financial advisors in accordance with Rule 28.3 of the Irish Takeover Rules at the relevant time. Other than the aforementioned guidance provided by Perrigo for calendar year 2015, nothing in this announcement is intended to be a profit forecast or asset valuation and no statement in this announcement, other than aforementioned profit forecast, should be interpreted to mean that the earnings per Perrigo share for the current or future financial periods will necessarily be greater than those for the relevant preceding financial period.

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

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PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(unaudited)

	Three Months Ended
	September 26, 2015		September 27, 2014
Net sales	$	1,344.7	$	951.5
Cost of sales	795.9		629.7
Gross profit	548.8		321.8
Operating expenses
Distribution	24.9		14.4
Research and development	41.6		36.6
Selling	167.9		50.4
Administration	123.6		81.5
Restructuring	2.2		1.7
Total operating expenses	360.2		184.6
Operating income	188.6		137.2
Interest expense, net	43.4		25.9
Other expense, net	13.0		2.7
Income before income taxes	132.2		108.6
Income tax expense	19.6		12.3
Net income	$	112.6	$	96.3
Earnings per share
Basic earnings per share	$	0.77	$	0.72
Diluted earnings per share	$	0.77	$	0.72
Weighted-average shares outstanding
Basic	146.3		133.9
Diluted	146.9		134.4
Dividends declared per share	$	0.125	$	0.105

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Table I
PERRIGO COMPANY PLC
RECONCILIATION OF NON-GAAP MEASURES
(in millions, except per share amounts)
(unaudited)
	Three Months Ended
Consolidated	September 26, 2015									September 27, 2014									% Change
	GAAP			Non-GAAP Adjustments			As Adjusted			GAAP			Non-GAAP Adjustments			As Adjusted			GAAP		As Adjusted
Net sales	$	1,344.7		$	—		$	1,344.7		$	951.5		$	—		$	951.5		41	%	41	%
Cost of sales	795.9			110.2		(a)	685.7			629.7			100.5		(a)	529.2			26	%	30	%
Gross profit	548.8			110.2			659.0			321.8			100.5			422.3			71	%	56	%
Operating expenses
Distribution	24.9			—			24.9			14.4			—			14.4			73	%	73	%
Research and development	41.6			0.1		(a)	41.5			36.6			—			36.6			14	%	13	%
Selling	167.9			37.5		(a)	130.4			50.4			5.6		(a)	44.8			233	%	191	%
Administration	123.6			20.6		(a,c,d)	103.0			81.5			2.3		(a,b)	79.2			52	%	30	%
Restructuring	2.2			2.2		(e)	—			1.7			1.7		(e)	—			25	%	NM
Total operating expenses	360.2			60.4			299.8			184.6			9.6			175.0			95	%	71	%
Operating income	188.6			170.6			359.2			137.2			110.1			247.3			37	%	45	%
Interest expense, net	43.4			—			43.4			25.9			—			25.9			68	%	68	%
Other expense, net	13.0			8.8		(f,g)	4.2			2.7			1.9		(h)	0.8			NM		NM
Income before income taxes	132.2			179.4			311.6			108.6			112.0			220.6			22	%	41	%
Income tax expense	19.6			33.7		(i)	53.3			12.3			20.8		(i)	33.1			58	%	61	%
Net income	$	112.6		$	145.7		$	258.3		$	96.3		$	91.2		$	187.5		17	%	38	%
Diluted earnings per share	$	0.77					$	1.76		$	0.72					$	1.40		7	%	26	%
Diluted weighted average shares outstanding	146.9						146.9			134.4						134.4			9	%	9	%
Selected ratios as a percentage of net sales (1)
Gross profit	40.8		%				49.0		%	33.8		%				44.4		%
Operating expenses	26.8		%				22.3		%	19.4		%				18.4		%
Operating income	14.0		%				26.7		%	14.4		%				26.0		%

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Third Calendar Quarter Tickmark Legend
Tickmark	Description
(1)	Ratios calculated using exact numbers
NM	Calculations not meaningful
(a)	Acquisition-related amortization expense
(b)	Acquisition and integration-related charges of $1.1 million
(c)	Acquisition and integration-related charges of $4.1 million
(d)	Mylan defense-related fees of $15.6 million
(e)	Restructuring and integration-related charges
(f)	Equity method investment losses totaling $4.2 million
(g)	Losses related to the euro-denominated purchase price of the GSK product portfolio acquisition totaling $4.8 million
(h)	Equity method investment losses totaling $3.1 million partially offset by a $1.2 million investment distribution
(i)	Tax effect of non-GAAP adjustments

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Table II
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
Consumer Healthcare	September 26, 2015									September 27, 2014									% Change
	GAAP			Non-GAAP Adjustments			As Adjusted			GAAP			Non-GAAP Adjustments			As Adjusted			GAAP		As Adjusted
Net sales	$	675.2		$	—		$	675.2		$	640.3		$	—		$	640.3		5	%	5	%
Cost of sales	444.2			13.8		(a)	430.4			447.3			10.6		(a)	436.7			-1	%	-1	%
Gross profit	231.0			13.8			244.8			193.0			10.6			203.6			20	%	20	%
Operating expenses	113.7			7.6		(a,b)	106.1			118.2			8.2		(a,b)	110.0			-4	%	-4	%
Operating income	$	117.3		$	21.4		$	138.7		$	74.8		$	18.8		$	93.6		57	%	48	%
Selected ratios as a percentage of net sales (1)
Gross profit	34.2		%				36.2		%	30.1		%				31.8		%
Operating expenses	16.8		%				15.7		%	18.5		%				17.2		%
Operating income	17.4		%				20.5		%	11.7		%				14.6		%
(1) Ratios calculated using exact numbers
(a) Acquisition-related amortization expense
(b) Restructuring charges and other integration-related expenses

11

Table II continued
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
Branded Consumer Healthcare	September 26, 2015
	GAAP			Non-GAAP Adjustments			As Adjusted
Net sales	$	302.2		$	—		$	302.2
Cost of sales	137.9			5.0		(a)	132.9
Gross profit	164.3			5.0			169.3
Operating expenses	159.9			34.8		(a,b)	125.1
Operating income	$	4.4		$	39.8		$	44.2
Selected ratios as a percentage of net sales (1)
Gross profit	54.4		%				56.0		%
Operating expenses	52.9		%				41.4		%
Operating income	1.4		%				14.6		%
(1) Ratios calculated using exact numbers
(a) Acquisition-related amortization expense
(b) Acquisition and integration-related charges

12

Table II continued
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
Rx Pharmaceuticals	September 26, 2015									September 27, 2014									% Change
	GAAP			Non-GAAP Adjustments			As Adjusted			GAAP			Non-GAAP Adjustments			As Adjusted			GAAP		As Adjusted
Net sales	$	260.3		$	—		$	260.3		$	194.5		$	—		$	194.5		34	%	34	%
Cost of sales	129.9			18.4		(a)	111.5			98.1			16.9		(a)	81.2			32	%	37	%
Gross profit	130.4			18.4			148.8			96.4			16.9			113.3			35	%	31	%
Operating expenses	39.4			0.2		(a)	39.2			31.7			0.2		(a)	31.5			24	%	24	%
Operating income	$	91.0		$	18.6		$	109.6		$	64.7		$	17.1		$	81.8		40	%	34	%
Selected ratios as a percentage of net sales (1)
Gross profit	50.1		%				57.2		%	49.6		%				58.3		%
Operating expenses	15.1		%				15.1		%	16.3		%				16.2		%
Operating income	34.9		%				42.1		%	33.3		%				42.1		%
(1) Ratios calculated using exact numbers
(a) Acquisition-related amortization expense

13

Table II continued
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
Specialty Sciences	September 26, 2015							September 27, 2014							% Change
	GAAP		Non-GAAP Adjustments			As Adjusted		GAAP		Non-GAAP Adjustments			As Adjusted		GAAP		As Adjusted
Net sales	$	84.5	$	—		$	84.5	$	91.9	$	—		$	91.9	-8	%	-8	%
Cost of sales	72.5		72.5		(a)	—		72.5		72.5		(a)	—		—	%	NM
Gross profit	12.0		72.5			84.5		19.4		72.5			91.9		-38	%	-8	%
Operating expenses	3.0		0.3		(a)	2.7		4.5		0.4		(a)	4.1		-33	%	-35	%
Operating income	$	9.0	$	72.8		$	81.8	$	14.9	$	72.9		$	87.8	-39	%	-7	%
Selected ratios as a percentage of net sales (1)
Gross profit	14.2%					100.0%		21.1%					100.0%
Operating expenses	3.5%					3.1%		4.9%					4.4%
Operating income	10.7%					96.9%		16.2%					95.6%
(1) Ratios calculated using exact numbers
NM - Calculations are not meaningful
(a) Acquisition-related amortization expense

14

Table II continued
PERRIGO COMPANY PLC
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
Other	September 26, 2015									September 27, 2014									% Change
	GAAP			Non-GAAP Adjustments			As Adjusted			GAAP			Non-GAAP Adjustments			As Adjusted			GAAP		As Adjusted
Net sales	$	22.5		$	—		$	22.5		$	24.8		$	—		$	24.8		-9	%	-9	%
Cost of sales	11.4			0.5		(a)	10.9			11.8			0.5		(a)	11.3			-4	%	-4	%
Gross profit	11.1			0.5			11.6			13.0			0.5			13.5			-14	%	-14	%
Operating expenses	4.9			—			4.9			5.9			—			5.9			-17	%	-17	%
Operating income	$	6.2		$	0.5		$	6.7		$	7.1		$	0.5		$	7.6		-12	%	-12	%
Selected ratios as a percentage of net sales (1)
Gross profit	49.5		%				51.6		%	52.3		%				54.4		%
Operating expenses	21.9		%				21.9		%	24.0		%				24.0		%
Operating income	27.5		%				29.7		%	28.3		%				30.5		%
(1) Ratios calculated using exact numbers
(a) Acquisition-related amortization expense

15

Table III
PERRIGO COMPANY PLC
ORGANIC NET SALES
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
	September 26, 2015			September 27, 2014		% Change		$ Change
Net sales	$	1,344.7		$	951.5
Less: Acquisitions made in the past 12 months (1)	(316.9		)	—
Organic net sales	1,027.8			951.5		8	%	$	76.3
Foreign exchange impact	19.0			—
Organic net sales on a constant currency basis	$	1,046.8		$	951.5	10	%	$	95.3
(1) Net sales from the acquisition of a product portfolio from Lumara Health, Inc. on October 31, 2014; the acquisition of Omega Pharma Invest N.V. on March 30, 2015; the acquisition of Gelcaps Exportadora de Mexico, S.A. de C.V. on May 12, 2015; the acquisition of products from GlaxoSmithKline Consumer Healthcare on August 28, 2015; the acquisition of the ScarAway® brand on August 31, 2015; and the Naturwohl Pharma GmbH acquisition on September 15, 2015.

Table IV
PERRIGO COMPANY PLC
CONSUMER FACING BUSINESSES NET SALES
RECONCILIATION OF NON-GAAP MEASURES
(in millions)
(unaudited)
	Three Months Ended
	September 26, 2015
Consumer Healthcare net sales	$	675.2
Branded Consumer Healthcare net sales	302.2
Total consumer facing business net sales	$	977.4

16

EX-99.2

Exhibit 99.2

PERRIGO TAKING ACTIONS TO DELIVER SHAREHOLDER VALUE FAR SUPERIOR TO MYLAN OFFER

Accelerating Contributions from its Global Operational Platform,

Expects to Achieve Operational and Tax Benefits of $175 Million on an Annualized Run Rate Basis

Expects Adjusted EPS of $9.30⁽¹⁾ Plus or minus of two percent. in Calendar Year 2016, 20 percent Increase

from 2015 Adjusted EPS Guidance Midpoint of $7.75 per share

Company Announces $2.0 Billion Share Repurchase Plan, including $500 Million in Q4 2015

That is Incremental to 2016 EPS Forecast of $9.30 per share

Run Rate Earnings Power of $9.83⁽²⁾ Illustrative reflecting full impact of $500m share buyback and run-rate optimization strategies. This illustrative EPS is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo. in 2016 Pro Forma for Full Benefits of Actions and 2015 Repurchases

Promotes John Hendrickson to President

Will Discuss Actions on Today’s Third Quarter Earnings Call and Webcast Scheduled for 8:00am (ET)

DUBLIN - October 22, 2015 - Perrigo Company plc ("Perrigo") (NYSE: PRGO; TASE) today announced it is taking actions to drive substantial profit growth in 2016 and beyond. In total, the actions are expected to add incremental benefits of $175 million when the full run rate of the plan is achieved. With the inclusion of approximately $0.15⁽³⁾ Based on the Perrigo Board's beliefs of the potential terms of the share buyback. in EPS derived from $500 million in share repurchases to be completed in 2015, Perrigo expects to deliver adjusted EPS of approximately $9.45 in 2016. This represents a 22 percent⁽⁴⁾ Illustrative reflecting full impact of $500m share buyback. This illustrative EPS growth is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo. increase over the calendar year 2015 EPS guidance midpoint.

“The actions we are announcing today are the next step in our strategy to leverage the powerful global platform we have built,” said Joseph C. Papa, Chairman and CEO. “The acquisition of Elan in 2013 provided an international gateway for our durable base business model, and the purchase of Omega Pharma earlier this year provided us a pan-European branded consumer healthcare business that is delivering greater benefits than we originally expected. We are taking steps to ensure that we fully capture the benefits of our global platform to drive continued strong profit growth and build substantial shareholder value. With these actions we are making a great company - with an outstanding track record of value creation and compelling prospects for continued growth - even better.”

Mr. Papa continued, “These actions will amplify the earnings power of our business, with each dollar of revenue driving greater profit accretion and more value for shareholders. We expect to deliver 22 percent adjusted EPS growth in 2016, even without the full run rate of benefits from our initiatives. Our confidence in the Company’s compelling near and longer-term growth prospects - and steadfast commitment to shareholder value - is underscored by the $2.0 billion repurchase plan we are announcing today.”

The Company’s actions are focused on maximizing efficiency and productivity, and further leveraging the strength of Perrigo’s global platform. These actions include:

• Consolidation of Global Supply Chain Activities in Ireland

The Company is taking immediate steps to consolidate its operations, supply chain and procurement management activities into one global center of excellence in Ireland in order to maximize value through the elimination of redundancies and enhancement of purchasing power. Global R&D leadership will join Global Portfolio Management in Ireland to drive a Company-wide product selection and development process. Perrigo expects annualized operational and tax benefits of $105 million from these initiatives.

1. Plus or minus of two percent.

2. Illustrative reflecting full impact of $500m share buyback and run-rate optimization strategies. This illustrative EPS is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo.

3. Based on the Perrigo Board's beliefs of the potential terms of the share buyback.

4. Illustrative reflecting full impact of $500m share buyback. This illustrative EPS growth is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo.

• Organizational Enhancements

Perrigo is accelerating the realization of the benefits from its shared service model and improving operational efficiency by streamlining its organizational structure and eliminating redundant administrative functions. These changes strengthen Perrigo’s focus on organic growth strategies, while ensuring efficient global capabilities in quality, research and development (R&D), information technology and services, human resources and finance. These actions are expected to deliver $35 million in annualized operating benefits. Perrigo will not compromise its focus on innovation, and will take these actions in a manner that preserves its growth strategies and ensures that it is well supported by a quality team.

• Strategic Portfolio Refinement

Perrigo is taking actions to refine its portfolio, including commencing a sales process for the U.S. Vitamins, Minerals and Supplements (VMS) business. These actions will improve the Company’s operating margins and return on invested capital (ROIC), and are expected to deliver $35 million in annualized operating benefits.

In total, Perrigo will reduce its workforce by approximately 800 employees, or approximately 6 percent of its current global headcount. The Company estimates the total cost of implementing the actions to be between 0.25x to 0.50x of the total $175 million annualized run rate benefits.

Promotion of John Hendrickson to President

Perrigo also announced that John Hendrickson, formerly Executive Vice President, Global Operations and Supply Chain, will be promoted to the position of President, effective immediately, reporting to Chairman and CEO, Joe Papa.

Mr. Papa said, “John is the ideal leader to oversee the transformational initiatives announced today. With 26 years of experience at Perrigo, he has a deep understanding of our business, proven management skills and a strong, competitive drive to ensure Perrigo continues to deliver at the highest levels in our industry in terms of quality, efficiency and innovation. In combination with John’s promotion we are streamlining the top tier of our organizational structure, increasing efficiency and enabling me to focus more time on overall strategy and executing on our M&A priorities.”

Share Repurchase Plan

Perrigo is announcing a $2 billion share repurchase plan. The plan includes $500 million of repurchases that will be completed by the end of 2015, and an additional $1.5 billion in repurchases that the Company expects to complete over the subsequent 24-36 months, and are expected to be funded through available liquidity.

The Company expects that the $500 million of share repurchases will add approximately $0.15⁽⁵⁾ Based on the Perrigo Board's beliefs of the potential terms of the share buyback to Perrigo’s 2016 adjusted earnings per share guidance.

Including the expected benefit of the $500 million in initial share repurchases and the full run rate $175 million benefits of the actions announced today (approximately $0.38 per share), Perrigo expects a pro forma run rate EPS of $9.83⁽⁶⁾ Illustrative reflecting full impact of $500m share buyback and run-rate optimization strategies. This illustrative EPS is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo. in 2016.

Mr. Papa said, “The actions we are announcing today to drive substantial profit growth make the gross inadequacy of Mylan’s offer clearer than ever. We strongly believe that Mylan’s claims about synergies, benefits of its expected vertical integration and its ability to manage our business are simply wrong, particularly given the significant differences in our businesses and the markets in which we operate. It is fundamentally irrational to believe that Mylan can run this business better or more profitably than our team. With the well-publicized market pressures on generic and branded pharmaceutical companies like Mylan, it’s not surprising that Mylan would want to add a top five, durable global OTC consumer goods business like ours - but make no mistake, this is a terrible deal for Perrigo shareholders. Perrigo is positioned to create substantially more value than the Mylan offer, and on behalf of the Board, I urge all shareholders not to tender.”

Conference Call

A conference call will begin at 8:00 a.m. (ET) live 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 #54344799. A taped replay of the call will be available beginning at approximately 4:00 p.m. (ET) on October 22, 2015 until midnight on November 6, 2015. To listen to the replay, dial 855-859-2056, International 404-537-3406, and use access code 54344799.

5. Based on the Perrigo Board's beliefs of the potential terms of the share buyback

6. Illustrative reflecting full impact of $500m share buyback and run-rate optimization strategies. This illustrative EPS is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo.

Irish Takeover Rules

The directors of Perrigo accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Perrigo (who have taken all reasonable care to ensure such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

A person interested in 1% or more of any class of relevant securities of Perrigo or Mylan may have disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2013 ("Irish Takeover Rules").

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.

If you are in any doubt as to whether you are required to disclose a "dealing" under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020; fax number +353 1 678 9289.

Important Information

Morgan Stanley & Co. LLC acting through its affiliate, Morgan Stanley & Co. International plc, is financial advisor to Perrigo and no one else in connection with the matters referred to in this announcement. In connection with such matters, Morgan Stanley & Co. LLC, Morgan Stanley & Co. International plc, each of their affiliates and each of their and their affiliates' respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person other than Perrigo for providing the protections afforded to their clients or for providing advice in connection with the contents of this announcement or any other matter referred to herein.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements. 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 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 other comparable terminology. 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, including future actions that may be taken by Mylan in furtherance of its unsolicited offer; the timing, amount and cost of share repurchases; and the ability to execute and achieve the desired benefits of announced initiatives. These and other important factors, including those discussed under “Risk Factors” in the Perrigo Company’s Form 10-K for the year ended June 27, 2015, as well as the Company’s subsequent filings with the SEC, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release 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.

Additional Information and Where to Find It

This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. In response to the exchange offer commenced by Mylan N.V., Perrigo has filed a solicitation/recommendation statement on Schedule 14D-9 with the Securities and Exchange Commission (“SEC”). Security holders are urged to read the solicitation/recommendation statement and other relevant materials if and when they become available because they will contain important information. The solicitation/recommendation statement and other SEC filings made by Perrigo may be obtained (when available) without charge at the SEC’s website at www.sec.gov and at the investor relations section of the Perrigo website at perrigo.investorroom.com. Shareholders may also obtain copies of the information by contacting Mackenzie Partners, Inc. at 212-929-5500 or 800-322-2885 Toll-Free in North America or by email at PRGO@mackenziepartners.com.

About Perrigo

Perrigo Company plc, a top five global over-the-counter (OTC) consumer goods and pharmaceutical company, offers patients and customers high quality products at affordable prices. From its beginnings in 1887 as a packager of generic home remedies, Perrigo, headquartered in Ireland, has grown to become the world's largest manufacturer of OTC products and supplier of infant formulas for the store brand market. The Company is also a leading provider of generic extended topical prescription products and receives royalties from Multiple Sclerosis drug Tysabri®. Perrigo provides "Quality Affordable Healthcare Products®" across a wide variety of product categories and geographies primarily in North America, Europe, and Australia, as well as other markets, including Israel and China.

A copy of this announcement will be available on Perrigo's website at www.perrigo.com.

For further information:

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

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

EX-99.3

1 October 2015 Creating Value for Shareholders: Now and For the Long Term Exhibit 99.3

2 Forward Looking Statements Certain statements in this presentation are forward-looking statements. 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 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 other comparable terminology. 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, including future actions that may be taken by Mylan in furtherance of its unsolicited offer; the timing, amount and cost of share repurchases; and the ability to execute and achieve the desired benefits of announced initiatives. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended June 27, 2015, as well as the Company’s subsequent filings with the SEC, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation 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 Non-GAAP Measures This presentation contains non-GAAP measures. The reconciliation of those measures to the most comparable GAAP measures is included at the end of this presentation. A copy of this presentation, including the reconciliations, is available on our website at www.perrigo.com. Non-GAAP guidance for calendar 2015 excludes among other items listed on Table I, restructuring, unusual litigation charges, along with costs associated with an unsolicited offer to acquire the Perrigo Company plc by Mylan N.V.("Mylan"). At this time, a reconciliation to GAAP for these measures for calendar 2015 is impracticable to provide given the uncertainty and potential variability of these items. The unavailable reconciling items could significantly impact the Company's financial results Additional Information and Where to Find It This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. In response to the exchange offer commenced by Mylan N.V., Perrigo has filed a solicitation/recommendation statement on Schedule 14D-9 with the Securities and Exchange Commission (“SEC”). Security holders are urged to read the solicitation/recommendation statement and other relevant materials if and when they become available because they will contain important information. The solicitation/recommendation statement and other SEC filings made by Perrigo may be obtained (when available) without charge at the SEC’s website at www.sec.gov and at the investor relations section of the Perrigo website at perrigo.investorroom.com. Shareholders may also obtain copies of the information by contacting Mackenzie Partners, Inc. at 212-929-5500 or 800-322-2885 Toll-Free in North America or by email at PRGO@mackenziepartners.com Irish Takeover Rules The directors of Perrigo accept responsibility for the information contained in this presentation. To the best of the knowledge and belief of the directors of Perrigo (who have taken all reasonable care to ensure such is the case), the information contained in this presentation is in accordance with the facts and does not omit anything likely to affect the import of such information. Save for the Perrigo calendar year 2015 guidance and the Perrigo 2016 calendar year guidance (in respect of which additional information required by the Irish Takeover Rules has been mailed to Perrigo shareholders, to the extent required), no statement in this communication is intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Mylan or Perrigo as appropriate. No statement in this communication constitutes an asset valuation. A person interested in 1% or more of any class of relevant securities of Perrigo or Mylan may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules. Important Information

3 Perrigo's Superior Value Proposition Review of 3Q CY15 Earnings | CY15 Guidance Accelerating Shareholder Value | CY16 Guidance Strong Recommendation of Perrigo’s Board: Reject the Offer by Taking No Action

4 *Adjusted margin changes as a % to sales may not calculate due to rounding Consolidated – Q3CY15 GAAP Financials ($ in millions, except per share amounts) Q3CY14 Q3CY15 % Change Y/Y* Net Sales $952 $1,345 41 % Cost of Sales 630 796 26 % Gross Profit $322 $549 71 % Distribution 14 25 73 % R&D 37 42 14 % SG&A 134 294 120 % Operating Income $137 $189 37 % Net Income $96 $113 17 % Diluted Income Per Share $0.72 $0.77 7 %

5 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding ***Excludes impact of currency translation compared to prior year Perrigo Consolidated – Q3CY15 As Adjusted* Adj. Gr. Margin Q3CY13-Q3CY15 Adj. Op. Margin Q3CY13-Q3CY15 ($ in millions, except per share amounts) Q3CY14 Q3CY15 % Change Y/Y** % Change Y/Y Constant Currency*** Net Sales $952 $1,345 41 % 44 % Adjusted Cost of Sales 529 686 30 % Adjusted Gross Profit $422 $659 56 % Distribution 14 25 73 % Adjusted R&D 37 42 13 % Adjusted SG&A 124 233 88 % Adjusted Operating Income $247 $359 45 % Adjusted Net Income $188 $258 38 % Adjusted Diluted EPS $1.40 $1.76 26 %

6 Net Sales and Operating Income – Q3CY15 As Adjusted* ($ in millions) Q3CY14 Q3CY15 % Change Y/Y** % Change Constant Currency Y/Y*** Consolidated Perrigo Net Sales $952 $1,345 41 % 44 % Adjusted Operating Income 247 359 45 % Consumer Healthcare Net Sales 640 675 5 % 8 % Adjusted Operating Income 94 139 48 % Branded Consumer Healthcare Net Sales — 302 — — Adjusted Operating Income 44 Rx Pharmaceuticals Net Sales 195 260 34 % 34 % Adjusted Operating Income 82 110 34 % Specialty Sciences Net Sales 92 85 (8 %) (1 %) Adjusted Operating Income 88 82 (7 %) *See appendix for reconciliation to GAAP numbers **Changes may not calculate due to rounding ***Excludes impact of currency translation compared to prior year, including Fx impact on Tysabri® royalty stream

7 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding ***Excludes impact of currency translation compared to prior year Consumer Healthcare Segment – Q3CY15 As Adjusted* Segment Highlights Adj. Gr. Margin Q3CY14-Q3CY15 Adj. Op. Margin Q3CY14-Q3CY15 ($ in millions) Q3CY14 Q3CY15 % Change Y/Y** % Change Y/Y Constant Currency*** Net Sales $640 $675 5 % 8 % Adjusted Gross Profit $204 $245 20 % Adjusted Gross Margin 31.8 % 36.2 % 440 bps Adjusted Operating Expenses 110 106 (4 %) Adjusted Operating Income $94 $139 48 % Adjusted Operating Margin 14.6 % 20.5 % 590 bps • Net Sales growth of 8% on a constant currency basis • OTC sales up 7% year-over- year • New product sales of $65 million • Adjusted Operating Income increased $45 million primarily due to adjusted gross profit flow through and relatively lower operating expenses

8 *See appendix for reconciliation to GAAP numbers Branded Consumer Healthcare Segment – Q3CY15 As Adjusted* ($ in millions) Q3CY15 Net Sales $302 Adjusted Gross Profit $169 Adjusted Gross Margin 56.0 % Adjusted Operating Expenses 125 Adjusted Operating Income $44 Adjusted Operating Margin 14.6 % Segment Highlights • Top 20 brands grew 6% compared to last year • New product sales of $31 million Adj. Gr. Margin Q3CY15 Adj. Op. Margin Q3CY15

9 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding Rx Pharmaceuticals Segment – Q3CY15 As Adjusted* ($ in millions) Q3CY14 Q3CY15 % Change Y/Y** Net Sales $195 $260 34 % Adjusted Gross Profit $113 $149 31 % Adjusted Gross Margin 58.3 % 57.2 % (110 ) bps Adjusted Operating Expenses 32 39 24 % Adjusted Operating Income $82 $110 34 % Adjusted Operating Margin 42.1 % 42.1 % — Segment Highlights • Net sales increase of 34% driven primarily by an increase in existing and new product sales • Adjusted Operating Income improved 34% even after including increased R&D and specialty pharmaceuticals sales force investments Adj. Gr. Margin Q3CY14-Q3CY15 Adj. Op. Margin Q3CY14-Q3CY15

10 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding ***Excludes impact of currency translation compared to prior year **** Data according to Biogen Inc. Specialty Sciences Segment – Q3CY15 As Adjusted* • There were 13 shipping weeks in Q3CY15 versus 14 shipping weeks in Q3CY14 Segment Highlights ($ in millions) Q3CY14 Q3CY15 % Change Y/Y** % Change Y/Y Constant Currency*** Net Sales $92 $85 (8 %) (1 %) Adjusted Gross Profit $92 $85 (8 %) Adjusted Gross Margin 100.0 % 100.0 % — Adjusted Operating Expenses 4 3 (35 )% Adjusted Operating Income $88 $82 (7 %) Adjusted Operating Margin 95.6 % 96.9 % 130 bps Global Tysabri® Performance (in millions)**** $275 $284 $226 $196 $501 $480 Q3CY14 Q3CY15US

11 CALENDAR YEAR 2015 – Consolidated Guidance Calendar Year 2015 10/22/2015 Guidance** Calendar Year* 2014 (Recast) Net Sales $5.30BN - $5.45BN (9 months of Omega) $4.17BN Adjusted DSG&A as % of Net Sales*** ~17.5% 12.9% Adjusted R&D as % of Net Sales*** ~3.5% 3.9% Adjusted Operating Margin ~28% 27.1% Capital Expenditures $125MM - $140MM $142MM Interest Expense ~$165MM $110MM Adjusted Effective Tax Rate ~17% 17.3% Adjusted Diluted EPS $7.65 - $7.85/share $6.27/share Adjusted Diluted Shares Outstanding 144MM 135MM *See Appendix for reconciliation of CY 2014 Non-GAAP measures to GAAP **Includes only 9 months for Omega acquisition translated at €1:$1.09 ***Percentages for CY2015 are +/- 75 basis points ****Quarterly Diluted Shares Outstanding is 147M for Q2 –Q4 CY 2015

12 Perrigo's Superior Value Proposition Review of 3Q CY15 Earnings | CY15 Guidance Accelerating Shareholder Value | CY16 Guidance Strong Recommendation of Perrigo’s Board: Reject the Offer by Taking No Action

13 Organic Net Sales Goal Consumer Healthcare Net Sales 5% - 10% Branded Consumer Healthcare Net Sales 5% - 10% Rx Pharmaceuticals Net Sales 8% - 12% Consolidated Perrigo 5% - 10% CY2016 Segment Revenue Guidance

14 Consolidation of Global Supply Chain in Ireland Organizational Enhancements Strategic Portfolio Refinement $500 MM 2015 Share Repurchase Share Repurchase $175* MM Full Year Run Rate * Includes benefits of Perrigo’s effective tax rate of 14 – 15% No statement on this slide is intended to be a profit forecast Accelerating Shareholder Value Amplifying Perrigo’s Earnings Power $1.5 BN 2016 - 2018 Share Repurchase

15 Supply Chain Globalization Capturing Benefits of Global Platform Full Year Run Rate: $105* million * Includes benefits of Perrigo’s effective tax rate of 14 – 15% No statement on this slide is intended to be a profit forecast Consolidating supply chain, procurement and portfolio management center of excellence in Ireland Optimizing global supply chain Leveraging full value of Perrigo’s global footprint and world- class, multi-source supply chain capabilities

16 Organizational Enhancements Building on Track Record of Efficiency, Quality and Innovation Full Year Run Rate: $35 million No statement on this slide is intended to be a profit forecast Streamlining organizational structure Eliminating redundant functional costs Realizing benefits of shared service model Maintaining focus on quality and innovation Headcount Reductions: ~250

17 Strategic Portfolio Refinement Optimizing Portfolio through Strategic Divestitures and Acquisitions Full Year Run Rate: $35 million Global Head Count Rationalized by Total of 800 Distribution of Headcount Reductions Divesting assets that do not provide ROIC above Perrigo’s WACC Launching strategic alternatives process for U.S. VMS business Organizational Enhancements 31% Strategic Portfolio Refinement 69% No statement on this slide is intended to be a profit forecast

18 $7.75 $9.30 +$0.15 $9.45 +$0.38 $9.83 $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 CY2015 Guidance (Expertized) * CY2016 Guidance (Expertized) * Illustrative Impact of $500MM Buyback ** Illustrative CY2016 EPS Pro Forma For Buyback*** Run-rate Impact of Optimization Actions Illustrative Run-rate CY2016 EPS*** Industry-Leading Earnings Profile Enhanced by Share Repurchase Powerful Combination of Base +++ and Actions to Optimize Shareholder Value CY2016 Adjusted EPS Guidance Figures Have Been Expertized $7.65 $7.85 * The Perrigo 2015 calendar year guidance and the Perrigo 2016 calendar year guidance have been reported on by EY and Morgan Stanley pursuant to Rule 23(a) of the Takeover Rules; those reports are available at www.perrigo.com ** $500MM of the stock repurchase plan expected to be completed by the end of 2015; plan is conditional on the lapsing of the Mylan Tender Offer and expected to add $0.15 to Adj. EPS on an annual basis in CY2016 *** These il lustrative EPS figures are not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo Adjusted EPS ($) + 20% + 22% + 27%

19 Actions to Accelerate Shareholder Value Clear and Readily Achievable Fundamental Amplification of Perrigo’s Earnings Power * Includes run-rate impact of supply chain globalizat ion benefits, operational eff iciencies and strategic portfolio enhancements, benefits of Perrigo’s effective tax rate of 14 – 15%, not all of which are expected to be fully effected in 2016. No statement on this slide is intended to be a profit forecast $500 MM 2015 Share Repurchase $175* MM Full Year Run Rate $1.5 BN 2016 - 2018 Share Repurchase Already Being Executed Near- and Long-Term Benefits Specific and Immediate Actions

20 Perrigo's Superior Value Proposition Review of 3Q CY15 Earnings | CY15 Guidance Accelerating Shareholder Value | CY16 Guidance Strong Recommendation of Perrigo’s Board: Reject the Offer by Taking No Action

21 Mylan’s October 13 Presentation Unrealistically interprets value of the Mylan offer  Deceives shareholders  Distorts facts  Represent belief statements of Perrigo Board

22 Mylan’s Recent Presentation Distorts Facts and Deceives Shareholders * Source: Mylan October 13, 2015 presentation ** Source: http://www.mylan.com/en/businesses/act ive-pharmaceut ical- ingredients for l ist of Mylan APIs. Based on less than ten complementary to over 4,900 Perrigo OTC products Reality • Offer provides virtually no premium to Perrigo’s historical trading multiple • Represents the lowest premium to an unaffected share price of any recent biopharma transaction • Dilutive to Mylan EPS until year four • Over 75% of Perrigo’s infrastructure is in businesses where Mylan has NO presence • Mylan’s US-DMF manufactured APIs have application to less than 1%** of Perrigo’s OTC business • No alignment with core competencies (nor a basis for synergistic integration) • Takes away value that belongs to Perrigo Shareholders and destroys value through lower trading multiple, lower growth rate, and significant dilution to Mylan EPS 1 2 3 4 Mylan’s Claim * • Offer Represents a Highly Attractive Multiple and Premium to Standalone Value • Transaction is Meaningfully and Immediately Accretive to Perrigo Shareholder Adjusted Diluted EPS and Adjusted Diluted EPS Growth • Mylan Well Positioned to Integrate Complementary Businesses, Aligned with Its Core Competencies • Transaction Delivers Immediate Value to Perrigo Shareholders 1 2 3 4

23 15x 14x 14x 18x 18x 20x 25x 18x 0x 5x 10x 15x 20x 25x 30x APP / Fresenius Hospira / Pfizer Allergan / Actavis Perrigo / Mylan Mylan’s Offer is Not a Meaningful Premium to Perrigo’s Trading Multiple *Pharma acquisit ions cited by Mylan in their October 13, 2015 presentation that involved public targets. Excludes Actavis/Novator as the acquir ing entity in this transaction, Novator, was an investment vehicle controlled by the Chairman of Actavis at the time of the transaction, Bjorgolfur Thor Bjorgolfsson. Prior to announcing his plan to acquire Actavis, Bjorgolfsson owned 38.5% percent of the company **Perrigo transaction multiples calculated using Thomson consensus estimates for CY2015 EBITDA as of October 21, 2015. Perrigo unaffected multiple calculated using Perrigo share price of $164.71 as of the unaffected date of April 7, 2015. Mylan acquisit ion multiple calculated using Mylan’s share price of $40.89 as of October 21, 2015 Unaffected LTM AV / EBITDA Multiple Acquisition LTM AV / EBITDA Multiple 1 Implied Mylan Offer Multiple ** ** Acquisitions of Public Companies Referenced by Mylan * Mylan Offer

24 5.0 10.0 15.0 20.0 25.0 30.0 4/8/2014 7/29/2014 11/14/2014 3/10/2015 6/29/2015 10/20/2015 Perrigo Consumer Peers Perrigo Trades In-Line with its Premium-Valued Consumer Peers… 1 ** *** *Based on Thomson consensus estimates. Data reflects one-year period prior to Perrigo unaffected date of 4/7/15 plus period from April 7, 2015 to October 21, 2015 **Consumer Peers include the following companies: Mead Johnson, Procter & Gamble, Reckitt Benckiser and Zoetis ***Generics Peers include the following companies: Endo, Valeant, Teva and Mallinckrodt Perrigo Trades Like its Consumer Peers And At a Significant Premium To Mylan and Its Generics Peers Price / NTM EPS* (x) 4/8/2014 – 10/20/2015 Price / NTM EPS* (x) 4/8/2014 – 10/20/2015 Teva Acquires Allergan’s Generics Business (7/27/2015) Mylan Makes Initial Proposal For Perrigo (4/8/2015) Mylan Makes Initial Proposal For Perrigo (4/8/2015) 5.0 10.0 15.0 20.0 25.0 30.0 4/8/2014 7/29/2014 11/14/2014 3/10/2015 6/29/2015 10/20/2015 Mylan Generics Peers

25 …and at a Consistently High Premium to Mylan’s Valuation 1 Price / NTM EPS* (x) 4/8/2014 – 10/20/2015 Perrigo Trades at a Persistent and Significant Premium to Mylan Mylan Makes Initial Proposal For Perrigo (4/8/2015) 5.0 10.0 15.0 20.0 25.0 30.0 4/8/2014 7/29/2014 11/14/2014 3/10/2015 6/29/2015 10/20/2015 Perrigo Mylan ~10x Multiple Differential *Based on Thomson consensus estimates. Data reflects one-year period prior to Perrigo unaffected date of 4/7/15 plus period from April 7, 2015 to October 21, 2015

26 (16%) (14%) (13%) (11%) (12%) (7%) (2%) 2% (20%) (15%) (10%) (5%) 0% 5% Year 1 Year 2 Year 3 Year 4 Before potentially material negative synergies in product divestments and supplier contracts with change of control provisions *Il lustrative EPS accretion/dilut ion based on Thomson Consensus Estimates for both Perrigo and Mylan. Perrigo does not endorse or adopt these estimates **Assumes $800MM pre-tax synergies with phase-in of 25% in 2016, 50% in 2017, 75% in 2018 and 100% thereafter; assumes ~$11Bn of new debt raised at il lustrative 4% cost of debt and ~340MM Mylan shares issued to Perrigo shareholders; assumes 18.5% tax rate on synergies (based on Perrigo 2H CY15 commentary around tax rate) and 20% tax shield on new Mylan debt (based on mid-point of Mylan CY15 tax rate guidance) Mylan EPS Accretion Dilution (%) * ** No Synergies Phased-In Synergies At Least 3 Years of Significant Mylan EPS Dilution “Both a contribution and ROIC analysis indicate that the transaction is barely profitable for Mylan shareholders by year four… Shareholders might prudently ask themselves why even the best case scenario a management team can demonstrate will still require more than three years to become accretive” - ISS 8/14/2015 2

27 Limited Overlap Creates Significant Integration and Execution Challenges * See Appendix for reconcil iat ion of non-GAAP measures to GAAP. Only includes Perrigo numbers; no access to corresponding numbers of Mylan This slide demonstrates a belief statement of the board of Perrigo and is based on the Perrigo board's knowledge of its operating expenditure only. 3 No Presence in over 75% of Perrigo’s Business Over 75% of Perrigo’s operating cost base is in businesses where Mylan has no presence Consumer Healthcare (No Overlap) 35% Branded Consumer Healthcare (No Overlap) 42% 3Q Adjusted Operating Expenses* Virtually No Overlap with API in Perrigo’s OTC Products Of the hundreds of APIs used by Perrigo in the manufacture of 4,900 OTC products, Mylan currently only uses six of these in its own products No Overlap >99% Overlap <1 % Potentially Some Overlap No Overlap Potentially Some Overlap No Overlap

28 Third Parties Agree With Us “As a stakeholder company, Mylan deserves and will likely get a governance discount.” - Bernstein, September 8, 2015 “We see more value in PRGO standalone.” - RBC, October 14, 2015 Mylan Perrigo 4 “There is an open question of how to value Mylan shares as intrinsically, they have no value.” - Bernstein, August 7, 2015 “We continue to believe that PRGO standalone will drive higher returns for shareholders both in the near and longer term than the MYL tender offer.” - Guggenheim, September 24, 2015 “This stock would be much higher without that bid…If Mylan would just go away then Joe Papa can work his magic and Perrigo would go much higher.” - Jim Cramer, CNBC, October 6, 2015 “As stated earlier, we highly doubt it that MYL shareholders will ever see a value close to $90 in a normal investment time horizon, which we would think should cause some anger towards management and the board.” - Cowen & Co August 6, 2015

29 Respective Long-Term Returns Speak For Themselves $0 $25 $50 $75 $100 $125 $150 $175 $200 6/30/2006 Perrigo Mylan 4/7/2015 + 971% + 201% *Total shareholder return reflects the period beginning June 30, 2006 to April 7, 2015 (pre-Mylan offer announcement) 6/30/2014 6/30/2012 6/30/2010 6/30/2008 Total Shareholder Return * 4

30 $3.03 $4.01 $4.99 $5.61 $6.39 $7.28 $2 $3 $4 $5 $6 $7 $8 FY 6/2010 FY 6/2011 FY 6/2012 FY 6/2013 FY 6/2014 FY 6/2015 Perrigo Has A Long History of Delivering Strong Adjusted EPS Growth Adjusted EPS ($)* * Adjusted EPS reflects Perrigo reported figures; see Appendix for reconcil iat ion of non-GAAP to GAAP EPS. FY refers to f iscal years ended June and all amounts based on continuing operations 32% Growth 24% Growth 12% Growth 14% Growth 14% Growth

31 Run-rate Impact of Our Actions Provide Additional Upside Perrigo Is Committed to Continuing to Deliver Strong Earnings Growth + Additional Upside From M&A $7.75 $9.30 +$0.15 $9.45 +$0.38 $9.83 $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 CY2015 Guidance (Expertized) * CY2016 Guidance (Expertized) * Illustrative Impact of $500MM Buyback ** Illustrative CY2016 EPS Pro Forma For Buyback*** Run-rate Impact of Optimization Actions Illustrative Run-rate CY2016 EPS*** $7.65 $7.85 Adjusted EPS ($) + 20% + 22% + 27% * The Perrigo 2015 calendar year guidance and the Perrigo 2016 calendar year guidance have been reported on by EY and Morgan Stanley pursuant to Rule 23(a) of the Takeover Rules; those reports are available at www.perrigo.com ** $500MM of the stock repurchase plan expected to be completed by the end of 2015; plan is conditional on the lapsing of the Mylan Tender Offer and expected to add $0.15 to Adj. EPS on an annual basis in CY2016 *** These illustrative EPS figures are not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo

32 Perrigo Provides a Premium to Mylan’s Offer Without Integration Risk 2016 Mylan 2016 Perrigo $200MM* $112MM** Perrigo Shareholders’ Share 40%*** 100% Adjusted Net Income Impact $65MM**** $94MM Current NTM P/E Trading Multiple 8.7x 18.3x Capitalized Value $0.6BN $1.7BN $65 $94 $- $120 Mylan Perrigo $0.60 $1.70 $- $2 Mylan Perrigo Adjusted Net Income Impact ($MM) Capitalized Value ($BN) * Assumes Mylan pre-tax synergies of $800MM with phase-in of 25% in 2016 ** Includes operational and tax benefits expected to be realized *** Based on Mylan Proxy statement **** Tax effected at same il lustrative 19% as used on page 31 of the Mylan October Investor Presentation No statement on this slide is intended to be a profit forecast

33 Perrigo Provides a Premium to Mylan’s Offer Without Integration Risk * These il lustrative EPS figures are not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo ** Includes $0.15 benefit of $500MM share buyback plan expected to be completed by the end of 2015 added to expertized management CY2016 guidance of $9.30 *** Includes $0.15 benefit of $500MM share buyback plan expected to be completed by the end of 2015 and the run-rate $0.38 impact of optimizat ion actions added to expertized management CY2016 guidance of $9.30 **** To Perrigo unaffected date of April 7, 2015 ***** Thomson consensus median as of October 21, 2015 ****** Based on Mylan share price as of October 21, 2015 Mylan’s Offer Represents a Discount to Perrigo’s Plan 2016 EPS* $9.45** $9.83*** Share Price Metrics NTM P/E Multiple (x) Illustrative Share Price ($) Illustrative Share Price at CY16 Run-Rate ($) Implied Share Prices Using Price / NTM EPS Multiples 1 Year Average **** 21.4x $202 $210 3 Year Average **** 20.2x $191 $199 5 Year Average **** 20.1x $190 $198 Other Share Price Metrics Current Median Analyst Price Target***** $203 $203 Mylan Offer Price****** $169 $169

34 Perrigo Continues to Deliver Superior Value to Shareholders 3Q results demonstrate continued strong organic growth 10% organic growth in 3Q* Shareholder value optimization plan will deliver additional earnings power in CY16 and beyond by: − Consolidation of Global Supply Chain in Ireland − Organizational Enhancements − Strategic Portfolio Refinement $175MM** Full Year Run-Rate Strong CY16 guidance reflecting shareholder value optimization and ongoing strong operating performance $9.83*** Run-Rate Adjusted EPS Share buyback plan to return capital to shareholders $500MM in 2015 $1.5Bn in 2016-2018 Continued focus on value creating M&A, supported by a strong balance sheet 27 Deals Since FY2007 * As a percentage of consolidated Net Sales using constant currency. See appendix for reconcil iat ion of non-GAAP measures to GAAP ** Includes benefits of Perrigo’s effective tax rate of 14 – 15%. Not intended to constitute a profit forecast *** Illustrative run-rate EPS figure including the effect of the $500MM share repurchase to be completed by the end of calendar 2015 and the optimization actions described earlier. This illustrative EPS figure is not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for Perrigo

35 Strong Recommendation of Perrigo’s Board: Reject the Offer Mylan’s Offer is a Bad Deal for Perrigo’s Shareholders Reject Mylan’s Offer: Do Not Tender Perrigo Will Deliver Superior Value Creation Mylan’s Offer Substantially Undervalues Perrigo and Will Destroy Shareholder Value

36 Value Proposition Premium P/E Multiple Consistent Execution High Organic Growth Strong Governance Disciplined M&A Outsized Shareholder Returns Questions?

Contacts Arthur J. Shannon Vice President, Investor Relations and Global Communications (269) 686-1709 ajshannon@perrigo.com Bradley Joseph Director, Investor Relations and Global Communications (269) 686-3373 bradley.joseph@perrigo.com

38 APPENDIX Table I PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES (in millions, except per share amounts) (unaudited) Three Months Ended Consolidated September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP As Adjusted Net sales $ 1,344.7 $ — $ 1,344.7 $ 951.5 $ — $ 951.5 41 % 41 % Cost of sales 795.9 110.2 (a) 685.7 629.7 100.5 (a) 529.2 26 % 30 % Gross profit 548.8 110.2 659.0 321.8 100.5 422.3 71 % 56 % Operating expenses Distribution 24.9 — 24.9 14.4 — 14.4 73 % 73 % Research and development 41.6 0.1 (a) 41.5 36.6 — 36.6 14 % 13 % Selling 167.9 37.5 (a) 130.4 50.4 5.6 (a) 44.8 233 % 191 % Administration 123.6 20.6 (a,c,d ) 103.0 81.5 2.3 (a,b) 79.2 52 % 30 % Restructuring 2.2 2.2 (e) — 1.7 1.7 (e) — 25 % NM Total operating expenses 360.2 60.4 299.8 184.6 9.6 175.0 95 % 71 % Operating income 188.6 170.6 359.2 137.2 110.1 247.3 37 % 45 % Interest expense, net 43.4 — 43.4 25.9 — 25.9 68 % 68 % Other expense, net 13.0 8.8 (f,g) 4.2 2.7 1.9 (h) 0.8 NM NM Income before income taxes 132.2 179.4 311.6 108.6 112.0 220.6 22 % 41 % Income tax expense 19.6 33.7 (i) 53.3 12.3 20.8 (i) 33.1 58 % 61 % Net income $ 112.6 $ 145.7 $ 258.3 $ 96.3 $ 91.2 $ 187.5 17 % 38 % Diluted earnings per share $ 0.77 $ 1.76 $ 0.72 $ 1.40 7 % 26 % Diluted weighted average shares outstanding 146.9 — 146.9 134.4 134.4 9 % 9 % Effective tax rate 14.8 % 17.1 % 11.4 % 15.0 % Gross margin (1) 40.8 % 49.0 % 33.8 % 44.4 % Operating expense margin (1) 26.8 % 22.3 % 19.4 % 18.4 % Operating margin (1) 14.0 % 26.7 % 14.4 % 26.0 %

39 APPENDIX Table I (continued) PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES (in millions, except per share amounts) (unaudited) Third Calendar Quarter Tickmark Legend Tickmark Description (1) Ratios calculated using exact numbers NM Calculations not meaningful (a) Acquisition-related amortization expense (b) Acquisition and integration-related charges of $1.1 million (c) Acquisition and integration-related charges of $4.1 million (d) Mylan defense-related fees of $15.6 million (e) Restructuring and integration-related charges (f) Equity method investment losses totaling $4.2 million (g) Losses related to the euro-denominated purchase price of the GSK product portfolio acquisition totaling $4.8 million (h) Equity method investment losses totaling $3.1 million partially offset by a $1.2 million investment distribution (i) Tax effect of non-GAAP adjustments

40 APPENDIX Table II PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Consumer Healthcare September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP As Adjusted Net sales $ 675.2 $ — $ 675.2 $ 640.3 $ — $ 640.3 5 % 5 % Cost of sales 444.2 13.8 (a) 430.4 447.3 10.6 (a) 436.7 -1 % -1 % Gross profit 231.0 13.8 244.8 193.0 10.6 203.6 20 % 20 % Operating expenses 113.7 7.6 (a,b) 106.1 118.2 8.2 (a,b) 110.0 -4 % -4 % Operating income $ 117.3 $ 21.4 $ 138.7 $ 74.8 $ 18.8 $ 93.6 57 % 48 % Gross margin (1) 34.2 % 36.2 % 30.1 % 31.8 % Operating margin (1) 17.4 % 20.5 % 11.7 % 14.6 % (1) Ratios calculated using exact numbers (a) Acquisition-related amortization expense (b) Restructuring charges and other integration-related expenses

41 APPENDIX Table II (continued) PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Branded Consumer Healthcare September 26, 2015 GAAP Non-GAAP Adjustments As Adjusted Net sales $ 302.2 $ — $ 302.2 Cost of sales 137.9 5.0 (a) 132.9 Gross profit 164.3 5.0 169.3 Operating expenses 159.9 34.8 (a,b) 125.1 Operating income $ 4.4 $ 39.8 $ 44.2 Gross margin (1) 54.4 % 56.0 % Operating margin (1) 1.4 % 14.6 % (1) Ratios calculated using exact numbers (a) Acquisition-related amortization expense (b) Acquisition and integration-related charges

42 APPENDIX Table II (continued) PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Rx Pharmaceuticals September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP As Adjusted Net sales $ 260.3 $ — $ 260.3 $ 194.5 $ — $ 194.5 34 % 34 % Cost of sales 129.9 18.4 (a) 111.5 98.1 16.9 (a) 81.2 32 % 37 % Gross profit 130.4 18.4 148.8 96.4 16.9 113.3 35 % 31 % Operating expenses 39.4 0.2 (a) 39.2 31.7 0.2 (a) 31.5 24 % 24 % Operating income $ 91.0 $ 18.6 $ 109.6 $ 64.7 $ 17.1 $ 81.8 40 % 34 % Gross margin (1) 50.1 % 57.2 % 49.6 % 58.3 % Operating margin (1) 34.9 % 42.1 % 33.3 % 42.1 % (1) Ratios calculated using exact numbers (a) Acquisition-related amortization expense

43 APPENDIX Table II (continued) PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Specialty Sciences September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP As Adjusted Net sales $ 84.5 $ — $ 84.5 $ 91.9 $ — $ 91.9 -8 % -8 % Cost of sales 72.5 72.5 (a) — 72.5 72.5 (a) — — % NM Gross profit 12.0 72.5 84.5 19.4 72.5 91.9 -38 % -8 % Operating expenses 3.0 0.3 (a) 2.7 4.5 0.4 (a) 4.1 -33 % -35 % Operating income $ 9.0 $ 72.8 $ 81.8 $ 14.9 $ 72.9 $ 87.8 -39 % -7 % Gross margin (1) 14.2 % 100.0 % 21.1 % 100.0 % Operating margin (1) 10.7 % 96.9 % 16.2 % 95.6 % (1) Ratios calculated using exact numbers NM - Calculations are not meaningful (a) Acquisition-related amortization expense

44 APPENDIX Table III PERRIGO COMPANY PLC REPORTABLE SEGMENTS (in millions) (unaudited) Consolidated Q3 CY13 Net sales $ 933.4 Reported gross profit $ 356.3 Acquisition-related amortization 23.5 Adjusted gross profit $ 379.8 Adjusted gross margin 40.7 % Reported operating income $ 179.7 Acquisition-related amortization 29.9 Acquisition and integration-related charges 12.0 Litigation settlement 2.5 Restructuring charges 2.1 Adjusted operating income $ 226.2 Adjusted operating margin 24.2 %

45 APPENDIX Table IV PERRIGO COMPANY PLC (in millions) (unaudited) Three Months Ended September 26, 2015 September 27, 2014 % Change $ Change Net sales $ 1,344.7 $ 951.5 Less: Acquisitions made in the past 12 months (1) (316.9 ) — Organic net sales 1,027.8 951.5 8 % $ 76.3 Foreign exchange impact 19.0 — Organic net sales on a constant currency basis $ 1,046.8 $ 951.5 10 % $ 95.3 (1) Net sales from the acquisition of a product portfolio from Lumara Health, Inc. on October 31, 2014; the acquisition of Omega Pharma Invest N.V. on March 30, 2015; the acquisition of Gelcaps Exportadora de Mexico, S.A. de C.V. on May 12, 2015; the acquisition of products from GlaxoSmithKline Consumer Healthcare on August 28, 2015, the acquisition of the ScarAway® brand on August 31, 2015; and the Naturwohl Pharma GmbH acquisition on September 15, 2015.

46 APPENDIX Table V PERRIGO COMPANY PLC (in millions) (unaudited) Branded Consumer Healthcare Three Months Ended September 26, 2015 June 27, 2015 % Change Net sales $ 302.2 $ 401.2 Reported gross profit $ 164.3 $ 190.1 Acquisition-related amortization expense 4.5 7.0 Omega inventory step-up (3.0 ) 15.6 Omega fixed asset step up 3.5 — Adjusted gross profit $ 169.3 $ 212.7 Adjusted gross margin % 56.0 % 53.0 % 3.0 % 300 bps

47 APPENDIX Table VI PERRIGO COMPANY PLC (in millions) (unaudited) Twelve Months Ended Consolidated December 27, 2014 GAAP (1) Non-GAAP Adjustments (1) As Adjusted (1) Net sales $ 4,171.6 $ — $ 4,171.6 Cost of sales 2,735.3 395.5 (a) 2,339.7 Gross profit 1,436.3 395.5 1,831.9 Operating expenses Distribution 57.2 — 57.2 Research and development 172.6 10.0 (b) 162.6 Selling 206.4 22.4 (a) 184.0 Administration 343.7 44.8 (a,c,d,e,f) 298.9 Restructuring 34.1 34.1 (g) — Total operating expenses 814.0 111.3 702.7 Operating income 622.3 506.8 1,129.2 Interest expense, net 109.2 5.0 (h) 104.2 Other expense, net 69.3 63.6 (i,j,k) 5.7 Loss on sale of investment 12.7 12.7 — Loss on extinguishment of debt 9.6 9.6 (l) — Income before income taxes 421.5 597.7 1,019.3 Income tax expense 75.2 101.5 (m) 176.6 Net income $ 346.3 $ 496.2 $ 842.7 Diluted earnings per share $ 2.57 $ 6.27 Diluted weighted average shares outstanding 135.0 (0.6 ) (n) 134.4

48 APPENDIX Table VI (continued) PERRIGO COMPANY PLC (in millions) (unaudited) (1) Amounts may not sum or cross-foot due to rounding. (a) Acquisition-related amortization expense (b) R&D payment of $10.0 million made in connection with collaborative arrangement (c) Acquisition and integration-related charges totaling $15.8 million related primarily to Omega and Elan (d) Write-up of contingent consideration of $5.8 million (e) Litigation settlement of $2.0 million (f) Loss contingency accrual of $15.0 million (g) Restructuring and other integration-related charges due primarily to Elan (h) Omega financing fees (i) Elan equity method investment losses totaling $11.4 million (j) Loss on derivatives associated with the pending Omega acquisition totaling $64.7 million (k) Income of $12.5 million from transfer of a rights agreement (l) Bridge fees and extinguishment of debt in connection with Omega financing (m) Tax effect of non-GAAP adjustments (n) Weighted average effect of 6.8 million shares issued on November 26, 2014 to finance the pending Omega acquisition

49 APPENDIX FY 2010* FY 2011* FY 2012* FY 2013 FY 2014 FY 2015 Consolidated Reported net income $ 224.4 $ 340.6 $ 393.0 $ 441.9 $ 205.3 $ 128.0 Acquisition and other integration-related costs (1) 7.8 2.0 5.9 5.8 292.2 127.7 Acquisition-related amortization (1) 18.1 32.1 49.2 63.1 220.4 375.1 Payments made in connection with an R&D collaborative arrangement and an R&D agreement (1) — — — — — 24.6 Consulting and legal fees associated with Mylan defense (1) — — — — — 13.4 Goodwill impairment (1) — — — — — 6.8 Losses on derivatives associated with foreign-currency-denominated acquisitions (1) — — — — — 259.9 Impact of acquisitions on deferred tax balances — — — — — 46.5 Inventory step-ups (1) 6.9 — 17.0 7.2 — 10.8 Restructuring charges (1) 9.3 0.7 5.7 1.7 4.5 1.9 Losses on equity method investments (1) — — — — — 10.1 Transfer of rights agreement (1) — — — — — (12.5 ) Losses on terminated interest rate swaps (1) — — — — — 3.6 Litigation settlement (1) — — — — 12.9 1.3 Write-offs and sales of in-process R&D (1) 14.6 — (1.4 ) 5.6 5.1 — Other adjustments (1) — — — 4.4 (0.9 ) 4.1 Adjusted net income $ 281.1 $ 375.4 $ 469.4 $ 525.3 $ 740.4 $ 1,001.3 Diluted earnings per share Reported $ 2.42 $ 3.64 $ 4.18 $ 4.68 $ 1.77 $ 0.92 Adjusted $ 3.03 $ 4.01 $ 4.99 $ 5.61 $ 6.39 $ 7.28 Diluted weighted average shares outstanding 92.8 93.5 94.1 94.5 115.6 139.8 Weighted average effect of 6.8 million shares issued on November 26, 2014 to finance the Omega acquisition (2.3 ) Adjusted diluted weighted average shares outstanding 137.5 (1) Net of taxes *All information based on continuing operations. FY 10 - FY 15 Adjusted diluted EPS CAGR FY 15: $7.28 ^ (1/5) - 1 = 19.2 % FY 10: $3.03 Table VII PERRIGO COMPANY PLC (in millions) (unaudited)

50 APPENDIX Three Months Ended September 26, 2015 September 27, 2014 YoY % Change Fx Impact Constant Currency % Change Net Sales Consumer Healthcare $675.2 $640.3 5 % 3 % 8 % Branded Consumer Healthcare $302.2 — — % — % — % Rx Pharmaceuticals $260.3 $194.5 34 % — % 34 % Specialty Science $84.5 $91.9 -8 % 7 % -1 % Other $22.5 $24.8 -9 % 4 % -5 % Consolidated Net Sales $1,344.7 $951.5 41 % 3 % 44 % Three Months Ended September 26, 2015 As a % of Consolidated Adjusted operating expenses Consumer Healthcare $106.1 35 % Branded Consumer Healthcare $125.1 42 % Consolidated $299.8 Table VIII PERRIGO COMPANY PLC (in millions) (unaudited)