0001585364-16-000360.txt : 20160810 0001585364-16-000360.hdr.sgml : 20160810 20160810064108 ACCESSION NUMBER: 0001585364-16-000360 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160810 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160810 DATE AS OF CHANGE: 20160810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERRIGO Co plc CENTRAL INDEX KEY: 0001585364 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: L2 FISCAL YEAR END: 0627 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36353 FILM NUMBER: 161819926 BUSINESS ADDRESS: STREET 1: TREASURY BUILDING STREET 2: LOWER GRAND CANAL STREET CITY: DUBLIN STATE: L2 ZIP: L2 2 BUSINESS PHONE: 269-673-8451 MAIL ADDRESS: STREET 1: 515 EASTERN AVENUE CITY: ALLEGAN STATE: MI ZIP: 49010 FORMER COMPANY: FORMER CONFORMED NAME: PERRIGO Co Ltd DATE OF NAME CHANGE: 20130828 8-K 1 cy16q2earningsrelease8-k.htm 8-K Document
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):
August 10, 2016
_______________________________________________
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 or former address, 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 August 10, 2016, Perrigo Company plc (the “Company”) released earnings for the second quarter ended July 2, 2016. The press release related to the Company’s earnings is attached as Exhibit 99.1.

The earnings release contains certain non-GAAP measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) in the statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation for net sales on a constant currency basis, net sales excluding sales attributable to held-for-sale businesses, gross profit, gross margin, operating income, operating margin, net income, 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 adjusts for 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.

Reported results were adjusted for the following items:

Three Months Ended July 2, 2016 Results

Amortization of acquired assets related to business combinations and asset acquisitions
Investment impairment charges
Restructuring charges related to organizational improvements
Operating results attributable to held-for-sale businesses
Equity method investment losses
Acquisition and integration-related charges
Goodwill and held-for-sale impairment charges
Tax effect of non-GAAP adjustments, including quarterly effect on the annual effective tax rate calculation 

Three Months Ended June 27, 2015 Results

Amortization of acquired assets related to business combinations and asset acquisitions
Operating results attributable to held-for-sale businesses
Payment made in connection with a research and development arrangement
Goodwill, intangible asset and investment impairment charges
Restructuring charges related to completed business acquisition and organizational improvements
Losses on derivatives associated primarily with hedging an acquisition's foreign currency-denominated purchase price
Acquisition and integration-related charges
Legal and consulting fees related to hostile takeover defense
Equity method investment losses
Loss on early debt extinguishment
Non-GAAP adjustment to tax expense associated with debt restructuring for the acquisition of Omega           



Tax effect of non-GAAP adjustments, including quarterly effect on the annual effective tax rate calculation      

2016 Full Year Guidance

Amortization of acquired assets related to business combinations and asset acquisitions
Goodwill, intangible asset, held-for-sale and investment impairment charges
Integration and restructuring-related charges
Operating results attributable to held-for-sale businesses
Equity method investment losses
Loss on early debt extinguishment
Tax effect of non-GAAP adjustments

Twelve Months Ended December 31, 2015 Results

Amortization of acquired assets related to business combinations and asset acquisitions
Losses on derivatives associated with hedging an acquisition's foreign currency-denominated purchase price
Goodwill, intangible asset, held-for-sale and investment impairment charges
Legal and consulting fees related to hostile takeover defense
Acquisition and integration-related charges
Restructuring charges related to completed business acquisition and organizational improvements
Financing fees
Loss on early debt extinguishment
Payment made in connection with a research and development arrangement
Equity method investment losses
Non-GAAP adjustment to tax expense associated with debt restructuring for the acquisition of Omega           
Tax effect of non-GAAP adjustments

The information in this Current Report on Form 8-K is 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. The information in this Current Report on Form 8-K 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.


    



ITEM 9.01.    Financial Statements and Exhibits

(d)
Exhibits

99.1
Press Release issued by Perrigo Company plc on August 10, 2016, furnished solely pursuant to Item 2.02 of Form 8-K.







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:
August 10, 2016
 
 
Judy L. Brown
 
 
 
 
Executive Vice President, Business Operations
 
 
 
 
  and Chief Financial Officer
 
 
 
 
(Principal Accounting and Financial Officer)


         
                        
     



Exhibit Index

99.1
Press Release issued by Perrigo Company plc on August 10, 2016, furnished solely pursuant to Item 2.02 of Form 8-K.



EX-99.1 2 cy16q2ex991pressrelease.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

                                         
FOR IMMEDIATE RELEASE

PERRIGO COMPANY PLC REPORTS SECOND QUARTER 2016 FINANCIAL RESULTS

Delivered second quarter reported (GAAP) net sales of $1.48 billion and adjusted (non-GAAP) net sales of $1.44 billion, excluding sales of $44 million from held-for-sale businesses*

Delivered second quarter reported net income of $194 million and reported diluted earnings per share of $1.35; delivered second quarter reported gross margin of 38.3%, and second quarter reported operating margin of 16.1%

Realized adjusted net income of $278 million and adjusted diluted earnings per share of $1.93; achieved second quarter adjusted gross margin of 48.0% with second quarter adjusted operating margin of 27.3%

Consumer-facing businesses achieved reported net sales of $1.08 billion, or $1.04 billion excluding sales from held-for-sale businesses, comprising in excess of 70% of reported and adjusted net sales in the quarter

Realized Consumer Healthcare (“CHC”) segment reported operating margin of 16.2% with adjusted operating margin of 20.7%; Branded Consumer Healthcare ("BCH") segment reported operating margin of 9.8% with adjusted operating margin of 14.9%.

Outlook:

Primarily due to revised expectations for the Rx segment, the Company now expects calendar year 2016 reported earnings per diluted share in the range of $0.26 to $0.56 (compared to a loss of $0.23 in calendar year 2015) and expects calendar year 2016 adjusted earnings per diluted share in the range of $6.85 to $7.15.

* Held-for-sale businesses include the U.S. VMS business (CHC segment), sales attributable to the Etixx brand (BCH segment) and India API business (Other segment)

Dublin, Ireland - August 10, 2016 - Perrigo Company plc (NYSE: PRGO; TASE) today announced results for the second quarter ended July 2, 2016.



1




Perrigo’s CEO John T. Hendrickson commented, “Over my first 100 days I have been critically looking at our business through the lens of the leadership principles I have previously outlined. My unequivocal conclusion is that despite some short-term challenges, I continue to be excited about Perrigo's future. To be clear, our financial results were below our expectations primarily due to competition and price erosion in the Rx business. Adjusted net sales in our consumer-facing businesses were generally in line with our expectations, highlighted by solid adjusted operating margins in both segments with nearly 21% in our CHC segment and 15% in the BCH segment.

I am disappointed however to announce that following this critical review of our businesses, we are changing adjusted EPS guidance for 2016. The majority of this change is due to revised expectations for price erosion and continued fluid market dynamics affecting the Rx business. In addition, we are revising our guidance on lower performance expectations for the BCH segment as we continue to implement transformational organizational changes and improvements in products and process in this business. Given these effects, we now anticipate our calendar 2016 adjusted EPS guidance to be in the range of $6.85 to $7.15. While there is much change underway at Perrigo, please know that I remain committed to the principles that I outlined in May: operational execution, action-oriented, transparency, and above all, shareholder value."

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 included in the attached Condensed Consolidated Statements of Operations and Balance Sheets.


2


Second Quarter Results

Perrigo Company plc
(in millions, except earnings per share amounts)
(see the attached Tables I & III for reconciliation to GAAP numbers)
 
Second Quarter
Ended
 
Second Quarter
Ended

 
YoY
 
Constant Currency

 
7/2/2016
 
6/27/2015

 
% Change
 
% Change

Reported Net Sales
$1,481
 
$1,532
 
(3)%
 
 
Reported Net Income
$194
 
$56
 
244%
 
 
Reported Diluted Earnings per Share
$1.35
 
$0.38
 
255%
 
 
 
 
 
 
 
 
 
 
Adjusted Net Sales(1)
$1,437
 
$1,492
 
(4)%
 
(3
)%
Adjusted Net Income
$278
 
$320
 
(13)%
 
 
Adjusted Diluted Earnings per Share
$1.93
 
$2.18
 
(11)%
 
 
 
 
 
 
 
 
 
 
Diluted Shares
143.6
 
146.8

 
(2)%
 
 

(1)
Second quarter 2016 net sales exclude $44 million of net sales from held-for-sale businesses (primarily VMS). For comparative purposes, second quarter 2015 net sales have been adjusted in this presentation to exclude $40 million of sales attributable to businesses that are currently held-for-sale. This 2015 net sales adjustment does not impact any other prior year amounts or metrics.

Reported net sales in the quarter were $1,481 million, a decrease of 3% over the second quarter of 2015 due primarily to relatively lower sales in the Consumer Healthcare segment, offset partially by higher sales in the Rx segment. Excluding any net sales contribution from held-for-sale businesses, adjusted net sales in the quarter were $1,437 million, a decrease of 3%, on a constant currency basis over the second quarter of 2015. New product sales of $89 million were offset partially by $16 million in discontinued products.

Reported net income of $194 million, or $1.35 per share, included the favorable impact of a $30 million reduction in the non-cash goodwill impairment recorded in the first quarter of 2016, versus net income of $56 million, or $0.38 per share, in the prior year. Excluding charges as outlined in Table I at the end of this release, second quarter 2016 adjusted net income was $278 million, or $1.93 per share, versus adjusted net income of $320 million, or $2.18 per share for the same period last year.


3


Segment Results

Consumer Healthcare Segment
(in millions)
(see the attached Tables II & III for reconciliation to GAAP numbers)
 
Second Quarter
Ended

 
Second Quarter
Ended

 
YoY

 
Constant Currency

 
7/2/2016

 
6/27/2015

 
% Change

 
% Change

Reported Net Sales
$686
 
$746
 
(8
)%
 
 
Reported Gross Profit
$230
 
$258
 
(11
)%
 
 
Reported Gross Margin
33.5
%
 
34.6
%
 
(110) bps
 
 
Reported Operating Income
$111
 
$143
 
(22
)%
 
 
Reported Operating Margin
16.2
%
 
19.2
%
 
(300) bps
 
 
 
 
 
 
 
 
 
 
Adjusted Net Sales(1)
$644
 
$707
 
(9
)%
 
(8
)%
Adjusted Gross Profit
$236
 
$269
 
(12
)%
 
 
Adjusted Gross Margin(2)
36.6
%
 
36.0
%
 
60 bps
 
 
Adjusted Operating Income
$134
 
$160
 
(16
)%
 
 
Adjusted Operating Margin(2)
20.7
%
 
21.4
%
 
(70) bps
 
 

(1)
Second quarter 2016 net sales exclude $42 million from the U.S. VMS business, which is currently held-for-sale. For comparative purposes, second quarter 2015 net sales have been adjusted in this presentation to exclude $40 million of sales attributable to VMS. This 2015 net sales adjustment does not impact any other prior year amounts or metrics.
(2)    Q2 2015 adjusted gross margin and operating margin use reported net sales as the denominator.
    
Reported net sales in the CHC segment decreased 8% over the second quarter of 2015 and adjusted net sales, excluding VMS net sales in both periods, declined 8% on a constant currency basis. This decrease was due to lower sales in existing products of $84 million primarily in the cough/cold category driven by a relatively weak allergy season as compared to last year, the timing of promotions, lower orders in the contract manufacturing business and the effects of relatively lower pricing in the analgesics category. In addition, discontinued products were $12 million. These decreases were offset partially by new product sales of $32 million, which included the store brand launch of fluticasone nasal spray and new products in the infant formula category.

Despite the relatively weak allergy season, the CHC segment achieved a second quarter reported gross profit margin of 33.5% and an adjusted gross profit margin of 36.6% driven by strong performances in the infant formula and smoking cessation categories as well as supply chain efficiencies.

Reported operating margin decreased 300 bps to 16.2% due to an impairment charge recorded on the held-for-sale VMS business and increased R&D investments, offset partially by lower selling and administrative expenses. Adjusted operating margin decreased 70 bps to 20.7% compared to the prior year due to increased R&D investments, offset partially by lower selling and administrative expenses.

4


Branded Consumer Healthcare Segment
(in millions)
(see the attached Tables II & III for reconciliation to GAAP numbers)
 
Second Quarter
Ended

 
Second Quarter
Ended

 
YoY

 
Constant Currency

 
7/2/2016

 
6/27/2015

 
% Change

 
% Change

Reported Net Sales
$394
 
$401
 
(2)%
 
 
Reported Gross Profit
$173
 
$190
 
(9)%
 
 
Reported Gross Margin
44.0
%
 
47.4
%
 
(340) bps
 
 
Reported Operating Income (Loss)
$38
 
$27
 
44%
 
 
Reported Operating Margin
9.8
%
 
6.6
%
 
320
 bps
 
 
 
 
 
 
 
 
 
 
Adjusted Net Sales(1)
$394
 
$401
 
(2)%
 
(2
)%
Adjusted Gross Profit
$187
 
$213
 
(12)%
 
 
Adjusted Gross Margin(2)
47.4
%
 
53.0
%
 
(560
) bps
 
 
Adjusted Operating Income
$59
 
$77
 
(24)%
 
 
Adjusted Operating Margin(2)
14.9
%
 
19.2
%
 
(430
) bps
 
 

(1)
Second quarter 2016 net sales excludes Etixx, which is currently held-for-sale. For comparative purposes, second quarter 2015 net sales have also been adjusted to exclude Etixx. The sales attributable to Etixx are $0.1 million for both periods presented.
(2)    Q2 2015 adjusted gross margin and operating margin use reported net sales as the denominator.

Reported net sales decreased 2% over the second quarter of 2015 and adjusted net sales declined 2% on a constant currency basis. New product sales and acquisitions contributed $28 million and $29 million, respectively, offset by lower sales in the lifestyle and natural health/vitamins categories, which experienced a lifestyle category new product launch in the second quarter of 2015.

Second quarter reported gross profit was $173 million. Adjusted gross profit decreased 12% to $187 million driven by product mix and a significant product launch in the prior year.

Reported operating income was $38 million and included $5 million of restructuring expenses, which were offset partially by previously announced strategic initiatives to better align promotional investments with net sales. Adjusted operating income was $59 million due to relatively lower gross profit flow through than the prior year.



5


Prescription Pharmaceuticals (Rx) Segment
(in millions)
(see the attached Tables II & III for reconciliation to GAAP numbers)
 
Second Quarter
Ended

 
Second Quarter
Ended

 
YoY

 
Constant Currency

 
7/2/2016

 
6/27/2015

 
% Change

 
% Change

Net Sales
$293
 
$278
 
5%
 
6
%
Reported Gross Profit
$139
 
$161
 
(14
)%
 
 
Reported Gross Margin
47.5
%
 
58.0
%
 
(1,050) bps
 
 
Reported Operating Income
$97
 
$100
 
(3
)%
 
 
Reported Operating Margin
33.0
%
 
35.7
%
 
(270) bps
 
 
 
 
 
 
 
 
 
 
Adjusted Gross Profit
$169
 
$180
 
(6
)%
 
 
Adjusted Gross Margin
57.6
%
 
64.8
%
 
(720) bps
 
 
Adjusted Operating Income
$127
 
$138
 
(8
)%
 
 
Adjusted Operating Margin
43.2
%
 
49.5
%
 
(630) bps
 
 

Net sales in the second quarter were $293 million, an increase of 5%, driven by $44 million related to recent product acquisitions and new product sales of $26 million, which were offset partially by a decrease in sales of existing products of $50 million due to price erosion across the portfolio and the lack of an exclusive market position for two key products versus the prior year.

Second quarter reported gross margin of 47.5% decreased due to higher amortization expense from recent product acquisitions. Competition and price erosion impacted both reported gross margin and adjusted gross margin, which decreased to 57.6%.
 


6


Specialty Sciences Segment
(in millions)
(see the attached Tables II & III for reconciliation to GAAP numbers)
 
Second Quarter
Ended

 
Second Quarter
Ended

 
YoY

 
Constant Currency

 
7/2/2016

 
6/27/2015

 
% Change

 
% Change

Net Sales
$90
 
$84
 
7%
 
7
%
Reported Gross Profit
$17
 
$11
 
54%
 
 
Reported Gross Margin
19.0
%
 
13.3
%
 
570
 bps
 
 
Reported Operating Income
$13
 
$6
 
107%
 
 
Reported Operating Margin
14.8
%
 
7.7
%
 
710
 bps
 
 
 
 
 
 
 
 
 
 
Adjusted Gross Profit
$90
 
$84
 
7%
 
 
Adjusted Gross Margin
100.0
%
 
100.0
%
 

 
 
Adjusted Operating Income
$86
 
$79
 
9%
 
 
Adjusted Operating Margin
95.8
%
 
94.8
%
 
100
 bps
 
 

The Company recognized $90 million of royalty revenue in the second quarter related to global net sales of Tysabri®.

Guidance

Primarily due to revised expectations for the Rx segment, the Company expects 2016 reported earnings to be between $0.26 and $0.56 per diluted share as compared to a loss of $0.23 in 2015. The Company expects 2016 adjusted earnings to be between $6.85 and $7.15 per diluted share, excluding the charges outlined in Table IV at the end of this release. See the attached Table IV for a reconciliation of Adjusted earnings per share (Non-GAAP) to Reported earnings per share (GAAP).

A conference call will begin at 8:30 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 # 51288785. A taped replay of the call will be available beginning at approximately 11:30 a.m. (ET) on Wednesday, August 10, 2016 until midnight on Friday, August 26, 2016. To listen to the replay, dial 800-585-8367, International 404-537-3406, and use access code 51288785.

About Perrigo

Perrigo Company plc, a leading global over-the-counter ("OTC") consumer goods and specialty pharmaceutical company, offers patients and customers high quality products at affordable prices. From its beginnings in 1887 as a packager of home remedies, Perrigo, headquartered in Ireland, has grown to become the world's largest manufacturer of OTC healthcare 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 the sales of the multiple sclerosis drug Tysabri®. Perrigo provides Quality Affordable Healthcare Products® across a wide variety of product categories and geographies

7


primarily in North America, Europe, and Australia, as well as other markets, including Israel, China and Latin America.
Calendar-Year Data

Calendar-year data for 2015 was derived from the Company’s audited results for the six-month period ended December 31, 2015 and unaudited results for the fiscal quarters ended March 28, 2015 and June 27, 2015.
    
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 the negative of those terms 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 the timing, amount and cost of share repurchases, future impairment charges, the ability to achieve its guidance 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-KT for the six-month period ended December 31, 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.
Non-GAAP Measures    
This press 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 the U.S. Securities and Exchange Commission, the Company has provided a reconciliation for net sales on a constant currency basis, net sales excluding sales attributable to held-for-sale businesses, gross profit, operating income, net income, diluted earnings per share, gross margin, and operating margin within this press release to the most directly comparable U.S. GAAP measures for these non-GAAP measures.

8


The Company adjusts certain items from its operating results when monitoring and evaluating the on-going financial results and trends of its business, and believes that presenting operating results adjusted for 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.

A copy of this press release, including the reconciliations, is available on the Company's website at www.perrigo.com.
Contacts

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

Arthur J. Shannon, Vice President, Global Corporate Affairs and European Investor Relations
+353 (86) 1709 4709
E-mail: ajshannon@perrigo.com


9


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

 
Three Months Ended
 
Six Months Ended
 
July 2,
2016
 
June 27,
2015
 
July 2,
2016
 
June 27,
2015
Net sales
$
1,481.0

 
$
1,531.6

 
$
2,864.2

 
$
2,580.8

Cost of sales
913.8

 
903.5

 
1,774.1

 
1,573.8

Gross profit
567.2

 
628.1

 
1,090.1

 
1,007.0

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Distribution
22.5

 
23.7

 
44.3

 
38.4

Research and development
47.0

 
62.6

 
92.2

 
98.0

Selling
171.6

 
174.9

 
352.4

 
223.7

Administration
101.8

 
140.1

 
208.2

 
219.7

Impairment charges (credits)
(19.8
)
 

 
447.2

 

Restructuring
5.8

 
(0.1
)
 
11.3

 
1.0

Total operating expenses
328.9

 
401.2

 
1,155.6

 
580.8

 
 
 
 
 
 
 
 
Operating income (loss)
238.3

 
226.9

 
(65.5
)
 
426.2

 
 
 
 
 
 
 
 
Interest expense, net
57.4

 
45.9

 
108.6

 
89.2

Other expense, net
29.3

 
22.7

 
33.1

 
281.3

Loss on extinguishment of debt

 
0.9

 
0.4

 
0.9

Income (loss) before income taxes
151.6

 
157.4

 
(207.6
)
 
54.8

Income tax expense (benefit)
(42.7
)
 
101.0

 
(67.3
)
 
93.2

Net income (loss)
$
194.3

 
$
56.4

 
$
(140.3
)
 
$
(38.4
)
 
 
 
 
 
 
 
 
Income (loss) per share
 
 
 
 
 
 
 
Basic
$
1.36

 
$
0.39

 
$
(0.98
)
 
$
(0.27
)
Diluted
$
1.35

 
$
0.38

 
$
(0.98
)
 
$
(0.27
)
 
 
 
 
 
 
 
 
Weighted-average shares outstanding
 
 
 
 
 
 
 
Basic
143.2

 
146.3

 
143.2

 
143.5

Diluted
143.6

 
146.8

 
143.2

 
143.5

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.145

 
$
0.125

 
$
0.29

 
$
0.25



10


PERRIGO COMPANY PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
 
(Unaudited)
 
 
 
July 2,
2016
 
December 31,
2015
Assets
 
 
 
Cash and cash equivalents
$
641.8

 
$
417.8

Accounts receivable, net of allowance for doubtful accounts of $4.0 million, and $3.0 million, respectively
1,199.1

 
1,193.1

Inventories
894.6

 
844.4

Prepaid expenses and other current assets
297.3

 
289.1

Total current assets
3,032.8

 
2,744.4

Property and equipment, net
888.6

 
886.2

Goodwill and other indefinite-lived intangible assets
6,627.1

 
7,281.2

Other intangible assets, net
8,679.3

 
8,190.5

Non-current deferred income taxes
100.6

 
54.6

Other non-current assets
205.2

 
237.0

Total non-current assets
16,500.8

 
16,649.5

Total assets
$
19,533.6

 
$
19,393.9

Liabilities and Shareholders’ Equity
 
 
 
Liabilities
 
 
 
Accounts payable
$
514.1

 
$
554.9

Payroll and related taxes
98.4

 
125.3

Accrued customer programs
354.2

 
398.0

Accrued liabilities
295.7

 
308.4

Accrued income taxes
72.5

 
85.2

Current indebtedness
758.1

 
1,018.3

Total current liabilities
2,093.0

 
2,490.1

Long-term debt, less current portion
5,652.5

 
4,971.6

Non-current deferred income taxes
1,473.7

 
1,563.7

Other non-current liabilities
414.7

 
332.4

Total non-current liabilities
7,540.9

 
6,867.7

Total liabilities
9,633.9

 
9,357.8

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

 

Ordinary shares, €0.001 par value, 10 billion shares authorized
8,144.0

 
8,144.6

Accumulated other comprehensive income
31.3

 
(15.5
)
Retained earnings
1,725.0

 
1,907.6

Total controlling interest
9,900.3

 
10,036.7

Noncontrolling interest
(0.6
)
 
(0.6
)
Total shareholders’ equity
9,899.7

 
10,036.1

Total liabilities and shareholders' equity
$
19,533.6

 
$
19,393.9

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

 

Ordinary shares, issued and outstanding
143.2

 
143.1







11


TABLE I
 
 
 
 
 
PERRIGO COMPANY PLC
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES
 
 
 
 
 
SELECTED CONSOLIDATED INFORMATION
 
 
 
 
 
(in millions, except per share amounts)
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended July 2, 2016
Consolidated
Net Sales
Gross Profit
Operating Income (Loss)
Net Income (Loss)
Diluted Earnings (Loss) per Share
Reported
$
1,481.0

$
567.2

$
238.3

$
194.3

$
1.35

Adjustments:
 
 
 
 
 
Amortization expense related primarily to acquired intangible assets

128.9

163.5

163.5

1.15

Investment impairments



24.1

0.17

Restructuring charges


5.8

5.8

0.04

Operating results attributable to held-for-sale businesses*
(43.6
)
(6.0
)
2.5

2.1

0.01

Losses from equity method investments



1.8

0.01

Acquisition and integration-related charges


2.4

2.0

0.01

Goodwill and held-for-sale impairment charges


(19.8
)
(19.8
)
(0.14
)
Tax effect of non-GAAP adjustments, including quarterly effect on the annual effective tax rate calculation 



(96.3
)
(0.67
)
Adjusted
$
1,437.4

$
690.1

$
392.7

$
277.5

$
1.93

As a % of adjusted net sales
 
48.0
%
27.3
%
 
 
 
 
 
 
 
 
Diluted weighted average shares outstanding
 
 
 
 
143.6

 
 
 
 
 
 
*Held-for-sale businesses include the U.S. VMS business, Etixx brand, and India API business

12


TABLE I (CONTINUED)
 
 
PERRIGO COMPANY PLC
 
 
RECONCILIATION OF NON-GAAP MEASURES
 
 
SELECTED CONSOLIDATED INFORMATION
 
 
(in millions, except per share amounts)
 
 
(unaudited)
 
 
 
 
 
 
Three Months Ended June 27, 2015
Consolidated
Net Income
Diluted Earnings per Share
Reported
$
56.4

$
0.38

Adjustments:
 
 
Amortization expense related primarily to acquired intangible assets
142.6

0.98

Amortization of inventory fair value adjustments related to acquisitions
15.6

0.11

Initial payment made in connection with an R&D arrangement
18.0

0.12

Goodwill, intangible asset and investment impairment charges
9.0

0.06

Restructuring charges
0.3


Derivative losses
5.5

0.04

Acquisition and integration-related charges
19.7

0.13

Legal and consulting fees related to Mylan defense
13.4

0.09

Losses from equity method investments
3.5

0.02

Loss on early debt extinguishment
0.9

0.01

Non-GAAP adjustment to tax expense associated with debt restructuring for the acquisition of Omega 
46.6

0.32

Tax effect of non-GAAP adjustments, including quarterly effect on the annual effective tax rate calculation 
(11.2
)
(0.08
)
Adjusted
$
320.3

$
2.18

 
 
 
Diluted weighted average shares outstanding
 
146.8

 
 
 
For Comparative Purposes*
Net Sales
 
Reported
$
1,531.6

 
Operating results attributable to held-for-sale businesses
(39.7
)
 
Adjusted
$
1,491.9

 
 
 
 
*2015 net sales adjustment made for 2016 adjusted net sales comparison purposes only and does not change any other prior year financial information or metrics as businesses were not held-for-sale in 2015.

13


 
TABLE II
 
 
 
 
 
 
 
 
PERRIGO COMPANY PLC
 
 
 
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES
 
 
 
 
 
 
 
 
SELECTED SEGMENT INFORMATION
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
 
July 2, 2016
 
June 27, 2015
 
Consumer Healthcare (CHC)
Net Sales
Gross Profit
Operating Income (Loss)
 
Net Sales
Gross Profit
Operating Income
 
Reported
$
686.3

$
230.3

$
111.2

 
$
746.4

$
258.3

$
143.3

 
Adjustments:
 
 
 
 
 
 
 
 
Amortization expense related to acquired intangible assets

13.0

19.0

 
 
10.2

16.3

 
Impairment charges


6.2

 
 

0.4

 
Operating results attributable to held-for-sale business
(42.1
)
(7.2
)
(3.1
)
 
 


 
Restructuring charges


0.3

 
 

(0.4
)
 
Acquisition and integration-related charges

(0.1
)
(0.1
)
 
 


 
Adjusted
$
644.2

$
236.0

$
133.5

 
 
$
268.5

$
159.6

 
As a % of adjusted net sales (2016) / As a % of reported net sales (2015)
 
36.6
%
20.7
%
 
 
36.0
%
21.4
%
 
 
 
 
 
 
 
 
 
 
For Comparative Purposes*
 
 
 
 
 
 
 
 
Reported
 
 
 
 
$
746.4

 
 
 
Operating results attributable to held-for-sale businesses*
 
 
 
 
(39.6
)
 
 
 
Adjusted
 
 
 
 
$
706.8

 
 
 
 
 
 
 
 
 
 
 
 
*Q2 2015 net sales adjustment made for Q2 2016 adjusted net sales comparison purposes only and does not change any other prior year financial information or metrics since the VMS business was not held-for-sale in 2015. Q2 2015 gross margin and operating margin use reported net sales as the denominator.
 

14


 
TABLE II (CONTINUED)
 
 
 
 
 
 
 
 
PERRIGO COMPANY PLC
 
 
 
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES
 
 
 
 
 
 
 
 
SELECTED SEGMENT INFORMATION
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
 
July 2, 2016
 
June 27, 2015
 
Branded Consumer Healthcare (BCH)
Net Sales
Gross Profit
Operating Income (Loss)
 
Net Sales
Gross Profit
Operating Income
 
Reported
$
393.7

$
173.1

$
38.4

 
$
401.2

$
190.1

$
26.6

 
Adjustments:
 
 
 
 
 
 
 
 
Amortization expense related primarily to acquired intangible assets

12.8

41.3

 
 
7.0

34.1

 
Impairment charges


(30.3
)
 
 


 
Amortization of inventory fair value adjustments related to acquisitions



 
 
15.6

15.6

 
Operating results attributable to held-for-sale business
(0.1
)
0.6

4.7

 
 


 
Restructuring charges


4.8

 
 


 
Acquisition and integration-related charges


(0.2
)
 
 

0.7

 
Adjusted
$
393.6

$
186.5

$
58.7

 
 
$
212.7

$
77.0

 
As a % of adjusted net sales (2016) / As a % of reported net sales (2015)
 
47.4
%
14.9
%
 
 
53.0
%
19.2
%
 
 
 
 
 
 
 
 
 
 
For Comparative Purposes*
 
 
 
 
 
 
 
 
Reported
 
 
 
 
$
401.2

 
 
 
Operating results attributable to held-for-sale business
 
 
 
 
(0.1
)
 
 
 
Adjusted
 
 
 
 
$
401.1

 
 
 
 
 
 
 
 
 
 
 
 
CHC and BCH Net Sales
Consolidated Net Sales
Consumer-Facing as a % of Net Sales
 
 
 
 
 
Reported
$
1,080.0

$
1,481.0

73
%
 
 
 
 
 
Operating results attributable to held-for-sale businesses**
$
(42.2
)
(43.6
)
 
 
 
 
 
 
Adjusted
$
1,037.8

$
1,437.4

72
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*Q2 2015 net sales adjustment made for Q2 2016 adjusted net sales comparison purposes only and does not change any other prior year financial information or metrics since the Etixx business was not held-for-sale in 2015. Q2 2015 gross margin and operating margin use reported net sales as the denominator.
 
 
** Held-for-sale businesses include the U.S. VMS business and Etixx brand.
 

15


TABLE II (CONTINUED)
 
 
 
 
 
 
 
PERRIGO COMPANY PLC
 
 
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES
 
 
 
 
 
 
 
SELECTED SEGMENT INFORMATION
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
July 2, 2016
 
June 27, 2015
Prescription Pharmaceuticals (Rx)
Net Sales
Gross Profit
Operating Income
 
Net Sales
Gross Profit
Operating Income
Reported
$
293.3

$
139.3

$
96.8

 
$
278.3

$
161.4

$
99.5

Adjustments:
 
 
 
 
 
 
 
Amortization expense related to acquired intangible assets
 
29.8

29.9

 
 
18.8

18.8

Initial payment made in connection with an R&D arrangement
 


 
 

18.0

Restructuring charges
 


 
 

0.3

Acquisition and integration-related charges
 


 
 

1.1

Adjusted
 
$
169.1

$
126.7

 
 
$
180.2

$
137.7

As a % of reported net sales
 
57.6
%
43.2
%
 
 
64.8
%
49.5
%
 
 
 
 
 
 
 
 
Three Months Ended
 
Three Months Ended
 
July 2, 2016
 
June 27, 2015
Specialty Sciences
Net Sales
Gross Profit
Operating Income
 
Net Sales
Gross Profit
Operating Income
Reported
$
89.9

$
17.0

$
13.3

 
$
83.6

$
11.1

$
6.4

Adjustments:
 
 
 
 
 
 
 
Amortization expense related to acquired intangible assets
 
72.8

72.8

 
 
72.5

72.8

Adjusted
 
$
89.8

$
86.1

 
 
$
83.6

$
79.2

As a % of reported net sales
 
100.0
%
95.8
%
 
 
100.0
%
94.8
%
 
 
 
 
 
 
 
 







16


TABLE III
 
 
 
 
 
 
 
 
 
PERRIGO COMPANY PLC
 
 
 
 
 
 
 
 
 
RECONCILIATION OF NON-GAAP MEASURES
 
 
 
 
 
 
 
 
 
CONSTANT CURRENCY
 
 
 
 
 
 
 
 
 
(in millions)
 
 
 
 
 
 
 
 
 
(unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
 
 
 
 
July 2, 2016
 
June 27, 2015
 
Total Change
 
FX Change
 
Constant Currency Change
Net sales
 
 
 
 
 
 
 
 
 
Consolidated*
$
1,437.4

 
$
1,491.9

 
(4)%
 
1%
 
(3)%
CHC*
644.2

 
706.8

 
(9)%
 
1%
 
(8)%
BCH*
393.6

 
401.1

 
(2)%
 
—%
 
(2)%
Rx
293.3

 
278.3

 
5%
 
1%
 
6%
Specialty Sciences
89.9

 
83.6

 
7%
 
—%
 
7%
 
 
 
 
 
 
 
 
 
 
*2016 and 2015 net sales are adjusted to exclude sales attributable to held-for-sale businesses. See Tables I and II for non-GAAP reconciliations.

17


TABLE IV
PERRIGO COMPANY PLC
RECONCILIATION OF NON-GAAP MEASURES
CURRENT 2016 GUIDANCE
(in millions, except per share amounts)
(unaudited)
 
 
 
Full Year
 
 
 
 
2016 EPS Guidance
 
 
 
Reported 2016 Guidance Diluted EPS Range
$0.26 - $0.56
 
 
 
Amortization expense related primarily to acquired intangible assets
4.50
 
 
 
Goodwill, intangible asset, investment and held-for-sale impairment charges
3.29
 
 
 
Integration and restructuring-related charges
0.27
 
 
 
Other (1)
0.09
 
 
 
Tax effect of non-GAAP adjustments
(1.56)
 
 
 
Adjusted 2016 Guidance Diluted EPS Range
$6.85 - $7.15
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Equity method investment losses, results of operations from held-for-sale businesses, and loss on early debt extinguishment
 
 
 
 
 
 
 
 
 

18
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