Not Applicable | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
• | Amortization expense related primarily to acquired intangible assets |
• | Change in financial assets |
• | Impairment charges |
• | Loss on early debt extinguishment |
• | Separation and reorganization expense |
• | (Gain) Loss on investment securities |
• | Acquisition and integration-related charges and contingent consideration adjustments |
• | (Gain) loss on divestitures |
• | Unusual litigation |
• | Restructuring charges and other termination benefits |
• | Non-GAAP tax adjustments |
• | Dr. Fresh net sales |
• | Foreign currency translation movement |
• | RX Albuterol net sales after recall returns reserve |
• | RX discontinued products |
• | Amortization expense primarily related to acquired intangible assets |
• | Operating results attributable to held-for-sale business |
• | Restructuring charges and other termination benefits |
• | Asset Abandonment |
• | Unusual litigation |
• | Acquisition and integration-related charges and contingent consideration adjustments |
• | Separation and reorganization expense |
• | Impairment charges |
• | (Gain) loss on divestitures |
• | Loss on investment securities |
• | Change in financial assets |
• | Loss on early debt extinguishment |
• | Non-GAAP tax adjustments |
• | Ranitidine market withdrawal |
• | Rosemont Pharmaceuticals business net sales |
• | Canoderm prescription product net sales |
• | Amortization expense related primarily to acquired intangible assets |
• | Change in financial assets |
• | (Gain) Loss on investment securities |
• | Impairment charges |
• | Loss on early debt extinguishment |
• | Acquisition and integration-related charges and contingent consideration adjustments |
• | (Gain) loss on divestitures |
• | Separation and reorganization expense |
• | Unusual litigation |
• | Restructuring charges and other termination benefits |
• | Non-GAAP tax adjustments |
• | Foreign currency translation movement |
• | Ranir net sales |
• | Dr. Fresh net sales |
• | Amortization expense primarily related to acquired intangible assets |
• | Impairment charges |
• | Operating results attributable to held-for-sale business |
• | Restructuring charges and other termination benefits |
• | (Gain) loss on divestitures |
• | Asset Abandonment |
• | Change in financial assets |
• | Acquisition and integration-related charges and contingent consideration adjustments |
• | Unusual litigation |
• | Separation and reorganization expense |
• | Loss on investment securities |
• | Loss on early debt extinguishment |
• | Ranitidine market withdrawal |
• | Non-GAAP tax adjustments |
• | Rosemont Pharmaceuticals business net sales |
• | Canoderm prescription product net sales |
• | Animal health net sales |
• | Amortization expense primarily related to acquired intangible assets |
• | Acquisition and integration-related charges and contingent consideration adjustments |
• | Amortization expense primarily related to acquired intangible assets |
• | Restructuring charges and other termination benefits |
• | Acquisition and integration-related charges and contingent consideration adjustments |
(d) | Exhibits |
Exhibit Number | Description | |
99.1 | ||
104 | Cover Page Interactive Data file (embedded within the Inline XBRL document). |
(Registrant) | ||||
PERRIGO COMPANY PLC | ||||
By: | /s/ Raymond P. Silcock | |||
Dated: | November 4, 2020 | Raymond P. Silcock | ||
Chief Financial Officer | ||||
• | Consolidated third quarter net sales were $1.2 billion, an increase of 1.3% compared to the prior year quarter. |
• | Worldwide Consumer third quarter net sales grew 3.6% compared to the prior year. Excluding the impact of currency and divested businesses, net sales increased 4.2%. Organic net sales grew 1.6%. |
• | Consumer Self-Care Americas (“CSCA”) achieved record third quarter net sales of $664 million, up 7.3% versus the prior year. Organic net sales grew 4.0% as consumer demand in the U.S. remained strong. |
• | Consumer Self-Care International (“CSCI”) third quarter net sales of $339 million were down 2.9% versus the prior year quarter, due primarily to European consumer dynamics surrounding COVID-19. |
• | Reported diluted net loss per share for the third quarter was $1.13 as compared to EPS of $0.67 in the prior year, due primarily to a $202 million dollar impairment of goodwill in the RX segment. |
• | Adjusted diluted EPS for the third quarter of 2020 decreased 10.6% to $0.93 as compared to $1.04 per diluted share in the prior year. Diluted EPS included a $0.14 charge from the third quarter RX albuterol recall. |
• | Consolidated year to date net sales were $3.8 billion, up 7.8% compared to the prior year. Excluding the impact of currency and divested businesses, net sales increased 9.7%. Organic net sales grew 4.4%. |
• | Worldwide Consumer net sales increased 8.9% compared to the prior year. Excluding the impact of currency and divested businesses, net sales were 11.3% higher year-over-year. Organic net sales grew 4.6%. |
• | CSCA achieved year-to-date net sales of $2.0 billion, 13.2% higher versus the prior year, or 14.9% higher excluding the impact of currency and divested businesses. Organic net sales grew 6.7%. |
• | CSCI year-to-date net sales increased 1.5% versus the prior year, or 5.0% higher excluding divested businesses and the impact of currency. Organic new sales grew 1.0%. |
• | Cash flow from operations as a percentage of adjusted net income was 124%. |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 26, 2020 | September 28, 2019 | September 26, 2020 | September 28, 2019 | ||||||||||||
Net sales | $ | 1,213.7 | $ | 1,191.1 | $ | 3,773.8 | $ | 3,514.6 | |||||||
Cost of sales | 785.6 | 778.3 | 2,427.8 | 2,222.1 | |||||||||||
Gross profit | 428.1 | 412.8 | 1,346.0 | 1,292.5 | |||||||||||
Operating expenses | |||||||||||||||
Distribution | 26.1 | 23.4 | 73.8 | 70.5 | |||||||||||
Research and development | 42.6 | 44.0 | 131.6 | 128.0 | |||||||||||
Selling | 138.5 | 134.1 | 413.9 | 422.8 | |||||||||||
Administration | 116.4 | 131.9 | 357.8 | 384.2 | |||||||||||
Impairment charges | 202.4 | 10.9 | 202.4 | 42.9 | |||||||||||
Restructuring | 0.8 | 5.2 | 1.9 | 26.7 | |||||||||||
Other operating expense (income) | (3.2 | ) | 8.9 | (3.0 | ) | 5.7 | |||||||||
Total operating expenses | 523.6 | 358.4 | 1,178.4 | 1,080.8 | |||||||||||
Operating income (loss) | (95.5 | ) | 54.4 | 167.6 | 211.7 | ||||||||||
Change in financial assets | (22.2 | ) | (2.6 | ) | (25.9 | ) | (18.5 | ) | |||||||
Interest expense, net | 34.0 | 30.5 | 97.6 | 90.4 | |||||||||||
Other (income) expense, net | 0.4 | (71.0 | ) | 17.1 | (65.6 | ) | |||||||||
Loss on extinguishment of debt | 20.0 | 0.2 | 20.0 | 0.2 | |||||||||||
Income (loss) before income taxes | (127.7 | ) | 97.3 | 58.8 | 205.2 | ||||||||||
Income tax expense | 26.9 | 5.1 | 46.4 | 40.1 | |||||||||||
Net income (loss) | $ | (154.6 | ) | $ | 92.2 | $ | 12.4 | $ | 165.1 | ||||||
Earnings (loss) per share | |||||||||||||||
Basic | $ | (1.13 | ) | $ | 0.68 | $ | 0.09 | $ | 1.21 | ||||||
Diluted | $ | (1.13 | ) | $ | 0.67 | $ | 0.09 | $ | 1.21 | ||||||
Weighted-average shares outstanding | |||||||||||||||
Basic | 136.5 | 136.0 | 136.3 | 136.0 | |||||||||||
Diluted | 136.5 | 136.8 | 137.5 | 136.4 |
September 26, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 849.4 | $ | 354.3 | |||
Accounts receivable, net of allowance for credit losses of $6.3 and $6.7, respectively | 1,097.7 | 1,243.2 | |||||
Inventories | 1,100.7 | 967.3 | |||||
Prepaid expenses and other current assets | 350.5 | 165.8 | |||||
Total current assets | 3,398.3 | 2,730.6 | |||||
Property, plant and equipment, net | 918.8 | 902.8 | |||||
Operating lease assets | 132.2 | 129.9 | |||||
Goodwill and indefinite-lived intangible assets | 3,854.1 | 4,185.5 | |||||
Definite-lived intangible assets, net | 2,895.4 | 2,921.2 | |||||
Deferred income taxes | 7.3 | 5.4 | |||||
Other non-current assets | 369.9 | 426.0 | |||||
Total non-current assets | 8,177.7 | 8,570.8 | |||||
Total assets | $ | 11,576.0 | $ | 11,301.4 | |||
Liabilities and Shareholders’ Equity | |||||||
Accounts payable | $ | 536.4 | $ | 520.2 | |||
Payroll and related taxes | 155.4 | 156.4 | |||||
Accrued customer programs | 370.1 | 394.4 | |||||
Other accrued liabilities | 237.0 | 229.2 | |||||
Accrued income taxes | 20.9 | 32.2 | |||||
Current indebtedness | 16.5 | 3.4 | |||||
Total current liabilities | 1,336.3 | 1,335.8 | |||||
Long-term debt, less current portion | 3,543.6 | 3,365.8 | |||||
Deferred income taxes | 313.5 | 280.6 | |||||
Other non-current liabilities | 562.2 | 515.1 | |||||
Total non-current liabilities | 4,419.3 | 4,161.5 | |||||
Total liabilities | 5,755.6 | 5,497.3 | |||||
Commitments and contingencies - Refer to Note 14 | |||||||
Shareholders’ equity | |||||||
Controlling interests: | |||||||
Preferred shares, $0.0001 par value per share, 10 shares authorized | — | — | |||||
Ordinary shares, €0.001 par value per share, 10,000 shares authorized | 7,299.7 | 7,359.9 | |||||
Accumulated other comprehensive income | 203.7 | 139.4 | |||||
Retained earnings (accumulated deficit) | (1,683.1 | ) | (1,695.5 | ) | |||
Total controlling interests | 5,820.3 | 5,803.8 | |||||
Noncontrolling interest | 0.1 | 0.3 | |||||
Total shareholders’ equity | 5,820.4 | 5,804.1 | |||||
Total liabilities and shareholders' equity | $ | 11,576.0 | $ | 11,301.4 | |||
Supplemental Disclosures of Balance Sheet Information | |||||||
Preferred shares, issued and outstanding | — | — | |||||
Ordinary shares, issued and outstanding | 136.5 | 136.1 |
Nine Months Ended | |||||||
September 26, 2020 | September 28, 2019 | ||||||
Cash Flows From (For) Operating Activities | |||||||
Net income (loss) | $ | 12.4 | $ | 165.1 | |||
Adjustments to derive cash flows: | |||||||
Depreciation and amortization | 284.7 | 293.5 | |||||
Loss (Gain) on sale of business | 18.6 | (72.4 | ) | ||||
Share-based compensation | 43.9 | 40.9 | |||||
Impairment charges | 202.4 | 42.9 | |||||
Change in financial assets | (25.9 | ) | (18.5 | ) | |||
Loss on extinguishment of debt | 20.0 | 0.2 | |||||
Restructuring charges | 1.9 | 26.7 | |||||
Deferred income taxes | 25.7 | 10.1 | |||||
Amortization of debt premium | (1.7 | ) | (3.8 | ) | |||
Other non-cash adjustments, net | (12.0 | ) | 38.3 | ||||
Subtotal | 570.0 | 523.0 | |||||
Increase (decrease) in cash due to: | |||||||
Accounts receivable | 106.4 | (12.1 | ) | ||||
Inventories | (93.2 | ) | (78.3 | ) | |||
Prepaid expenses | (23.8 | ) | (4.7 | ) | |||
Accounts payable | 15.2 | 33.7 | |||||
Payroll and related taxes | (2.2 | ) | (10.6 | ) | |||
Accrued customer programs | (35.5 | ) | (82.7 | ) | |||
Accrued liabilities | (16.0 | ) | (24.8 | ) | |||
Accrued income taxes | (9.0 | ) | (65.8 | ) | |||
Other, net | 13.9 | 20.6 | |||||
Subtotal | (44.2 | ) | (224.7 | ) | |||
Net cash from (for) operating activities | 525.8 | 298.3 | |||||
Cash Flows From (For) Investing Activities | |||||||
Proceeds from royalty rights | 3.2 | 2.2 | |||||
Purchase of equity method investment | (15.0 | ) | — | ||||
Acquisitions of businesses, net of cash acquired | (106.0 | ) | (749.5 | ) | |||
Proceeds from the Royalty Pharma contingent milestone | — | 250.0 | |||||
Asset acquisitions | (34.1 | ) | (86.2 | ) | |||
Additions to property, plant and equipment | (104.3 | ) | (90.3 | ) | |||
Net proceeds from sale of business | 187.8 | 183.4 | |||||
Other investing, net | 8.1 | 0.6 | |||||
Net cash from (for) investing activities | (60.3 | ) | (489.8 | ) | |||
Cash Flows From (For) Financing Activities | |||||||
Issuances of long-term debt | 743.8 | 600.0 | |||||
Payments on long-term debt | (590.0 | ) | (476.0 | ) | |||
Borrowings (repayments) of revolving credit agreements and other financing, net | 0.1 | 0.8 | |||||
Deferred financing fees | (6.7 | ) | (1.0 | ) | |||
Premiums on early debt retirement | (19.0 | ) | — | ||||
Issuance of ordinary shares | — | 0.7 | |||||
Cash dividends | (93.0 | ) | (83.6 | ) | |||
Other financing, net | (14.9 | ) | (7.6 | ) | |||
Net cash from (for) financing activities | 20.3 | 33.3 | |||||
Effect of exchange rate changes on cash and cash equivalents | 9.3 | 5.6 | |||||
Net increase (decrease) in cash and cash equivalents | 495.1 | (152.6 | ) | ||||
Cash and cash equivalents, beginning of period | 354.3 | 551.1 | |||||
Cash and cash equivalents, end of period | $ | 849.4 | $ | 398.5 |
TABLE I | ||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | ||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||||||||||||||||
SELECTED CONSOLIDATED INFORMATION | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended September 26, 2020 | ||||||||||||||||||||||||||||||
Consolidated | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring, Impairment Charges, and Other Operating Income | Operating Income (Loss) | Interest, Other, and Change in Financial Assets | Income Tax Expense | Net Income (Loss)* | Diluted Earnings (Loss) per Share* | ||||||||||||||||||||
Reported | $ | 1,213.7 | $ | 428.1 | $ | 42.6 | $ | 281.0 | $ | 200.0 | $ | (95.5 | ) | $ | 32.2 | $ | 26.9 | $ | (154.6 | ) | $ | (1.13 | ) | |||||||
As a % of reported net sales | 35.3 | % | 3.5 | % | 23.2 | % | 16.5 | % | (7.9 | )% | 2.7 | % | 2.2 | % | (12.7 | )% | ||||||||||||||
Effective tax rate | (21.0 | )% | ||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 42.9 | $ | (0.8 | ) | $ | (30.9 | ) | $ | — | $ | 74.6 | $ | — | $ | — | $ | 74.6 | $ | 0.54 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 0.4 | — | (1.1 | ) | (0.7 | ) | 2.2 | — | — | 2.2 | 0.01 | ||||||||||||||||||
Impairment charges | — | — | — | — | (202.4 | ) | 202.4 | — | — | 202.4 | 1.47 | |||||||||||||||||||
(Gain) loss on divestitures | — | — | — | — | 0.1 | (0.1 | ) | (1.2 | ) | — | 1.1 | 0.01 | ||||||||||||||||||
Unusual litigation | — | — | — | (3.5 | ) | 3.8 | (0.3 | ) | — | — | (0.3 | ) | — | |||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | (0.8 | ) | 0.8 | — | — | 0.8 | 0.01 | |||||||||||||||||||
Change in financial assets | — | — | — | — | — | — | 22.2 | — | (22.2 | ) | (0.16 | ) | ||||||||||||||||||
(Gain) Loss on investment securities | — | — | — | — | — | — | (0.8 | ) | — | 0.8 | 0.01 | |||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | — | (20.0 | ) | — | 20.0 | 0.15 | |||||||||||||||||||
Separation and reorganization expense | — | — | — | (0.2 | ) | — | 0.2 | — | — | 0.2 | — | |||||||||||||||||||
Non-GAAP tax adjustments** | — | — | — | — | — | — | — | (2.9 | ) | 2.9 | 0.02 | |||||||||||||||||||
Adjusted | $ | 1,213.7 | $ | 471.4 | $ | 41.8 | $ | 245.3 | $ | — | $ | 184.3 | $ | 32.4 | $ | 24.0 | $ | 127.9 | $ | 0.93 | ||||||||||
As a % of reported net sales | 38.8 | % | 3.4 | % | 20.2 | % | 15.2 | % | 2.7 | % | 2.0 | % | 10.5 | % | ||||||||||||||||
Adjusted effective tax rate | 15.8 | % | ||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||
Reported | 136.5 | |||||||||||||||||||||||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income*** | 1.1 | |||||||||||||||||||||||||||||
Adjusted | 137.6 | |||||||||||||||||||||||||||||
*Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. | ||||||||||||||||||||||||||||||
**The non-GAAP tax adjustments are primarily due to: (1) $15.4 million of additional tax expense related to pre-tax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items and (2) removal of $17.6 million of Base Erosion and Anti - Abuse Tax (BEAT) expense resulting from the adoption of final 163(j) regulations. | ||||||||||||||||||||||||||||||
***In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding. |
TABLE I (CONTINUED) | ||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | ||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||||||||||||||||
SELECTED CONSOLIDATED INFORMATION | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||||||
Three Months Ended September 28, 2019 | ||||||||||||||||||||||||||||||
Consolidated | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring, Impairment Charges, and Other Operating Income | Operating Income | Interest, Other, and Change in Financial Assets | Income Tax Expense | Net Income**** | Diluted Earnings per Share**** | ||||||||||||||||||||
Reported | $ | 1,191.1 | $ | 412.8 | $ | 44.0 | $ | 289.4 | $ | 25.0 | $ | 54.4 | $ | (42.9 | ) | $ | 5.1 | $ | 92.2 | $ | 0.67 | |||||||||
As a % of reported net sales | 34.7 | % | 3.7 | % | 24.3 | % | 2.1 | % | 4.6 | % | (3.6 | )% | 0.4 | % | 7.7 | % | ||||||||||||||
Effective tax rate | 5.2 | % | ||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 49.6 | $ | (0.2 | ) | $ | (30.8 | ) | $ | — | $ | 80.6 | $ | — | $ | — | $ | 80.6 | $ | 0.59 | ||||||||
Restructuring charges and other termination benefits | — | — | — | — | (5.2 | ) | 5.2 | — | — | 5.2 | 0.04 | |||||||||||||||||||
Separation and reorganization expense | — | — | — | (2.5 | ) | — | 2.5 | — | — | 2.5 | 0.02 | |||||||||||||||||||
Impairment charges | — | — | — | — | (10.9 | ) | 10.9 | — | — | 10.9 | 0.08 | |||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 5.6 | — | (11.4 | ) | (1.1 | ) | 18.1 | — | — | 18.1 | 0.13 | ||||||||||||||||||
Unusual litigation | — | — | — | (9.3 | ) | — | 9.3 | — | — | 9.3 | 0.07 | |||||||||||||||||||
Loss on investment securities | — | — | — | — | — | — | (0.9 | ) | — | 0.9 | 0.01 | |||||||||||||||||||
Asset Abandonment | — | — | — | — | (7.1 | ) | 7.1 | — | — | 7.1 | 0.05 | |||||||||||||||||||
Operating results attributable to held-for-sale business* | (1.8 | ) | (0.8 | ) | — | (2.0 | ) | — | 1.2 | — | — | 1.2 | 0.01 | |||||||||||||||||
(Gain) loss on divestitures | — | — | — | — | (0.7 | ) | 0.7 | 72.4 | — | (71.7 | ) | (0.52 | ) | |||||||||||||||||
Change in financial assets | — | — | — | — | — | — | 2.6 | — | (2.6 | ) | (0.02 | ) | ||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | — | (0.2 | ) | — | 0.2 | — | |||||||||||||||||||
Ranitidine market withdrawal** | 9.2 | 18.4 | — | — | — | 18.4 | — | — | 18.4 | 0.13 | ||||||||||||||||||||
Non-GAAP tax adjustments*** | — | — | — | — | — | — | — | 30.6 | (30.6 | ) | (0.22 | ) | ||||||||||||||||||
Adjusted | $ | 1,198.5 | $ | 485.6 | $ | 43.8 | $ | 233.4 | $ | — | $ | 208.4 | $ | 31.0 | $ | 35.7 | $ | 141.7 | $ | 1.04 | ||||||||||
As a % of adjusted net sales | 40.5 | % | 3.7 | % | 19.5 | % | 17.4 | % | 2.6 | % | 3.0 | % | 11.8 | % | ||||||||||||||||
Adjusted effective tax rate | 20.1 | % | ||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||
Reported | 136.8 | |||||||||||||||||||||||||||||
*Held-for-sale business includes our now divested animal health business. | ||||||||||||||||||||||||||||||
**Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. | ||||||||||||||||||||||||||||||
***The non-GAAP tax adjustments are due to tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items, $0.02 of which is attributable to the Ranitidine market withdrawal. | ||||||||||||||||||||||||||||||
****Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
TABLE I (CONTINUED) | ||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | ||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||||||||||||||||
SELECTED CONSOLIDATED INFORMATION | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||||||
(unaudited) | Nine Months Ended September 26, 2020 | |||||||||||||||||||||||||||||
Consolidated | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring, Impairment Charges, and Other Operating Income | Operating Income | Interest, Other, and Change in Financial Assets | Income Tax Expense | Net Income** | Diluted Earnings per Share** | ||||||||||||||||||||
Reported | $ | 3,773.8 | $ | 1,346.0 | $ | 131.6 | $ | 845.5 | $ | 201.3 | $ | 167.6 | $ | 108.8 | $ | 46.4 | $ | 12.4 | $ | 0.09 | ||||||||||
As a % of reported net sales | 35.7 | % | 3.5 | % | 22.4 | % | 5.3 | % | 4.4 | % | 2.9 | % | 1.2 | % | 0.3 | % | ||||||||||||||
Effective tax rate | 78.9 | % | ||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 128.0 | $ | (1.1 | ) | $ | (89.4 | ) | $ | — | $ | 218.5 | $ | — | $ | — | $ | 218.5 | $ | 1.59 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 2.0 | — | (6.4 | ) | (0.9 | ) | 9.3 | — | — | 9.3 | 0.07 | ||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | (1.9 | ) | 1.9 | — | — | 1.9 | 0.01 | |||||||||||||||||||
(Gain) loss on divestitures | — | — | — | (0.3 | ) | 0.1 | 0.2 | (18.6 | ) | — | 18.8 | 0.14 | ||||||||||||||||||
Change in financial assets | — | — | — | — | — | — | 25.9 | — | (25.9 | ) | (0.19 | ) | ||||||||||||||||||
Unusual litigation | — | — | — | (12.5 | ) | 3.8 | 8.7 | — | — | 8.7 | 0.06 | |||||||||||||||||||
Separation and reorganization expense | — | — | — | (0.9 | ) | — | 0.9 | — | — | 0.9 | 0.01 | |||||||||||||||||||
Impairment charges | — | — | — | — | (202.4 | ) | 202.4 | — | — | 202.4 | 1.47 | |||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | — | (20.0 | ) | — | 20.0 | 0.15 | |||||||||||||||||||
(Gain) Loss on investment securities | — | — | — | — | — | — | (3.4 | ) | — | 3.4 | 0.03 | |||||||||||||||||||
Non-GAAP tax adjustments* | — | — | — | — | — | — | — | 44.7 | (44.7 | ) | (0.33 | ) | ||||||||||||||||||
Adjusted | $ | 3,773.8 | $ | 1,476.0 | $ | 130.5 | $ | 736.0 | $ | — | $ | 609.5 | $ | 92.7 | $ | 91.1 | $ | 425.7 | $ | 3.10 | ||||||||||
As a % of reported net sales | 39.1 | % | 3.5 | % | 19.5 | % | 16.2 | % | 2.5 | % | 2.4 | % | 11.3 | % | ||||||||||||||||
Adjusted effective tax rate | 17.6 | % | ||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||
Reported | 137.5 | |||||||||||||||||||||||||||||
*The non-GAAP tax adjustments are primarily due to: (1) $46.4 million of additional tax expense related to pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items, (2) removal of $15.9 million of tax benefits from the U.S. CARES Act related to retroactive adjustments to the 2018 and 2019 tax years recorded in the first quarter of 2020, and (3) removal of $17.6 million of Base Erosion and Anti - Abuse Tax (BEAT) expense resulting from the adoption of final 163(j) regulations in the third quarter 2020. | ||||||||||||||||||||||||||||||
**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
TABLE I (CONTINUED) | ||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | ||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||||||||||||||||
SELECTED CONSOLIDATED INFORMATION | ||||||||||||||||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||||||||||||||||
(unaudited) | Nine Months Ended September 28, 2019 | |||||||||||||||||||||||||||||
Consolidated | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring, Impairment Charges, and Other Operating Income | Operating Income | Interest, Other, and Change in Financial Assets | Income Tax Expense | Net Income**** | Diluted Earnings per Share**** | ||||||||||||||||||||
Reported | $ | 3,514.6 | $ | 1,292.5 | $ | 128.0 | $ | 877.5 | $ | 75.3 | $ | 211.7 | $ | 6.5 | $ | 40.1 | $ | 165.1 | $ | 1.21 | ||||||||||
As a % of reported net sales | 36.8 | % | 3.6 | % | 25.0 | % | 2.1 | % | 6.0 | % | 0.2 | % | 1.1 | % | 4.7 | % | ||||||||||||||
Effective tax rate | 19.6 | % | ||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 143.0 | $ | (0.3 | ) | $ | (88.1 | ) | $ | — | $ | 231.4 | $ | — | $ | — | $ | 231.4 | $ | 1.72 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 5.6 | — | (13.6 | ) | 0.8 | 18.4 | — | — | 18.4 | 0.13 | |||||||||||||||||||
Operating results attributable to held-for-sale business* | (24.1 | ) | (12.1 | ) | (0.5 | ) | (9.4 | ) | — | (2.2 | ) | — | — | (2.2 | ) | (0.02 | ) | |||||||||||||
Separation and reorganization expense | — | — | — | (15.7 | ) | — | 15.7 | — | — | 15.7 | 0.12 | |||||||||||||||||||
Asset Abandonment | — | — | — | — | (7.1 | ) | 7.1 | — | — | 7.1 | 0.05 | |||||||||||||||||||
Impairment charges | — | — | — | — | (42.9 | ) | 42.9 | — | — | 42.9 | 0.31 | |||||||||||||||||||
Unusual litigation | — | — | — | (25.4 | ) | — | 25.4 | — | — | 25.4 | 0.19 | |||||||||||||||||||
Loss on investment securities | — | — | — | — | — | — | (8.8 | ) | — | 8.8 | 0.06 | |||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | (26.7 | ) | 26.7 | — | — | 26.7 | 0.20 | |||||||||||||||||||
(Gain) loss on divestitures | — | — | — | — | 0.6 | (0.6 | ) | 71.6 | — | (72.2 | ) | (0.53 | ) | |||||||||||||||||
Change in financial assets | — | — | — | — | — | — | 18.5 | — | (18.5 | ) | (0.14 | ) | ||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | — | (0.2 | ) | — | 0.2 | — | |||||||||||||||||||
Ranitidine market withdrawal** | 9.2 | 18.4 | — | — | — | 18.4 | — | — | 18.4 | 0.13 | ||||||||||||||||||||
Non-GAAP tax adjustments*** | — | — | — | — | — | — | — | 62.5 | (62.5 | ) | (0.46 | ) | ||||||||||||||||||
Adjusted | $ | 3,499.7 | $ | 1,447.4 | $ | 127.2 | $ | 725.3 | $ | — | $ | 594.9 | $ | 87.6 | $ | 102.6 | $ | 404.7 | $ | 2.97 | ||||||||||
As a % of adjusted net sales | 41.4 | % | 3.6 | % | 20.7 | % | 17.0 | % | 2.5 | % | 2.9 | % | 11.6 | % | ||||||||||||||||
Adjusted effective tax rate | 20.2 | % | ||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||
*Held-for-sale business includes our now divested animal health business. | Reported | 136.4 | ||||||||||||||||||||||||||||
**Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. | ||||||||||||||||||||||||||||||
***The non-GAAP tax adjustments are due to tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items, $0.02 of which is attributable to the Ranitidine market withdrawal. | ||||||||||||||||||||||||||||||
****Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item. |
TABLE II | |||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Worldwide Consumer* | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 1,003.0 | $ | 371.1 | $ | 30.1 | $ | 258.9 | $ | 85.1 | $ | 960.8 | $ | 341.4 | $ | 28.7 | $ | 265.7 | $ | 34.7 | |||||||||||
As a % of reported net sales | 37.0 | % | 3.0 | % | 25.8 | % | 8.5 | % | 35.5 | % | 3.0 | % | 27.7 | % | 3.6 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 21.7 | $ | (0.8 | ) | $ | (30.8 | ) | $ | 53.3 | $ | — | $ | 26.9 | $ | (0.2 | ) | $ | (30.7 | ) | $ | 57.8 | |||||||
Unusual litigation | — | — | — | (3.5 | ) | (0.3 | ) | — | — | — | (9.3 | ) | 9.3 | ||||||||||||||||||
Impairment charges | — | — | — | — | — | — | — | — | — | 0.1 | |||||||||||||||||||||
Asset abandonment | — | — | — | — | — | — | — | — | — | 7.1 | |||||||||||||||||||||
Separation and reorganization expense | — | — | — | (0.2 | ) | 0.2 | — | — | — | (2.5 | ) | 2.5 | |||||||||||||||||||
Operating results attributable to held-for-sale business** | — | — | — | — | — | (1.8 | ) | (0.8 | ) | — | (2.0 | ) | 1.2 | ||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | 0.8 | — | — | — | — | 5.0 | |||||||||||||||||||||
Ranitidine market withdrawal*** | — | — | — | — | — | 9.2 | 18.4 | — | — | 18.4 | |||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 0.4 | — | (1.1 | ) | 1.5 | — | 5.6 | — | (11.4 | ) | 17.0 | |||||||||||||||||||
Adjusted | $ | 1,003.0 | $ | 393.2 | $ | 29.3 | $ | 223.3 | $ | 140.6 | $ | 968.2 | $ | 391.5 | $ | 28.5 | $ | 209.8 | $ | 153.1 | |||||||||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 39.2 | % | 2.9 | % | 22.3 | % | 14.0 | % | 40.4 | % | 3.0 | % | 21.7 | % | 15.8% | ||||||||||||||||
*Worldwide Consumer includes the CSCA and CSCI segments in addition to Corporate. | |||||||||||||||||||||||||||||||
**Held-for-sale business includes our now divested animal health business. | |||||||||||||||||||||||||||||||
***Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. | |||||||||||||||||||||||||||||||
TABLE II (CONTINUED) | |||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 664.0 | $ | 217.1 | $ | 18.5 | $ | 78.7 | $ | 123.6 | $ | 613.3 | $ | 185.1 | $ | 19.0 | $ | 76.9 | $ | 81.3 | |||||||||||
As a % of reported net sales | 32.7 | % | 2.8 | % | 11.9 | % | 18.6 | % | 30.2 | % | 3.1 | % | 12.5 | % | 13.3 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 4.9 | $ | — | $ | (7.3 | ) | $ | 12.2 | $ | — | $ | 7.0 | $ | — | $ | (6.7 | ) | $ | 13.5 | |||||||||
Unusual litigation | — | — | — | — | (3.8 | ) | — | — | — | — | — | ||||||||||||||||||||
Asset abandonment | — | — | — | — | — | — | — | — | — | 7.1 | |||||||||||||||||||||
Separation and reorganization expense | — | — | — | — | — | — | — | — | (0.7 | ) | 0.7 | ||||||||||||||||||||
Ranitidine market withdrawal* | — | — | — | — | — | 7.4 | 15.5 | — | — | 15.5 | |||||||||||||||||||||
Operating results attributable to held-for-sale business** | — | — | — | — | — | (1.8 | ) | (0.8 | ) | — | (2.0 | ) | 1.3 | ||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | 0.1 | — | — | — | — | 0.9 | |||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 0.4 | — | (1.1 | ) | 1.5 | — | 3.5 | — | 1.1 | 2.4 | ||||||||||||||||||||
Adjusted | $ | 664.0 | $ | 222.4 | $ | 18.5 | $ | 70.3 | $ | 133.6 | $ | 618.9 | $ | 210.3 | $ | 19.0 | $ | 68.6 | $ | 122.7 | |||||||||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 33.5 | % | 2.8 | % | 10.6 | % | 20.1 | % | 34.0 | % | 3.1 | % | 11.1 | % | 19.8% | ||||||||||||||||
*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. | |||||||||||||||||||||||||||||||
**Held-for-sale business includes our now divested animal health business. |
TABLE II (CONTINUED) | |||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 339.0 | $ | 154.1 | $ | 11.6 | $ | 132.4 | $ | 10.2 | $ | 347.5 | $ | 156.3 | $ | 9.7 | $ | 132.1 | $ | 13.2 | |||||||||||
As a % of reported net sales | 45.5 | % | 3.4 | % | 39.0 | % | 3.0 | % | 45.0 | % | 2.8 | % | 38.0 | % | 3.8 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 16.7 | $ | (0.8 | ) | $ | (23.4 | ) | $ | 41.0 | $ | — | $ | 20.0 | $ | (0.1 | ) | $ | (24.1 | ) | $ | 44.2 | |||||||
Impairment charges | — | — | — | — | — | — | — | — | — | 0.1 | |||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | — | — | — | — | — | 1.1 | |||||||||||||||||||||
Ranitidine market withdrawal* | — | — | — | — | — | 1.8 | 2.9 | — | — | 2.9 | |||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | — | — | — | 2.1 | — | — | 2.1 | |||||||||||||||||||||
Adjusted | $ | 339.0 | $ | 170.8 | $ | 10.8 | $ | 109.0 | $ | 51.2 | $ | 349.3 | $ | 181.3 | $ | 9.6 | $ | 108.0 | $ | 63.6 | |||||||||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 50.4 | % | 3.2 | % | 32.1 | % | 15.1 | % | 51.9 | % | 2.8 | % | 30.9 | % | 18.2 | % | |||||||||||||||
*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 210.7 | $ | 57.0 | $ | 12.5 | $ | 22.1 | $ | (180.6 | ) | $ | 230.3 | $ | 71.4 | $ | 15.3 | $ | 23.7 | $ | 19.7 | ||||||||||
As a % of reported net sales | 27.0 | % | 5.9 | % | 10.5 | % | (85.7 | )% | 31.0 | % | 6.6 | % | 10.3 | % | 8.5 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | — | $ | 21.2 | $ | — | $ | (0.1 | ) | $ | 21.3 | — | $ | 22.7 | $ | — | $ | (0.1 | ) | $ | 22.8 | |||||||||||
(Gain) loss on divestitures | — | — | — | — | (0.1 | ) | — | — | — | — | 0.7 | ||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | — | — | — | — | — | 0.2 | |||||||||||||||||||||
Impairment charges | — | — | — | — | 202.4 | — | — | — | — | 10.8 | |||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | — | 0.7 | — | — | — | — | 1.1 | |||||||||||||||||||||
Adjusted | $ | 210.7 | $ | 78.2 | $ | 12.5 | $ | 22.0 | $ | 43.7 | $ | 230.3 | $ | 94.1 | $ | 15.3 | $ | 23.6 | $ | 55.3 | |||||||||||
As a % of reported net sales | 37.1 | % | 5.9 | % | 10.4 | % | 20.7 | % | 40.9 | % | 6.6 | % | 10.2 | % | 24.0 | % |
TABLE II (CONTINUED) | |||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Worldwide Consumer* | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 3,035.0 | $ | 1,115.4 | $ | 88.3 | $ | 780.6 | $ | 248.8 | $ | 2,803.0 | $ | 1,046.0 | $ | 84.6 | $ | 810.9 | $ | 116.7 | |||||||||||
As a % of reported net sales | 36.8 | % | 2.9 | % | 25.7 | % | 8.2 | % | 37.3 | % | 3.0 | % | 28.9 | % | 4.2 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | — | $ | 64.6 | $ | (1.1 | ) | $ | (89.1 | ) | $ | 154.8 | $ | — | $ | 77.9 | $ | (0.3 | ) | $ | (87.8 | ) | $ | 166.1 | ||||||||
Separation and reorganization expense | — | — | — | (0.9 | ) | 0.9 | — | — | — | (14.9 | ) | 14.9 | |||||||||||||||||||
Unusual litigation | — | — | — | (12.5 | ) | 8.7 | — | — | — | (25.4 | ) | 25.4 | |||||||||||||||||||
Impairment charges | — | — | — | — | — | — | — | — | — | 4.2 | |||||||||||||||||||||
Asset abandonment | — | — | — | — | — | — | — | — | — | 7.1 | |||||||||||||||||||||
(Gain) loss on divestitures | — | — | — | (0.3 | ) | 0.3 | — | — | — | — | — | ||||||||||||||||||||
Operating results attributable to held-for-sale business** | — | — | — | — | — | (24.1 | ) | (12.1 | ) | (0.5 | ) | (9.4 | ) | (2.2 | ) | ||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | 1.5 | — | — | — | — | 26.5 | |||||||||||||||||||||
Ranitidine market withdrawal*** | — | — | — | — | — | 9.2 | 18.4 | — | — | 18.4 | |||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 2.0 | — | (6.4 | ) | 8.4 | — | 5.6 | — | (13.6 | ) | 15.1 | |||||||||||||||||||
Adjusted | 3,035.0 | $ | 1,182.0 | $ | 87.2 | $ | 671.4 | $ | 423.4 | $ | 2,788.1 | $ | 1,135.8 | $ | 83.8 | $ | 659.8 | $ | 392.2 | ||||||||||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 38.9 | % | 2.9 | % | 22.1 | % | 14.0 | % | 40.7 | % | 3.0 | % | 23.7 | % | 14.1 | % | |||||||||||||||
*Worldwide Consumer includes the CSCA and CSCI segments in addition to Corporate. | |||||||||||||||||||||||||||||||
**Held-for-sale business includes our now divested animal health business. | |||||||||||||||||||||||||||||||
***Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. |
TABLE II (CONTINUED) | |||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 1,992.2 | $ | 632.2 | $ | 52.9 | $ | 228.3 | $ | 354.5 | $ | 1,777.2 | $ | 565.9 | $ | 53.4 | $ | 220.4 | $ | 283.3 | |||||||||||
As a % of reported net sales | 31.7 | % | 2.7 | % | 11.5 | % | 17.8 | % | 31.8 | % | 3.0 | % | 12.4 | % | 15.9 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 14.5 | $ | — | $ | (21.1 | ) | $ | 35.6 | $ | — | $ | 17.2 | $ | — | $ | (15.8 | ) | $ | 32.9 | |||||||||
Separation and reorganization expense | — | — | — | — | — | — | — | — | (0.7 | ) | 0.7 | ||||||||||||||||||||
Unusual litigation | — | — | — | — | (3.8 | ) | — | — | — | (1.4 | ) | 1.4 | |||||||||||||||||||
Asset abandonment | — | — | — | — | — | — | — | — | — | 7.1 | |||||||||||||||||||||
Impairment charges | — | — | — | — | — | — | — | — | — | 4.1 | |||||||||||||||||||||
Operating results attributable to held-for-sale business** | — | — | — | — | — | (24.1 | ) | (12.1 | ) | (0.5 | ) | (9.4 | ) | (2.2 | ) | ||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | 0.4 | — | — | — | — | 1.7 | |||||||||||||||||||||
Ranitidine market withdrawal* | — | — | — | — | — | 7.4 | 15.5 | — | — | 15.5 | |||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 2.0 | — | (6.4 | ) | 8.4 | — | 3.4 | — | 1.1 | (1.8 | ) | |||||||||||||||||||
Adjusted | $ | 1,992.2 | $ | 648.7 | $ | 52.9 | $ | 200.8 | $ | 395.1 | $ | 1,760.5 | $ | 589.9 | $ | 52.9 | $ | 194.2 | $ | 342.7 | |||||||||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 32.6 | % | 2.7 | % | 10.1 | % | 19.8 | % | 33.5 | % | 3.0 | % | 11.0 | % | 19.5 | % | |||||||||||||||
*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. | |||||||||||||||||||||||||||||||
**Held-for-sale business includes our now divested animal health business. |
TABLE II (CONTINUED) | |||||||||||||||||||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||||||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||||||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||
Reported | $ | 1,042.8 | $ | 483.3 | $ | 35.4 | $ | 401.8 | $ | 45.7 | $ | 1,025.8 | $ | 480.0 | $ | 31.2 | $ | 419.5 | $ | 18.4 | |||||||||||
As a % of reported net sales | 46.3 | % | 3.4 | % | 38.5 | % | 4.4 | % | 46.8 | % | 3.0 | % | 40.9 | % | 1.8 | % | |||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 50.0 | $ | (1.2 | ) | $ | (67.8 | ) | $ | 119.0 | $ | — | $ | 60.8 | $ | (0.3 | ) | $ | (72.1 | ) | $ | 133.2 | |||||||
Impairment charges | — | — | — | — | — | — | — | — | — | 0.1 | |||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | 0.4 | — | — | — | — | 10.8 | |||||||||||||||||||||
Unusual litigation | — | — | — | — | — | — | — | — | (0.3 | ) | 0.3 | ||||||||||||||||||||
Ranitidine market withdrawal* | — | — | — | — | — | 1.8 | 2.9 | — | — | 2.9 | |||||||||||||||||||||
(Gain) loss on divestitures | — | — | — | (0.3 | ) | 0.3 | — | — | — | — | — | ||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | — | (0.1 | ) | — | 2.1 | — | — | 2.1 | ||||||||||||||||||||
Adjusted | $ | 1,042.8 | $ | 533.3 | $ | 34.2 | $ | 333.7 | $ | 165.3 | $ | 1,027.6 | $ | 545.8 | $ | 30.9 | $ | 347.1 | $ | 167.8 | |||||||||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 51.1 | % | 3.3 | % | 32.0 | % | 15.9 | % | 53.1 | % | 3.0 | % | 33.8 | % | 16.3 | % | |||||||||||||||
*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs. |
TABLE II (CONTINUED) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
SELECTED SEGMENT INFORMATION | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 28, 2020 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 700.6 | $ | 215.5 | $ | 17.6 | $ | 73.3 | $ | 124.6 | |||||
As a % of reported net sales | 30.8 | % | 2.5 | % | 10.5 | % | 17.8 | % | |||||||
Pre-tax adjustments: | |||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 4.3 | $ | (6.7 | ) | $ | 10.9 | ||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (1.9 | ) | 1.9 | ||||||||||
Adjusted | $ | 700.6 | $ | 219.8 | $ | 64.7 | $ | 137.4 | |||||||
As a % of reported net sales | 31.4 | % | 9.2 | % | 19.6 | % | |||||||||
Three Months Ended | |||||||||||||||
June 27, 2020 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 627.6 | $ | 199.6 | $ | 16.7 | $ | 76.3 | $ | 106.3 | |||||
As a % of reported net sales | 31.8 | % | 2.7 | % | 12.2 | % | 16.9 | % | |||||||
Pre-tax adjustments: | |||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | — | $ | 5.4 | $ | — | $ | (7.2 | ) | $ | 12.5 | ||||
Restructuring charges and other termination benefits | — | — | — | — | 0.3 | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 1.5 | — | (3.4 | ) | 5.0 | |||||||||
Adjusted | $ | 627.6 | $ | 206.5 | $ | 16.7 | $ | 65.7 | $ | 124.1 | |||||
As a % of reported net sales (2020) / As a % of adjusted net sales (2019) | 32.9 | % | 2.7 | % | 10.5 | % | 19.8 | % | |||||||
*Held-for-sale business includes our now divested animal health business. |
TABLE III | |||||||||||||
PERRIGO COMPANY PLC | |||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||
ADJUSTED NET SALES GROWTH - SELECTED SEGMENTS | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
September 26, 2020 | September 28, 2019 | Total Change | FX Change | Constant Currency Change | |||||||||
Adjusted Net Sales | |||||||||||||
Consolidated net sales as so adjusted | $ | 1,213.7 | $ | 1,198.5 | 1.3% | (0.9)% | 0.4% | ||||||
Less: Rosemont Pharmaceuticals business | — | (12.4 | ) | ||||||||||
Less: Canoderm prescription product | — | (2.2 | ) | ||||||||||
Less: Dr. Fresh* | (24.6 | ) | — | ||||||||||
Organic Consolidated net sales as so adjusted | $ | 1,189.1 | $ | 1,183.9 | 0.4% | (0.8)% | (0.4)% | ||||||
Worldwide Consumer net sales as so adjusted | $ | 1,003.0 | $ | 968.2 | 3.6% | (0.9)% | 2.7% | ||||||
Less: Canoderm prescription product | — | (2.2 | ) | ||||||||||
Less: Rosemont Pharmaceuticals business | — | (12.4 | ) | ||||||||||
Worldwide Consumer net sales as so adjusted excluding divested businesses | $ | 1,003.0 | $ | 953.6 | 5.2% | (1.0)% | 4.2% | ||||||
Less: Dr. Fresh* | (24.6 | ) | — | ||||||||||
Organic Worldwide Consumer net sales as so adjusted | $ | 978.4 | $ | 953.6 | 2.6% | (1.0)% | 1.6% | ||||||
*Dr. Fresh acquisition comprises all oral self-care assets purchased from High Ridge Brands, including the brands Dr. Fresh®, REACH® and Firefly®. |
TABLE III (CONTINUED) | |||||||||||||
PERRIGO COMPANY PLC | |||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||
ADJUSTED NET SALES GROWTH - SELECTED SEGMENTS | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Three Months Ended | |||||||||||||
September 26, 2020 | September 28, 2019 | Total Change | FX Change | Constant Currency Change | |||||||||
Adjusted Net Sales | |||||||||||||
CSCA net sales as so adjusted | $ | 664.0 | $ | 618.9 | 7.3% | 0.5% | 7.8% | ||||||
Less: Dr. Fresh* | (23.5 | ) | — | ||||||||||
Organic CSCA net sales as so adjusted | $ | 640.5 | $ | 618.9 | 3.5% | 0.5% | 4.0% | ||||||
CSCI net sales as so adjusted | $ | 339.0 | $ | 349.3 | (2.9)% | (3.5)% | (6.4)% | ||||||
Less: Rosemont Pharmaceuticals business | — | (12.4 | ) | ||||||||||
Less: Canoderm prescription product | — | (2.2 | ) | ||||||||||
Less: Dr. Fresh* | (1.1 | ) | — | ||||||||||
Organic CSCI net sales as so adjusted | $ | 337.9 | $ | 334.7 | 1.0% | (3.7)% | (2.7)% | ||||||
RX | $ | 210.7 | $ | 230.3 | (8.5)% | ||||||||
Less: Albuterol pre-recall net sales | (23.0 | ) | — | ||||||||||
Plus: Estimated Albuterol recall reserve | 31.2 | — | |||||||||||
Less: Discontinued products | — | (8.7 | ) | ||||||||||
RX net sales as so adjusted | $ | 218.9 | $ | 221.6 | (1.2)% | ||||||||
*Dr. Fresh acquisition comprises all oral self-care assets purchased from High Ridge Brands, including the brands Dr. Fresh®, REACH® and Firefly®. |
Adjusted Net Sales | ||||||
Three Months Ended September 26, 2020 | ||||||
Albuterol pre-recall net sales | $ | 23.0 | ||||
Less: Estimated Albuterol recall reserve | (31.2 | ) | ||||
Albuterol net sales after recall reserve | $ | (8.2 | ) | |||
Consolidated net sales as so adjusted for the three months ended September 28, 2019 | $ | 1,198.5 | ||||
Percent impact on consolidated sales growth | (0.7 | )% |
TABLE III (CONTINUED) | |||||||||||||
PERRIGO COMPANY PLC | |||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||
ADJUSTED NET SALES GROWTH - SELECTED SEGMENTS | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | Nine Months Ended | ||||||||||||
September 26, 2020 | September 28, 2019 | Total Change | FX Change | Constant Currency Change | |||||||||
Adjusted Net Sales | |||||||||||||
Consolidated net sales as so adjusted | $ | 3,773.8 | $ | 3,499.7 | 7.8% | 0.6% | 8.4% | ||||||
Less: Animal health* | — | (19.6 | ) | ||||||||||
Less: Canoderm | — | (9.2 | ) | ||||||||||
Less: Rosemont Pharmaceuticals business | — | (12.4 | ) | ||||||||||
Consolidated net sales as so adjusted excluding divested businesses | $ | 3,773.8 | $ | 3,458.5 | 9.1% | 0.6% | 9.7% | ||||||
Less: Ranir*** | (138.2 | ) | — | ||||||||||
Less: Dr. Fresh** | (44.4 | ) | — | ||||||||||
Organic Consolidated net sales as so adjusted | $ | 3,591.2 | $ | 3,458.5 | 3.8% | 0.6% | 4.4% |
Worldwide Consumer net sales as so adjusted | $ | 3,035.0 | $ | 2,788.1 | 8.9% | 0.7% | 9.6% | ||||||
Less: Canoderm prescription product | — | (9.2 | ) | ||||||||||
Less: Rosemont Pharmaceuticals business | — | (12.4 | ) | ||||||||||
Less: Animal health* | — | (19.6 | ) | ||||||||||
Worldwide Consumer net sales as so adjusted excluding divested businesses | $ | 3,035.0 | $ | 2,746.9 | 10.5% | 0.8% | 11.3% | ||||||
Less: Ranir*** | (138.2 | ) | — | ||||||||||
Less: Dr. Fresh** | (44.4 | ) | — | ||||||||||
Organic Worldwide Consumer net sales as so adjusted | $ | 2,852.4 | $ | 2,746.9 | 3.8% | 0.8% | 4.6% | ||||||
* This line item excludes the $19.6 million in animal health net sales before the business was classified as held-for-sale for comparative purposes only. This amount is in addition to the $24.1 million of animal health net sales that was excluded from adjusted net sales for the nine months ended September 28, 2019. See Table I. | |||||||||||||
**Dr. Fresh acquisition comprises all oral self-care assets purchased from High Ridge Brands, including the brands Dr. Fresh®, REACH® and Firefly®. | |||||||||||||
***Includes Ranir net sales through the second quarter of 2020. |
TABLE III (CONTINUED) | |||||||||||||
PERRIGO COMPANY PLC | |||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||
ADJUSTED NET SALES GROWTH - SELECTED SEGMENTS | |||||||||||||
(in millions) | |||||||||||||
(unaudited) | |||||||||||||
Nine Months Ended | |||||||||||||
September 26, 2020 | September 28, 2019 | Total Change | FX Change | Constant Currency Change | |||||||||
Adjusted Net Sales | |||||||||||||
CSCA net sales as so adjusted | $ | 1,992.2 | $ | 1,760.5 | 13.2% | 0.4% | 13.6% | ||||||
Less: Animal health* | — | (19.6 | ) | ||||||||||
CSCA net sales as so adjusted excluding divested businesses | $ | 1,992.2 | $ | 1,740.9 | 14.4% | 0.5% | 14.9% | ||||||
Less: Ranir*** | (100.0 | ) | — | ||||||||||
Less: Dr. Fresh** | (42.0 | ) | — | ||||||||||
Organic CSCA net sales as so adjusted | $ | 1,850.2 | $ | 1,740.9 | 6.3% | 0.4% | 6.7% | ||||||
CSCI net sales as so adjusted | $ | 1,042.8 | $ | 1,027.6 | 1.5% | 1.3% | 2.8% | ||||||
Less: Rosemont Pharmaceuticals business | — | (12.4 | ) | ||||||||||
Less: Canoderm prescription product | — | (9.2 | ) | ||||||||||
CSCI net sales as so adjusted excluding divested businesses | $ | 1,042.8 | $ | 1,006.0 | 3.7% | 1.3% | 5.0% | ||||||
Less: Ranir*** | (38.2 | ) | — | ||||||||||
Less: Dr. Fresh** | (2.4 | ) | — | ||||||||||
Organic CSCI net sales as so adjusted | $ | 1,002.2 | $ | 1,006.0 | (0.4)% | 1.4% | 1.0% | ||||||
* This line item excludes the $19.6 million in animal health net sales before the business was classified as held-for-sale for comparative purposes only. This amount is in addition to the $24.1 million of animal health net sales that was excluded from adjusted net sales for the nine months ended September 28, 2019. See Table I. | |||||||||||||
**Dr. Fresh acquisition comprises all oral self-care assets purchased from High Ridge Brands, including the brands Dr. Fresh®, REACH® and Firefly®. | |||||||||||||
***Includes Ranir net sales through the second quarter of 2020. |
TABLE IV | ||||||||||
PERRIGO COMPANY PLC | ||||||||||
RECONCILIATION OF NON-GAAP MEASURES | ||||||||||
SELECTED CONSOLIDATED AND SEGMENT INFORMATION | ||||||||||
(unaudited) | ||||||||||
Three Months Ended | ||||||||||
September 26, 2020 | September 28, 2019 | Total Change | ||||||||
Consolidated adjusted EPS | $ | 0.93 | $ | 1.04 | (10.6)% | |||||
Adjusted gross margin | ||||||||||
Worldwide Consumer | 39.2 | % | 40.4 | % | (120) bps | |||||
CSCA | 33.5 | % | 34.0 | % | (50) bps | |||||
CSCI | 50.4 | % | 51.9 | % | (150) bps | |||||
RX | 37.1 | % | 40.9 | % | (380) bps | |||||
Adjusted operating margin | ||||||||||
Worldwide Consumer | 14.0 | % | 15.8 | % | (180) bps | |||||
CSCA | 20.1 | % | 19.8 | % | 30 bps | |||||
CSCI | 15.1 | % | 18.2 | % | (310) bps | |||||
RX | 20.7 | % | 24.0 | % | (330) bps |
Three Months Ended | ||||||||
Adjusted gross margin | September 26, 2020 | March 28, 2020 | Total Change | |||||
CSCA | 33.5 | % | 31.4 | % | 210 bps | |||
Three Months Ended | ||||||||
Adjusted gross margin | September 26, 2020 | June 27, 2020 | Total Change | |||||
CSCA | 33.5 | % | 32.9 | % | 60 bps |
Nine Months Ended | ||||
September 26, 2020 | ||||
Operating cash flow | $ | 525.8 | ||
Adjusted net income | $ | 425.7 | ||
Cash conversion ratio | 124 | % |
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Cover Page |
Nov. 04, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 04, 2020 |
Entity Registrant Name | Perrigo Company plc |
Entity File Number | 001-36353 |
Entity Incorporation, State or Country Code | L2 |
Entity Address, Address Line One | The Sharp Building, |
Entity Address, Address Line Two | Hogan Place, |
Entity Address, City or Town | Dublin 2, |
Entity Address, Country | IE |
Entity Address, Postal Zip Code | D02 TY74 |
Country Region | 353 |
City Area Code | 1 |
Local Phone Number | 7094000 |
Title of 12(b) Security | Ordinary shares |
Trading Symbol | PRGO |
Security Exchange Name | NYSE |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001585364 |
Amendment Flag | false |
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