DUBLIN, Nov. 10, 2016
/PRNewswire/ --
- Delivered third quarter GAAP ("reported") net sales of
$1.4 billion and non-GAAP
("adjusted") net sales of $1.3
billion, excluding sales of $22
million from held-for-sale businesses*
- Delivered third quarter reported net loss of $1.3 billion and reported diluted loss per share
of $8.76, driven by goodwill
impairment charge of $804 million and brand intangible assets
impairment charge of $866 million; delivered third quarter
reported gross margin of 37.4%, and third quarter reported
operating margin of (111.8)%
- Realized adjusted net income of $236 million and
adjusted diluted earnings per share of $1.65; achieved third quarter adjusted gross
margin of 47.5% with third quarter adjusted operating margin of
25.8%
- Consumer-facing businesses achieved reported net sales of
$973 million, or adjusted net sales of $952 million
excluding sales from held-for-sale businesses, comprising in excess
of 71% of reported and adjusted net sales in the quarter
- Board of Directors approved exploration of strategic
alternatives for Tysabri® royalty stream and
continues strategic review of the Company portfolio; anticipates
completion of this review in the first quarter of 2017
- Appointed two new independent Directors to Perrigo Board:
Geoffrey M. Parker, former CFO of
Anacor Pharmaceuticals on November 7,
2016; and Theodore R.
Samuels, President of Capital Guardian Trust Company,
effective January 4, 2017
Outlook:
The Company expects calendar year 2016 reported loss per
diluted share to be in the range of $9.04 to $9.34 (compared to a loss of $0.23 in calendar year 2015) and continues to
expect calendar year adjusted earnings per diluted share to be in
the range of $6.85 to $7.15.
* Held-for-sale businesses include sales attributable to the
U.S. VMS (CHC segment), European sports brand (BCH segment) and
India API business (Other segment)
Perrigo Company plc (NYSE: PRGO; TASE) today announced results
for the third quarter ended October 1, 2016.
Perrigo's CEO John T. Hendrickson
commented, "Every segment delivered year-over-year net sales
growth, excluding net sales from held-for-sale businesses. The CHC
team again delivered a solid quarter with attractive margins. While
reported net sales within the U.S. Consumer Healthcare business
were flat year-over-year, adjusted net sales grew approximately 4%.
In addition, I am pleased with the changes implemented in the Rx
segment, where our productivity improvements in the quarter
partially offset the effect of the competitive pricing environment.
Despite lower margins year-over-year and the impairment realized
this quarter, the BCH segment's net sales were consistent with the
prior year. This segment remains a top priority for our team. In
addition, our business model continues to deliver strong cash flow
conversion, generating $304 million of operating cash flows in
the quarter."
Hendrickson concluded, "We have also made significant progress
in our ongoing strategic portfolio review and are on track to
complete it in the first quarter of 2017. We have engaged a leading
third-party consulting firm to provide an outside perspective and
evaluate our segments, market positions, growth opportunities and
relative organizational structures. However, we are not waiting
until these reviews are complete to take action. As you likely saw
in our separate announcements, we have begun exploring strategic
alternatives for our Tysabri® royalty stream to
potentially monetize this asset. Additionally, the Perrigo Board
appointed two new independent Directors. We are taking all of these
actions to drive focus for the Company and create value for our
shareholders."
Refer to Tables I - VI 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.
Third Quarter
Results
|
|
Perrigo Company
plc
(in millions,
except earnings per share amounts)
(see the attached
Tables I & III for reconciliation to GAAP
numbers)
|
|
|
Third Quarter
Ended
|
|
Third Quarter
Ended
|
|
YoY
|
|
Constant
Currency
|
|
10/1/2016
|
|
9/26/2015
|
|
% Change
|
|
% Change
|
Reported Net
Sales
|
$1,355
|
|
$1,345
|
|
1%
|
|
|
Reported Net Income
(Loss)
|
$(1,255)
|
|
$113
|
|
NM
|
|
|
Reported Diluted
Earnings (Loss) per Share
|
$(8.76)
|
|
$0.77
|
|
NM
|
|
|
Reported Diluted
Shares
|
143.3
|
|
146.9
|
|
(2)%
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Sales(1)
|
$1,333
|
|
$1,304
|
|
2%
|
|
3%
|
Adjusted Net
Income
|
$236
|
|
$258
|
|
(9)%
|
|
|
Adjusted Diluted
Earnings per Share
|
$1.65
|
|
$1.76
|
|
(6)%
|
|
|
Adjusted Diluted
Shares
|
143.6
|
|
146.9
|
|
(2)%
|
|
|
|
|
(1)
|
Third quarter 2016
net sales exclude $22 million of net sales from held-for-sale
businesses and divestitures (primarily U.S. VMS). For comparative
purposes, third quarter 2015 net sales have been adjusted in this
presentation to exclude $41 million of sales attributable to
held-for-sale businesses. This 2015 net sales adjustment does not
impact any other prior year amounts or metrics.
|
NM = Not
meaningful
|
Reported net sales in the quarter were $1.4 billion, an increase of 1% over the prior
year. Adjusted net sales in the quarter were $1.3 billion, an increase of 3%, on a constant
currency basis over the third quarter of 2015 as all segments grew
year-over-year. New product sales of $79
million were offset partially by $10 million in
discontinued products.
Reported net loss was $1.3
billion, or $8.76 per share
versus net income of $113 million, or $0.77 per share, in the prior year. Excluding
charges as outlined in Table I at the end of this release, third
quarter 2016 adjusted net income was $236
million, or $1.65 per share,
versus adjusted net income of $258
million, or $1.76 per share
for the same period last year.
Segment
Results
|
|
Consumer
Healthcare Segment
(in
millions)
(see the attached
Tables II & III for reconciliation to GAAP
numbers)
|
|
|
Third Quarter
Ended
|
|
Third Quarter
Ended
|
|
YoY
|
|
Constant
Currency
|
|
10/1/2016
|
|
9/26/2015
|
|
% Change
|
|
% Change
|
Reported Net
Sales
|
$669
|
|
$675
|
|
(1)%
|
|
|
Reported Gross
Profit
|
$217
|
|
$231
|
|
(6)%
|
|
|
Reported Gross
Margin
|
32.4%
|
|
34.2%
|
|
(180) bps
|
|
|
Reported Operating
Income
|
$100
|
|
$117
|
|
(15)%
|
|
|
Reported Operating
Margin
|
15.0%
|
|
17.4%
|
|
(240) bps
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Sales(1)
|
$648
|
|
$634
|
|
2%
|
|
3%
|
Adjusted Gross
Profit
|
$227
|
|
$245
|
|
(7)%
|
|
|
Adjusted Gross
Margin(2)
|
35.0%
|
|
36.2%
|
|
(120) bps
|
|
|
Adjusted Operating
Income
|
$128
|
|
$139
|
|
(7)%
|
|
|
Adjusted Operating
Margin(2)
|
19.8%
|
|
20.5%
|
|
(70) bps
|
|
|
|
|
(1)
|
Third quarter
adjusted 2016 net sales exclude $21 million from the U.S. VMS
business, which was sold in the third quarter 2016. For comparative
purposes, third quarter 2015 net sales have been adjusted in this
presentation to exclude $41 million of sales attributable to
the U.S. VMS business. This 2015 net sales adjustment does not
impact any other prior year amounts or metrics.
|
(2)
|
Q3 2015 adjusted
gross margin and operating margin use reported net sales as the
denominator.
|
Reported net sales in the CHC segment were lower by 1% due to
the sale of the VMS business in the quarter, which was included in
the prior year. CHC adjusted net sales, excluding VMS net sales in
both periods, grew 3% on a constant currency basis. This growth was
due to new product sales of $33 million, which included the
store brand launches of fluticasone nasal spray and a couple of
products in the guaifenesin family, as well as increased sales in
the infant nutrition and smoking cessation categories. These
increases were offset partially by a decrease in sales of existing
products of $12 million primarily due to price erosion in the
analgesics, cough and cold and animal health categories, lower
sales in the antacids category and discontinued products of
$6 million.
The CHC segment achieved a third quarter reported gross profit
margin of 32.4% and an adjusted gross profit margin of 35.0%, which
was below the record adjusted gross margin in the prior year,
driven by the price erosion mentioned above as well as the absence
of the store brand version of guaifenesin 600mg extended release.
These were offset partially by supply chain efficiencies.
Reported operating margin decreased 240 bps to 15.0% and
adjusted operating margin decreased 70 bps to 19.8% as lower
selling and administrative expenses were offset by increased
R&D investments.
Branded Consumer
Healthcare Segment
(in
millions)
(see the attached
Tables II & III for reconciliation to GAAP
numbers)
|
|
|
Third Quarter
Ended
|
|
Third Quarter
Ended
|
|
YoY
|
|
Constant
Currency
|
|
10/1/2016
|
|
9/26/2015
|
|
% Change
|
|
% Change
|
Reported Net
Sales
|
$304
|
|
$302
|
|
1%
|
|
|
Reported Gross
Profit
|
$132
|
|
$164
|
|
(20)%
|
|
|
Reported Gross
Margin
|
43.3%
|
|
54.4%
|
|
(1,110)
bps
|
|
|
Reported Operating
Income (Loss)
|
$(1,684)
|
|
$4
|
|
NM
|
|
|
Reported Operating
Margin
|
(554.1)%
|
|
1.4%
|
|
NM
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Sales(1)
|
$304
|
|
$302
|
|
1%
|
|
2%
|
Adjusted Gross
Profit
|
$144
|
|
$169
|
|
(15)%
|
|
|
Adjusted Gross
Margin(2)
|
47.5%
|
|
56.0%
|
|
(850) bps
|
|
|
Adjusted Operating
Income
|
$30
|
|
$44
|
|
(31)%
|
|
|
Adjusted Operating
Margin(2)
|
10.0%
|
|
14.6%
|
|
(460) bps
|
|
|
|
|
(1)
|
Third quarter 2016
net sales exclude sales from a European sports brand, which is
currently held-for-sale.
|
(2)
|
Q3 2015 adjusted
gross margin and operating margin use reported net sales as the
denominator.
|
|
NM = Not
meaningful
|
Reported net sales increased 1% over the third quarter of 2015
and adjusted net sales grew 2% on a constant currency basis. New
product sales and acquisitions contributed $26 million and
$18 million, respectively, offset by
lower sales in the lifestyle and natural health/vitamins
categories.
Third quarter reported gross margin was 43.3% while adjusted
gross profit margin was 47.5%. Gross margins were impacted by
weaker performance in Belgium,
lower relative net sales of the higher margin categories mentioned
above, and the effect of foreign currency in the quarter.
Reported operating loss was $1.7
billion, which included a non-cash impairment charge of
$1.7 billion related to goodwill
and intangibles and $39 million of
amortization. Adjusted operating income was $30 million due to relatively lower gross profit
dollar contribution compared to the prior year offset partially by
lower advertising and promotion expenses.
Prescription
Pharmaceuticals (Rx) Segment
(in
millions)
(see the attached
Tables II & III for reconciliation to GAAP
numbers)
|
|
|
Third Quarter
Ended
|
|
Third Quarter
Ended
|
|
YoY
|
|
Constant
Currency
|
|
10/1/2016
|
|
9/26/2015
|
|
% Change
|
|
% Change
|
Reported Net
Sales
|
$267
|
|
$260
|
|
3%
|
|
4%
|
Reported Gross
Profit
|
$128
|
|
$130
|
|
(2)%
|
|
|
Reported Gross
Margin
|
47.9%
|
|
50.1%
|
|
(220) bps
|
|
|
Reported Operating
Income
|
$78
|
|
$91
|
|
(14)%
|
|
|
Reported Operating
Margin
|
29.1%
|
|
34.9%
|
|
(580) bps
|
|
|
|
|
|
|
|
|
|
|
Adjusted Gross
Profit
|
$159
|
|
$149
|
|
7%
|
|
|
Adjusted Gross
Margin
|
59.3%
|
|
57.2%
|
|
210 bps
|
|
|
Adjusted Operating
Income
|
$114
|
|
$110
|
|
4%
|
|
|
Adjusted Operating
Margin
|
42.5%
|
|
42.1%
|
|
40 bps
|
|
|
Reported net sales in the third quarter were $267 million, an increase of 4% on a constant
currency basis, driven by $32 million related to product
acquisitions and new product sales of $18 million, which were
offset partially by a decrease in sales of existing products of
$41 million due primarily to price erosion across the
portfolio.
Third quarter reported gross margin of 47.9% and reported
operating margin of 29.1% decreased due to higher amortization
expense from product acquisitions and price erosion. With increased
R&D investments of $6 million
over the prior year, adjusted gross margin of 59.3% and adjusted
operating margin of 42.5% increased compared to the prior year due
to contributions from product acquisitions.
Specialty Sciences
Segment
(in
millions)
(see the attached
Tables II & III for reconciliation to GAAP
numbers)
|
|
|
Third Quarter
Ended
|
|
Third Quarter
Ended
|
|
YoY
|
|
Constant
Currency
|
|
10/1/2016
|
|
9/26/2015
|
|
% Change
|
|
% Change
|
Net Sales
|
$93
|
|
$85
|
|
10%
|
|
11%
|
Reported Gross
Profit
|
$21
|
|
$12
|
|
71%
|
|
|
Reported Gross
Margin
|
22.1%
|
|
14.2%
|
|
790
bps
|
|
|
Reported Operating
Income
|
$23
|
|
$9
|
|
159%
|
|
|
Reported Operating
Margin
|
25.0%
|
|
10.7%
|
|
1,430
bps
|
|
|
|
|
|
|
|
|
|
|
Adjusted Gross
Profit
|
$93
|
|
$85
|
|
10%
|
|
|
Adjusted Gross
Margin
|
100.0%
|
|
100.0%
|
|
— bps
|
|
|
Adjusted Operating
Income
|
$96
|
|
$82
|
|
17%
|
|
|
Adjusted Operating
Margin
|
103.0%
|
|
96.9%
|
|
610
bps
|
|
|
The Company recognized $93 million
of royalty revenue in the third quarter related to global net sales
of Tysabri®. Operating expenses decreased
$6 million from the prior year due to
lower legal expenses.
Asset Impairment
In connection with the preparation of the Company's financial
statements for the three month period ended October 1, 2016,
the Company identified indicators of impairment associated with
goodwill and certain definite and indefinite-lived brand intangible
assets acquired in conjunction with the Omega Pharma N.V. ("Omega")
acquisition. The primary impairment indicators included a decline
in our 2016 performance expectations for the remainder of the year
and a reduction in the Company's long-range revenue growth and
margin forecasts.
The assessment for goodwill involved determining the fair value
of the reporting units using a discounted cash flow technique and
comparing it to the reporting unit's carrying value. This
assessment resulted in an impairment charge of $804 million
for the three months ended October 1, 2016, which represented
the difference between the carrying amount of the goodwill and its
estimated fair value. The assessment for definite and
indefinite-lived brand intangible asset impairments utilized the
excess earnings method to determine fair value and resulted in an
impairment charge of $866 million for the three months ended
October 1, 2016, which represented the difference between the
carrying amount of the intangible assets and their estimated fair
value.
The change in fair values from previous estimates was due
primarily to 1) changes in the market and performance of the brands
due to moderated new product launch assumptions; 2) execution of
certain key product strategies falling short of expectations
causing a reduction to baseline forecast models in France, Germany and Italy; 3) certain macro-economic factors,
which have continued to impact the business more than expected in
France, Russia and Turkey in addition to unfavorable foreign
currency impacts experienced primarily in the UK related to Brexit;
and 4) a change in the Belgian forecasts due to a fundamental
reduction in volume with a major wholesaler that is not expected to
be short-term in nature.
The main assumptions supporting the cash flow projections used
to determine the reporting unit's fair value included revenue
growth based on product line extensions, product life cycle
strategies, and geographical expansion within the markets in which
the reporting unit distributes products, gross margins consistent
with historical trends and including supply chain cost improvement
plans, and advertising and promotion investments largely consistent
with the reporting unit's growth plans.
Both the goodwill impairment and the definite and
indefinite-lived brand intangible asset impairments were recorded
within Impairment charges on the Condensed Consolidated Statements
of Operations within the BCH segment. The carrying value for
certain intangible assets and goodwill equals fair value, as such,
any further deterioration in those assets' fair value would lead to
a further impairment charge.
Future performance different from the assumptions utilized in
the quantitative analyses may result in additional changes in the
fair value. The Company will continue to monitor and assess these
assets for potential impairment should further impairment
indicators arise. We will complete our required annual impairment
testing during the fourth quarter 2016.
Other Actions
The Board has authorized the Company to file an arbitral claim
against the sellers of Omega Pharma Invest NV, which Perrigo plans
to do before the end of this year. It is Company policy to not
comment on legal matters, so Perrigo will not provide further
detail at this time.
Guidance
The Company expects 2016 reported loss to be between
$9.04 and $9.34 per diluted share and
continues to expect 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 #
8408170. A taped replay of the call will be available beginning at
approximately 12:30 p.m. (ET) on
Thursday, November 10, 2016 until
midnight on Friday, November 25,
2016. To listen to the replay, dial 800-585-8367,
International 404-537-3406, and use access code 8408170.
About Perrigo
Perrigo Company plc, a leading global over-the-counter ("OTC")
consumer goods and pharmaceutical company, offers patients and
customers high quality products at affordable prices. From its
beginnings in 1887 as a packager of 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 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 operation, 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 reconciliations for net sales on a constant
currency basis, net sales excluding sales attributable to
held-for-sale businesses, adjusted gross profit, adjusted operating
income, adjusted net income, adjusted diluted earnings per share,
adjusted gross margin, and adjusted operating margin within this
press release to the most directly comparable U.S. GAAP measures
for these non-GAAP measures. These non-GAAP financial measures
should be considered as supplements to the GAAP reported measures,
should not be considered replacements for, or superior to the GAAP
measures and may not be comparable to similarly named measures used
by other companies.
The Company provides non-GAAP financial measures as additional
information that it believes is useful to investors and analysts in
evaluating the performance of the Company's ongoing operating
trends, facilitating comparability between periods and companies in
similar industries and assessing the Company's prospects for future
performance. These non-GAAP financial measures exclude items, such
as impairment charges, restructuring charges, and acquisition and
integration-related charges, that by their nature affect
comparability of operational performance or obscure underlying
business operational trends. The non-GAAP measures the Company
provides are consistent with how management analyzes and assesses
the operating performance of the Company, and disclosing them
provides investor insight into management's view of the business.
Management uses these adjusted financial measures for planning and
forecasting in future periods, and evaluating segment and overall
operating performance. In addition, management uses certain of the
profit measures as factors in determining compensation.
Non-GAAP measures related to profit measurements, which include
adjusted gross profit, adjusted operating income, adjusted net
income, and adjusted diluted earnings per share are useful to
investors as they provide them with supplemental information to
enhance their understanding of the Company's underlying business
performance and trends, and enhance the ability of investors and
analysts to compare the Company's period-to-period financial
results. Management believes that adjusted gross margin and
adjusted operating margin are useful to investors, in addition to
the reasons discussed above, by allowing them to more easily
compare and analyze trends in the Company's peer business group and
assisting them in comparing the Company's overall performance to
that of its competitors. The Company discloses adjusted net sales,
which excludes operating results attributable to held-for-sale
businesses, in order to provide information about sales of the
Company's continuing business. In addition, the Company discloses
net sales growth and adjusted net sales growth on a constant
currency basis to provide information about sales of the Company's
continuing business excluding the exogenous impact of foreign
exchange. The Company believes these supplemental financial
measures provide investors with consistency in financial reporting,
enabling meaningful comparisons of past, present and future
underlying operating results, and also facilitate comparison of the
Company's operating performance to the operating performance of its
competitors.
A copy of this press release, including the reconciliations, is
available on the Company's website at www.perrigo.com.
PERRIGO COMPANY
PLC
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except
per share amounts)
(unaudited)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
October 1,
2016
|
|
September 26,
2015
|
|
October 1,
2016
|
|
September 26,
2015
|
Net sales
|
$
|
1,354.9
|
|
|
$
|
1,344.7
|
|
|
$
|
4,219.1
|
|
|
$
|
3,925.4
|
|
Cost of
sales
|
848.6
|
|
|
795.9
|
|
|
2,622.7
|
|
|
2,369.7
|
|
Gross
profit
|
506.3
|
|
|
548.8
|
|
|
1,596.4
|
|
|
1,555.7
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Distribution
|
21.6
|
|
|
24.9
|
|
|
65.9
|
|
|
63.3
|
|
Research and
development
|
50.2
|
|
|
41.6
|
|
|
142.5
|
|
|
139.7
|
|
Selling
|
154.6
|
|
|
167.9
|
|
|
506.9
|
|
|
391.6
|
|
Administration
|
108.6
|
|
|
123.6
|
|
|
316.8
|
|
|
343.3
|
|
Impairment
charges
|
1,679.9
|
|
|
—
|
|
|
2,127.1
|
|
|
—
|
|
Restructuring
|
6.6
|
|
|
2.2
|
|
|
17.9
|
|
|
3.1
|
|
Total operating
expenses
|
2,021.5
|
|
|
360.2
|
|
|
3,177.1
|
|
|
941.0
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(1,515.2)
|
|
|
188.6
|
|
|
(1,580.7)
|
|
|
614.7
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
54.6
|
|
|
43.4
|
|
|
163.2
|
|
|
132.7
|
|
Other expense,
net
|
1.0
|
|
|
13.0
|
|
|
34.1
|
|
|
294.2
|
|
Loss on
extinguishment of debt
|
0.7
|
|
|
—
|
|
|
1.1
|
|
|
0.9
|
|
Income (loss) before
income taxes
|
(1,571.5)
|
|
|
132.2
|
|
|
(1,779.1)
|
|
|
186.9
|
|
Income tax expense
(benefit)
|
(316.3)
|
|
|
19.6
|
|
|
(383.7)
|
|
|
112.7
|
|
Net income
(loss)
|
$
|
(1,255.2)
|
|
|
$
|
112.6
|
|
|
$
|
(1,395.4)
|
|
|
$
|
74.2
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share
|
|
|
|
|
|
|
|
Basic
|
$
|
(8.76)
|
|
|
$
|
0.77
|
|
|
$
|
(9.74)
|
|
|
$
|
0.51
|
|
Diluted
|
$
|
(8.76)
|
|
|
$
|
0.77
|
|
|
$
|
(9.74)
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
|
|
Basic
|
143.3
|
|
|
146.3
|
|
|
143.2
|
|
|
144.4
|
|
Diluted
|
143.3
|
|
|
146.9
|
|
|
143.2
|
|
|
145.0
|
|
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.145
|
|
|
$
|
0.125
|
|
|
$
|
0.435
|
|
|
$
|
0.375
|
|
PERRIGO COMPANY
PLC
CONDENSED
CONSOLIDATED BALANCE SHEETS
(in
millions)
|
|
|
(Unaudited)
|
|
|
|
October 1,
2016
|
|
December 31,
2015
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
|
362.7
|
|
|
$
|
417.8
|
|
Accounts receivable,
net of allowance for doubtful accounts of $4.4 million and $3.0
million, respectively
|
1,129.2
|
|
|
1,193.1
|
|
Inventories
|
884.6
|
|
|
844.4
|
|
Prepaid expenses and
other current assets
|
250.6
|
|
|
289.1
|
|
Total current
assets
|
2,627.1
|
|
|
2,744.4
|
|
Property and
equipment, net
|
881.3
|
|
|
886.2
|
|
Goodwill and other
indefinite-lived intangible assets
|
5,282.7
|
|
|
7,281.2
|
|
Other intangible
assets, net
|
8,340.9
|
|
|
8,190.5
|
|
Non-current deferred
income taxes
|
129.3
|
|
|
54.6
|
|
Other non-current
assets
|
206.3
|
|
|
237.0
|
|
Total non-current
assets
|
14,840.5
|
|
|
16,649.5
|
|
Total
assets
|
$
|
17,467.6
|
|
|
$
|
19,393.9
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
Liabilities
|
|
|
|
Accounts
payable
|
$
|
507.9
|
|
|
$
|
554.9
|
|
Payroll and related
taxes
|
106.8
|
|
|
125.3
|
|
Accrued customer
programs
|
325.5
|
|
|
398.0
|
|
Accrued
liabilities
|
258.7
|
|
|
308.4
|
|
Accrued income
taxes
|
76.2
|
|
|
85.2
|
|
Current
indebtedness
|
265.0
|
|
|
1,018.3
|
|
Total current
liabilities
|
1,540.1
|
|
|
2,490.1
|
|
Long-term debt, less
current portion
|
5,638.0
|
|
|
4,971.6
|
|
Non-current deferred
income taxes
|
1,169.3
|
|
|
1,563.7
|
|
Other non-current
liabilities
|
448.9
|
|
|
332.4
|
|
Total non-current
liabilities
|
7,256.2
|
|
|
6,867.7
|
|
Total
liabilities
|
8,796.3
|
|
|
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
|
8,151.4
|
|
|
8,144.6
|
|
Accumulated other
comprehensive income
|
71.5
|
|
|
(15.5)
|
|
Retained
earnings
|
449.0
|
|
|
1,907.6
|
|
Total controlling
interest
|
8,671.9
|
|
|
10,036.7
|
|
Noncontrolling
interest
|
(0.6)
|
|
|
(0.6)
|
|
Total shareholders'
equity
|
8,671.3
|
|
|
10,036.1
|
|
Total liabilities and
shareholders' equity
|
$
|
17,467.6
|
|
|
$
|
19,393.9
|
|
|
|
|
|
Supplemental
Disclosures of Balance Sheet Information
|
|
|
|
Preferred shares,
issued and outstanding
|
—
|
|
|
—
|
|
Ordinary shares,
issued and outstanding
|
143.4
|
|
|
143.1
|
|
TABLE
I
|
|
|
|
|
PERRIGO COMPANY
PLC
|
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
SELECTED
CONSOLIDATED INFORMATION
|
(in millions, except
per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 1, 2016
|
Consolidated
|
Net
Sales
|
Gross
Profit
|
Operating Income
(Loss)
|
Net Income
(Loss)
|
Diluted
Earnings
(Loss) per Share
|
Reported
|
$
|
1,354.9
|
|
$
|
506.3
|
|
$
|
(1,515.2)
|
|
$
|
(1,255.2)
|
|
$
|
(8.76)
|
|
Adjustments:
|
|
|
|
|
|
Amortization expense
related primarily to acquired
intangible assets
|
—
|
|
129.4
|
|
163.8
|
|
163.8
|
|
1.15
|
|
Impairment
charges
|
—
|
|
—
|
|
1,679.9
|
|
1,679.9
|
|
11.70
|
|
Restructuring
charges
|
—
|
|
—
|
|
6.6
|
|
6.6
|
|
0.05
|
|
Acquisition and
integration-related charges
|
—
|
|
—
|
|
0.5
|
|
0.5
|
|
—
|
|
Operating results
attributable to held-for-sale businesses*
|
(21.8)
|
|
(2.8)
|
|
3.6
|
|
4.0
|
|
0.03
|
|
Contingent
consideration fair value adjustment
|
—
|
|
—
|
|
4.8
|
|
5.1
|
|
0.04
|
|
Loss on early debt
extinguishment
|
—
|
|
—
|
|
—
|
|
(0.4)
|
|
—
|
|
Non-GAAP tax
adjustments***
|
—
|
|
—
|
|
—
|
|
(368.0)
|
|
(2.56)
|
|
Adjusted
|
$
|
1,333.1
|
|
$
|
632.9
|
|
$
|
344.0
|
|
$
|
236.3
|
|
$
|
1.65
|
|
As a % of adjusted
net sales
|
|
47.5
|
%
|
25.8
|
%
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
|
|
|
143.3
|
|
Reported
|
|
|
|
|
|
Effect of dilution as
reported amount was a loss, while adjusted amount was
income**.
|
|
|
|
|
0.3
|
|
Adjusted
|
|
|
|
|
143.6
|
|
|
|
|
|
|
|
*Held-for-sale
businesses include the U.S. VMS business, European sports brand,
and India API business
|
**In the period of a
net loss, diluted shares outstanding equal basic shares
outstanding.
|
*** The non-GAAP tax
adjustment includes the following: (1) $324.0 million of tax
effects of pretax non-GAAP adjustments that are calculated based
upon the specific rate of the applicable jurisdiction of the pretax
item; (2) a $21.6 million effect on non-GAAP income taxes related
to the interim tax accounting requirements within ASC 740, Income
Taxes; and (3) $22.4 million of discrete income tax adjustments
related to impairment calculations for BCH intangible assets, which
includes revisions to the weighted average blended tax rates used
to calculate opening balance sheet deferred tax liabilities,
jurisdictional tax rate changes in Italy, UK & Germany and the
related impact on valuation allowances associated with the
intangible assets. The GAAP tax benefit recorded in the current
quarter related to these items has been excluded from non-GAAP net
income.
|
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 26, 2015
|
Consolidated
|
Net
Income
|
Diluted
Earnings
per Share
|
Reported
|
$
|
112.6
|
|
$
|
0.77
|
|
Adjustments:
|
|
|
Amortization expense
related primarily to acquired intangible assets
|
147.6
|
|
1.00
|
|
Acquisition and
integration-related charges
|
3.9
|
|
0.03
|
|
Amortization of
inventory fair value adjustments related to acquisitions
|
1.1
|
|
0.01
|
|
Legal and consulting
fees related to Mylan defense
|
15.6
|
|
0.11
|
|
Derivative
losses
|
4.8
|
|
0.03
|
|
Losses from equity
method investments
|
4.2
|
|
0.03
|
|
Restructuring
charges
|
2.2
|
|
0.01
|
|
Non-GAAP tax
adjustments**
|
(33.7)
|
|
(0.23)
|
|
Adjusted
|
$
|
258.3
|
|
$
|
1.76
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
146.9
|
|
|
|
|
For Comparative
Purposes*
|
Net
Sales
|
|
Reported
|
$
|
1,344.7
|
|
|
Operating results
attributable to held-for-sale businesses
|
(40.9)
|
|
|
Adjusted
|
$
|
1,303.8
|
|
|
|
|
|
*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.
|
** The non-GAAP tax
adjustment includes the following: (1) $31.8 million of tax effects
of pretax non-GAAP adjustments that are calculated based upon the
specific rate of the applicable jurisdiction of the pretax item;
and (2) a $1.9 million effect on non-GAAP income taxes related to
the interim tax accounting requirements within ASC 740, Income
Taxes. The GAAP tax benefit recorded in the current quarter related
to these items has been excluded from non-GAAP net
income.
|
TABLE
II
|
|
|
|
|
|
|
|
|
PERRIGO COMPANY
PLC
|
|
|
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
|
|
|
SELECTED SEGMENT
INFORMATION
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
October 1,
2016
|
|
September 26,
2015
|
|
Consumer
Healthcare (CHC)
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
|
Reported
|
$
|
669.1
|
|
$
|
216.8
|
|
$
|
100.1
|
|
|
$
|
675.2
|
|
$
|
231.0
|
|
$
|
117.3
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Amortization expense
related to acquired intangible assets
|
—
|
|
13.2
|
|
19.2
|
|
|
|
13.2
|
|
19.3
|
|
|
Amortization of
inventory fair value adjustments related to acquisitions
|
—
|
|
—
|
|
—
|
|
|
|
0.6
|
|
0.6
|
|
|
Impairment
charges
|
—
|
|
—
|
|
3.7
|
|
|
|
—
|
|
—
|
|
|
Operating results
attributable to held-for-sale business
|
(21.0)
|
|
(3.4)
|
|
(0.1)
|
|
|
|
—
|
|
—
|
|
|
Restructuring
charges
|
—
|
|
—
|
|
5.1
|
|
|
|
—
|
|
2.0
|
|
|
Contingent
consideration fair value adjustment
|
—
|
|
—
|
|
0.2
|
|
|
|
—
|
|
—
|
|
|
Acquisition and
integration-related charges
|
—
|
|
—
|
|
0.1
|
|
|
|
—
|
|
(0.5)
|
|
|
Adjusted
|
$
|
648.1
|
|
$
|
226.6
|
|
$
|
128.3
|
|
|
|
$
|
244.8
|
|
$
|
138.7
|
|
|
As a % of adjusted
net sales (2016) / As a % of reported net sales (2015)
|
|
35.0
|
%
|
19.8
|
%
|
|
|
36.2
|
%
|
20.5
|
%
|
|
|
|
|
|
|
|
|
|
|
For Comparative
Purposes*
|
|
|
|
|
|
|
|
|
Reported
|
|
|
|
|
$
|
675.2
|
|
|
|
|
Operating results
attributable to held-for-sale businesses*
|
|
|
|
|
(40.9)
|
|
|
|
|
Adjusted
|
|
|
|
|
$
|
634.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Q3 2015 net sales
adjustment made for Q3 2016 adjusted net sales comparison purposes
only and does not change any other prior year financial information
or metrics since the U.S. VMS business was not held-for-sale in
2015. Q3 2015 gross margin and operating margin use reported net
sales as the denominator.
|
|
|
TABLE II
(CONTINUED)
|
|
|
|
|
PERRIGO COMPANY
PLC
|
|
|
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
|
|
SELECTED SEGMENT
INFORMATION
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
October 1,
2016
|
|
September 26,
2015
|
Branded Consumer
Healthcare (BCH)
|
Net
Sales
|
Gross
Profit
|
Operating Income
(Loss)
|
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
Reported
|
$
|
304.0
|
|
$
|
131.6
|
|
$
|
(1,684.3)
|
|
|
$
|
302.2
|
|
$
|
164.3
|
|
$
|
4.4
|
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization expense
related primarily to acquired intangible assets
|
—
|
|
12.5
|
|
40.6
|
|
|
|
4.5
|
|
36.3
|
|
Impairment
charges
|
—
|
|
—
|
|
1,670.0
|
|
|
|
—
|
|
—
|
|
Amortization of
inventory fair value adjustments related to acquisitions
|
—
|
|
—
|
|
—
|
|
|
|
0.5
|
|
0.5
|
|
Operating results
attributable to held-for-sale business
|
(0.1)
|
|
0.2
|
|
3.0
|
|
|
|
—
|
|
—
|
|
Restructuring
charges
|
—
|
|
—
|
|
1.3
|
|
|
|
—
|
|
0.2
|
|
Contingent
consideration fair value adjustment
|
—
|
|
—
|
|
(0.4)
|
|
|
|
—
|
|
—
|
|
Acquisition and
integration-related charges
|
—
|
|
—
|
|
0.1
|
|
|
|
—
|
|
2.8
|
|
Adjusted
|
$
|
303.9
|
|
$
|
144.3
|
|
$
|
30.3
|
|
|
|
$
|
169.3
|
|
$
|
44.2
|
|
As a % of adjusted
net sales (2016) / As a % of reported net sales (2015)
|
|
47.5
|
%
|
10.0
|
%
|
|
|
56.0
|
%
|
14.6
|
%
|
|
|
|
|
|
|
|
|
|
CHC and BCH
Net Sales
|
Consolidated Net
Sales
|
Consumer-Facing as
a % of Net Sales
|
|
|
|
|
Reported
|
$
|
973.1
|
|
$
|
1,354.9
|
|
72
|
%
|
|
|
|
|
Operating results
attributable to held-for-sale businesses*
|
(21.1)
|
|
(21.8)
|
|
|
|
|
|
|
Adjusted
|
$
|
952.0
|
|
$
|
1,333.1
|
|
71
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
*Held-for-sale
businesses include the U.S. VMS business, European sports brand,
and India API business
|
|
TABLE II
(CONTINUED)
|
|
|
|
|
PERRIGO COMPANY
PLC
|
|
|
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
|
|
|
SELECTED SEGMENT
INFORMATION
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
October 1,
2016
|
|
September 26,
2015
|
Prescription
Pharmaceuticals (Rx)
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
Reported
|
$
|
267.4
|
|
$
|
128.1
|
|
$
|
77.9
|
|
|
$
|
260.3
|
|
$
|
130.4
|
|
$
|
91.0
|
|
Adjustments:
|
|
|
|
|
|
|
|
Amortization expense
related to acquired intangible assets
|
|
30.4
|
|
30.7
|
|
|
|
18.4
|
|
18.6
|
|
Contingent
consideration fair value adjustment
|
|
—
|
|
5.0
|
|
|
|
—
|
|
—
|
|
Adjusted
|
|
$
|
158.5
|
|
$
|
113.6
|
|
|
|
$
|
148.8
|
|
$
|
109.6
|
|
As a % of reported
net sales
|
|
59.3
|
%
|
42.5
|
%
|
|
|
57.2
|
%
|
42.1
|
%
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
October 1,
2016
|
|
September 26,
2015
|
Specialty
Sciences
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
|
Net
Sales
|
Gross
Profit
|
Operating
Income
|
Reported
|
$
|
93.4
|
|
$
|
20.6
|
|
$
|
23.3
|
|
|
$
|
84.5
|
|
$
|
12.0
|
|
$
|
9.0
|
|
Adjustment:
|
|
|
|
|
|
|
|
Amortization expense
related to acquired intangible assets
|
|
72.8
|
|
72.8
|
|
|
|
72.5
|
|
72.8
|
|
Adjusted
|
|
$
|
93.4
|
|
$
|
96.1
|
|
|
|
$
|
84.5
|
|
$
|
81.8
|
|
As a % of reported
net sales
|
|
100.0
|
%
|
103.0
|
%
|
|
|
100.0
|
%
|
96.9
|
%
|
|
|
|
|
|
|
|
|
TABLE
III
|
|
|
|
|
|
|
|
|
|
PERRIGO COMPANY
PLC
|
|
|
|
|
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
|
|
|
|
CONSTANT
CURRENCY
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
October 1,
2016
|
|
September 26,
2015
|
|
Total
Change
|
|
FX
Change
|
|
Constant Currency
Change
|
Net
sales
|
|
|
|
|
|
|
|
|
|
Consolidated*
|
$
|
1,333.1
|
|
|
$
|
1,303.8
|
|
|
2%
|
|
1%
|
|
3%
|
CHC*
|
648.1
|
|
|
634.3
|
|
|
2%
|
|
1%
|
|
3%
|
BCH*
|
303.9
|
|
|
302.2
|
|
|
1%
|
|
1%
|
|
2%
|
Rx
|
267.4
|
|
|
260.3
|
|
|
3%
|
|
1%
|
|
4%
|
Specialty
Sciences
|
93.4
|
|
|
84.5
|
|
|
10%
|
|
1%
|
|
11%
|
|
|
|
|
|
|
|
|
|
|
*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.
|
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
|
$(9.34) -
$(9.04)
|
|
|
|
Amortization expense
related primarily to acquired intangible assets
|
4.58
|
|
|
|
Goodwill, intangible
asset, investment and held-for-sale impairment charges
|
14.99
|
|
|
|
Acquisition,
integration and restructuring-related charges
|
0.27
|
|
|
|
Other (1)
|
0.09
|
|
|
|
Tax effect of
non-GAAP adjustments (2)
|
(3.74)
|
|
|
|
Adjusted 2016
Guidance Diluted EPS Range
|
$6.85 -
$7.15
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Equity method
investment losses and results of operations from held-for-sale
businesses
|
|
(2)
|
Includes tax effect
of pretax non-GAAP adjustments calculated based upon the specific
rate of the applicable jurisdiction of the pretax item and certain
adjustments for discrete tax items in the first nine months of the
year.
|
|
TABLE
V
|
|
|
PERRIGO COMPANY
PLC
|
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
|
PRIOR YEAR 2015
GUIDANCE
|
|
|
(in millions, except
per share amounts)
|
|
|
(unaudited)
|
|
|
|
|
|
|
Twelve Months
Ended December
31, 2015
|
|
Diluted Earnings
(Loss) per Share
|
|
Reported
|
$
|
(0.23)
|
|
|
Adjustments:
|
|
|
Amortization expense
related to acquired intangible assets
|
3.65
|
|
|
Losses from
derivatives associated primarily with the Omega
acquisition
|
1.87
|
|
|
Goodwill, intangible
asset, held-for-sale and investment impairment charges
|
1.64
|
|
|
Legal and consulting
fees related to Mylan defense
|
0.70
|
|
|
Acquisition and
integration-related charges
|
0.25
|
|
|
Restructuring
charges
|
0.19
|
|
|
Omega financing fees
and loss on early debt extinguishment
|
0.14
|
|
|
Amortization of
inventory and fixed asset fair value adjustments related to
acquisitions
|
0.13
|
|
|
Initial payment made
in connection with an R&D arrangement
|
0.13
|
|
|
Losses from equity
method investments
|
0.08
|
|
|
Tax effect of
non-GAAP adjustments (1)
|
(0.95)
|
|
|
Adjusted
|
$
|
7.59
|
|
|
|
|
(1)
|
Includes tax effect
of pretax non-GAAP adjustments calculated based upon the specific
rate of the applicable jurisdiction of the pretax item and certain
adjustments for discrete tax items.
|
TABLE
VI
|
|
PERRIGO COMPANY
PLC
|
|
RECONCILIATION OF
NON-GAAP MEASURES
|
|
|
SELECTED
CONSOLIDATED INFORMATION
|
|
|
(in
millions)
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
October 1,
2016
|
|
September 26,
2015
|
|
Growth
|
Reported Net
Sales
|
|
|
|
|
|
US CHC
|
$
|
584.6
|
|
|
$
|
584.4
|
|
|
—
|
%
|
OUS CHC
|
84.5
|
|
|
90.8
|
|
|
(7)
|
%
|
Total reported net
sales
|
$
|
669.1
|
|
|
$
|
675.2
|
|
|
(1)
|
%
|
|
|
|
|
|
|
Reported US CHC
sales
|
$
|
584.6
|
|
|
$
|
584.4
|
|
|
—
|
%
|
Operating results
attributable to held-for-sale business
|
(21.0)
|
|
|
(40.9)
|
|
|
(49)
|
%
|
Adjusted US CHC
sales
|
$
|
563.6
|
|
|
$
|
543.5
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
October 1,
2016
|
|
September 26,
2015
|
|
Total
Change
|
Adjusted operating
income
|
|
|
|
|
|
Consolidated
|
$
|
344.0
|
|
|
$
|
359.2
|
|
|
(4)
|
%
|
CHC
|
128.3
|
|
|
138.7
|
|
|
(7)
|
%
|
BCH
|
30.3
|
|
|
44.2
|
|
|
(31)
|
%
|
Rx
|
113.6
|
|
|
109.6
|
|
|
4
|
%
|
Specialty
Sciences
|
96.1
|
|
|
81.8
|
|
|
17
|
%
|
|
|
|
|
|
|
Adjusted gross
profit
|
|
|
|
|
|
Consolidated
|
$
|
632.9
|
|
|
$
|
659.0
|
|
|
(4)
|
%
|
CHC
|
226.6
|
|
|
244.8
|
|
|
(7)
|
%
|
BCH
|
144.3
|
|
|
169.3
|
|
|
(15)
|
%
|
Rx
|
158.5
|
|
|
148.8
|
|
|
7
|
%
|
Specialty
Sciences
|
93.4
|
|
|
84.5
|
|
|
10
|
%
|
|
|
|
|
|
|
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SOURCE Perrigo Company plc