EXHIBIT 99.1
PERRIGO COMPANY PLC
SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2016
(in millions)
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care Americas | April 2, 2016 | July 2, 2016 | October 1, 2016 | December 31, 2016 | December 31, 2016 | ||||||||||||||
Net sales | $ | 639.1 | $ | 629.9 | $ | 611.2 | $ | 626.8 | $ | 2,507.0 | |||||||||
Gross profit | $ | 202.7 | $ | 227.5 | $ | 205.2 | $ | 215.6 | $ | 851.0 | |||||||||
R&D expense | $ | 18.9 | $ | 18.8 | $ | 18.3 | $ | 18.2 | $ | 74.2 | |||||||||
DSG&A expense | $ | 74.9 | $ | 77.9 | $ | 74.6 | $ | 81.5 | $ | 308.9 | |||||||||
Operating income | $ | 107.3 | $ | 124.4 | $ | 105.0 | $ | 88.9 | $ | 425.6 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 31.7 | % | 36.1 | % | 33.6 | % | 34.4 | % | 33.9 | % | |||||||||
R&D expense | 3.0 | % | 3.0 | % | 3.0 | % | 2.9 | % | 3.0 | % | |||||||||
DSG&A expense | 11.7 | % | 12.4 | % | 12.2 | % | 13.0 | % | 12.3 | % | |||||||||
Operating income | 16.8 | % | 19.7 | % | 17.2 | % | 14.2 | % | 17.0 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care International | April 2, 2016 | July 2, 2016 | October 1, 2016 | December 31, 2016 | December 31, 2016 | ||||||||||||||
Net sales | $ | 420.1 | $ | 399.5 | $ | 358.3 | $ | 401.9 | $ | 1,579.8 | |||||||||
Gross profit | $ | 192.7 | $ | 182.1 | $ | 148.2 | $ | 145.1 | $ | 668.1 | |||||||||
R&D expense | $ | 10.5 | $ | 10.0 | $ | 10.5 | $ | 9.6 | $ | 40.6 | |||||||||
DSG&A expense | $ | 173.2 | $ | 167.2 | $ | 148.2 | $ | 160.0 | $ | 648.6 | |||||||||
Operating income (loss) | $ | (398.1 | ) | $ | 0.1 | $ | (1,617.5 | ) | $ | (68.9 | ) | $ | (2,084.4 | ) | |||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 45.9 | % | 45.6 | % | 41.4 | % | 36.1 | % | 42.3 | % | |||||||||
R&D expense | 2.5 | % | 2.5 | % | 2.9 | % | 2.4 | % | 2.6 | % | |||||||||
DSG&A expense | 41.2 | % | 41.9 | % | 41.4 | % | 39.8 | % | 41.1 | % | |||||||||
Operating income (loss) | (94.8 | )% | — | % | (451.5 | )% | (17.1 | )% | (131.9 | )% |
Three Months Ended | Year Ended | ||||||||||||||||||
Prescription Pharmaceuticals | April 2, 2016 | July 2, 2016 | October 1, 2016 | December 31, 2016 | December 31, 2016 | ||||||||||||||
Net sales | $ | 267.5 | $ | 293.3 | $ | 271.0 | $ | 283.4 | $ | 1,115.2 | |||||||||
Gross profit | $ | 127.9 | $ | 129.4 | $ | 121.8 | $ | 121.5 | $ | 500.6 | |||||||||
R&D expense | $ | 14.1 | $ | 16.6 | $ | 19.7 | $ | 12.0 | $ | 62.4 | |||||||||
DSG&A expense | $ | 25.2 | $ | 24.9 | $ | 29.5 | $ | 34.1 | $ | 113.7 | |||||||||
Operating income (loss) | $ | 88.6 | $ | 87.9 | $ | 72.6 | $ | (269.0 | ) | $ | (19.9 | ) | |||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 47.8 | % | 44.1 | % | 44.9 | % | 42.9 | % | 44.9 | % | |||||||||
R&D expense | 5.3 | % | 5.7 | % | 7.3 | % | 4.2 | % | 5.6 | % | |||||||||
DSG&A expense | 9.4 | % | 8.5 | % | 10.9 | % | 12.0 | % | 10.2 | % | |||||||||
Operating income (loss) | 33.1 | % | 30.0 | % | 26.8 | % | (94.9 | )% | (1.8 | )% |
1
PERRIGO COMPANY PLC
SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2017
(in millions)
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care Americas | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Net sales | $ | 582.8 | $ | 604.8 | $ | 598.8 | $ | 643.5 | $ | 2,429.9 | |||||||||
Gross profit | $ | 196.6 | $ | 210.0 | $ | 211.4 | $ | 225.7 | $ | 843.7 | |||||||||
R&D expense | $ | 16.6 | $ | 18.0 | $ | 13.8 | $ | 17.5 | $ | 65.9 | |||||||||
DSG&A expense | $ | 71.4 | $ | 75.7 | $ | 70.4 | $ | 61.6 | $ | 279.1 | |||||||||
Operating income | $ | 83.2 | $ | 110.5 | $ | 129.6 | $ | 147.6 | $ | 470.9 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 33.7 | % | 34.7 | % | 35.3 | % | 35.1 | % | 34.7 | % | |||||||||
R&D expense | 2.8 | % | 3.0 | % | 2.3 | % | 2.7 | % | 2.7 | % | |||||||||
DSG&A expense | 12.3 | % | 12.5 | % | 11.8 | % | 9.6 | % | 11.5 | % | |||||||||
Operating income | 14.3 | % | 18.3 | % | 21.6 | % | 22.9 | % | 19.4 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care International | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Net sales | $ | 354.7 | $ | 356.9 | $ | 343.0 | $ | 351.6 | $ | 1,406.2 | |||||||||
Gross profit | $ | 162.1 | $ | 167.3 | $ | 157.4 | $ | 164.4 | $ | 651.2 | |||||||||
R&D expense | $ | 10.4 | $ | 9.9 | $ | 10.3 | $ | 10.2 | $ | 40.8 | |||||||||
DSG&A expense | $ | 149.3 | $ | 152.2 | $ | 141.5 | $ | 147.9 | $ | 590.9 | |||||||||
Operating income (loss) | $ | (1.6 | ) | $ | (5.5 | ) | $ | 2.0 | $ | 2.4 | $ | (2.7 | ) | ||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 45.7 | % | 46.9 | % | 45.9 | % | 46.8 | % | 46.3 | % | |||||||||
R&D expense | 2.9 | % | 2.8 | % | 3.0 | % | 2.9 | % | 2.9 | % | |||||||||
DSG&A expense | 42.1 | % | 42.6 | % | 41.3 | % | 42.1 | % | 42.0 | % | |||||||||
Operating income (loss) | (0.5 | )% | (1.5 | )% | 0.6 | % | 0.7 | % | (0.2 | )% |
Three Months Ended | Year Ended | ||||||||||||||||||
Prescription Pharmaceuticals | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Net sales | $ | 237.6 | $ | 260.0 | $ | 273.0 | $ | 283.8 | $ | 1,054.4 | |||||||||
Gross profit | $ | 95.5 | $ | 119.6 | $ | 120.0 | $ | 119.5 | $ | 454.6 | |||||||||
R&D expense | $ | 11.1 | $ | 12.7 | $ | 12.4 | $ | 17.9 | $ | 54.1 | |||||||||
DSG&A expense | $ | 21.5 | $ | 11.8 | $ | 22.5 | $ | 35.4 | $ | 91.2 | |||||||||
Operating income | $ | 84.0 | $ | 74.8 | $ | 81.7 | $ | 65.6 | $ | 306.1 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 40.2 | % | 46.0 | % | 44.0 | % | 42.1 | % | 43.1 | % | |||||||||
R&D expense | 4.7 | % | 4.9 | % | 4.6 | % | 6.3 | % | 5.1 | % | |||||||||
DSG&A expense | 9.0 | % | 4.5 | % | 8.3 | % | 12.5 | % | 8.6 | % | |||||||||
Operating income | 35.4 | % | 28.8 | % | 29.9 | % | 23.1 | % | 29.0 | % |
2
PERRIGO COMPANY PLC
SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2018
(in millions)
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care Americas | March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | December 31, 2018 | ||||||||||||||
Net sales | $ | 601.6 | $ | 596.9 | $ | 596.2 | $ | 616.9 | $ | 2,411.6 | |||||||||
Gross profit | $ | 205.9 | $ | 202.5 | $ | 189.5 | $ | 191.1 | $ | 789.0 | |||||||||
R&D expense | $ | 15.2 | $ | 66.4 | $ | 13.8 | $ | 15.3 | $ | 110.7 | |||||||||
DSG&A expense | $ | 71.5 | $ | 72.4 | $ | 73.0 | $ | 65.4 | $ | 282.3 | |||||||||
Operating income (loss) | $ | 118.6 | $ | 64.6 | $ | (119.0 | ) | $ | 110.2 | $ | 174.4 | ||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 34.2 | % | 33.9 | % | 31.8 | % | 31.0 | % | 32.7 | % | |||||||||
R&D expense | 2.5 | % | 11.1 | % | 2.3 | % | 2.5 | % | 4.6 | % | |||||||||
DSG&A expense | 11.9 | % | 12.1 | % | 12.2 | % | 10.6 | % | 11.7 | % | |||||||||
Operating income (loss) | 19.7 | % | 10.8 | % | (20.0 | )% | 17.9 | % | 7.2 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care International | March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | December 31, 2018 | ||||||||||||||
Net sales | $ | 377.8 | $ | 357.9 | $ | 334.2 | $ | 329.4 | $ | 1,399.3 | |||||||||
Gross profit | $ | 185.9 | $ | 173.2 | $ | 158.6 | $ | 151.0 | $ | 668.7 | |||||||||
R&D expense | $ | 10.6 | $ | 11.2 | $ | 10.3 | $ | 11.8 | $ | 43.9 | |||||||||
DSG&A expense | $ | 162.4 | $ | 156.5 | $ | 134.9 | $ | 145.0 | $ | 598.8 | |||||||||
Operating income (loss) | $ | 12.3 | $ | 4.0 | $ | (4.7 | ) | $ | (4.8 | ) | $ | 6.8 | |||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 49.2 | % | 48.4 | % | 47.5 | % | 45.8 | % | 47.8 | % | |||||||||
R&D expense | 2.8 | % | 3.1 | % | 3.1 | % | 3.6 | % | 3.1 | % | |||||||||
DSG&A expense | 43.0 | % | 43.7 | % | 40.3 | % | 44.0 | % | 42.8 | % | |||||||||
Operating income (loss) | 3.3 | % | 1.1 | % | (1.4 | )% | (1.5 | )% | 0.5 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Prescription Pharmaceuticals | March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | December 31, 2018 | ||||||||||||||
Net sales | $ | 237.6 | $ | 231.6 | $ | 202.8 | $ | 248.8 | $ | 920.8 | |||||||||
Gross profit | $ | 100.9 | $ | 95.3 | $ | 76.8 | $ | 100.9 | $ | 373.9 | |||||||||
R&D expense | $ | 12.6 | $ | 14.4 | $ | 19.5 | $ | 17.5 | $ | 64.0 | |||||||||
DSG&A expense | $ | 24.1 | $ | 22.6 | $ | 20.7 | $ | 21.1 | $ | 88.5 | |||||||||
Operating income | $ | 61.2 | $ | 53.6 | $ | 36.1 | $ | 63.7 | $ | 214.6 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Gross profit | 42.5 | % | 41.1 | % | 37.9 | % | 40.6 | % | 40.6 | % | |||||||||
R&D expense | 5.3 | % | 6.2 | % | 9.6 | % | 7.0 | % | 6.9 | % | |||||||||
DSG&A expense | 10.1 | % | 9.8 | % | 10.2 | % | 8.5 | % | 9.6 | % | |||||||||
Operating income | 25.8 | % | 23.1 | % | 17.8 | % | 25.6 | % | 23.3 | % |
3
PERRIGO COMPANY PLC
SELECTED SEGMENT INFORMATION
FIRST QUARTER 2019
(in millions)
(unaudited)
Three Months Ended | |||
Consumer Self-Care Americas | March 30, 2019 | ||
Net sales | $ | 581.8 | |
Gross profit | $ | 184.0 | |
R&D expense | $ | 15.6 | |
DSG&A expense | $ | 73.3 | |
Operating income | $ | 94.2 | |
Selected ratios as a percentage of reported net sales | |||
Gross profit | 31.6 | % | |
R&D expense | 2.7 | % | |
DSG&A expense | 12.6 | % | |
Operating income | 16.2 | % |
Three Months Ended | |||
Consumer Self-Care International | March 30, 2019 | ||
Net sales | $ | 350.8 | |
Gross profit | $ | 168.4 | |
R&D expense | $ | 10.3 | |
DSG&A expense | $ | 149.4 | |
Operating income | $ | 8.1 | |
Selected ratios as a percentage of reported net sales | |||
Gross profit | 48.0 | % | |
R&D expense | 2.9 | % | |
DSG&A expense | 42.6 | % | |
Operating income | 2.3 | % |
Three Months Ended | |||
Prescription Pharmaceuticals | March 30, 2019 | ||
Net sales | $ | 241.9 | |
Gross profit | $ | 96.4 | |
R&D expense | $ | 14.3 | |
DSG&A expense | $ | 21.6 | |
Operating income | $ | 60.6 | |
Selected ratios as a percentage of reported net sales | |||
Gross profit | 39.9 | % | |
R&D expense | 5.9 | % | |
DSG&A expense | 8.9 | % | |
Operating income | 25.1 | % |
4
PERRIGO COMPANY PLC
ADJUSTED SELECTED SEGMENT INFORMATION(1)
QUARTERS AND FISCAL YEAR 2016
(in millions)
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care Americas | April 2, 2016 | July 2, 2016 | October 1, 2016 | December 31, 2016 | December 31, 2016 | ||||||||||||||
Adjusted net sales | $ | 592.0 | $ | 587.8 | $ | 590.2 | N/A | $ | 2,396.8 | ||||||||||
Adjusted gross profit | $ | 211.3 | $ | 233.8 | $ | 215.2 | $ | 228.2 | $ | 888.5 | |||||||||
Adjusted R&D expense | $ | 18.3 | $ | 18.3 | $ | 18.1 | N/A | $ | 72.9 | ||||||||||
Adjusted DSG&A expense | $ | 65.5 | $ | 69.2 | $ | 65.9 | $ | 65.0 | $ | 265.6 | |||||||||
Adjusted operating income | $ | 127.4 | $ | 146.3 | $ | 131.3 | $ | 145.0 | $ | 550.0 | |||||||||
Selected ratios as a percentage of adjusted net sales | |||||||||||||||||||
Adjusted gross profit | 35.7 | % | 39.8 | % | 36.5 | % | 36.4 | % | 37.1 | % | |||||||||
Adjusted R&D expense | 3.1 | % | 3.1 | % | 3.1 | % | N/A | 3.0 | % | ||||||||||
Adjusted DSG&A expense | 11.1 | % | 11.8 | % | 11.2 | % | 10.4 | % | 11.1 | % | |||||||||
Adjusted operating income | 21.5 | % | 24.9 | % | 22.2 | % | 23.1 | % | 22.9 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care International | April 2, 2016 | July 2, 2016 | October 1, 2016 | December 31, 2016 | December 31, 2016 | ||||||||||||||
Adjusted net sales | N/A | $ | 399.4 | $ | 358.1 | N/A | $ | 1,579.5 | |||||||||||
Adjusted gross profit | $ | 205.6 | $ | 200.1 | $ | 165.2 | $ | 169.2 | $ | 740.1 | |||||||||
Adjusted R&D expense | $ | 10.3 | $ | 9.8 | $ | 10.1 | $ | 9.5 | $ | 39.7 | |||||||||
Adjusted DSG&A expense | $ | 142.2 | $ | 134.1 | $ | 116.8 | $ | 124.7 | $ | 517.8 | |||||||||
Adjusted operating income | $ | 53.0 | $ | 56.2 | $ | 38.3 | $ | 35.1 | $ | 182.6 | |||||||||
Selected ratios as a percentage of adjusted net sales | |||||||||||||||||||
Adjusted gross profit | 48.9 | % | 50.1 | % | 46.1 | % | 42.1 | % | 46.9 | % | |||||||||
Adjusted R&D expense | 2.5 | % | 2.4 | % | 2.8 | % | 2.4 | % | 2.5 | % | |||||||||
Adjusted DSG&A expense | 33.9 | % | 33.6 | % | 32.6 | % | 31.0 | % | 32.8 | % | |||||||||
Adjusted operating income | 12.6 | % | 14.1 | % | 10.7 | % | 8.7 | % | 11.6 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Prescription Pharmaceuticals | April 2, 2016 | July 2, 2016 | October 1, 2016 | December 31, 2016 | December 31, 2016 | ||||||||||||||
Adjusted gross profit | $ | 153.2 | $ | 155.2 | $ | 148.9 | $ | 149.9 | $ | 607.2 | |||||||||
Adjusted DSG&A expense | $ | 24.9 | N/A | $ | 24.3 | $ | 24.9 | $ | 99.0 | ||||||||||
Adjusted operating income | $ | 114.3 | $ | 113.7 | $ | 104.9 | $ | 113.0 | $ | 445.9 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 57.3 | % | 52.9 | % | 55.0 | % | 52.9 | % | 54.5 | % | |||||||||
Adjusted DSG&A expense | 9.3 | % | N/A | 9.0 | % | 8.8 | % | 8.9 | % | ||||||||||
Adjusted operating income | 42.7 | % | 38.8 | % | 38.7 | % | 39.8 | % | 40.0 | % | |||||||||
(1) See Table I for reconciliation to GAAP numbers |
5
PERRIGO COMPANY PLC
ADJUSTED SELECTED SEGMENT INFORMATION(1)
QUARTERS AND FISCAL YEAR 2017
(in millions)
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care Americas | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Adjusted gross profit | $ | 209.0 | $ | 222.1 | $ | 223.5 | $ | 237.8 | $ | 892.4 | |||||||||
Adjusted DSG&A expense | $ | 66.6 | $ | 70.9 | $ | 65.6 | $ | 65.3 | $ | 268.4 | |||||||||
Adjusted operating income | $ | 125.7 | $ | 133.3 | $ | 144.1 | $ | 155.0 | $ | 558.1 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 35.9 | % | 36.7 | % | 37.3 | % | 37.0 | % | 36.7 | % | |||||||||
Adjusted DSG&A expense | 11.4 | % | 11.7 | % | 10.9 | % | 10.1 | % | 11.0 | % | |||||||||
Adjusted operating income | 21.6 | % | 22.0 | % | 24.1 | % | 24.1 | % | 23.0 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care International | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Adjusted gross profit | $ | 182.4 | $ | 187.8 | $ | 178.9 | $ | 186.1 | $ | 735.2 | |||||||||
Adjusted R&D expense | $ | 10.2 | $ | 9.5 | $ | 10.0 | $ | 9.9 | $ | 39.6 | |||||||||
Adjusted DSG&A expense | $ | 122.8 | $ | 124.4 | $ | 112.0 | $ | 120.8 | $ | 480.0 | |||||||||
Adjusted operating income | $ | 49.5 | $ | 53.8 | $ | 57.0 | $ | 55.4 | $ | 215.7 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 51.4 | % | 52.6 | % | 52.2 | % | 52.9 | % | 52.3 | % | |||||||||
Adjusted R&D expense | 2.9 | % | 2.7 | % | 2.9 | % | 2.8 | % | 2.8 | % | |||||||||
Adjusted DSG&A expense | 34.6 | % | 34.9 | % | 32.6 | % | 34.3 | % | 34.1 | % | |||||||||
Adjusted operating income | 13.9 | % | 15.1 | % | 16.6 | % | 15.8 | % | 15.3 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Prescription Pharmaceuticals | April 1, 2017 | July 1, 2017 | September 30, 2017 | December 31, 2017 | December 31, 2017 | ||||||||||||||
Adjusted gross profit | $ | 117.8 | $ | 142.1 | $ | 141.2 | $ | 141.2 | $ | 542.3 | |||||||||
Adjusted DSG&A expense | $ | 21.4 | $ | 20.5 | $ | 22.4 | $ | 25.7 | $ | 90.0 | |||||||||
Adjusted operating income | $ | 85.3 | $ | 108.9 | $ | 106.3 | $ | 97.6 | $ | 398.1 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 49.6 | % | 54.7 | % | 51.7 | % | 49.7 | % | 51.4 | % | |||||||||
Adjusted DSG&A expense | 9.0 | % | 7.9 | % | 8.2 | % | 9.1 | % | 8.5 | % | |||||||||
Adjusted operating income | 35.9 | % | 41.9 | % | 39.0 | % | 34.4 | % | 37.8 | % | |||||||||
(1) See Table I for reconciliation to GAAP numbers |
6
PERRIGO COMPANY PLC
ADJUSTED SELECTED SEGMENT INFORMATION(1)
QUARTERS AND FISCAL YEAR 2018
(in millions)
(unaudited)
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care Americas | March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | December 31, 2018 | ||||||||||||||
Adjusted gross profit | $ | 216.4 | $ | 213.1 | $ | 200.1 | $ | 196.6 | $ | 826.2 | |||||||||
Adjusted R&D expense | N/A | $ | 16.4 | N/A | N/A | $ | 60.7 | ||||||||||||
Adjusted DSG&A expense | $ | 66.8 | $ | 67.6 | $ | 68.3 | $ | 60.7 | $ | 263.4 | |||||||||
Adjusted operating income | $ | 134.3 | $ | 129.0 | $ | 118.0 | $ | 120.7 | $ | 502.0 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 36.0 | % | 35.7 | % | 33.6 | % | 31.9 | % | 34.3 | % | |||||||||
Adjusted R&D expense | N/A | 2.7 | % | N/A | N/A | 2.5 | % | ||||||||||||
Adjusted DSG&A expense | 11.1 | % | 11.3 | % | 11.4 | % | 9.8 | % | 10.9 | % | |||||||||
Adjusted operating income | 22.3 | % | 21.6 | % | 19.8 | % | 19.6 | % | 20.8 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Consumer Self-Care International | March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | December 31, 2018 | ||||||||||||||
Adjusted gross profit | $ | 208.4 | $ | 195.0 | $ | 179.8 | $ | 171.9 | $ | 755.1 | |||||||||
Adjusted R&D expense | $ | 10.3 | $ | 10.9 | $ | 10.1 | $ | 11.6 | $ | 42.9 | |||||||||
Adjusted DSG&A expense | $ | 132.7 | $ | 128.1 | $ | 105.6 | $ | 117.7 | $ | 484.1 | |||||||||
Adjusted operating income | $ | 65.4 | $ | 55.9 | $ | 64.2 | $ | 42.6 | $ | 228.1 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 55.2 | % | 54.5 | % | 53.8 | % | 52.2 | % | 54.0 | % | |||||||||
Adjusted R&D expense | 2.7 | % | 3.0 | % | 3.0 | % | 3.5 | % | 3.1 | % | |||||||||
Adjusted DSG&A expense | 35.1 | % | 35.8 | % | 31.6 | % | 35.7 | % | 34.6 | % | |||||||||
Adjusted operating income | 17.3 | % | 15.6 | % | 19.2 | % | 12.9 | % | 16.3 | % |
Three Months Ended | Year Ended | ||||||||||||||||||
Prescription Pharmaceuticals | March 31, 2018 | June 30, 2018 | September 29, 2018 | December 31, 2018 | December 31, 2018 | ||||||||||||||
Adjusted gross profit | $ | 121.8 | $ | 115.9 | $ | 97.4 | $ | 121.9 | $ | 457.0 | |||||||||
Adjusted DSG&A expense | N/A | $ | 22.4 | $ | 20.6 | $ | 20.9 | $ | 88.0 | ||||||||||
Adjusted operating income | $ | 85.1 | $ | 79.1 | $ | 57.4 | $ | 83.4 | $ | 305.0 | |||||||||
Selected ratios as a percentage of reported net sales | |||||||||||||||||||
Adjusted gross profit | 51.2 | % | 50.0 | % | 48.1 | % | 49.0 | % | 49.6 | % | |||||||||
Adjusted DSG&A expense | N/A | 9.7 | % | 10.1 | % | 8.4 | % | 9.6 | % | ||||||||||
Adjusted operating income | 35.8 | % | 34.1 | % | 28.3 | % | 33.5 | % | 33.1 | % | |||||||||
(1) See Table I for reconciliation to GAAP numbers |
7
PERRIGO COMPANY PLC
ADJUSTED SELECTED SEGMENT INFORMATION(1)
FIRST QUARTER 2019
(in millions)
(unaudited)
Three Months Ended | |||
Consumer Self-Care Americas | March 30, 2019 | ||
Adjusted gross profit | $ | 189.4 | |
Adjusted DSG&A expense | $ | 67.4 | |
Adjusted operating income | $ | 106.3 | |
Selected ratios as a percentage of reported net sales | |||
Adjusted gross profit | 32.5 | % | |
Adjusted DSG&A expense | 11.6 | % | |
Adjusted operating income | 18.3 | % |
Three Months Ended | |||
Consumer Self-Care International | March 30, 2019 | ||
Adjusted gross profit | $ | 189.2 | |
Adjusted R&D expense | $ | 10.2 | |
Adjusted DSG&A expense | $ | 124.9 | |
Adjusted operating income | $ | 54.1 | |
Selected ratios as a percentage of reported net sales | |||
Adjusted gross profit | 53.9 | % | |
Adjusted R&D expense | 2.9 | % | |
Adjusted DSG&A expense | 35.6 | % | |
Adjusted operating income | 15.4 | % |
Three Months Ended | |||
Prescription Pharmaceuticals | March 30, 2019 | ||
Adjusted gross profit | $ | 117.6 | |
Adjusted DSG&A expense | $ | 21.5 | |
Adjusted operating income | $ | 81.9 | |
Selected ratios as a percentage of reported net sales | |||
Adjusted gross profit | 48.6 | % | |
Adjusted DSG&A expense | 8.9 | % | |
Adjusted operating income | 33.9 | % | |
(1) See Table I for reconciliation to GAAP numbers |
8
Table I | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2016 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
April 2, 2016 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 639.1 | $ | 202.7 | $ | 18.9 | $ | 74.9 | $ | 107.3 | |||||
As a % of reported net sales | 31.7 | % | 3.0 | % | 11.7 | % | 16.8 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 12.8 | $ | — | $ | (5.3 | ) | $ | 18.1 | ||||
Operating results attributable to held-for-sale business* | (47.1 | ) | (7.0 | ) | (0.6 | ) | (3.9 | ) | (2.5 | ) | |||||
Restructuring charges and other termination benefits | — | — | — | — | 1.5 | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 2.8 | — | (0.2 | ) | 3.0 | |||||||||
Adjusted | $ | 592.0 | $ | 211.3 | $ | 18.3 | $ | 65.5 | $ | 127.4 | |||||
As a % of adjusted net sales | 35.7 | % | 3.1 | % | 11.1 | % | 21.5 | % | |||||||
* Held-for-sale business includes U.S. VMS business. | |||||||||||||||
Three Months Ended | |||||||||||||||
July 2, 2016 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 629.9 | $ | 227.5 | $ | 18.8 | $ | 77.9 | $ | 124.4 | |||||
As a % of reported net sales | 36.1 | % | 3.0 | % | 12.4 | % | 19.7 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 12.4 | $ | — | $ | (5.1 | ) | $ | 17.5 | ||||
Impairment charges | — | — | — | — | 6.2 | ||||||||||
Operating results attributable to held-for-sale business* | (42.1 | ) | (7.2 | ) | (0.5 | ) | (3.7 | ) | (3.1 | ) | |||||
Restructuring charges and other termination benefits | — | — | — | — | 0.3 | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 1.1 | — | 0.1 | 1.0 | ||||||||||
Adjusted | $ | 587.8 | $ | 233.8 | $ | 18.3 | $ | 69.2 | $ | 146.3 | |||||
As a % of adjusted net sales | 39.8 | % | 3.1 | % | 11.8 | % | 24.9 | % | |||||||
* Held-for-sale business includes U.S. VMS business. | |||||||||||||||
Three Months Ended | |||||||||||||||
October 1, 2016 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 611.2 | $ | 205.2 | $ | 18.3 | $ | 74.6 | $ | 105.0 | |||||
As a % of reported net sales | 33.6 | % | 3.0 | % | 12.2 | % | 17.2 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 12.6 | $ | — | $ | (5.1 | ) | $ | 17.7 | ||||
Impairment charges | — | — | — | — | 3.4 | ||||||||||
Operating results attributable to held-for-sale business* | (21.0 | ) | (3.4 | ) | (0.2 | ) | (3.1 | ) | (0.1 | ) | |||||
Restructuring charges and other termination benefits | — | — | — | — | 4.0 | ||||||||||
Unusual litigation | — | — | — | — | — | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 0.8 | — | (0.5 | ) | 1.3 | |||||||||
Adjusted | $ | 590.2 | $ | 215.2 | $ | 18.1 | $ | 65.9 | $ | 131.3 | |||||
As a % of adjusted net sales | 36.5 | % | 3.1 | % | 11.2 | % | 22.2 | % | |||||||
* Held-for-sale business includes U.S. VMS business. |
9
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2016 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
December 31, 2016 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 626.8 | $ | 215.6 | $ | 18.2 | $ | 81.5 | $ | 88.9 | |||||
As a % of reported net sales | 34.4 | % | 2.9 | % | 13.0 | % | 14.2 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 12.6 | $ | (5.1 | ) | $ | 17.7 | ||||||||
Impairment charges | — | — | (0.1 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 27.1 | ||||||||||||
Unusual litigation | — | (10.2 | ) | 10.2 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (1.2 | ) | 1.2 | |||||||||||
Adjusted | $ | 228.2 | $ | 65.0 | $ | 145.0 | |||||||||
As a % of reported net sales | 36.4 | % | 10.4 | % | 23.1 | % | |||||||||
Year Ended | |||||||||||||||
December 31, 2016 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 2,507.0 | $ | 851.0 | $ | 74.2 | $ | 308.9 | $ | 425.6 | |||||
As a % of reported net sales | 33.9 | % | 3.0 | % | 12.3 | % | 17.0 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 50.4 | $ | — | $ | (20.6 | ) | $ | 71.0 | ||||
Impairment charges | — | — | — | — | 9.5 | ||||||||||
Operating results attributable to held-for-sale business* | (110.2 | ) | (17.6 | ) | (1.3 | ) | (10.7 | ) | (5.7 | ) | |||||
Restructuring charges and other termination benefits | — | — | — | — | 32.9 | ||||||||||
Unusual litigation | — | — | — | (10.2 | ) | 10.2 | |||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 4.7 | — | (1.8 | ) | 6.5 | |||||||||
Adjusted | $ | 2,396.8 | $ | 888.5 | $ | 72.9 | $ | 265.6 | $ | 550.0 | |||||
As a % of adjusted net sales | 37.1 | % | 3.0 | % | 11.1 | % | 22.9 | % | |||||||
* Held-for-sale business includes U.S. VMS business. | |||||||||||||||
Three Months Ended | |||||||||||||||
April 2, 2016 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 420.1 | $ | 192.7 | $ | 10.5 | $ | 173.2 | $ | (398.1 | ) | ||||
As a % of reported net sales | 45.9 | % | 2.5 | % | 41.2 | % | (94.8 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 12.9 | $ | (0.2 | ) | $ | (29.7 | ) | $ | 42.8 | |||||
Impairment charges | — | — | — | 403.9 | |||||||||||
Restructuring charges and other termination benefits | — | — | — | 3.1 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (1.3 | ) | 1.3 | ||||||||||
Adjusted | $ | 205.6 | $ | 10.3 | $ | 142.2 | $ | 53.0 | |||||||
As a % of reported net sales | 48.9 | % | 2.5 | % | 33.9 | % | 12.6 | % |
10
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2016 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
July 2, 2016 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 399.5 | $ | 182.1 | $ | 10.0 | $ | 167.2 | $ | 0.1 | |||||
As a % of reported net sales | 45.6 | % | 2.5 | % | 41.9 | % | — | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 17.3 | $ | (0.2 | ) | $ | (29.3 | ) | $ | 46.8 | |||
Operating results attributable to held-for-sale business* | (0.1 | ) | 0.7 | — | (4.0 | ) | 4.7 | ||||||||
Restructuring charges and other termination benefits | — | — | — | — | 4.8 | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | 0.2 | (0.2 | ) | |||||||||
Adjusted | $ | 399.4 | $ | 200.1 | $ | 9.8 | $ | 134.1 | $ | 56.2 | |||||
As a % of adjusted net sales | 50.1 | % | 2.4 | % | 33.6 | % | 14.1 | % | |||||||
* Held-for-sale business includes the European Sports Brand. | |||||||||||||||
Three Months Ended | |||||||||||||||
October 1, 2016 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 358.3 | $ | 148.2 | $ | 10.5 | $ | 148.2 | $ | (1,617.5 | ) | ||||
As a % of reported net sales | 41.4 | % | 2.9 | % | 41.4 | % | (451.5 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 16.9 | $ | (0.4 | ) | $ | (28.8 | ) | $ | 46.1 | |||
Impairment charges | — | — | — | — | 1,604.5 | ||||||||||
Operating results attributable to held-for-sale business* | (0.2 | ) | 0.1 | — | (2.8 | ) | 2.9 | ||||||||
Restructuring charges and other termination benefits | — | — | — | — | 2.5 | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | 0.2 | (0.2 | ) | |||||||||
Adjusted | $ | 358.1 | $ | 165.2 | $ | 10.1 | $ | 116.8 | $ | 38.3 | |||||
As a % of adjusted net sales | 46.1 | % | 2.8 | % | 32.6 | % | 10.7 | % | |||||||
* Held-for-sale business includes the European Sports Brand. |
11
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2016 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
December 31, 2016 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 401.9 | $ | 145.1 | $ | 9.6 | $ | 160.0 | $ | (68.9 | ) | ||||
As a % of reported net sales | 36.1 | % | 2.4 | % | 39.8 | % | (17.1 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 20.6 | $ | (0.1 | ) | $ | (27.5 | ) | $ | 48.2 | |||||
Impairment charges | — | — | — | 34.0 | |||||||||||
Operating results attributable to held-for-sale business* | 3.5 | — | (6.8 | ) | 10.3 | ||||||||||
Restructuring charges and other termination benefits | — | — | — | 10.5 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (1.0 | ) | 1.0 | ||||||||||
Adjusted | $ | 169.2 | $ | 9.5 | $ | 124.7 | $ | 35.1 | |||||||
As a % of reported net sales | 42.1 | % | 2.4 | % | 31.0 | % | 8.7 | % | |||||||
* Held-for-sale business includes the European Sports Brand. | |||||||||||||||
Year Ended | |||||||||||||||
December 31, 2016 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 1,579.8 | $ | 668.1 | $ | 40.6 | $ | 648.6 | $ | (2,084.4 | ) | ||||
As a % of reported net sales | 42.3 | % | 2.6 | % | 41.1 | % | (131.9 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | — | $ | 67.7 | $ | (0.9 | ) | $ | (115.3 | ) | $ | 183.9 | |||
Impairment charges | — | — | — | — | 2,042.4 | ||||||||||
Operating results attributable to held-for-sale business* | (0.3 | ) | 4.3 | — | (13.6 | ) | 17.9 | ||||||||
Restructuring charges and other termination benefits | — | — | — | — | 20.9 | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | (1.9 | ) | 1.9 | |||||||||
Adjusted | $ | 1,579.5 | $ | 740.1 | $ | 39.7 | $ | 517.8 | $ | 182.6 | |||||
As a % of adjusted net sales | 46.9 | % | 2.5 | % | 32.8 | % | 11.6 | % | |||||||
* Held-for-sale business includes the European Sports Brand. | |||||||||||||||
Three Months Ended | |||||||||||||||
April 2, 2016 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 267.5 | $ | 127.9 | $ | 14.1 | $ | 25.2 | $ | 88.6 | |||||
As a % of reported net sales | 47.8 | % | 5.3 | % | 9.4 | % | 33.1 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 25.3 | $ | (0.2 | ) | $ | 25.6 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (0.1 | ) | 0.1 | |||||||||||
Adjusted | $ | 153.2 | $ | 24.9 | $ | 114.3 | |||||||||
As a % of reported net sales | 57.3 | % | 9.3 | % | 42.7 | % | |||||||||
12
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2016 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
July 2, 2016 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 293.3 | $ | 129.4 | $ | 16.6 | $ | 24.9 | $ | 87.9 | |||||
As a % of reported net sales | 44.1 | % | 5.7 | % | 8.5 | % | 30.0 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 25.8 | $ | 25.8 | |||||||||||
Adjusted | $ | 155.2 | $ | 113.7 | |||||||||||
As a % of reported net sales | 52.9 | % | 38.8 | % | |||||||||||
Three Months Ended | |||||||||||||||
October 1, 2016 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 271.0 | $ | 121.8 | $ | 19.7 | $ | 29.5 | $ | 72.6 | |||||
As a % of reported net sales | 44.9 | % | 7.3 | % | 10.9 | % | 26.8 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 27.1 | $ | (0.2 | ) | $ | 27.3 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (5.0 | ) | 5.0 | |||||||||||
Adjusted | $ | 148.9 | $ | 24.3 | $ | 104.9 | |||||||||
As a % of reported net sales | 55.0 | % | 9.0 | % | 38.7 | % | |||||||||
Three Months Ended | |||||||||||||||
December 31, 2016 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 283.4 | $ | 121.5 | $ | 12.0 | $ | 34.1 | $ | (269.0 | ) | ||||
As a % of reported net sales | 42.9 | % | 4.2 | % | 12.0 | % | (94.9 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 28.4 | $ | (0.1 | ) | $ | 28.5 | ||||||||
Impairment charges | — | — | 342.4 | ||||||||||||
Restructuring charges and other termination benefits | — | — | 2.0 | ||||||||||||
Unusual litigation | — | (8.2 | ) | 8.2 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (0.9 | ) | 0.9 | |||||||||||
Adjusted | $ | 149.9 | $ | 24.9 | $ | 113.0 | |||||||||
As a % of reported net sales | 52.9 | % | 8.8 | % | 39.8 | % | |||||||||
13
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2016 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Year Ended | |||||||||||||||
December 31, 2016 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 1,115.2 | $ | 500.6 | $ | 62.4 | $ | 113.7 | $ | (19.9 | ) | ||||
As a % of reported net sales | 44.9 | % | 5.6 | % | 10.2 | % | (1.8 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 106.6 | $ | (0.5 | ) | $ | 107.2 | ||||||||
Impairment charges | — | — | 342.4 | ||||||||||||
Restructuring charges and other termination benefits | — | — | 2.0 | ||||||||||||
Unusual litigation | — | (8.2 | ) | 8.2 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (6.0 | ) | 6.0 | |||||||||||
Adjusted | $ | 607.2 | $ | 99.0 | $ | 445.9 | |||||||||
As a % of reported net sales | 54.5 | % | 8.9 | % | 40.0 | % |
14
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2017 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
April 1, 2017 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 582.8 | $ | 196.6 | $ | 16.6 | $ | 71.4 | $ | 83.2 | |||||
As a % of reported net sales | 33.7 | % | 2.8 | % | 12.3 | % | 14.3 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 12.4 | $ | (4.8 | ) | $ | 17.2 | ||||||||
Restructuring charges and other termination benefits | — | — | 23.7 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 1.6 | ||||||||||||
Adjusted | $ | 209.0 | $ | 66.6 | $ | 125.7 | |||||||||
As a % of reported net sales | 35.9 | % | 11.4 | % | 21.6 | % | |||||||||
Three Months Ended | |||||||||||||||
July 1, 2017 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 604.8 | $ | 210.0 | $ | 18.0 | $ | 75.7 | $ | 110.5 | |||||
As a % of reported net sales | 34.7 | % | 3.0 | % | 12.5 | % | 18.3 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 12.1 | $ | (4.8 | ) | $ | 16.9 | ||||||||
Impairment charges | — | — | 4.1 | ||||||||||||
Restructuring charges and other termination benefits | — | — | 4.3 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (2.5 | ) | |||||||||||
Adjusted | $ | 222.1 | $ | 70.9 | $ | 133.3 | |||||||||
As a % of reported net sales | 36.7 | % | 11.7 | % | 22.0 | % | |||||||||
Three Months Ended | |||||||||||||||
September 30, 2017 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 598.8 | $ | 211.4 | $ | 13.8 | $ | 70.4 | $ | 129.6 | |||||
As a % of reported net sales | 35.3 | % | 2.3 | % | 11.8 | % | 21.6 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 12.1 | $ | (4.8 | ) | $ | 16.9 | ||||||||
Impairment charges | — | — | 0.4 | ||||||||||||
Restructuring charges and other termination benefits | — | — | (0.8 | ) | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (2.0 | ) | |||||||||||
Adjusted | $ | 223.5 | $ | 65.6 | $ | 144.1 | |||||||||
As a % of reported net sales | 37.3 | % | 10.9 | % | 24.1 | % | |||||||||
15
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2017 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
December 31, 2017 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 643.5 | $ | 225.7 | $ | 17.5 | $ | 61.6 | $ | 147.6 | |||||
As a % of reported net sales | 35.1 | % | 2.7 | % | 9.6 | % | 22.9 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 12.1 | $ | (4.8 | ) | $ | 16.9 | ||||||||
Unusual litigation | — | 10.2 | (10.2 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 0.2 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (1.7 | ) | 0.5 | |||||||||||
Adjusted | $ | 237.8 | $ | 65.3 | $ | 155.0 | |||||||||
As a % of reported net sales | 37.0 | % | 10.1 | % | 24.1 | % | |||||||||
Year Ended | |||||||||||||||
December 31, 2017 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 2,429.9 | $ | 843.7 | $ | 65.9 | $ | 279.1 | $ | 470.9 | |||||
As a % of reported net sales | 34.7 | % | 2.7 | % | 11.5 | % | 19.4 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 48.7 | $ | (19.2 | ) | $ | 67.9 | ||||||||
Impairment charges | — | — | 4.5 | ||||||||||||
Unusual litigation | — | 10.2 | (10.2 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 27.4 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (1.7 | ) | (2.4 | ) | ||||||||||
Adjusted | $ | 892.4 | $ | 268.4 | $ | 558.1 | |||||||||
As a % of reported net sales | 36.7 | % | 11.0 | % | 23.0 | % | |||||||||
Three Months Ended | |||||||||||||||
April 1, 2017 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 354.7 | $ | 162.1 | $ | 10.4 | $ | 149.3 | $ | (1.6 | ) | ||||
As a % of reported net sales | 45.7 | % | 2.9 | % | 42.1 | % | (0.5 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 19.8 | $ | (0.2 | ) | $ | (26.5 | ) | $ | 46.6 | |||||
Impairment charges | — | — | — | 1.1 | |||||||||||
Operating results attributable to held-for-sale business* | 0.5 | — | — | 0.5 | |||||||||||
Restructuring charges and other termination benefits | — | — | — | 2.9 | |||||||||||
Adjusted | $ | 182.4 | $ | 10.2 | $ | 122.8 | $ | 49.5 | |||||||
As a % of reported net sales | 51.4 | % | 2.9 | % | 34.6 | % | 13.9 | % | |||||||
* Held-for-sale business includes the European Sports Brand. |
16
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2017 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
July 1, 2017 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 356.9 | $ | 167.3 | $ | 9.9 | $ | 152.2 | $ | (5.5 | ) | ||||
As a % of reported net sales | 46.9 | % | 2.8 | % | 42.6 | % | (1.5 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 20.5 | $ | (0.4 | ) | $ | (27.8 | ) | $ | 48.6 | |||||
Impairment charges | — | — | — | 3.7 | |||||||||||
Restructuring charges and other termination benefits | — | — | — | 6.4 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | — | 0.6 | |||||||||||
Adjusted | $ | 187.8 | $ | 9.5 | $ | 124.4 | $ | 53.8 | |||||||
As a % of reported net sales | 52.6 | % | 2.7 | % | 34.9 | % | 15.1 | % | |||||||
Three Months Ended | |||||||||||||||
September 30, 2017 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 343.0 | $ | 157.4 | $ | 10.3 | $ | 141.5 | $ | 2.0 | |||||
As a % of reported net sales | 45.9 | % | 3.0 | % | 41.3 | % | 0.6 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.5 | $ | (0.3 | ) | $ | (29.5 | ) | $ | 51.5 | |||||
Restructuring charges and other termination benefits | — | — | — | 3.5 | |||||||||||
Adjusted | $ | 178.9 | $ | 10.0 | $ | 112.0 | $ | 57.0 | |||||||
As a % of reported net sales | 52.2 | % | 2.9 | % | 32.6 | % | 16.6 | % | |||||||
Three Months Ended | |||||||||||||||
December 31, 2017 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 351.6 | $ | 164.4 | $ | 10.2 | $ | 147.9 | $ | 2.4 | |||||
As a % of reported net sales | 46.8 | % | 2.9 | % | 42.1 | % | 0.7 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.7 | $ | (0.3 | ) | $ | (29.5 | ) | $ | 51.4 | |||||
Restructuring charges and other termination benefits | — | — | — | 3.6 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 2.4 | (2.0 | ) | ||||||||||
Adjusted | $ | 186.1 | $ | 9.9 | $ | 120.8 | $ | 55.4 | |||||||
As a % of reported net sales | 52.9 | % | 2.8 | % | 34.3 | % | 15.8 | % | |||||||
17
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2017 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Year Ended | |||||||||||||||
December 31, 2017 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 1,406.2 | $ | 651.2 | $ | 40.8 | $ | 590.9 | $ | (2.7 | ) | ||||
As a % of reported net sales | 46.3 | % | 2.9 | % | 42.0 | % | (0.2 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 83.5 | $ | (1.2 | ) | $ | (113.3 | ) | $ | 198.1 | |||||
Impairment charges | — | — | — | 4.8 | |||||||||||
Operating results attributable to held-for-sale business* | 0.5 | — | — | 0.5 | |||||||||||
Restructuring charges and other termination benefits | — | — | — | 16.4 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 2.4 | (1.4 | ) | ||||||||||
Adjusted | $ | 735.2 | $ | 39.6 | $ | 480.0 | $ | 215.7 | |||||||
As a % of reported net sales | 52.3 | % | 2.8 | % | 34.1 | % | 15.3 | % | |||||||
* Held-for-sale business includes the European Sports Brand. |
Three Months Ended | |||||||||||||||
April 1, 2017 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 237.6 | $ | 95.5 | $ | 11.1 | $ | 21.5 | $ | 84.0 | |||||
As a % of reported net sales | 40.2 | % | 4.7 | % | 9.0 | % | 35.4 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 22.4 | $ | (0.1 | ) | $ | 22.6 | ||||||||
Impairment charges | — | — | 11.1 | ||||||||||||
Gain/loss on divestitures | — | — | (21.8 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 5.6 | ||||||||||||
Operating results attributable to held-for-sale business | (0.1 | ) | — | (0.1 | ) | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (16.1 | ) | |||||||||||
Adjusted | $ | 117.8 | $ | 21.4 | $ | 85.3 | |||||||||
As a % of reported net sales | 49.6 | % | 9.0 | % | 35.9 | % | |||||||||
Three Months Ended | |||||||||||||||
July 1, 2017 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 260.0 | $ | 119.6 | $ | 12.7 | $ | 11.8 | $ | 74.8 | |||||
As a % of reported net sales | 46.0 | % | 4.9 | % | 4.5 | % | 28.8 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 22.5 | $ | (0.1 | ) | $ | 22.6 | ||||||||
Unusual litigation | — | 8.8 | (8.8 | ) | |||||||||||
Impairment charges | — | — | 19.6 | ||||||||||||
Gain/loss on divestitures | — | — | (1.1 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 0.4 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 1.4 | ||||||||||||
Adjusted | $ | 142.1 | $ | 20.5 | $ | 108.9 | |||||||||
As a % of reported net sales | 54.7 | % | 7.9 | % | 41.9 | % |
18
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2017 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
September 30, 2017 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 273.0 | $ | 120.0 | $ | 12.4 | $ | 22.5 | $ | 81.7 | |||||
As a % of reported net sales | 44.0 | % | 4.6 | % | 8.3 | % | 29.9 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.2 | $ | (0.1 | ) | $ | 21.3 | ||||||||
Impairment charges | — | — | 4.0 | ||||||||||||
Restructuring charges and other termination benefits | — | — | 0.2 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (0.9 | ) | |||||||||||
Adjusted | $ | 141.2 | $ | 22.4 | $ | 106.3 | |||||||||
As a % of reported net sales | 51.7 | % | 8.2 | % | 39.0 | % | |||||||||
Three Months Ended | |||||||||||||||
December 31, 2017 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 283.8 | $ | 119.5 | $ | 17.9 | $ | 35.4 | $ | 65.6 | |||||
As a % of reported net sales | 42.1 | % | 6.3 | % | 12.5 | % | 23.1 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.7 | $ | 0.3 | $ | 21.3 | |||||||||
Unusual litigation | — | (10.0 | ) | 10.0 | |||||||||||
Impairment charges | — | — | 0.1 | ||||||||||||
Gain/loss on divestitures | — | — | (0.3 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 0.2 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 0.7 | ||||||||||||
Adjusted | $ | 141.2 | $ | 25.7 | $ | 97.6 | |||||||||
As a % of reported net sales | 49.7 | % | 9.1 | % | 34.4 | % | |||||||||
Year Ended | |||||||||||||||
December 31, 2017 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 1,054.4 | $ | 454.6 | $ | 54.1 | $ | 91.2 | $ | 306.1 | |||||
As a % of reported net sales | 43.1 | % | 5.1 | % | 8.6 | % | 29.0 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 87.8 | $ | — | $ | 87.8 | |||||||||
Unusual litigation | — | (1.2 | ) | 1.2 | |||||||||||
Impairment charges | — | — | 34.8 | ||||||||||||
Gain/loss on divestitures | — | — | (23.2 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 6.4 | ||||||||||||
Operating results attributable to held-for-sale business | (0.1 | ) | — | (0.1 | ) | ||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (14.9 | ) | |||||||||||
Adjusted | $ | 542.3 | $ | 90.0 | $ | 398.1 | |||||||||
As a % of reported net sales | 51.4 | % | 8.5 | % | 37.8 | % |
19
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2018 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 31, 2018 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 601.6 | $ | 205.9 | $ | 15.2 | $ | 71.5 | $ | 118.6 | |||||
As a % of reported net sales | 34.2 | % | 2.5 | % | 11.9 | % | 19.7 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 10.5 | $ | (4.7 | ) | $ | 15.2 | ||||||||
Restructuring charges and other termination benefits | — | — | 0.4 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 0.1 | ||||||||||||
Adjusted | $ | 216.4 | $ | 66.8 | $ | 134.3 | |||||||||
As a % of reported net sales | 36.0 | % | 11.1 | % | 22.3 | % | |||||||||
Three Months Ended | |||||||||||||||
June 30, 2018 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 596.9 | $ | 202.5 | $ | 66.4 | $ | 72.4 | $ | 64.6 | |||||
As a % of reported net sales | 33.9 | % | 11.1 | % | 12.1 | % | 10.8 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 10.6 | $ | — | $ | (4.8 | ) | $ | 15.3 | ||||||
Impairment charges | — | — | — | 0.6 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (50.0 | ) | — | 48.5 | ||||||||||
Adjusted | $ | 213.1 | $ | 16.4 | $ | 67.6 | $ | 129.0 | |||||||
As a % of reported net sales | 35.7 | % | 2.7 | % | 11.3 | % | 21.6 | % | |||||||
Three Months Ended | |||||||||||||||
September 29, 2018 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 596.2 | $ | 189.5 | $ | 13.8 | $ | 73.0 | $ | (119.0 | ) | ||||
As a % of reported net sales | 31.8 | % | 2.3 | % | 12.2 | % | (20.0 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 10.6 | $ | (4.7 | ) | $ | 15.3 | ||||||||
Impairment charges | — | — | 221.7 | ||||||||||||
Adjusted | $ | 200.1 | $ | 68.3 | $ | 118.0 | |||||||||
As a % of reported net sales | 33.6 | % | 11.4 | % | 19.8 | % |
20
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2018 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
December 31, 2018 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 616.9 | $ | 191.1 | $ | 15.3 | $ | 65.4 | $ | 110.2 | |||||
As a % of reported net sales | 31.0 | % | 2.5 | % | 10.6 | % | 17.9 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 5.5 | $ | (4.7 | ) | $ | 10.2 | ||||||||
Impairment charges | — | — | 0.3 | ||||||||||||
Adjusted | $ | 196.6 | $ | 60.7 | $ | 120.7 | |||||||||
As a % of adjusted net sales | 31.9 | % | 9.8 | % | 19.6 | % | |||||||||
Year Ended | |||||||||||||||
December 31, 2018 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 2,411.6 | $ | 789.0 | $ | 110.7 | $ | 282.3 | $ | 174.4 | |||||
As a % of reported net sales | 32.7 | % | 4.6 | % | 11.7 | % | 7.2 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 37.2 | $ | — | $ | (18.9 | ) | $ | 56.0 | ||||||
Impairment charges | — | — | — | 222.6 | |||||||||||
Restructuring charges and other termination benefits | — | — | — | 0.4 | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | (50.0 | ) | — | 48.6 | ||||||||||
Adjusted | $ | 826.2 | $ | 60.7 | $ | 263.4 | $ | 502.0 | |||||||
As a % of reported net sales | 34.3 | % | 2.5 | % | 10.9 | % | 20.8 | % | |||||||
Three Months Ended | |||||||||||||||
March 31, 2018 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 377.8 | $ | 185.9 | $ | 10.6 | $ | 162.4 | $ | 12.3 | |||||
As a % of reported net sales | 49.2 | % | 2.8 | % | 43.0 | % | 3.3 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 22.5 | $ | (0.3 | ) | $ | (29.7 | ) | $ | 52.5 | |||||
Restructuring charges and other termination benefits | — | — | — | 0.6 | |||||||||||
Adjusted | $ | 208.4 | $ | 10.3 | $ | 132.7 | $ | 65.4 | |||||||
As a % of reported net sales | 55.2 | % | 2.7 | % | 35.1 | % | 17.3 | % |
21
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2018 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
June 30, 2018 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 357.9 | $ | 173.2 | $ | 11.2 | $ | 156.5 | $ | 4.0 | |||||
As a % of reported net sales | 48.4 | % | 3.1 | % | 43.7 | % | 1.1 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.8 | $ | (0.3 | ) | $ | (28.4 | ) | $ | 50.4 | |||||
Impairment charges | — | — | — | 1.0 | |||||||||||
Restructuring charges and other termination benefits | — | — | — | 0.5 | |||||||||||
Adjusted | $ | 195.0 | $ | 10.9 | $ | 128.1 | $ | 55.9 | |||||||
As a % of reported net sales | 54.5 | % | 3.0 | % | 35.8 | % | 15.6 | % | |||||||
Three Months Ended | |||||||||||||||
September 29, 2018 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 334.2 | $ | 158.6 | $ | 10.3 | $ | 134.9 | $ | (4.7 | ) | ||||
As a % of reported net sales | 47.5 | % | 3.1 | % | 40.3 | % | (1.4 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.2 | $ | (0.2 | ) | $ | (27.9 | ) | $ | 49.4 | |||||
Impairment charges | — | — | — | 0.1 | |||||||||||
Unusual litigation | — | — | (1.4 | ) | 1.4 | ||||||||||
Restructuring charges and other termination benefits | — | — | — | 18.0 | |||||||||||
Adjusted | $ | 179.8 | $ | 10.1 | $ | 105.6 | $ | 64.2 | |||||||
As a % of reported net sales | 53.8 | % | 3.0 | % | 31.6 | % | 19.2 | % | |||||||
Three Months Ended | |||||||||||||||
December 31, 2018 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | ||||||||||
Reported | $ | 329.4 | $ | 151.0 | $ | 11.8 | $ | 145.0 | $ | (4.8 | ) | ||||
As a % of reported net sales | 45.8 | % | 3.6 | % | 44.0 | % | (1.5 | )% | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 20.9 | $ | (0.2 | ) | $ | (25.5 | ) | $ | 46.6 | |||||
Impairment charges | — | — | — | 0.7 | |||||||||||
Unusual litigation | — | — | (1.8 | ) | 1.8 | ||||||||||
Restructuring charges and other termination benefits | — | — | — | (1.7 | ) | ||||||||||
Adjusted | $ | 171.9 | $ | 11.6 | $ | 117.7 | $ | 42.6 | |||||||
As a % of reported net sales | 52.2 | % | 3.5 | % | 35.7 | % | 12.9 | % | |||||||
22
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2018 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Year Ended | |||||||||||||||
December 31, 2018 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 1,399.3 | $ | 668.7 | $ | 43.9 | $ | 598.8 | $ | 6.8 | |||||
As a % of reported net sales | 47.8 | % | 3.1 | % | 42.8 | % | 0.5 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 86.4 | $ | (1.0 | ) | $ | (111.5 | ) | $ | 198.9 | |||||
Impairment charges | — | — | — | 1.8 | |||||||||||
Unusual litigation | — | — | (3.2 | ) | 3.2 | ||||||||||
Restructuring charges and other termination benefits | — | — | — | 17.4 | |||||||||||
Adjusted | $ | 755.1 | $ | 42.9 | $ | 484.1 | $ | 228.1 | |||||||
As a % of reported net sales | 54.0 | % | 3.1 | % | 34.6 | % | 16.3 | % | |||||||
Three Months Ended | |||||||||||||||
March 31, 2018 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 237.6 | $ | 100.9 | $ | 12.6 | $ | 24.1 | $ | 61.2 | |||||
As a % of reported net sales | 42.5 | % | 5.3 | % | 10.1 | % | 25.8 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 20.9 | $ | 20.9 | |||||||||||
Gain/loss on divestitures | — | (1.2 | ) | ||||||||||||
Restructuring charges and other termination benefits | — | 0.2 | |||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | 4.0 | |||||||||||||
Adjusted | $ | 121.8 | $ | 85.1 | |||||||||||
As a % of reported net sales | 51.2 | % | 35.8 | % | |||||||||||
Three Months Ended | |||||||||||||||
June 30, 2018 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 231.6 | $ | 95.3 | $ | 14.4 | $ | 22.6 | $ | 53.6 | |||||
As a % of reported net sales | 41.1 | % | 6.2 | % | 9.8 | % | 23.1 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 20.6 | $ | (0.2 | ) | $ | 20.8 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | $ | — | $ | — | $ | 4.7 | |||||||||
Adjusted | $ | 115.9 | $ | 22.4 | $ | 79.1 | |||||||||
As a % of reported net sales | 50.0 | % | 9.7 | % | 34.1 | % |
23
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
QUARTERS AND FISCAL YEAR 2018 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
September 29, 2018 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 202.8 | $ | 76.8 | $ | 19.5 | $ | 20.7 | $ | 36.1 | |||||
As a % of reported net sales | 37.9 | % | 9.6 | % | 10.2 | % | 17.8 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 20.6 | $ | (0.1 | ) | $ | 20.8 | ||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 0.5 | ||||||||||||
Adjusted | $ | 97.4 | $ | 20.6 | $ | 57.4 | |||||||||
As a % of reported net sales | 48.1 | % | 10.1 | % | 28.3 | % | |||||||||
Three Months Ended | |||||||||||||||
December 31, 2018 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 248.8 | $ | 100.9 | $ | 17.5 | $ | 21.1 | $ | 63.7 | |||||
As a % of reported net sales | 40.6 | % | 7.0 | % | 8.5 | % | 25.6 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 21.0 | $ | (0.2 | ) | $ | 21.1 | ||||||||
Gain/loss on divestitures | — | — | (0.2 | ) | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (1.2 | ) | |||||||||||
Adjusted | $ | 121.9 | $ | 20.9 | $ | 83.4 | |||||||||
As a % of reported net sales | 49.0 | % | 8.4 | % | 33.5 | % | |||||||||
Year Ended | |||||||||||||||
December 31, 2018 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 920.8 | $ | 373.9 | $ | 64.0 | $ | 88.5 | $ | 214.6 | |||||
As a % of reported net sales | 40.6 | % | 6.9 | % | 9.6 | % | 23.3 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 83.1 | $ | (0.5 | ) | $ | 83.6 | ||||||||
Gain/loss on divestitures | — | — | (1.4 | ) | |||||||||||
Restructuring charges and other termination benefits | — | — | 0.2 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 8.0 | ||||||||||||
Adjusted | $ | 457.0 | $ | 88.0 | $ | 305.0 | |||||||||
As a % of reported net sales | 49.6 | % | 9.6 | % | 33.1 | % |
24
Table I (continued) | |||||||||||||||
PERRIGO COMPANY PLC | |||||||||||||||
RECONCILIATION OF NON-GAAP MEASURES | |||||||||||||||
FIRST QUARTER 2019 | |||||||||||||||
(in millions) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | |||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 581.8 | $ | 184.0 | $ | 15.6 | $ | 73.3 | $ | 94.2 | |||||
As a % of reported net sales | 31.6 | % | 2.7 | % | 12.6 | % | 16.2 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | 5.4 | $ | (4.7 | ) | $ | 10.1 | ||||||||
Unusual litigation | — | (1.2 | ) | 1.2 | |||||||||||
Impairment charges | — | — | 4.1 | ||||||||||||
Restructuring charges and other termination benefits | — | — | 0.8 | ||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | (4.1 | ) | |||||||||||
Adjusted | $ | 189.4 | $ | 67.4 | $ | 106.3 | |||||||||
As a % of reported net sales | 32.5 | % | 11.6 | % | 18.3 | % | |||||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | |||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 350.8 | $ | 168.4 | $ | 10.3 | $ | 149.4 | $ | 8.1 | |||||
As a % of reported net sales | 48.0 | % | 2.9 | % | 42.6 | % | 2.3 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | 20.8 | $ | (0.1 | ) | $ | (24.2 | ) | $ | 45.1 | |||||
Restructuring charges and other termination benefits | — | — | — | 0.6 | |||||||||||
Unusual litigation | — | — | (0.3 | ) | 0.3 | ||||||||||
Adjusted | $ | 189.2 | $ | 10.2 | $ | 124.9 | $ | 54.1 | |||||||
As a % of reported net sales | 53.9 | % | 2.9 | % | 35.6 | % | 15.4 | % | |||||||
Three Months Ended | |||||||||||||||
March 30, 2019 | |||||||||||||||
Prescription Pharmaceuticals | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | ||||||||||
Reported | $ | 241.9 | $ | 96.4 | $ | 14.3 | $ | 21.6 | $ | 60.6 | |||||
As a % of reported net sales | 39.9 | % | 5.9 | % | 8.9 | % | 25.1 | % | |||||||
Adjustments: | |||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | 21.2 | $ | (0.1 | ) | $ | 21.3 | ||||||||
Gain/loss on divestitures | — | — | (1.3 | ) | |||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | — | — | 1.3 | ||||||||||||
Adjusted | $ | 117.6 | $ | 21.5 | $ | 81.9 | |||||||||
As a % of reported net sales | 48.6 | % | 8.9 | % | 33.9 | % | |||||||||
25