Perrigo Co plc Files 2023 Annual Report on Form 10-K

TL;DR

<b>Perrigo Co plc has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PERRIGO Co plc (PRGO) filed a Annual Report (10-K) with the SEC on February 27, 2024. Perrigo Co plc filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Pharmaceutical Preparations (SIC 2834). Perrigo's former name was Perrigo Co Ltd, with a name change date of August 28, 2013. The company is incorporated in L2 and its fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking PERRIGO Co plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Perrigo's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K allow for a thorough analysis of Perrigo's revenue, debt, assets, and net income, enabling informed investment decisions.

Risk Assessment

Risk Level: — PERRIGO Co plc shows moderate risk based on this filing. The company operates in the pharmaceutical preparations industry, which is subject to significant regulatory oversight and market competition, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Perrigo's performance and potential challenges in the pharmaceutical sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)

Key Players & Entities

• PERRIGO Co plc (company) — Filer name
• PRGO (company) — Ticker symbol
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 2834 (industry_code) — Standard Industrial Classification
• Perrigo Co Ltd (company) — Former company name
• 20130828 (date) — Date of name change

FAQ

Industry Context

Perrigo operates within the Pharmaceutical Preparations industry, a sector characterized by stringent regulatory requirements and evolving market dynamics.

Regulatory Implications

The pharmaceutical industry is subject to extensive regulation by health authorities regarding product safety, efficacy, and manufacturing standards.

What Investors Should Do

1. Review Perrigo's 2023 financial statements for revenue, net income, and EPS trends.
2. Analyze the company's debt structure and leverage ratios (DTE).
3. Examine the risk factors section for potential operational, market, or regulatory challenges.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year 2023, following previous filings which would include quarterly reports and prior annual reports.

Key Financial Figures

• $1.9 billion — harma for 1.8 billion, or approximately $1.9 billion based on exchange rates at the time of

Filing Documents

• prgo-20231231.htm (10-K) — 3294KB
• prgo-amendment2toeaplt20.htm (EX-10.52) — 3KB
• dillardjamesiiiwaiverand.htm (EX-10.53) — 27KB
• cy23q410kex21.htm (EX-21) — 79KB
• cy23q410kex22.htm (EX-22) — 57KB
• cy23q410kex23.htm (EX-23) — 4KB
• cy23q410kex31.htm (EX-31) — 19KB
• cy23q410kex32.htm (EX-32) — 8KB
• cy23q410kex97.htm (EX-97) — 34KB
• dillardjamesiiiwaiverand001.jpg (GRAPHIC) — 268KB
• dillardjamesiiiwaiverand002.jpg (GRAPHIC) — 303KB
• dillardjamesiiiwaiverand003.jpg (GRAPHIC) — 339KB
• dillardjamesiiiwaiverand004.jpg (GRAPHIC) — 342KB
• dillardjamesiiiwaiverand005.jpg (GRAPHIC) — 254KB
• dillardjamesiiiwaiverand006.jpg (GRAPHIC) — 214KB
• dillardjamesiiiwaiverand007.jpg (GRAPHIC) — 76KB
• prgo-20231231_g1.jpg (GRAPHIC) — 16KB
• prgo-20231231_g2.jpg (GRAPHIC) — 211KB
• prgo-amendment2toeaplt20001.jpg (GRAPHIC) — 176KB
• prgo-amendment2toeaplt20002.jpg (GRAPHIC) — 59KB
• 0001585364-24-000009.txt (&nbsp;) — 22732KB
• prgo-20231231.xsd (EX-101.SCH) — 123KB
• prgo-20231231_cal.xml (EX-101.CAL) — 173KB
• prgo-20231231_def.xml (EX-101.DEF) — 695KB
• prgo-20231231_lab.xml (EX-101.LAB) — 1423KB
• prgo-20231231_pre.xml (EX-101.PRE) — 1034KB
• prgo-20231231_htm.xml (XML) — 3816KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34 Additional Item. Information About Our Executive Officers 34 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35

[Reserved]

Item 6. [Reserved] 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 53

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 54

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 118

Controls and Procedures

Item 9A. Controls and Procedures 119

Other Information

Item 9B. Other Information 119

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 119

Executive Compensation

Item 11. Executive Compensation 119

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 120

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 120 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 121 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this report are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our, or our industry's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this report, including certain statements contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations" are 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," "forecast," "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: supply chain impacts on the Company's business, including those caused or exacerbated by armed conflict, trade and other economic sanctions and/or disease; general economic, credit, and market conditions; the impact of the war in Ukraine and any escalation thereof, including the effects of economic and political sanctions imposed by the

BUSINESS

ITEM 1. BUSINESS Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc ("Elan"). Unless the context requires otherwise, the terms "Perrigo", the "Company", "we," "our," "us," and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries. WHO WE ARE Perrigo is a leading pure-play self-care company with more than a century of innovation and experience serving the health and wellness needs of consumers. As one of the originators of the over-the-counter ("OTC") self-care market, Perrigo has a powerful legacy and vast scale in producing high-quality self-care products through a proven ability to proactively shape its portfolio to meet the evolving needs of consumers and customers. Perrigo provides access to trusted self-care products that can be procured without needing to visit a doctor for a prescription. Guided by our vision and purpose, our strategic goal is to create a sustainable and value accretive growth engine by 1) delivering consumer preferred brands and innovation, 2) driving category growth with our customers, 3) powering our business with our world-class quality and supply chain, including a focus on sustainability with meaningful goals to reduce greenhouse gas emissions, water, and waste, in addition to improving the recyclability of our packaging, and 4) evolving our ways of working to one operating model. Our unique competency is to deliver a blended-branded business model of branded, value and store brand product offerings that provide consumers access to self-care products across the value spectrum. Perrigo's broad offerings are well diversified across several major product categories as well as across geographies, primarily in North America and Europe with no one product repr

View Full Filing

View this 10-K filing on SEC EDGAR