Perrigo (PRGO) Files Q2 2024 10-Q

Ticker: PRGO · Form: 10-Q · Filed: Aug 2, 2024 · CIK: 1585364

Perrigo Co PLC 10-Q Filing Summary
FieldDetail
CompanyPerrigo Co PLC (PRGO)
Form Type10-Q
Filed DateAug 2, 2024
Risk Levellow
Pages16
Reading Time19 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, quarterly-report, financials, debt

Related Tickers: PRGO

TL;DR

PRGO 10-Q filed for Q2 2024. All good.

AI Summary

Perrigo Company plc (PRGO) filed its 10-Q for the quarterly period ended June 29, 2024. The filing details its financial performance and ongoing operations. Perrigo's ordinary shares are traded on the New York Stock Exchange under the symbol PRGO, alongside several series of notes due in 2024, 2026, 2030, 2043, and 2044.

Why It Matters

This filing provides investors with an update on Perrigo's financial health and operational status for the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial information.

Key Numbers

  • 3.900% — Interest Rate (Notes due 2024)
  • 4.375% — Interest Rate (Notes due 2026)
  • 4.900% — Interest Rate (Notes due 2030)
  • 5.300% — Interest Rate (Notes due 2043)
  • 4.900% — Interest Rate (Notes due 2044)

Key Players & Entities

  • Perrigo Company plc (company) — Registrant
  • PRGO (company) — Trading Symbol for Ordinary Shares
  • June 29, 2024 (date) — Quarterly period end date
  • New York Stock Exchange (company) — Exchange where PRGO is traded
  • PRGO24 (company) — Trading Symbol for 3.900% Notes due 2024

FAQ

What is the primary purpose of this Form 10-Q filing?

The Form 10-Q is a quarterly report filed by Perrigo Company plc to provide an update on its financial performance and operations for the quarterly period ended June 29, 2024.

On which stock exchange are Perrigo's ordinary shares traded?

Perrigo's ordinary shares are traded on the New York Stock Exchange under the trading symbol PRGO.

What are the maturity dates for Perrigo's registered notes?

Perrigo has registered notes due in 2024, 2026, 2030, 2043, and 2044.

What is Perrigo's principal executive office address?

Perrigo's principal executive offices are located at The Sharp Building, Hogan Place, Dublin 2, Ireland.

Has Perrigo filed all required reports for the preceding 12 months?

The filing indicates 'Yes' for having filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,750 words · 19 min read · ~16 pages · Grade level 7.3 · Accepted 2024-08-02 16:05:38

Filing Documents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income 5 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Shareholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to the Condensed Consolidated Financial Statements 1 Summary of Significant Accounting Policies 9 2 Revenue Recognition 11 3 Assets Held for Sale 12 4 Discontinued Operations 12 5 Inventories 13 6 Investments 13 7 Leases 13 8 Goodwill and Intangible Assets 15 9 Fair Value Measurements 17 10 Derivative Instruments and Hedging Activities 18 11 Indebtedness 24 12 Earnings per Share and Shareholders' Equity 25 13 Accumulated Other Comprehensive Income (Loss) 26 14 Restructuring Charges 27 15 Income Taxes 28 16 Contingencies 30 17 Segment Information 37

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 54

Risk Factors

Item 1A. Risk Factors 55

Other Information

Item 5. Other Information 55

Exhibits

Item 6. Exhibits 55

Signatures

Signatures 56 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 United States, United Kingdom, European Un

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) PERRIGO COMPANY PLC CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Net sales $ 1,065.5 $ 1,193.1 $ 2,147.5 $ 2,374.8 Cost of sales 670.8 765.1 1,395.1 1,532.9 Gross profit 394.7 428.0 752.4 841.9 Operating expenses Distribution 24.6 28.6 49.5 57.2 Research and development 29.4 32.2 58.4 63.3 Selling 150.1 171.1 300.4 339.0 Administration 126.1 132.6 256.4 267.6 Impairment charges 34.1 — 34.1 — Restructuring 36.9 6.7 81.3 10.2 Other operating expense (income), net 20.0 — 54.0 ( 0.8 ) Total operating expenses 421.2 371.2 834.1 736.5 Operating (loss) income ( 26.5 ) 56.8 ( 81.7 ) 105.4 Interest expense, net 44.1 44.0 87.1 87.6 Other expense (income), net 3.4 ( 9.7 ) 3.8 ( 9.0 ) Income (loss) from continuing operations before income taxes ( 74.0 ) 22.5 ( 172.6 ) 26.8 Income tax (benefit) expense 31.7 13.6 ( 71.0 ) 19.0 Income (loss) from continuing operations ( 105.7 ) 8.9 ( 101.6 ) 7.8 Income (loss) from discontinued operations, net of tax ( 2.7 ) ( 0.5 ) ( 4.8 ) ( 2.4 ) Net income (loss) $ ( 108.4 ) $ 8.4 $ ( 106.4 ) $ 5.4 Earnings (loss) per share Basic Continuing operations $ ( 0.77 ) $ 0.07 $ ( 0.74 ) $ 0.06 Discontinued operations ( 0.02 ) ( — ) ( 0.04 ) ( 0.02 ) Basic earnings (loss) per share $ ( 0.79 ) $ 0.06 $ ( 0.78 ) $ 0.04 Diluted Continuing operations $ ( 0.77 ) $ 0.06 $ ( 0.74 ) $ 0.06 Discontinued operations ( 0.02 ) ( — ) ( 0.04 ) ( 0.02 ) Diluted earnings (loss) per share $ ( 0.79 ) $ 0.06 $ ( 0.78 ) $ 0.04 Weighted-average shares outstanding Basic 137.1 135.3 136.9 135.1 Diluted 137.1 136.6 136.9 136.5 See accompanying Notes to the Condensed Consolidated Financial Statements. 4 Perrigo Company plc - Item 1 PERRIGO COMPANY PLC CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (unaudited) Thre

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