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PRNewswire 9-May-2019 7:30 AM
DUBLIN, May 9, 2019 /PRNewswire/ -- Perrigo Company plc (NYSE; TASE: PRGO) today is holding its Investor Day at the New York Stock Exchange in New York City, outlining its strategy to drive long-term growth and build shareholder value. Chief Executive Officer and President Murray S. Kessler, along with several key members of his leadership team, will share the Company's strategic plan, vision, and financial objectives while introducing their priorities for transforming Perrigo from a healthcare company to a consumer self-care company.
Kessler commented, "We have begun the process of transformation to recapture what we call 'The Perrigo Advantage'. The team has been hard at work during my first six months as CEO, analyzing our challenges and most importantly, building actionable plans to reinvent the company. Our financial objective is to deliver long-term, consistent, and sustainable total shareholder returns in-line with our CPG peers. Notably, the Company and its Board of Directors has committed over $1 billion to the transformation plan, which encompasses infrastructure improvements, innovation initiatives, technology upgrades and a significant bolt-on acquisition. We believe that successfully transforming Perrigo to a consumer self-care company and relentlessly pursuing our new vision – To Make Lives Better by Bringing "Quality, Affordable, Self-Care Products™" that Consumers Trust Everywhere they are Sold – will unlock significant shareholder value."
The leadership team will provide details on Perrigo's transformation plans, which can be accessed live by webcast at https://livestream.com/ICENYSE/perrigowebcast, beginning today at 8:00 a.m. EDT.
Highlights of the Perrigo transformation plan include:
Additionally, the Company is providing calendar year 2019 guidance including:
Today's Investor Day is being webcast live beginning at 8:00 a.m. EDT. Interested parties can access this meeting via:
About Perrigo
Perrigo Company plc is dedicated to making lives better by bringing Quality, Affordable Self-care Products™ that consumers trust everywhere they are sold. The Company is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at http://www.perrigo.com.
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," "forecast," "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 any share repurchases; future impairment charges; the success of management transition; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company's appeal of the Notice of Assessment (the "NoA") issued by the Irish tax authority and the Notice of Proposed Assessment ("NOPA") issued by the U.S. Internal Revenue Service and the impact that an adverse result in such proceedings would have on operating results, cash flows, and liquidity; potential third-party claims and litigation, including litigation relating to the Company's restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NoA and the NOPA; potential impacts of ongoing or future government investigations and regulatory initiatives; the impact of tax reform legislation and healthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions or dispositions and the success of such transactions, and the Company's ability to realize the desired benefits thereof; and the Company's ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives. Statements regarding the separation of the RX business, including the expected benefits, anticipated timing, form of any such separation and whether the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders. Furthermore, the Company may incur additional tax liabilities in respect of 2016 and prior years or be found to have breached certain provisions of Irish company law in connection with the Company's restatement of previously-filed financial statements, which may result in additional expenses and penalties. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2018, as well as the Company's subsequent filings with the United States Securities and Exchange Commission, 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 from the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in the statements of operations, balance sheets or statements of cash flows of the Company. Pursuant to the requirements of the U.S. Securities and Exchange Commission, the Company has provided reconciliations for guidance for adjusted diluted earnings per share 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.
TABLE I |
|
Full Year |
|
Reported(2) |
$1.24 - $1.54 |
Amortization expense related primarily to acquired intangible assets |
2.18 |
Separation and reorganization expense |
0.38 |
Unusual litigation |
0.20 |
Restructuring charges and other termination benefits |
0.07 |
Losses on investment securities |
0.04 |
Impairment charges |
0.03 |
Gain/loss on divestitures |
(0.01) |
Acquisition-related charges and contingent consideration adjustments |
(0.01) |
Change in financial assets |
(0.08) |
Tax effect of non-GAAP adjustments |
(0.39) |
Adjusted |
$3.65 - $3.95 |
(1) Guidance table includes Q1 actual results for all reconciling line items, plus estimated amortization expense, separation and |
|
(2) Guidance excludes Q2-Q4 impact related to the Royalty Pharma contingent milestone payments. |
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SOURCE Perrigo Company plc