PRGO
PERRIGO COMPANY PLC SELECTED SEGMENT INFORMATION QUARTERS AND FISCAL YEAR 2016 (in millions) (unaudited) Three Months Ended Year Ended Consumer Self-Care Americas
Wednesday, May 8, 2019 1 min read
Key Takeaway: SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2016
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 $
Full Press Release Details
SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2016
| | 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 | )% |
SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2017
| | 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 | % |
SELECTED SEGMENT INFORMATION
QUARTERS AND FISCAL YEAR 2018
| | 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 | % |
SELECTED SEGMENT INFORMATION
| | 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 | % |
ADJUSTED SELECTED SEGMENT INFORMATION(1)
QUARTERS AND FISCAL YEAR 2016
| | 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 | | | | | | |
ADJUSTED SELECTED SEGMENT INFORMATION(1)
QUARTERS AND FISCAL YEAR 2017
| | 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 | | | | | | |
ADJUSTED SELECTED SEGMENT INFORMATION(1)
QUARTERS AND FISCAL YEAR 2018
| | 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 | | | | | | |
ADJUSTED SELECTED SEGMENT INFORMATION(1)
| | 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 |
| 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. | | | | | |
| 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 | % |
| 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. | | | | | |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |
| 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. | | | | | |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |
| 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 | % |