Perrigo Company plc Reports Fourth Quarter & Calendar Year 2017 Financial Results

DUBLIN, March 1, 2018

Fourth Quarter

• Realized fourth quarter 2017 GAAP ("reported") net sales of $1.3 billion, reported net income of $73 million and reported diluted earnings per share ("EPS") of $0.52 compared to a loss per share of $9.48 last year
• Delivered fourth quarter adjusted net income of $180 million and adjusted diluted EPS of $1.28 compared to $1.24 last year, an increase of 3.2% 
• CHC Americas segment achieved fourth quarter reported net sales of $644 million or growth of 2.5% versus last year on a constant currency basis
• CHC International segment delivered fourth quarter reported net sales of $374 million, down 10.8% versus last year; excluding exited European distribution businesses, net sales grew 3.3% versus last year on a constant currency basis

Calendar Year 2017

• Realized calendar year 2017 reported net sales of $4.9 billion compared to reported net sales of $5.3 billion in the prior year, lower by 6.3%, reported net income of $120 million and reported EPS of $0.84
• Achieved calendar year 2017 adjusted net sales growth of 1.3% compared to the prior year, excluding the year-over-year effect of exited European distribution businesses, the divestiture of the Israel API business and the impact of Entocort^®
• Delivered calendar year 2017 adjusted net income of $703 million and adjusted diluted EPS of $4.93
• CHC Americas segment achieved calendar year 2017 reported net sales of  $2.4 billion compared to $2.5 billion last year, lower by 3.1%; adjusted net sales grew 1.4% on a constant currency basis
• CHC International segment delivered calendar year 2017 reported net sales of $1.5 billion, down 9.8% versus last year, with reported operating margin of 0.8%; excluding the year-over-year effect of the exited European distribution businesses, net sales grew 2.6% versus last year on a constant currency basis, with an adjusted operating margin of 15.0%
• RX segment realized calendar year 2017 reported operating margin of 31.7%; the segment's extended topical strategy delivered an adjusted operating margin of 41.9%
• Calendar year 2017 cash flow from operations was $699 million

Guidance

• The Company expects calendar year 2018 reported diluted EPS to be in the range of $2.24 to $2.64. The Company expects calendar year 2018 adjusted diluted EPS guidance to be in the range of $5.05 to $5.45; see Guidance section below for detail.

Perrigo Company plc (NYSE; TASE: PRGO) today announced results for the fourth quarter and calendar year ended December 31, 2017.

Additional fourth quarter reported results: Reported operating margin in the Consumer Healthcare Americas ("CHCA") segment was a fourth quarter record of 22.0%. Reported operating margin in the Consumer Healthcare International ("CHCI") segment was 1.0%. Reported operating margin in the Prescription Pharmaceuticals ("RX") segment was 26.1%.