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Perrigo Files 2016 Form 10-K With Restated Financial Statements; Reports Fourth Quarter And Calendar Year 2016 Financial Results; Announces 2017 Annual Meeting Date
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PR Newswire
DUBLIN, May 22, 2017
DUBLIN, May 22, 2017 /PRNewswire/ --
- Comprehensive Form 10-K reflects accounting treatment of historical Tysabri® royalty stream as a financial asset
- No impact on net cash flows or previously closed sale of Tysabri®
- Revised previously reported 2016 guidance to reflect the new accounting treatment for Tysabri® at its statutory tax rate of 12.5%:
1) reported (GAAP) net sales range of $5.1 billion to $5.3 billion; adjusted (Non-GAAP) net sales range of $5.0 billion to $5.2 billion
2) reported diluted earnings (loss) per share ("EPS") range of $(28.38) to $(28.08); adjusted diluted EPS range of $4.70 to $5.00; and
3) operating cash flow of >$550 million
- Exceeded or performed at the high end of final 2016 guidance ranges above:
1) Realized calendar year 2016 GAAP net sales of $5.3 billion and adjusted net sales of $5.2 billion, an increase in adjusted net sales of 8% year-over-year on a constant currency basis
2) Realized calendar year 2016 reported net loss per share of $(28.01), primarily due to $2.6 billion goodwill and intangible asset impairment charges and a $2.6 billion reduction in fair value of Tysabri®, with adjusted diluted EPS of $5.07, exceeding final adjusted guidance range; and
3) Full year 2016 cash flow from operations of $655 million exceeded final guidance, not including the $351 million Tysabri® cash royalty payments that have been included in investing cash flow
- Realized fourth quarter reported net sales of $1.3 billion and diluted loss per share of $(9.48), primarily due to impairment charges and a reduction in fair value for Tysabri®; delivered fourth quarter adjusted diluted EPS of $1.24
- Company expects 2017 net sales to be in the range of $4.6 to $4.8 billion; expects calendar year 2017 reported diluted EPS to be in the range of $0.22 to $0.57 and adjusted diluted EPS to be in the range of $4.15 to $4.50, including contributions from the Israel Active Pharmaceutical Ingredients (API) business
- Company to file first quarter 2017 Form 10-Q as soon as practical
- 2017 Annual General Meeting of Shareholders to be held on July 20, 2017
- Company to conduct conference call on May 23, 2017 at 8:30 am EDT
Perrigo Company plc (NYSE; TASE: PRGO), a leading global provider of Quality Affordable Healthcare Products®, today announced results for the fourth quarter and calendar year ended December 31, 2016.
Perrigo's CEO John T. Hendrickson commented, "I am pleased the team was able to complete these filings in an expedited manner. Calendar year 2016 adjusted net sales were $5.2 billion, at the high end of our final guidance range excluding Tysabri®, with continued strong cash flow generation. Strong performance in CHC Americas, steadying business fundamentals in CHC International and improved second half RX pricing visibility led to adjusted diluted earnings per share of $5.07, greater than our final guidance range of $4.70 to $5.00. Our 2017 priorities remain unchanged: focus on the fundamentals of our business through 1) operational execution and efficiency, 2) growth investments in R&D and 3) delivering on our 2017 plan. I am pleased that our consolidated first quarter 2017 top line results were consistent with our plan and continue to anticipate 2017 will be a year of execution to reestablish our foundation, with a projected return to consolidated growth in 2018. We are executing well against our cost optimization plan and the addition of two new directors to our Board further enhances our corporate governance. The quality of this business model remains evident as we continue to advance our strategic action plans and our commitment to providing Quality Affordable Healthcare Products® to customers and consumers around the world."
Primary Adjustments to Preliminary Unaudited Calendar Year 2016 Results
On February 27, 2017, Perrigo issued preliminary unaudited results for calendar year 2016, including preliminary unaudited GAAP EPS loss in a range of $(28.85) to $(29.00), primarily related to goodwill and intangible asset impairment charges of $5.4 billion. The Company also announced preliminary unaudited adjusted diluted EPS in a range of $7.10 to $7.25.
The GAAP EPS range for 2016 provided on February 27, 2017 included $62 million of Tysabri® GAAP operating income. This equates to GAAP EPS of $0.38 at the statutory tax rate of 12.5%. Excluding Tysabri®, the February 27, 2017 GAAP EPS range of $(28.85) to $(29.00) changes to a GAAP EPS range of $(29.23) to $(29.38). This final range compares to actual GAAP EPS of $(28.01) realized in calendar year 2016.
The adjusted EPS range for 2016 provided on February 27, 2017 included $352 million of Tysabri® adjusted operating income. This equates to adjusted diluted EPS of $2.14 at the statutory tax rate of 12.5%. Excluding Tysabri®, the February 27, 2017 adjusted diluted EPS range of $7.10 to $7.25 changes to an adjusted diluted EPS range of $4.96 to $5.11. This range compares to actual adjusted diluted EPS of $5.07 achieved in calendar year 2016.
Calendar Year 2016 Results
Refer to Tables I - VII at the end of this press release for a reconciliation of non-GAAP adjustments to the current year and prior year periods and additional non-GAAP information. The Company's reported results are included in the attached Condensed Consolidated Statements of Operations and Balance Sheets.
| Perrigo Company plc (in millions, except earnings per share amounts) (see the attached Tables I & III for reconciliation to GAAP numbers) | ||||||||||
| | ||||||||||
| | Calendar Year | | Calendar Year | | YoY | | Constant | |||
| | 12/31/2016 | | 12/31/2015 | | % Change | | % Change(2) | |||
| Reported Net Sales | $5,281 | | $5,015 | | 5% | | | |||
| Reported Operating Income (Loss) | $(2,000) | | $450 | | NM | | | |||
| Reported Net Loss | $(4,013) | | $(2) | | NM | | | |||
| Reported Diluted Loss per Share | $(28.01) | | $(0.01) | | NM | | | |||
| Reported Diluted Shares | 143.3 | | 144.6 | | (1)% | | | |||
| | | | | | | | | |||
| Adjusted Net Sales(1) | $5,168 | | $4,852 | | 7% | | 8% | |||
| Adjusted Operating Income | $1,084 | | $1,107 | | (2)% | | | |||
| Adjusted Net Income | $728 | | $799 | | (9)% | | | |||
| Adjusted Diluted Earnings per Share | $5.07 | | $5.57 | | (9)% | | | |||
| Adjusted Diluted Shares | 143.6 | | 143.4 | | NM | | | |||
| | |
| (1) | Calendar year 2016 net sales exclude $113 million of net sales from held-for-sale businesses and divestitures, primarily U.S. VMS and the European sports brand. For comparative purposes, calendar year 2015 net sales have been adjusted in this presentation to exclude $163 million of sales attributable to held-for-sale businesses, primarily U.S. VMS, the European sports brand and the Indian API business. This 2015 net sales adjustment does not impact any other prior year amounts or metrics. |
| (2) | See table III for a reconciliation to GAAP. |
| NM = Not meaningful | |
Reported net sales for calendar year 2016 were $5.3 billion, an increase of 5% over calendar 2015. Adjusted net sales for the year were $5.2 billion, an increase of 8% on a constant currency basis over calendar year 2015. New product sales of $311 million were partially offset by $74 million in discontinued products and $58 million of unfavorable foreign currency movements compared to 2015. Reported net sales were also lower due to the completed sale of the U.S. VMS business in the third quarter of 2016.
Reported net loss for calendar year 2016 was $(4.0) billion, or $(28.01) per share versus a net loss of $(2) million, or $(0.01) per share, in the prior year. Excluding charges as outlined in Table I at the end of this release, calendar year 2016 adjusted net income was $728 million, or adjusted diluted EPS of $5.07, a year-over-year decrease of 9%.
Fourth Quarter Calendar Year 2016 Results
| Perrigo Company plc (in millions, except earnings per share amounts) (see the attached Tables I & III for reconciliation to GAAP numbers) | ||||||||||
| | ||||||||||
| | Fourth Quarter | | Fourth Quarter | | YoY | | Constant | |||
| | 12/31/2016 | | 12/31/2015 | | % Change | | % Change(2) | |||
| Reported Net Sales | $1,331 | | $1,359 | | (2)% | | | |||
| Reported Net Loss | $(1,359) | | $(218) | | NM Werbung Mehr Nachrichten zur Perrigo Company Aktie kostenlos abonnieren
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