|Type||Public limited company|
|Predecessor||Perrigo Inc. (before the 2013 tax inversion to Ireland)|
|Murray S. Kessler, President and CEO, Board Member|
|Revenue||US$3.54 billion (2013)|
|US$805 million (2013)|
|US$530 million (2013)|
Number of employees
Perrigo Company plc is an American Irish–registered manufacturer of private label over-the-counter pharmaceuticals, and while 70% of Perrigo's net sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax purposes, which accounts for 0.60% of net sales. In 2013, Perrigo completed the 6th-largest US corporate tax inversion in history when it reregistered its tax status to Ireland to avoid U.S. corporate taxes.
Perrigo engages in the acquisition (for repricing), manufacture, and sale of consumer healthcare products, generic prescription drugs, and active pharmaceutical ingredients (APIs), primarily in the United States, from its base in Ireland. On 21 December 2018, Perrigo suffered its biggest one-day share price fall in its history after the Irish Revenue Commissioners issued a tax claim against Perrigo that equated to half of its market value.
In March 2005 the firm acquired Agis Industries Limited (TASE:AGIS), an Israel-based generic pharmaceuticals company in an $850 million transaction. Agis was founded in 1983 by Mori Arkin who developed his father's small drug import business into a multinational generic pharmaceutical company. As a result of the acquisition, Arkin owned 9% of Perrigo, and was appointed as Vice Chairman of the company.
In July 2013, Perrigo announced that it would execute a corporate tax inversion to Ireland in order to avoid U.S. corporate taxes, via an $8.6 billion acquisition of Irish-based Elan Corporation. As of November 2018[update], Perrigo is the 6th-largest U.S. tax inversion in history. Over 70% of Perrigo's sales, and an even greater percentage of Perrigo profits, are from the U.S. healthcare system.
In April 2015, Perrigo received an unsolicited buy-out offer from Mylan of $29 billion, which was ultimately rejected by management and shareholders. In May 2016, Perrigo investors sued the company over statements made during the Mylan bid, which were said to have persuaded shareholders to vote against the deal. In the months prior to this suit, the company's chairman and CEO, Joseph Papa, who has been credited with "fending off" Mylan's bid, left to take the CEO role at Valeant. Upon Papa's departure, John Hendrickson, who was at the time the company's president, took on the additional roles of chairman and CEO. Hendrickson was succeeded by Uwe Roehrhoff in January, 2018. Murray S. Kessler is the current President and CEO.
On 20 December 2018, the Financial Times reported that the Irish Revenue Commissioners levied a €1.64 billion (not including penalties and interest) Irish tax claim on Perrigo for unpaid capital gains tax (CGT) from the 2013 sale of Tysabri to Biogen by Elan, which happened months before Perrigo's acquisition of Elan. The claim is the second largest ever issued by the Revenue Commissioners in Irish history, after Apple's €13 billion Irish tax fine. On 21 December 2018, the Irish Times reported that Revenue claimed Perrigo owed CGT at a rate of 33% as an "asset sale", however Perrigo claimed that the sale was part of Elan's normal "trading income", and was subject to the lower 12.5% Irish corporate tax rate, which Perrigo was able to reduce to 0% using Ireland's multinational tax BEPS tools.
On 9 January 2008, the firm acquired Galpharm Healthcare, Ltd., a supplier of over-the-counter store brand pharmaceuticals in the United Kingdom. On 16 September 2008, the firm acquired J.B. Laboratories. On 6 October 2008, it acquired Laboratorios Diba S.A., enabling the company to market its products in Mexico. On 13 November 2008, it acquired Unico Holdings, a manufacturer of store brand pediatric electrolytes, enemas and feminine hygiene products for retail consumers in the U.S.
On 1 March 2010, the firm acquired Orion Laboratories Pty, Ltd., a supplier of over-the-counter (OTC) store brand pharmaceutical products in Australia and New Zealand. On 23 March 2010, it acquired PBM Holdings, Inc., a producer of over-the-counter store brand infant formula and baby foods in the United States, Canada, Mexico and China.
In September 2012, Perrigo announced its intention to enter the animal wellness category by acquiring the assets of Sergeant's Pet Care Products, Inc., a privately held manufacturer of over-the-counter companion animal healthcare products.
On 11 February 2013, Perrigo announced the completion of the acquisition of Rosemont Pharmaceuticals Ltd., a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations.
On 29 July 2013, the firm announced that it would acquire Élan, a pharmaceutical firm based in Dublin. The Élan acquisition enabled Perrigo to reincorporate as an Irish company using Élan's headquarters (although the executive offices remained in Allegan), lowering its effective tax rate (called a tax inversion).
In November 2014, Perrigo announced it had agreed to buy Belgian health-products provider Omega Pharma approximately $4.5 billion (€3.6 billion). The transaction was completed in March 2015.
In August 2016, the company announced it would acquire US national distributor of over-the-counter medicines, Geiss, Destin & Dunn
In May 2019, Perrigo announced it would acquire Ranir Global Holdings LLC, boosting its oral self-care offering, with the transaction valued at $750 million.
In March 2021, Perrigo confirmed it would sell off its generics business to Altaris Capital Partners for $1.55 billion. In September the business announced it would acquire HRA Pharma from investment firms Astorg and Goldman Sachs Asset Management for $2.1 billion.
The company operates in three segments; Consumer Self-care Americas, Rx Pharmaceuticals, and Consumer Self-Care International. The Consumer Self-care Americas segment produces over-the-counter pharmaceutical and nutritional products in the United States, the United Kingdom, and Mexico. This segment offers analgesic, cough/cold/allergy/sinus, gastrointestinal, smoking cessation, first aid, antacids, hemorrhoidal remedies, motion sickness, sleep aid products, feminine hygiene products, vitamin, and nutritional supplement products.
The Rx Pharmaceuticals segment produces generic prescription drugs in the United States. This segment provides creams, ointments, lotions, gels, and solutions, as well as nasal sprays, foams, and transdermal devices. Believing that Rx business has the potential to realize greater value outside of Perrigo, board okays separation of prescription pharma business on 9 August 2018.
The Consumer Self-Care International (CSCI) segment develops, manufactures, markets, and distributes well-known European self-care brands in the natural health and vitamins, cough, cold and allergy, oral care, smoking cessation, personal care and derma-therapeutics and lifestyle categories.
Sales for the full year were $2.75 billion, up about 21.5 percent from $2.26 billion in fiscal 2010.
Disaggregation of Revenue
Bloomberg Special Reports: Corporate Tax Inversions
DUBLIN, July 29, 2013 (Reuters) - U.S. drugmaker Perrigo agreed to buy Elan for $8.6 billion in a deal that will hand it tax savings from being domiciled in Ireland and royalties from a blockbuster multiple sclerosis treatment.
The U.S. company is in black, as is the share of the merged company its current shareholders will own; it must be less than 80% for the tax trick to work under the current law.
The tax assessment is Ireland’s largest since the European Commission directed Apple to pay €14.3bn in disputed back taxes to Dublin in a record-breaking ruling that the Irish authorities have taken to the European courts for an appeal.
A twist is that Elan used accumulated losses to avoid paying any up-front tax bill at the time on the initial payment from Biogen.