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PERRIGO CO PLC FILES (8-K) Disclosing Results of Operations and Financial Condition, Financial Statements and Exhibits

August 14, 2014



ITEM 2.02. Results of Operations and Financial Condition

On August 14, 2014, Perrigo Company plc (the "Company") released earnings for the fourth quarter and full year fiscal 2014. The press release related to the Company's earnings is attached as Exhibit 99.1.

The earnings 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 than the most directly comparable measure calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) in the statements of income, balance sheets or statements of cash flows of the company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation for cost of sales, gross profit, operating expenses, operating income, income before income taxes, income tax expense, net income and earnings per share within its earnings release to the most directly comparable U.S. GAAP measures for these non-GAAP measures.

The Company excludes the items listed below in the applicable period when monitoring and evaluating the on-going financial results and trends of its business, and believes that presenting operating results excluding these items is also useful for investors, since it provides important insight into the Company's on-going core business operations on a normalized basis. Adjusted earnings is one of the primary indicators management uses for planning and forecasting in future periods, including trending and analyzing the core operating performance of the Company's business from period to period without the effect of the non-core business items indicated. Management uses adjusted earnings to prepare operating budgets and forecasts and to measure the Company's performance against those budgets and forecasts on a corporate and segment level.

Items excluded from reported results and guidance:

Fourth Quarter Fiscal 2013 Results Amortization of acquired intangible assets related to business



combinations and asset acquisitions

Transaction charges for completed business acquisition

Restructuring charges related to completed business acquisition and for organizational improvements



Write-offs of in-process research and development

Full Year Fiscal 2013 Results Amortization of acquired intangible assets related to business



combinations and asset acquisitions

Charges associated with the step-ups in value of inventory acquired

Acquisition charges for completed business acquisition

Write-offs of in-process research and development

Restructuring charges related to completed business acquisition and for organizational improvements



Loss on sales of investments

Fourth Quarter Fiscal 2014 Results Amortization of acquired intangible assets related to business



combinations and asset acquisitions

Charges associated with legal contingency

Restructuring charges related to completed business acquisition and for organizational improvements



Losses on equity method investments

Full Year Fiscal 2014 Results Amortization of acquired intangible assets related to business



combinations and asset acquisitions

Transaction charges for completed business acquisitions

Charges associated with legal contingency

Litigation settlements

Contingent consideration adjustment

Escrow settlement

Write-offs of in-process research and development

Restructuring charges related to completed business acquisition and for organizational improvements



Losses on equity method investments

Loss on sales of investments

Loss on extinguishment of debt

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Fiscal 2015 Guidance Amortization of acquired intangible assets related to business combinations and asset acquisitions



The information in this Report is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Report shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. Financial Statements and Exhibits

(d) Exhibits 99.1 Press release issued by Perrigo Company plc on August 14, 2014, furnished solely pursuant to Item 2.02 of Form 8-K.



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Source: Edgar Glimpses


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