|public liability company|
|Traded as||NYSE: PRGO|
S&P 500 Component
|Predecessor||Perrigo Inc. (before the 2013 tax inversion to Ireland)|
|Murray S. Kessler, President and CEO, Board Member|
|Products||OTC, RX, API, Medical Diagnostic, pharmaceuticals|
|Revenue||$3,540 million (2013)|
|$ 530 million (2013)|
Number of employees
|10,220 (May 2015)|
Perrigo Company plc is an Irish-registered manufacturer of private label over-the-counter pharmaceuticals, and while over 70% of Perrigo's sales are from the U.S. healthcare system, Perrigo is legally headquartered in Ireland for tax purposes. In 2013, Perrigo completed the 6th-largest U.S. corporate tax inversion in history. Perrigo's shares are mainly traded on the NYSE, but as a result of the merger with Agis Industries the company is also a constituent of the TA-35 Index.
Perrigo engages in the acquisition (for repricing, repackaging and rebranding), manufacture, and sale of consumer healthcare products, generic prescription drugs, active pharmaceutical ingredients (API), and consumer products primarily in the United States.
In March 2005 the firm acquired Agis Industries Ltd. (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 owns 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 avoid U.S. taxes, via an $8.6 billion acquisition of Irish-based Elan Corporation. As of November 2018 , 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 a buy-out offer from Mylan for a fee of $29 billion. In May 2016 Perrigo investors sued the company over misleading statements made during Mylans hostile takeover attempt. Those false statements are 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 hostile takeover 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 succeed by Uwe Roehrhoff in January, 2018. Murray S. Kessler is the current President and CEO.
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.
On 20 January 2011, the firm announced that it would acquire Paddock Laboratories Inc., with the deal expected to close in fiscal 2012.
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 major drugs firm based in Dublin. The Élan merger allowed Perrigo to reincorporate as an Irish company using Élan's headquarters (although the executive offices will remain in Allegan), lowering its effective tax rate significantly.
In November 2014, Perrigo announced it had agreed to buy Belgian health-products provider Omega Pharma approximately $4.5 billion(EUR3.6 billion). The transaction was completed in March 2015.
The following is an illustration of the company's major mergers and acquisitions and historical predecessors:
The company operates in three segments; Consumer Healthcare, Rx Pharmaceuticals, and Active Pharmaceutical Ingredients. The Consumer Healthcare 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 August 9, 2018.
The Active Pharmaceutical Ingredients segment produces pharmaceutical ingredients in Israel with sales to customers worldwide. The company also offers cosmetics, toiletries, detergents, manufactured and imported pharmaceutical products, and medical diagnostic products. The company's customers include national and regional retail drug, supermarket, wholesalers, and mass merchandise chains.
Sales for the full year were $2.75 billion, up about 21.5 percent from $2.26 billion in fiscal 2010.
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.