PERRIGO Co plc
For the period ended Mar 30, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 30, 2024 · Filed May 7, 2024
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Segment Information
NOTE 16 -SEGMENT INFORMATION
The tables below show select financial measures by reporting segment (in millions):
| Total Assets | ||
|---|---|---|
| March 30, 2024 | December 31, 2023 | |
| CSCA | $4,902.7 | $4,952.9 |
| CSCI | 5,737.6 | 5,856.2 |
| Total | $10,640.3 | $10,809.1 |
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| March 30, 2024 | April 1, 2023 | |||||
| Net Sales | Operating Income (Loss) | Intangible Asset Amortization | Net Sales | Operating Income (Loss) | Intangible Asset Amortization | |
| CSCA | $644.1 | $15.7 | $14.6 | $763.7 | $83.2 | $13.9 |
| CSCI | 437.9 | 26.5 | 43.8 | 418.1 | 21.3 | 51.5 |
| Unallocated | — | (97.4) | — | — | (56.0) | — |
| Continuing Operations Total | $1,082.1 | $(55.2) | $58.4 | $1,181.7 | $48.5 | $65.4 |
Note 16
NOTE 17 -SUBSEQUENT EVENTS
Divestitures
On April 25, 2024, we announced a binding offer to sell our HRA Pharma Rare Diseases business ("Rare Disease") to Esteve Healthcare, S.L. ("ESTEVE") for total consideration of up to €275 million, consisting of an upfront cash payment of €190 million and up to €85 million in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following an information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by ESTEVE and enter into a definitive agreement with ESTEVE for the sale of the Rare Diseases business. The transaction is expected to close during the third quarter of 2024.
The criteria for reporting our Rare Disease disposal group as held for sale were met after the balance sheet date, and therefore we classified the business as held and used as of March 30, 2024. The total carrying amounts of our Rare Disease Business assets and liabilities that will be disposed, excluding cash, were approximately $325.6 million and $57.2 million, respectively, as of March 30, 2024. After considering estimates for the fair value of the contingent milestones and the remaining costs to sell, we expect to recognize an impairment loss between $20 and $30 million resulting from the measurement as held for sale during the second quarter of 2024.
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