PERRIGO Co plc
For the period ended Jun 28, 2025. Filed Aug 6, 2025.
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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.
Jun 28, 2025 · Filed Aug 6, 2025
Contents
Restructuring Charges
Note 14
NOTE 14 -RESTRUCTURING CHARGES
We periodically take action to reduce redundant expenses and improve operating efficiencies. Restructuring activity includes severance, lease exit costs, asset impairments, and related consulting fees. The following reflects our restructuring activity (in millions):
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 28, 2025 | ||||||
| Supply Chain Reinvention | HRA Pharma Integration | Project Energize | Nutrition Network Optimization | Other Initiatives | Total | |
| Beginning balance | $0.8 | $1.6 | $26.7 | $16.5 | $— | $45.6 |
| Additional charges | 2.2 | (1.5) | 6.8 | 1.2 | — | 8.7 |
| Payments | (1.7) | — | (8.5) | — | — | (10.2) |
| Non-cash adjustments | — | — | (2.8) | — | — | (2.8) |
| Foreign currency effect | (0.2) | (0.1) | — | — | — | (0.3) |
| Ending balance | $1.1 | $— | $22.2 | $17.7 | $— | $41.0 |
| Six Months Ended | ||||||
|---|---|---|---|---|---|---|
| June 28, 2025 | ||||||
| Supply Chain Reinvention | HRA Pharma Integration | Project Energize | Nutrition Network Optimization | Other Initiatives | Total | |
| Beginning balance | $2.3 | $1.6 | $27.9 | $— | $1.0 | $32.8 |
| Additional charges | 6.8 | (1.5) | 15.1 | 17.7 | — | 38.1 |
| Payments | (8.6) | — | (22.9) | — | (1.0) | (32.5) |
| Non-cash adjustments | — | — | (2.8) | — | — | (2.8) |
| Foreign currency effect | 0.6 | (0.1) | 4.9 | — | — | 5.4 |
| Ending balance | $1.1 | $— | $22.2 | $17.7 | $— | $41.0 |
| Three Months Ended | |||||
|---|---|---|---|---|---|
| June 29, 2024 | |||||
| Supply Chain Reinvention | HRA Pharma Integration | Project Energize | Other Initiatives | Total | |
| Beginning balance | $0.9 | $6.6 | 32.6 | $0.9 | $41.0 |
| Additional charges | 2.2 | — | 34.7 | — | 36.9 |
| Payments | (2.7) | (1.7) | (23.1) | (0.2) | (27.7) |
| Non-cash adjustments | (0.1) | — | (6.4) | 0.1 | (6.4) |
| Ending balance | $0.3 | $4.9 | $37.8 | $0.8 | $43.8 |
| Six Months Ended | |||||
|---|---|---|---|---|---|
| June 29, 2024 | |||||
| Supply Chain Reinvention | HRA Pharma Integration | Project Energize | Other Initiatives | Total | |
| Beginning balance | $0.7 | $6.8 | $2.9 | $1.8 | $12.2 |
| Additional charges | 5.1 | 0.1 | 75.9 | 0.2 | 81.3 |
| Payments | (5.2) | (2.0) | (29.8) | (1.3) | (38.3) |
| Non-cash adjustments | (0.3) | — | (11.2) | 0.1 | (11.4) |
| Ending balance | $0.3 | $4.9 | $37.8 | $0.8 | $43.8 |
The charges incurred during the three months ended June 28, 2025 were primarily associated with employee separation costs as a result of actions taken on Project Energize. The charges incurred during the six months ended June 28, 2025 were primarily associated with employee separation costs as a result of actions taken on the
Note 14
Nutrition Network Optimization Project and Project Energize. The charges incurred during the three and six months ended June 29, 2024 were primarily associated with actions taken on Project Energize.
Of the amount recorded during the three and six months ended June 28, 2025, $1.1 million and $5.0 million was related to our CSCI segment, due primarily to Project Energize, and $5.1 million and $25.1 million related to our CSCA segment, due primarily to Project Energize and Nutrition Network Optimization, and $2.5 million and $8.0 million was related to our Unallocated segment, due primarily to Project Energize. Of the amount recorded during the three and six months ended June 29, 2024, $24.2 million and $39.7 million was related to our CSCI segment and $2.1 million and $18.6 million was related to our CSCA segment, and $10.6 million and $23.0 million was related to our Unallocated segment. For all segments, amounts were due primarily to Project Energize.
There were no other material restructuring programs for the periods presented. All charges are recorded in Restructuring expense on the Condensed Consolidated Statements of Operations. The remaining $41.0 million liability for employee severance benefits and consulting fees is expected to be mostly paid within the next year, with the exception of the entirety of all charges recorded for the Nutrition Network Optimization, which are recorded as a long term liability on the Condensed Consolidated Balance Sheets as they are not currently expected to be paid out until 2027.
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