PERRIGO Co plc
For the period ended Sep 27, 2025. Filed Nov 5, 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.
Sep 27, 2025 · Filed Nov 5, 2025
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Goodwill and Intangible Assets
Note 9
NOTE 9 -GOODWILL AND INTANGIBLE ASSETS
Goodwill
Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):
| December 31, 2024 | Business divestitures(1) | Impairments | Transfer to assets held for sale(2) | Currency translation adjustments | September 27, 2025 | |
|---|---|---|---|---|---|---|
| CSCA(3) | $2,076.1 | $— | $— | $— | $9.5 | $2,085.6 |
| CSCI(4) | 1,244.1 | (5.2) | (1.2) | (116.2) | 153.3 | 1,274.8 |
| Total goodwill | $3,320.2 | $(5.2) | $(1.2) | $(116.2) | $162.8 | $3,360.4 |
(1) Represents goodwill allocated on a relative fair value basis to the Richard Bittner Business in connection with its divestiture (refer to Note 3).
(2) Represents goodwill allocated on a relative fair value basis to the Dermacosmetics Business in connection with its classification as held for sale (refer to Note 4).
(3) We had accumulated goodwill impairments of $6.1 million as of September 27, 2025 and December 31, 2024.
(4) We had accumulated goodwill impairments of $997.1 million and $995.9 million as of September 27, 2025 and December 31, 2024, respectively.
Richard Bittner Business Goodwill
On March 10, 2025, the Company signed a definitive agreement to sell the Richard Bittner Business to HBI Health & Beauty Innovations Limited. As a result, we determined an impairment indicator existed and prepared a quantitative goodwill impairment test. We determined the carrying value of this business exceeded the fair value and recorded an impairment charge of $1.2 million within our CSCI segment during the three months ended March 29, 2025. On April 11, 2025, we completed the sale of the Richard Bittner Business to HBI Health & Beauty Innovations Limited (refer to Note 3 and Note 10).
Intangible Assets
Intangible assets and related accumulated amortization consisted of the following(1) (in millions):
| September 27, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Gross | AccumulatedAmortization | Gross | AccumulatedAmortization | |
| Indefinite-lived intangibles: | ||||
| Trademarks, trade names, and brands | $3.5 | $— | $3.3 | $— |
| In-process research and development | 1.9 | — | 1.9 | — |
| Total indefinite-lived intangibles | $5.4 | $— | $5.2 | $— |
| Definite-lived intangibles: | ||||
| Distribution and license agreements and supply agreements | $106.7 | $66.0 | $101.9 | $59.5 |
| Developed product technology, formulations, and product rights | 351.6 | 243.5 | 341.5 | 227.2 |
| Customer relationships and distribution networks | 1,840.8 | 1,233.6 | 1,750.6 | 1,112.3 |
| Trademarks, trade names, and brands | 2,438.1 | 794.0 | 2,301.5 | 672.8 |
| Non-compete agreements | 2.1 | 2.1 | 2.1 | 2.1 |
| Total definite-lived intangibles | $4,739.3 | $2,339.2 | $4,497.6 | $2,073.9 |
| Total intangible assets | $4,744.7 | $2,339.2 | $4,502.8 | $2,073.9 |
(1) Certain intangible assets are denominated in currencies other than U.S. dollar; therefore, their gross and net carrying values are subject to foreign currency movements.
As a result of entering into a binding agreement to sell the Dermacosmetics Business, during the three months ended September 27, 2025, we reclassified $98.1 million net book value of associated intangible assets to Current assets held for sale (refer to Note 4).
During the nine months ended September 27, 2025, we identified an impairment indicator related to our Prevacid® definite-lived intangible asset in our CSCA segment. The indicator related to expected long-term decline in contribution margin. We determined a fair value assessment of the asset was required. The assessment resulted in an asset impairment of $1.5 million (refer to Note 10).
Note 9
We recorded amortization expense of $55.8 million and $167.2 million for the three and nine months ended September 27, 2025, respectively, and $57.5 million and $173.4 million for the three and nine months ended September 28, 2024, respectively.
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