PERRIGO Co plc
For the period ended Mar 28, 2026. Filed May 6, 2026.
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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 28, 2026 · Filed May 6, 2026
PRGO$15.85+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-27; filed 2025-11-05.
0001585364-25-000156
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-28; filed 2026-05-06.
0001585364-26-000048
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 211 previous paragraphs and 167 current paragraphs.
64 unchanged; 37 reworded; 66 added; 108 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (66)
Current report
The Company’s plan to drive increased cash flow and total shareholder return is anchored in its ‘Three-S’ plan – ‘Stabilizing,’ ‘Streamlining,’ and ‘Strengthening’ our business. This process centers on restoring consistency in our core business, streamlining our cost structure and building capabilities that support scalable long-term growth.
Current report
•Self Care includes over-the-counter health and wellness products intended for consumer self-treatment of common conditions, such as pain & sleep, upper respiratory, digestive health and healthy lifestyle products including vitamins, minerals and supplements ("VMS") and oral electrolyte beverages.
Current report
•Specialty Care includes branded and specialty consumer health products that address more targeted or complex self-care needs, including women's health and skin health offerings, such as skin healing and insect repellant.
Current report
•Infant Formulais comprised of the infant formula product category, which includes nutrition products designed to meet the dietary needs of infants.
Current report
The Company's Oral Care product category and Other product category, which includes the Dermacosmetics business, are together disclosed as “All Other.”
Current report
Products
Current report
We offer products in the following categories:
Current report
(1) The Dermacosmetics business was historically reported in the Skin Care category and is now included within Other.
Current report
•During the first quarter of 2026, we transitioned from a geographic segment reporting structure to one that is product category based, enabling us to better align financial disclosures and operational analysis with product offerings and strategic priorities. These changes were made to reflect the way our chief operating decision maker ("CODM") makes operating decisions, allocates resources, and manages the growth of the Company. These updates have no impact on the historical consolidated financial position, results of operations, or cash flows.
Current report
•Eric Jacobson joined Perrigo as the new Vice President, Global Investor Relations, effective March 16, 2026.
Current report
•On March 20, 2026, we entered into an Amended and Restated Credit Agreement which amends and restates the Credit Agreement to, among other things, (i) extend the maturity of the Revolving Facility (defined below), (ii) eliminate the credit spread adjustment applicable to loans under the Revolving Facility and (iii) amend such other provisions of the Credit Agreement for the benefit of the Company. See Item 1. Note 11 for more information.
Current report
•On April 30, 2026, the sale of the Dermacosmetics Business was completed for total consideration of up to €332.6 million. The transaction consists of €305.6 million in upfront cash, including €5.6 million in net working capital adjustments, and up to an additional €27.0 million contingent on the achievement of net sales milestones over the next three years. Brands sold in the transaction include ACO, Biodermal, Emolium, and Iwostin.
Current report
Operational Enhancement Program
Current report
Building on the ‘Streamlining’ actions within our 'Three-S' Plan, in the fourth quarter of 2025 we launched a two-year, enterprise-wide operational enhancement program to create a more agile, more resilient platform positioned for growth in our core business. The program is designed to streamline operations in response to near-term industry pressures, including soft consumer consumption leading to lower volumes, while freeing up capital to further invest behind our key brands and store brands.
Current report
We expect the program to enhance organizational effectiveness by evolving our structure to improve agility, accelerate decision‑making and better leverage technology. As part of this effort, we expect to reduce approximately 7% of our current workforce. The program will also target operational cost reductions mainly in our supply chain and distribution network.
Current report
We anticipate gross pre‑tax annual run rate cost savings of $80 million to $100 million from the program, the majority of which are expected to be achieved in 2026. Cash costs to achieve these savings are expected to range between $80 million and $90 million.
Current report
During the first quarter of 2026, following the U.S. Supreme Court’s determination that tariffs imposed under the International Emergency Economic Powers Act were unlawful and subsequent orders of the U.S. Court of International Trade directing U.S. Customs and Border Protection to refund such duties, the Company concluded that recovery of a portion of previously paid tariffs is probable. Accordingly, the Company recorded a net receivable of approximately $21 million that benefited gross profit during the first quarter 2026 representing refunds expected to be received related to eligible import entries, based on information currently available, including shipment‑level data and applicable court guidance. The timing of receipt of these refunds is subject to U.S. Customs and Border Protection’s administrative processes, and actual amounts received may differ from estimates as refund claims are validated.
Current report
Operation Stork Speed, a regulatory initiative aimed at strengthening the safety, quality, transparency, and resilience
Current report
of the U.S. infant formula supply. This initiative intends to review the nutrients used in infant nutrition, expand testing
Current report
for contaminants, and enhance labelling expectations, and will evaluate potential future regulatory updates. In addition, Operation Stork Speed extends the FDA’s personal importation policy, which allows individuals to import certain infant formula products for personal use, thereby potentially increasing competitive pressures in the U.S. infant formula market. Together, these measures may introduce new compliance and regulatory obligations and may affect competitive dynamics in the U.S. market.
Current report
Net sales decreased $74.7 million, or 7.2%, due primarily to:
Current report
•$102.7 million decrease, or 9.9%, due primarily to lower consumption across both the U.S. and Europe, driven in part by lower seasonal incidence of cough and cold versus the prior year, which also led to lower retailer inventory levels. These were partially offset by continued market share gains in the U.S. and Europe, supported by innovation launches;
Current report
•$2.0 million decrease due to the prior year sale of the Richard Bittner Business; partially offset by
Current report
•$30.1 million increase from favorable foreign currency translation.
Current report
Operating income decreased $419.2 million due primarily to:
Current report
•$66.8 million decrease in gross profit due to the impact of lower net sales volumes, primarily within our Self Care reporting segment, partially offset by the net recognition of a recovery of a portion of previously paid tariffs of approximately $21 million. Gross profit as a percentage of net sales decreased 400 basis points compared to the prior year due primarily to the same factors that drove gross profit, as well as impacts from prior year manufacturing volume headwinds in Infant Formula.
Current report
•$352.4 million increase in operating expenses driven by the $330.8 million goodwill impairment charge.
Current report
SELF CARE FINANCIAL RESULTS
Current report
Net sales decreased $70.9 million, or 11.5%, due primarily to:
Current report
•$85.8 million decrease, or 14.0%, due primarily to lower consumption across both the U.S. and Europe, driven in part by lower seasonal incidence of cough and cold versus the prior year, which also led to lower retailer inventory levels;
Current report
•$2.0 million decrease due to the prior year sale of the Richard Bittner Business; partially offset by
Current report
•$16.9 million increase from favorable foreign currency translation.
Current report
Segment operating income decreased $44.3 million, or 39.3%, due primarily to the carry over impact of prior year manufacturing volume headwinds, lower net sales flow through partially offset by the net recognition of a recovery of a portion of previously paid tariffs.
Current report
Specialty Care
Current report
SPECIALTY CARE FINANCIAL RESULTS
Current report
Net sales increased $7.9 million, or 4.0%, due primarily to:
Current report
•$9.5 million increase from favorable foreign currency translation; partially offset by
Current report
•$1.7 million decrease, or 0.8%, due primarily to lower net sales in Skin Healthas lower store brand sales of Minoxidil at one customer were partially offset by share gains in Compeed®and Jungle Formula®. The net decline in Skin Health was partially offset by the Women’s Health category, led by continued momentum from Opill® andellaOne®.
Current report
Segment operating income increased $13.2 million, or 31.4%, due primarily to a $16.0 million decrease in operating expenses as lower advertising and promotional spend, including planned lower Opill® investment levels, favorable currency translation, and the net recognition of a recovery of a portion of previously paid tariffs more than offset the impact ofprior year manufacturing volume headwinds andunfavorable mix.
Current report
INFANT FORMULA FINANCIAL RESULTS
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Removed paragraphs (108)
Previous report
Two key initiatives are fundamental to advancing our self-care strategy — our Supply Chain Reinvention Program, a global supply chain efficiency program, and Project Energize, a global investment and efficiency program. In addition, we continue to invest in other initiatives, including innovation, information systems and tools, and our people to drive consistent and sustainable results.
Previous report
The Company’s plan to drive cash flow and total shareholder return is anchored behind its ‘Three-S’ plan – ‘Stabilizing’ Consumer Self-Care Americas store brand and infant formula businesses; ‘Streamlining’ the global portfolio, enterprise operating model and Consumer Self-Care International business; and ‘Strengthening’ what is working by prioritizing and increasing investments behind key‘High-Grow’brands.
Previous report
•Consumer Self-Care Americas ("CSCA")comprises our consumer self-care business in the U.S. and Canada.
Previous report
•Consumer Self-Care International ("CSCI")comprises our consumer self-care business outside of the U.S. and Canada, primarily in Europe and Australia.
Previous report
•On July 13, 2025, the Company entered into a Master Sale and Purchase Agreement with Kairos Bidco AB (“Kairos”), an investment vehicle managed by an affiliate of KKR & Co., Inc. (“KKR”), pursuant to which, and subject to the terms and conditions set forth therein, the Company agreed to sell and Kairos agreed to acquire (1) all of the shares in ACO® Hud Nordic AB, a Swedish private corporation (aktiebolag) (the “Target”) and (2) various assets relating to the manufacture, packaging, sale and distribution of certain cosmetic products, medicinal products and medical devices related to the Company’s Dermacosmetics branded business in Northern Europe, the Netherlands and Poland (together with the Target, the “Dermacosmetics Business”). Following the closing of KKR’s acquisition of Karo Healthcare AB on August 27, 2025, Kairos has transferred the binding agreement to acquire the Dermacosmetics Business to Karo Healthcare AB. See Item1. Note 4 for more information.
Previous report
•On November 5, 2025, we announced a strategic review of our infant formula business. The review will assess a full range of alternatives. Refer to the Nutrition Network Optimization; Strategic Review section below for additional details. In addition, as previously disclosed, our strategic review of our Oral Care business is continuing as we assess a full range of alternatives for that business.
Previous report
Perrigo has successfully transformed into a pure-play consumer self-care company and is now embarking on the next stage of its self-care journey - evolving to One Perrigo. This evolution will create sustainable, value accretive growth through a business model that better positions the Company to win in self-care.
Previous report
Based on current assessments, excluding any potential impact from pharmaceutical tariffs that may cover ingredients used in the manufacturing of OTC products and recently announced potential changes to tariffs on items sourced from China, we estimate a gross increase to global cost of goods sold in 2025 beginning in the fourth quarter of approximately $10 million to $20 million, and approximately $40 million to $50 million, on a full-year basis, updated from the previously estimated range of $50 million to $60 million. We seek to mitigate these impacts through a combination of strategic pricing actions, insourcing to our U.S.-based manufacturing facilities and other supply chain actions.
Previous report
Net sales decreased $44.2 million, or 4.1%, due primarily to:
Previous report
•$47.1 million decrease, or 4.4%, due primarily to lower net sales in the Nutrition category of $27.3 million driven by a strong product pipeline refill to contract manufacturing customers and consumer pantry loading ahead of a port strike threat in the prior year quarter and lost distribution of the Good Start® brand, and unfavorable impacts across our global OTC businesses due to soft category consumption. These were partially offset by higher net sales in the Skin Care category of $5.7 million driven by new distribution and increased consumption in the Minoxidil store brand franchise, along with higher net sales of Mederma®;
Previous report
•$14.7 million decrease due to the prior year divestitures of the Orion Laboratories Hospital & Specialty Business (the "Hospital & Specialty Business") and the HRA Pharma Rare Diseases Business (the "Rare Diseases Business") and the sale of branded products within our CSCI segment; partially offset by
Previous report
•$17.6 million increase from favorable foreign currency translation.
Previous report
Operating income decreased $7.8 million, or 9.7%, due primarily to:
Previous report
•$27.3 million decrease in gross profit driven by lower net sales volumes flow through primarily in CSCI and the Nutrition category, and divested businesses and exited product lines of $7.4 million, partially offset by favorable foreign currency translation of $9.3 million and new products. Gross profit as a percentage of net sales decreased 110 basis points compared to the prior year due primarily to the same factors that drove gross profit, partially offset by Supply Chain Reinvention savings.
Previous report
•$19.5 million decrease in operating expenses driven by decreased administrative costs of $22.7 million due primarily to lower variable employee expenses, and the absence of prior year impairment charges of $16.2 million recognized as part of the assets held for sale of the Hospital & Specialty Business, partially offset by the absence of the prior year gain on sale of branded products of $26.0 million.
Previous report
Net sales decreased $91.6 million, or 2.8%, due primarily to:
Previous report
•$62.3 million decrease due to the prior year divestitures of the Rare Diseases Business and the Hospital & Specialty Business and the sale of branded products within our CSCI segment;
Previous report
•$52.4 million decrease, or 1.7%, due primarily to lower net sales in the Digestive Health category of $39.9 million and Oral Care category of $24.6 million driven by soft OTC category consumption, as well as a prior year benefit in the Women's Health category of $15.0 million from initial retailer stocking of Opill® which launched at the end of the first quarter in the prior year, partially offset by higher net sales in the Upper Respiratory category of $21.6 million. These were partially offset by
Previous report
•$23.1 million increase from favorable foreign currency translation.
Previous report
Consolidated
Previous report
Operating income increased $166.2 million, due primarily to:
Previous report
•$24.5 million decrease in gross profit driven by lower net sales volumes flow through primarily in U.S. OTC, the impact of divested businesses and exited products of $39.5 million, and lower manufacturing efficiencies, partially offset by the infant formula business recovery, Supply Chain Reinvention benefits, Project Energize savings, favorable currency translation of $14.0 million and new products. Gross profit as a percentage of net sales increased 20 basis points compared to the prior year due to the same factors that impacted gross profit; and
Previous report
•$190.7 million decrease in operating expense driven by lower selling and administrative costs of $73.8 million due primarily to benefits from Project Energize and lower variable employee expenses, the absence of prior year impairment charges of $50.3 million recognized as part of the assets held for sale of the Hospital & Specialty Business and the Rare Diseases Business, decreased restructuring costs of $39.2 million driven by Project Energize and a decrease in Other operating (income) expense, net due to lower litigation expenses partially offset by the absence of the prior year gain on sale of branded products of $26.0 million.
Previous report
CONSUMER SELF-CARE AMERICAS FINANCIAL RESULTS
Previous report
Net sales decreased $25.7 million, or 3.8%, due primarily to:
Previous report
•$25.6 million decrease, or 3.8%, due primarily to lower net sales in the Nutrition category of $27.3 million, driven by a strong product pipeline refill to contract manufacturing customers and consumer pantry loading ahead of a port strike threat in the prior year quarter and lost distribution of the Good Start® brand, and unfavorable impacts across multiple U.S. OTC businesses due to soft category consumption. These were partially offset by higher net sales in the Upper Respiratory category of $8.3 million, due primarily to new distribution and store brand share gains amid lower consumption, as well as higher net sales in the Skin Care category of $6.9 million due primarily to higher consumption within the Minoxidil franchise and new distribution in addition to higher net sales of Mederma®.
Previous report
CSCA net sales by product category were as follows:
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CSCA
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•Upper Respiratory: Net sales of $129.2 million increased 6.8% due primarily to new distribution and store brand share gains amid lower consumption, leading to higher net sales of both cough and cold and allergy products, including store brand Fluticasone.
Previous report
•Digestive Health: Net sales of $105.5 million decreased 7.0% due primarily to new lower shelf pricing at a specific retailer and lower consumption of proton pump inhibitors, partially offset by Perrigo store brand share gains. These dynamics more than offset higher net sales and market share gains of Polyethylene Glycol 3350.
Previous report
•Nutrition: Net sales of $99.8 million decreased 21.5% due primarily to a strong prior-year quarter from refilling contract customer inventories, consumer pantry loading ahead of a port strike threat and previously disclosed lost distribution of the Good Start® brand, partially offset by growth in store brand infant formula consumption along with the reintroduction of SKU assortments.
Previous report
•Pain and Sleep-aids: Net sales of $88.6 million increased 1.0% due primarily to new distribution which more than offset soft category consumption.
Previous report
•Healthy Lifestyle: Net sales of $77.5 million decreased 4.3% due primarily to lower category consumption and timing of shipments of smoking cessation products, partially offset by new distribution and market share gains.
Previous report
•Oral Care: Net sales of $62.8 million decreased 6.2% due primarily to lost distribution of lower margin products and the absence of Plackers® dental flossers promotions compared to the prior year.
Previous report
•Skin Care: Net sales of $58.9 million increased 13.3% due primarily to higher consumption within the Minoxidil franchise and new distribution, in addition to higher net sales of Mederma®.
Previous report
•Women's Health: Net sales of $19.0 million increased 5.6% due primarily to higher net sales of Opill®.
Previous report
•VMS and Other: Net sales of $4.3 million increased 2.4% due primarily to volume decline in the VMS category.
Previous report
Operating income decreased $7.5 million, or 7.3%, due primarily to:
Previous report
•$13.8 million decrease in gross profit due primarily to lower net sales volumes flow through driven by the Nutrition category, partially offset by favorable impacts from lower materials inflation and benefits from Supply Chain Reinvention. Gross profit as a percentage of net sales decreased 90 basis points compared to the prior year due primarily to the same factors that drove gross profit, in addition to less favorable store brand product mix compared to the prior year quarter.
Previous report
•$6.3 million decrease in operating expenses driven by reduced administrative costs of $6.6 million due primarily to lower variable employee expenses, partially offset by higher restructuring costs associated with Project Energize and Nutrition Network Optimization.
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Reworded paragraphs (37)
Previous wording
Perrigo's broad offerings are well diversified across several major product categories as well as across geographies, primarily in North America and Europe with no one product representing more than 5% of total revenue. In North America, Perrigo is the leading store brand private label provider of self-care products in many categories, including upper respiratory, nutrition and women's health, along with brands including Opill® and Mederma®. In Europe, our portfolio consists primarily of brands, including Compeed®, ellaOne®, Solpadeine®, Jungle Formula®, and ACO®.
Current wording
Perrigo's broad offerings are well diversified across several major product categories as well as across geographies, primarily in North America and Europe, with no one product representing more than 5% of total revenue. In North America, Perrigo is the leading store brand private label provider of self-care products in many categories, including upper respiratory, healthy lifestyle and women's health, in addition to offering brands including Opill® and Mederma®. In Europe, our portfolio consists primarily of brands, including Compeed®, ellaOne®, Solpadeine®, Jungle Formula®, and ACO®.
Previous wording
Perrigo’s unique complementary businesses enable each individually to play a specific reinforcing role, where 1) store brands and infant formula generate cash for investments into the Company’s key higher margin, higher growth or‘High-Grow’ brands, 2) branding and innovation capabilities deliver brand and store brand demand generation designed to lead to stronger customer partnerships, 3) consumer-led innovation is scaled across brands, store brands and geographies, and 4) the Company leverages its global supply chain scale and reach with 100-plus molecules, at 100% consumer price point coverage, to serve the most consumers.
Current wording
Perrigo’s unique portfolio of businesses complement each other, where 1) store brands generate cash for investments into the Company’s key higher margin, higher growth brands, 2) branding and innovation capabilities are leveraged for both brand and store brand demand generation designed to generate stronger customer partnerships, 3) consumer-led innovation is scaled across brands, store brands and geographies, and 4) leveraging the scale of our global supply chain scale with more molecules at more price points to more consumers to drive increased household penetration.
Previous wording
Our reporting and operating segments reflect the way our chief operating decision maker, who is our Chief Executive Officer ("CEO"), makes operating decisions, allocates resources and manages the growth and profitability of the Company. Our reporting and operating segments are:
Current wording
Our reporting and operating segments reflect the way our chief operating decision maker, who is our Chief Executive Officer (“CEO”), makes operating decisions, allocates resources and manages the growth and profitability of the Company. Our reporting segments are:
Previous wording
We previously had an Rx segment comprised of our generic prescription pharmaceuticals business in the U.S. and other pharmaceuticals and diagnostic businesses in Israel, which have been divested. The Rx segment was reported as Discontinued Operations in 2021, and is presented as such for all periods in this report. See Item 1. Note 5 for more information.
Current wording
We previously operated an Rx segment consisting of our U.S. generic prescription pharmaceuticals business and other pharmaceuticals and diagnostic businesses in Israel, which have been divested. The Rx segment was reported as Discontinued Operations in 2021, and is presented as such for all periods in this report. See Item 1. Note 4 for more information.
Previous wording
In 2022, we initiated a Supply Chain Reinvention Program to reduce structural costs, improve profitability and our service levels to our retail partners, and strengthen our resiliency by streamlining and simplifying our global supply chain. Through this initiative, we are reducing portfolio complexity, investing in advanced planning capabilities, diversifying sourcing, and optimizing our manufacturing assets and distribution models. We estimate a total annual run-rate potential savings opportunity by the end of fiscal year 2028 of between $200 million to $300 million (excluding related depreciation expense on capital investments). To obtain these potential benefits, we anticipate incurring costs between $300 million to $350 million by the end of fiscal year 2028 to complete the program implementation, with the substantial portion of the costs incurred by the end of 2025, including capital investments, restructuring expenses and implementation costs. A significant portion of the annual run-rate potential savings of the Program, between $150 million to $200 million (not including related depreciation expense on capital investments), are anticipated by the end of fiscal year 2025. Refer to Item 1. Note 14 for further details on restructuring charges.
Current wording
In 2022, we initiated a Supply Chain Reinvention Program to reduce structural costs, improve profitability and our service levels to our retail partners, and strengthen our resiliency by streamlining and simplifying our global supply chain. Through this initiative, we have reduced portfolio complexity, invested in advanced planning capabilities, diversified sourcing, and optimized our manufacturing assets and distribution models. The program objectives are now realized with approximately $157 million of annualized benefits (not including related depreciation expense on capital investments) achieved by the end of fiscal year 2025. Total costs incurred over the same period including capital investments, restructuring expenses and implementation costs totaled approximately $286 million. For the remaining project wind-down activities, we anticipate less than $10 million of additional costs to be incurred through fiscal year 2026. Refer to Item 1. Note 14 for further details on restructuring charges.
Previous wording
As part of the Company's sustainable, value accretive growth strategy, the Company launched Project Energize - a global investment and efficiency program to drive the next evolution of capabilities and organizational agility. This three-year program is expected to produce significant benefits in the Company’s long-term business performance by enabling our One Perrigo growth strategy, increasing organizational agility and mitigating impacts from stabilizing and strengthening the infant formula business.
Current wording
As part of our sustainable, value accretive growth strategy, we launched Project Energize in the first quarter of 2024 - a global investment and efficiency program to drive the next evolution of capabilities and organizational agility. This three-year program was expected to produce significant benefits in our long-term business performance by enabling our One Perrigo growth strategy, increasing organizational agility and mitigating impacts from stabilizing and strengthening the infant formula business. As of December 31, 2025, Project Energize had achieved these objectives and has substantively completed.
Previous wording
Project Energize was initiated in the first quarter of 2024, subject to local law and consultation requirements, and is expected to deliver annualized pre-tax savings in the range of $140 million to $170 million by the end of 2026. The Company expects an annual reinvestment of approximately $40 million to $60 million of these savings to drive its business model. Restructuring and related charges associated with these actions are estimated to be in the range of $140 million to $160 million, including $20 million to $40 million in investments to enhance capabilities, and are expected to be substantially incurred by the end of 2026. Restructuring activities as part of Project Energize are expected to result in the net reduction of approximately 6% of total Perrigo roles. Refer to Item 1. Note 15 for further details on restructuring charges.
Current wording
Project Energize delivered approximately $167 million of annualized pre-tax savings as of the end of the fiscal year 2025, within the range of $140 million to $170 million expected by the end of 2026. Reinvestment savings of $35 million over the same period. Restructuring and related charges associated with these actions of approximately $138 million over the same period compared to an original estimated range of $140 million to $160 million. For the remaining project wind-down activities, we anticipate less than $10 million of additional costs to be incurred through fiscal year 2026. Refer to Item 1. Note 14 for further details on restructuring charges.
Previous wording
The review will assess a full range of alternatives and is aligned with Perrigo’s ‘Three‑S’ (Stabilize, Streamline, Strengthen) plan and reflects our commitment to disciplined capital allocation and supporting improved return on invested capital and total shareholder return. It will focus on a combination of accelerating cash flows and reassessing the previously announced investment in this business of $240 million, while optimizing portfolio impact and management focus.
Current wording
In 2025, we initiated the Nutrition Network Optimization project to optimize our infant formula manufacturing footprint, upgrade packaging capabilities, harmonize quality processes, and enhance our research and development capabilities. On November 5, 2025, we announced a strategic review of our infant formula business. The review will assess a full range of alternatives and is aligned with our ‘Three‑S’ plan and reflects our commitment to disciplined capital allocation and supporting improved return on invested capital and total shareholder return. It will focus on a combination of accelerating cash flows and reassessing the previously announced investment in this business of $240 million, while optimizing portfolio impact and management focus. For further details on our restructuring charges related to the strategic review, refer to Item 1. Note 14.
Previous wording
For further details on our restructuring charges related to the strategic review, refer to Item 1. Note 15.
Current wording
For further details on our restructuring charges, refer to Item 1. Note 14.
Previous wording
Current macroeconomic conditions remain dynamic, including impacts from inflation and interest rates, volatile changes in foreign currency exchange rates, tariffs, political unrest and uncertainty and legislative and regulatory changes. Any causes of market size contraction could reduce our sales or erode our operating margin and consequently reduce our net earnings and cash flows. As a result of these dynamic conditions and uncertainties, we have modified, and may further modify, our operations and strategic initiatives, including by adjusting our investment priorities, reallocating resources, or delaying specific initiatives, such as deferring capital expenditures on the Nutrition Network Optimization project and seeking further working capital improvements.
Current wording
Current macroeconomic conditions remain dynamic, including impacts from inflation and interest rates, volatile changes in foreign currency exchange rates, tariffs and other trade restrictions, political unrest and uncertainty and legislative and regulatory changes. Any causes of market size contraction could reduce our sales or erode our operating margin and consequently reduce our net earnings and cash flows. As a result of these dynamic conditions and uncertainties, we have modified, and may further modify, our operations and strategic initiatives, including by adjusting our investment priorities, reallocating resources, or delaying specific initiatives, such as deferring capital expenditures on the Nutrition Network Optimization project, initiating an enterprise-wide operational enhancement program, and seeking further working capital improvements.
Previous wording
Current uncertainties arising from increased tariffs on imported products could have an adverse effect on our Company. In 2025, the U.S. government announced new or additional tariffs on products imported from many countries and individualized "reciprocal" tariffs on countries with which the U.S. has the largest trade deficits. While some tariffs have become effective, others have been temporarily suspended or permanently repealed and the U.S. government has announced trade agreements with various governments and additional tariffs on other products. As a result, there continues to be significant volatility and uncertainty regarding the scope, timing, implementation and effective rates of tariffs.
Current wording
Current uncertainties arising from increased tariffs on imported products could have an adverse effect on our Company. In 2025, the U.S. government announced new or additional tariffs on products imported from many countries and individualized “reciprocal” tariffs on countries with which the U.S. has the largest trade deficits. While some tariffs have become effective, others have been temporarily suspended, increased then reduced or permanently repealed. The U.S. government has announced trade agreements with various governments and additional tariffs on countries due to geo-political issues. As a result, there continues to be significant volatility and uncertainty regarding the scope, timing, implementation and effective rates of tariffs.
Previous wording
In addition, our interest expense can be impacted by the overall global economic and interest rate environment. We manage interest rate risk through our capital structure and the use of interest rate swaps to fix the interest rate on greater than 90% of our outstanding debt.
Current wording
In addition, our interest expense is impacted by the overall global economic and interest rate environment. We manage interest rate risk through our capital structure and the use of interest rate swaps to fix the interest rate on greater than 90% of our outstanding debt.
Previous wording
Supply chain disruptions continue in specific categories such as agricultural commodities due to climate impacts, and supply chain shortages continue due to the Middle East Conflict. Inflationary pressures are still a factor on cost in major economies globally across food, energy and labor. While global inflation is expected to fall, U.S. inflation is now predicted to stay above previous predictions. We previously experienced employment vacancies and attrition in the labor market which negatively impacted productivity and drove the need for wage rate increases and other retention benefits. We implemented a series of actions to substantially mitigate these and other inflationary cost pressures, such as strategic pricing and our Supply Chain Reinvention Program. Benefits from our actions have substantially offset the impacts of inflation to date. However, future supply chain disruptions and inflationary pressures from the continuation of the conflicts between Russia and Ukraine, any escalating conflicts in the Middle East, persistent geopolitical tensions and the impact of tariff and trade policy are uncertain.
Current wording
Supply chain disruptions continue in specific categories such as agricultural commodities due to climate impacts, and supply chain shortages, the conflicts between Russia and Ukraine, the Middle East Conflict and geopolitical tensions. Inflationary pressures are still a factor on cost in major economies globally across food, energy and labor. The ongoing conflict involving Iran has contributed to volatility in global oil markets, resulting in rising oil prices. This escalation in oil prices presents an inflation risk for the broader economy. We previously experienced employment vacancies and attrition in the labor market which negatively impacted productivity and drove wage rate increases and other retention benefits. We implemented a series of actions to substantially mitigate these and other inflationary cost pressures, such as strategic pricing and our Supply Chain Reinvention Program. Benefits from our actions have substantially offset the impacts of inflation to date. However, future supply chain disruptions and inflationary pressures from the continuation of the conflicts between Russia and Ukraine, any escalating conflicts in the Middle East, the duration and extent of oil price increases, persistent geopolitical tensions and the impact of tariff and trade policy are uncertain.
Previous wording
As part of its efforts to prevent supply interruptions and risk of Cronobacter spp. illnesses associated with powdered infant formula, in March 2023, the Federal Drug Administration ("FDA") released an “Immediate National Strategy to Increase the Resiliency of the U.S. Infant Formula Market” and issued a letter to the powdered infant formula industry to share information to assist the industry in improving the microbiologic safety of powdered infant formula. In response to those changes, we made considerable investments in all our infant formula manufacturing sites, including enhanced cleaning and sanitation protocols, enhancements to our environmental monitoring programs, enhanced quality oversight and increased the number of quality and operations personnel. These changes have resulted in higher costs and lower manufacturing output and production yields across our infant formula network.
Current wording
As part of its efforts to prevent supply interruptions and risk of Cronobacter spp. illnesses associated with powdered infant formula, in March 2023, the Federal Drug Administration ("FDA") released an “Immediate National Strategy to Increase the Resiliency of the U.S. Infant Formula Market” and issued a letter to the powdered infant formula industry to share information to assist the industry in improving the microbiologic safety of powdered infant formula. In response to those changes, we made considerable investments in all our infant formula manufacturing sites. These investments included, among other things, enhancing our cleaning and sanitation protocols, our environmental monitoring programs, and quality oversight, as well as additional quality and operations personnel. These changes have resulted in higher costs and lower manufacturing output and production yields across our infant formula network. In March 2025, the U.S. Department of Health and Human Services (HHS) launched
Previous wording
As previously disclosed, we received a warning letter from the FDA on August 30, 2023 relating to the Perrigo Wisconsin infant formula facility, which was acquired in November 2022. While we worked to resolve the issues raised in the August 30 letter, on November 29, 2023, we received notice from the FDA of additional inspection observations relating to Perrigo Wisconsin. Consistent with our commitment to quality, we temporarily paused all production at that facility and conducted an extended site-wide assessment and cleaning.
Current wording
As previously disclosed, we received a warning letter from the FDA on August 30, 2023 relating to the Perrigo Wisconsin infant formula facility, which we acquired in November 2022. While we worked to resolve the issues raised in the August 30 letter, on November 29, 2023, we received notice from the FDA of additional inspection observations relating to Perrigo Wisconsin. Consistent with our commitment to quality, we temporarily paused all production at that facility and conducted an extended site-wide assessment and cleaning.
Previous wording
In October and November 2024, the FDA conducted its first inspection of the Perrigo Wisconsin infant formula facility since the November 2023 inspection. Following this 2024 inspection, the FDA did not issue written observations via Form FDA 483.
Current wording
In October and November 2024, the FDA conducted its first inspection of the Perrigo Wisconsin infant formula facility since the November 2023 inspection. Following this 2024 inspection, the FDA did not issue written observations via Form FDA 483. In February 2026, the FDA conducted an additional inspection of the Perrigo Wisconsin infant formula facility and issued a Form 483. The matters raised in the February 2026 Form 483 do not relate to a production batch or an actual or potential recall of past production. We have initiated corrective actions and will continue to work collaboratively with the FDA.
Previous wording
We had incurred certain extraordinary non-recurring costs associated with the remediation and enhancement actions described above and the evolving U.S. infant formula regulatory landscape, including consulting and legal fees relating to our responses to the FDA and the development and institution of new protocols across our infant formula manufacturing sites, as well as other costs relating to the extended cleaning and sanitization and the pausing and restarting of production. Cash costs to achieve this remediation plan are approximately $22.6 million with approximately 95% of such costs incurred during the year ended December 31, 2024.
Current wording
We incurred certain extraordinary non-recurring costs associated with the remediation and enhancement actions described above and the evolving U.S. infant formula regulatory landscape, including consulting and legal fees relating to our responses to the FDA and the development and institution of new protocols across our infant formula manufacturing sites, as well as other costs relating to the extended cleaning and sanitization and the pausing and restarting of production. Cash costs to achieve this remediation plan were approximately $22.6 million with approximately 95% of such costs incurred during the year ended December 31, 2024.
Previous wording
We have been focusing on rebuilding market share, while managing the additional cost and production processes. Although we have gained market share in non-WIC infant formula powder, heightened competition from existing and new entrants, particularly as a result of continued regulatory forbearance allowing imported infant formulas has led to increased supply of infant formula in the United States, and the previously disclosed lost distribution of the Good
Current wording
We have been focusing on rebuilding market share, while managing the additional cost and production processes. Although we have gained market share in non-WIC infant formula powder, heightened competition from existing and new entrants, particularly as a result of continued regulatory forbearance allowing imported infant formulas has led to increased supply of infant formula in the United States, and the previously disclosed lost distribution of the Good Start® brand have hindered our efforts to recover our previous market share. On November 5, 2025, we announced a strategic review of our infant formula business focused on a combination of accelerating cash flows and reassessing the previously announced investment in this business, while optimizing portfolio impact and management focus. See Nutrition Network Optimization; Strategic Review above.
Previous wording
We continue to closely monitor the ongoing conflict and the social, political and economic environment in Israel and in the surrounding region to evaluate the impacts on our operations and supply chain. Israel is a global technology research and development center that plays a critical role in the global Active Pharmaceutical Ingredients ("API") market, as a number of our key suppliers are located within Israel. The Company sources some raw materials and finished goods from suppliers in Israel for certain self-care products, including omeprazole. To date, Perrigo has confirmed that our suppliers in the region have active operations and continue to manufacture materials for us, and we have not received any reports of restrictions on imports or exports in Israel. However, there is potential for some disruption as it relates to in-country logistics, including freight. As a precaution, Perrigo has engaged alternate suppliers to help minimize a potential supply disruption. If the conflict spreads or materially escalates, or if the conflict leads to further volatility and uncertainty in financial markets or economic conditions, the impact on our business and results of operations could be material. For example, an escalation in military activity in the Red Sea region has the potential to disrupt supply chains and lead to further inflationary pressures which we are also continuing to monitor.
Current wording
We continue to closely monitor the ongoing conflict and the social, political and economic environment in Israel and in the broader Middle East to evaluate the impacts on our operations and supply chain. Israel is a global technology research and development center that plays a critical role in the global Active Pharmaceutical Ingredients ("API") market, as a number of our key suppliers are located within Israel. The Company sources some raw materials and finished goods from suppliers in Israel for certain self-care products, including omeprazole. To date, Perrigo has confirmed that our suppliers in the region have active operations and continue to manufacture materials for us, and we have not received any reports of restrictions on imports or exports in Israel. However, there is potential for some disruption as it relates to in-country logistics, including freight. As a precaution, Perrigo has engaged alternate suppliers to help minimize a potential supply disruption. If the conflict spreads or materially escalates, or if the conflict leads to further volatility and uncertainty in financial markets or economic conditions, the impact on our business and results of operations could be material. For example, an escalation in military activity in the Strait of Hormuz and Red Sea region has the potential to disrupt supply chains and lead to further inflationary pressures which we are also continuing to monitor.
Previous wording
For additional information, refer to Item 1A - Risk Factors.
Current wording
For additional information, refer to Part II. Item 1A - Risk Factors.
Previous wording
Any currency translation effects described below represent estimates of the net differences between translation of foreign currency transactions into U.S. dollars for the three and nine months ended September 27, 2025 at the average exchange rates for the reporting period and average exchange rates for the three and nine months ended September 28, 2024.
Current wording
Any currency translation effects described below represent estimates of the net differences between translation of foreign currency transactions into U.S. dollars for the three months ended March 28, 2026 at the average exchange rates for the reporting period and average exchange rates for the three months ended March 29, 2025.
Previous wording
Interest expense, net, Other (income) expense, net and Loss on extinguishment of debt
Current wording
Interest expense, net, Other income, net and Loss on extinguishment of debt
Previous wording
The $13.7 million and $12.4 million decrease in Other (income) expense, net during the three and nine months ended September 27, 2025, respectively, compared to the prior year periods was due primarily to unfavorable changes in revaluation of foreign currency contracts associated with the planned divestiture of the Dermacosmetics Business, the absence of prior year gain recognized on the sale of the Rare Diseases Business, and the loss recognized on the sale of the Richard Bittner Business.
Current wording
The $5.6 million increase in Other (income), net during the three months ended March 28, 2026 compared to the prior year period was due primarily to favorable changes in revaluation of foreign currency contracts associated with the planned divestiture of the Dermacosmetics Business.
Previous wording
The loss on extinguishment of debt during the three and nine months ended September 28, 2024 is related to the unamortized fees associated with the partial payment on the Term Loan B Facility (refer to Item 1. Note 12).
Current wording
The loss on extinguishment of debt recognized during the three months ended March 28, 2026 is a result of the Amended and Restated Credit Agreement (refer to Item 1. Note 11).
Previous wording
The effective tax rate on the pre-tax income for the three months ended September 27, 2025, decreased when compared to the effective tax rate on the pre-tax income for the three months ended September 28, 2024, primarily due to tax benefits resulting from the enactment of the One Big Beautiful Bill Act ("OBBBA") and the impacts of accounting for income taxes in interim reporting periods, offset by changes in reserves for uncertain tax positions. The effective tax rate on pre-tax income for the nine months ended September 27, 2025 increased when compared to the effective tax rate on the pre-tax loss for the nine months ended September 28, 2024 primarily due to changes in reserves for uncertain tax positions, offset by the impact of the OBBBA, and the impacts related to accounting for income taxes in interim reporting periods for 2024. For 2024, the accounting for income taxes in interim reporting periods resulted in a significant variation in the customary relationship between income tax expense and pre-tax book income, which does not significantly impact 2025.
Current wording
The effective tax rate on the pre-tax loss for the three months ended March 28, 2026, decreased when compared to the effective tax rate on the pre-tax income for the three months ended March 29, 2025, primarily due to the release of reserves for uncertain tax positions in 2026, the impact of goodwill impairments in 2026, and changes in the jurisdictional mix of income.
Previous wording
We finance our operations with internally generated funds, supplemented by credit arrangements with third parties and capital market financing. We routinely monitor current and expected operational requirements and financial market conditions to evaluate other available financing sources including term and revolving bank credit and securities offerings. In determining our future capital requirements, we regularly consider, among other factors, known trends and uncertainties, such as the war in Ukraine and conflicts in the Middle East, inflation and interest rates, the status of material contingent liabilities, recent financial market volatility, tariffs and potential tariff and trade policies and other uncertainties. Additionally, we have considered investments in capital expenditures related to the progression of infant formula plant investments, our Supply Chain Reinvention Program, and Project Energize. Subject to relevant restrictions under our debt agreements, our cash requirements for other purposes and other factors management deems relevant, we may from time to time use available funds to redeem, repurchase or refinance our debt in privately negotiated or open market transactions, by tender offer or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms we deem appropriate (which may be below par).
Current wording
We finance our operations with internally generated funds, supplemented by credit arrangements with third parties and capital market financing. We routinely monitor current and expected operational requirements and financial market conditions to evaluate other available financing sources including term and revolving bank credit and securities offerings. In determining our future capital requirements, we regularly consider, among other factors, known trends and uncertainties, such as the geopolitical environment, inflation and interest rates, the status of material contingent liabilities, recent financial market volatility, tariffs and potential tariff and trade policies and other uncertainties. Subject to relevant restrictions under our debt agreements, our cash requirements for other purposes and other factors management deems relevant, we may from time to time use available funds to redeem, repurchase or refinance our debt in privately negotiated or open market transactions, by tender offer or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms we deem appropriate (which may be below par).
Previous wording
The $12.8 million increase in operating cash flow was primarily driven by an improved net loss position and an increase in cash flow from the change in net earnings after adjustments for items including depreciation and amortization and restructuring, partially offset by an increase in working capital.
Current wording
The $49.1 million decrease in operating cash flow was primarily driven by a decrease in cash flow from the change in net earnings after adjustments for items including impairment, depreciation and amortization and restructuring, as well as an increase in working capital.
Previous wording
On April 20, 2022, we and our indirect wholly owned subsidiary, Perrigo Investments, LLC, (the "Borrower") entered into the senior secured credit facilities, which consisted of (i) a $1.0 billion five-year revolving credit facility (the “Revolver”), (ii) a $500.0 million five-year Term Loan A facility (the “Term Loan A Facility” and the Term A Loans thereunder, the "Term A Loans"), and (iii) a $1.1 billion seven-year Term Loan B facility (the “Term Loan B Facility” and the Term B Loans thereunder borrowed on April 20, 2022, the "2022 Term B Loans” and, together with the Revolver and Term Loan A Facility, the "Senior Secured Credit Facilities"), pursuant to a Term Loan and Revolving Credit Agreement (the "Credit Agreement").
Current wording
On April 20, 2022, we and our indirect wholly owned subsidiary, Perrigo Investments, LLC, (the “Borrower”) entered into the senior secured credit facilities, which consisted of (i) a $1.0 billion five-year revolving credit facility (the “Revolver”), (ii) a $500.0 million five-year Term Loan A facility (the “Term Loan A Facility” and the Term A Loans thereunder, the “Term A Loans”), and (iii) a $1.1 billion seven-year Term Loan B facility (the “Term Loan B Facility” and the Term B Loans thereunder borrowed on April 20, 2022, the “2022 Term B Loans”, pursuant to a Credit Agreement (the “Credit Agreement”).
Previous wording
On December 15, 2023, we and the Borrower entered into Amendment No. 1, an Incremental Assumption Agreement (the "Amendment") to the Credit Agreement. The Amendment provides for a fungible add on to the 2022 Term B Loans in an aggregate principal amount of $300.0 million (the "Incremental Term B Loans" and together with the 2022 Term B Loans, the “Term B Loans”). The terms of the Incremental Term B Loans, including pricing and maturity, are identical to the 2022 Term B Loans. The Term B Loans will mature on April 20, 2029. The net proceeds from the Incremental Term B Loans were used to settle the cash tender offer by Perrigo Finance for $300.0 million in aggregate principal amount of 3.900% Senior Notes due 2024 ("2024 Notes"). The tender offer was settled on December 15, 2023, and Perrigo Finance accepted for purchase $300.0 million of the 2024 Notes and paid approximately $295.1 million in aggregate cash consideration (excluding accrued interest).
Current wording
On December 15, 2023, we and the Borrower entered into Amendment No. 1 and Incremental Assumption Agreement (the “Amendment”) to the Credit Agreement. The Amendment provided for a fungible add on to the 2022 Term B Loans in an aggregate principal amount of $300.0 million (the “2023 Incremental Term B Loans”). The terms of the 2023 Incremental Term B Loans, including pricing and maturity, are identical to the 2022 Term B Loans. The net proceeds from the 2023 Incremental Term B Loans were used to settle the cash tender offer by Perrigo Finance Unlimited Company (“Perrigo Finance”), a public unlimited company incorporated under the laws of Ireland and an indirect wholly-owned finance subsidiary of Perrigo for $300.0 million in aggregate principal amount of 3.900% Senior Notes due 2024 (“2024 Notes”). The tender offer was settled on December 15, 2023, and Perrigo Finance accepted for purchase $300.0 million of the 2024 Notes and paid approximately $295.1 million in aggregate cash consideration (excluding accrued interest).
Previous wording
On December 15, 2024, we and the Borrower entered into Amendment No. 2 to the Credit Agreement, that provides for the refinancing of the Term B Loans outstanding under the Credit Agreement in the aggregate amount of $984.7 million. Refer to Item 1. Note 12.
Current wording
On December 15, 2024, we and the Borrower entered into Amendment No. 2 to the Credit Agreement, which established a new tranche of loans under the Term B Facility (the “Term B Loans”) and which refinanced all of the 2023 Incremental Term B Loans and the 2022 Term B Loans outstanding under the Credit Agreement in the aggregate amount of $984.7 million, which resulted in a repricing to lower interest rate and increased the discount by $1.5 million. The Term B Loans will mature on April 20, 2029.
Previous wording
As of September 27, 2025 and December 31, 2024, we had $1,403.0 million and $1,429.1 million, respectively, outstanding under our Term Loan A Facility and Term Loan B Facility. Our short-term debt as of September 27, 2025 of $36.6 million is comprised of (i)amortization payments for the Term A Loans and the Term B Loans and (ii) lease payments.
Current wording
As of March 28, 2026, we had $970.0 million outstanding under our Term Loan B Facility. As of December 31, 2025, we had $1,394.3 million outstanding under our Term Loan A Facility and Term Loan B Facility. Our short-term debt as of March 28, 2026 of $11.4 million is comprised of (i) amortization payments for the Term B Loans and (ii) lease payments.
Previous wording
We were in compliance with all the covenants under our debt agreements as of September 27, 2025.
Current wording
We are in compliance with all the covenants under our debt agreements as of March 28, 2026.
Previous wording
We had $194.3 million and $195.1 million of lease liabilities and $180.9 million and $186.9 million of lease assets as of September 27, 2025 and December 31, 2024, respectively. For information on our operating and finance lease obligations and the amount and timing of future payments refer to Item 1. Note 8.
Current wording
We had $185.2 million and $190.5 million of lease liabilities and $172.9 million and $179.3 million of lease assets as of March 28, 2026 and December 31, 2025, respectively. For information on our operating and finance lease obligations and the amount and timing of future payments refer to Item 1. Note 7.
Previous wording
Our credit ratings on September 27, 2025 were Ba2 (negative), BB- (stable), and BB (negative), by Moody's Investor Services, S&P Global Ratings ("S&P"), and Fitch Ratings Inc. ("Fitch"), respectively.
Current wording
Our credit ratings on March 28, 2026 were Ba3 (negative), B+ (stable), and BB (negative) by Moody's Investor Services ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings Inc. ("Fitch"), respectively. On March 16, 2026, S&P downgraded our issuer credit rating to B+ from BB- and Fitch adjusted the rating outlook from stable to negative. On March 31, 2026, Moody's adjusted the rating outlook from stable to negative.
Previous wording
Future interest rate adjustments of the 3.150% Senior Notes due 2030 are subject to a 2.0% total cap above the original 3.150% interest rate which would result in an interest rate not to exceed 5.150% based on certain rating events as specified in the Note’s Supplemental Indenture No. 3, dated as of June 19, 2020, among Perrigo Finance Unlimited Company, Perrigo Company plc and Wells Fargo Bank, National Association, as trustee.
Current wording
The interest rate on the 3.150% Senior Notes due 2030 increased from 4.900% to 5.150% for payments made after June 15, 2026 as a result of previous credit rating adjustments. Interest rate adjustments for the 3.150% Senior Notes due 2030 are subject to a 2.0% cap above the original 3.150% interest rate, ensuring that the interest rate does not exceed the 5.150%. This adjustment is contingent upon certain rating events, as outlined in the Note’s Supplemental Indenture No. 3, dated as of June 19, 2020, among Perrigo Finance Unlimited Company, Perrigo Company plc and Wells Fargo Bank, National Association, serving as trustee.
Previous wording
As detailed in Item 1. Note 12, the Guarantor Subsidiaries and the Borrower provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 5.300% Notes due 2043 issued by the Company, and the Loan Parties provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 4.900% Notes due 2030, the 5.375% Euro Notes due 2032, the 6.125% USD Notes due 2032, and the 4.900% Notes due 2044 issued by Perrigo Finance.
Current wording
As detailed in Item 1. Note 11, the Guarantor Subsidiaries and the Borrower provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 5.300% Notes due 2043 issued by the Company, and the Guarantor Subsidiaries, the Borrower and the Company provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 4.900% Notes due 2030, the 5.375% Euro Notes due 2032, the 6.125% USD Notes due 2032, and the 4.900% Notes due 2044 issued by Perrigo Finance.
Previous wording
The determination of certain amounts in our financial statements requires the use of estimates. These estimates are based upon our historical experiences combined with management’s understanding of current facts and circumstances. Although the estimates are considered reasonable based on the currently available information, actual results could differ from the estimates we have used. There have been no material changes to the critical accounting estimates as disclosed in our 2024 Form 10-K.
Current wording
The determination of certain amounts in our financial statements requires the use of estimates. These estimates are based upon our historical experiences combined with management’s understanding of current facts and circumstances. Although the estimates are considered reasonable based on the currently available information, actual results could differ from the estimates we have used. There have been no material changes to the critical accounting estimates as disclosed in our 2025 Form 10-K other than those discussed below.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In 2025, Perrigo initiated the Nutrition Network Optimization project to optimize our infant formula manufacturing footprint, upgrade packaging capabilities, harmonize quality processes, and enhance our research and development capabilities. On November 5, 2025, we announced a strategic review of our infant formula business.
Previous report — wording carried elsewhere
Start® brand have hindered our efforts to recover our previous market share. On November 5, 2025, we announced a strategic review of our infant formula business focused on a combination of accelerating cash flows and reassessing the previously announced investment in this business, while optimizing portfolio impact and management focus. See Nutrition Network Optimization; Strategic Review above.