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
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Restructuring Charges
NOTE 14 -RESTRUCTURING CHARGES
We periodically take action to reduce redundant expenses and improve operating efficiencies. Restructuring activity includes severance, lease exit costs, and related consulting fees. The following reflects our restructuring activity (in millions):
| Three Months Ended | |||||
|---|---|---|---|---|---|
| March 28, 2026 | |||||
| Supply Chain Reinvention | Project Energize | Nutrition Network Optimization | Operational Enhancement Program | Total | |
| Beginning balance | $— | $24.3 | $18.3 | $2.6 | $45.2 |
| Additional charges | 0.1 | (0.3) | 2.2 | 73.1 | 75.1 |
| Payments | (0.1) | (4.6) | — | (10.6) | (15.3) |
| Non-cash adjustments | — | (5.2) | — | (1.1) | (6.3) |
| Ending balance | $— | $14.2 | $20.5 | $64.0 | $98.7 |
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| March 29, 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 | 4.7 | — | 8.2 | 16.5 | — | 29.4 |
| Payments | (6.2) | — | (9.4) | — | (1.0) | (16.6) |
| Non-cash adjustments | — | — | — | — | — | — |
| Ending balance | $0.8 | $1.6 | $26.7 | $16.5 | $— | $45.6 |
The charges incurred during the three months ended March 28, 2026 were primarily associated with employee separation costs as a result of the Operational Enhancement Program. The charges incurred during the three months ended March 29, 2025 were primarily associated with employee separation costs as a result of the actions taken to optimize our nutrition network.
Of the amount recorded during the three months ended March 28, 2026, $36.6 million and $12.2 million were related to our Self Care and Specialty Care segments, respectively, due primarily to the Operational Enhancement Program, and $7.6 million related to our Infant Formula segment, due primarily to Nutrition Network Optimization. Charges totaling $13.5 million primarily for separation costs associated with the Operational Enhancement Program were corporate costs not allocated to a reporting segment.
Of the amount recorded during the three months ended March 29, 2025, $5.3 million and $1.8 million were related to our Self Care and Specialty Care segments, respectively, due primarily to Project Energize, and $16.5 million related to our Infant Formula segment, due primarily to Nutrition Network Optimization. Charges totaling $5.5 million
primarily for separation costs associated with Project Energize were corporate costs not allocated to a reporting segment.
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 $98.7 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
Note 14
long term liability on the Condensed Consolidated Balance Sheets as they are not currently expected to be paid out until 2028.
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