PERRIGO Co plc

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, 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®.

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®, and Jungle Formula®.

Previous 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.

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 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 segments are:

Current wording

Our reporting and operating segments reflect the way our chief operating decision maker, who is our Interim Chief Executive Officer (“CEO”), makes operating decisions, allocates resources and manages the growth and profitability of the Company. Our reporting segments are:

Previous wording

The Company's Oral Care product category and Other product category, which includes the Dermacosmetics business, are together disclosed as “All Other.”

Current wording

The Company's Oral Care product category and Other product category, which includes the Dermacosmetics business (through its April 30, 2026 divestment), are together disclosed as “All Other.”

Previous wording

(1) The Dermacosmetics business was historically reported in the Skin Care category and is now included within Other.

Current wording

(1) The Dermacosmetics business was historically reported in the Skin Care category and is now included within Other through its April 30, 2026 divestment.

Previous wording

•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 wording

•On April 30, 2026, the sale of the Dermacosmetics Business was completed for total consideration of $362.9 million, net of cash delivered. The transaction consists of €305.6 million or $358.5 million in upfront cash, $6.2 million of proceeds received for inventory on hand, less $1.8 million of cash delivered. The transaction also stipulates up to an additional €27.0 million contingent on the achievement of net sales milestones, of which €18.0 million is remaining through 2027. The sale resulted in a pre-tax gain of $129.5 million during the quarter. Brands sold in the transaction include ACO, Biodermal, and Iwostin.

Previous 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.

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 were $35 million over the same period. Restructuring and related charges associated with these actions were 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

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.

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. During the three months ended June 27, 2026, we executed a partial plant shut-down of our Vermont facility to rationalize capacity as part of this program. For further details on our restructuring charges related to the strategic review, refer to Item 1. Note 14.

Previous wording

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 wording

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 workforce as of December 31, 2025. The program will also target operational cost reductions mainly in our supply chain and distribution network.

Previous wording

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 wording

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 primarily in 2026.

Previous 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.

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 Nutrition Network Optimization, initiating an enterprise-wide operational enhancement program, and seeking further working capital improvements.

Previous wording

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 wording

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 three months ended March 28, 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. During the three months ended June 27, 2026, we recorded a $9.6 million adjustment benefiting gross profit based on updated information, resulting in a net receivable of approximately $31 million. 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.

Previous 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.

Current wording

East Conflict and overall geopolitical tensions. Inflationary pressures are still a significant cost factor in major economies globally across food, energy and labor and general materials. 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, escalating conflicts in the Middle East, the duration and extent of oil price increases and persistent geopolitical tensions along with the impact of tariff and trade policy continue to foster uncertainty.

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. 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

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 Food and 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

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.

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 has lead to further inflationary pressures which we are also continuing to monitor.

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 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.

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 and six months ended June 27, 2026 at the average exchange rates for the reporting period and average exchange rates for the three and six months ended June 28, 2025.

Previous wording

•$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 wording

•$115.8 million decrease in gross profit due to the carry over impacts of planned under-absorption stemming from lower prior-year sales volumes, and 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 $30.6 million. Gross profit as a percentage of net sales decreased 390 basis points compared to the prior year due primarily to the same factors that drove gross profit.

Previous wording

•$352.4 million increase in operating expenses driven by the $330.8 million goodwill impairment charge.

Current wording

•$325.4 million increase in operating expenses driven by the $331.8 million goodwill impairment charge.

Previous wording

•$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 wording

•$23.1 million decrease, or 3.9%, due primarily to unfavorable net pricing impacts and 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;

Previous wording

•$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 wording

•$108.9 million decrease, or 9.0%, due primarily to lower retailer inventory levels and continued soft consumption across both the U.S. and Europe, driven in part by lower seasonal incidence of cough and cold versus the prior year;

Previous wording

•$9.5 million increase from favorable foreign currency translation; partially offset by

Current wording

•$9.8 million increase from favorable foreign currency translation; partially offset by

Previous wording

•$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 wording

•$8.3 million decrease, or 1.9%, due primarily to lower net sales in Skin Healthas lower store brand sales of Minoxidil and lower net sales of Mederma® 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®.

Previous wording

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 wording

Segment operating income decreased $5.2 million, or 4.8%, due primarily to unfavorable gross profit flow through as a result of the carry over impacts of prior year manufacturing volume headwinds and unfavorable mix, partially offset by a $12.0 million decrease in operating expenses driven by lower advertising and promotional spend, including planned lower Opill® investment levels.

Previous wording

•$1.6 million increase, or 1.9%, due primarily to growth in contract infant formula, partially offset by lower net sales in store brand and branded infant formula as the prior year period was elevated due to customer inventory replenishment.

Current wording

•$20.6 million increase, or 12.1%, due primarily to growth in contract infant formula, partially offset by lower net sales in store brand and branded infant formula as the prior year period was elevated due to customer inventory replenishment.

Previous wording

Segment operating income decreased $18.0 million, due primarily to unfavorable gross profit flow through driven by prior year manufacturing volume headwinds, partially offset by a $4.0 million decrease in operating expenses driven by lower selling costs as a result of Project Energize.

Current wording

Segment operating income decreased $1.9 million, due primarily to unfavorable gross profit flow through driven by the carry over impacts of prior year manufacturing volume headwinds, partially offset by a $10.2 million decrease in operating expenses driven by lower selling costs as a result of actions taken as part of Nutrition Network Optimization.

Previous wording

•$16.9 million decrease, or 11.8%, due primarily to lower net sales of Oral Care products; partially offset by

Current wording

•$19.8 million decrease, or 7.5%, due primarily to lower net sales of Oral Care products; partially offset by

Previous wording

Segment operating income increased $10.9 million, or 52.1%, due primarily to the net recognition of a recovery of a portion of previously paid tariffs, as well as a $5.7 million decrease in operating expenses driven by lower costs as a result of Project Energize, partially offset by lower net sales flow through.

Current wording

Segment operating income increased $11.0 million, or 23.6%, due primarily to a $12.5 million decrease in operating expenses driven by lower costs as a result of the Operational Enhancement Program, partially offset by lower net sales flow through.

Previous wording

Interest expense, net, Other income, net and Loss on extinguishment of debt

Current wording

Interest expense, net, Other (income) expense, net and Loss on extinguishment of debt

Previous 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.

Current wording

The $123.0 million and $128.7 million increase in Other (income) expense, net during the three and six months ended June 27, 2026, respectively, compared to the prior year periods was due primarily to the gain on sale related to the divestiture of the Dermacosmetics Business (refer to Item 1. Note 3).

Previous 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).

Current wording

The loss on extinguishment of debt recognized during the six months ended June 27, 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 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.

Current wording

The effective tax rate on pre-tax income for the three months ended June 27, 2026, decreased when compared to the effective tax rate on pre-tax income for the three months ended June 28, 2025, primarily due to increases in our reserves for uncertain tax positions in 2025 and changes in jurisdictional mix of earnings, offset by impacts related to the Dermacosmetics Business divestiture in 2026.

Previous 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.

Current wording

The $42.4 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, gain (loss) on sale of business and restructuring, partially offset by a decrease in working capital.

Previous 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).

Current wording

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 March 20, 2026, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with Perrigo Investments, the other subsidiaries of the Company named therein, JPMorgan Chase Bank, N.A. and J. P. Morgan SE, as administrative agent, JPMorgan Chase Bank, N.A., as collateral agent and the other lenders party thereto. The Amended and Restated Credit Agreement 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. The Amended and Restated Credit Agreement provides for a $1.0 billion revolving credit facility maturing on March 20, 2031 (the “Revolving Facility”) and a $972.4 million term loan B facility maturing on April 20, 2029 (the “Term Loan B Facility” and together with the Revolving Facility, the “Senior Secured Credit Facilities”). The outstanding balance and maturity date of the Term Loan B Facility remains unchanged under the Amended and Restated Credit Agreement. The Company used the proceeds from a drawdown on the Revolving Facility to prepay the Term A Loans (as defined in the Credit Agreement) in their entirety, together with any accrued and unpaid interest and fees thereon and pay any associated transaction costs. Refer to Item 1. Note 11.

Current wording

On March 20, 2026, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) with Perrigo Investments, the other subsidiaries of the Company named therein, JPMorgan Chase Bank, N.A. and J. P. Morgan SE, as administrative agent, JPMorgan Chase Bank, N.A., as collateral agent and the other lenders party thereto. The Amended and Restated Credit Agreement 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. The Amended and Restated Credit Agreement provides for a $1.0 billion revolving credit facility maturing on March 20, 2031 (the “Revolving Facility”) and a $972.4 million term loan B facility maturing on April 20, 2029 (the “Term Loan B Facility” and together with the Revolving Facility, the “Senior Secured Credit Facilities”). The outstanding balance and maturity date of the Term Loan B Facility remain unchanged under the Amended and Restated Credit Agreement. The Company used the proceeds from a drawdown on the Revolving Facility to prepay the Term A Loans (as defined in the Credit Agreement) in their entirety, together with any accrued and unpaid interest and fees thereon and pay any associated transaction costs. Refer to Item 1. Note 11.

Previous wording

As of March 28, 2026, borrowings outstanding under the Revolving Facility totaled $427.6 million. There were no borrowings outstanding under the Revolver as of December 31, 2025.

Current wording

Using proceeds received as a result of the Dermacosmetics Business sale, a payment was made in the amount of $335.0 million on the Revolving Facility during the three months ended June 27, 2026. As of June 27, 2026, borrowings outstanding under the Revolving Facility totaled $92.6 million. There were no borrowings outstanding under the Revolver as of December 31, 2025.

Previous 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.

Current wording

We had $176.0 million and $190.5 million of lease liabilities and $166.2 million and $179.3 million of lease assets as of June 27, 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 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.

Current wording

Our credit ratings on June 27, 2026 were Ba3 (negative), B+ (stable), and BB (negative) by Moody's Investors Service ("Moody's"), S&P Global Ratings ("S&P"), and Fitch Ratings Inc. ("Fitch"), respectively.

Previous 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.

Current wording

The interest rate on the 3.150% Senior Notes due 2030 increased from 4.900% to 5.150% for payments made after December 15, 2025 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 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 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.

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 5.150% 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

During the first quarter of 2026, we changed our reporting segments to align with changes in the organization structure. As we transitioned from a geographic segment reporting structure to one that is product category based, our reporting units changed from Consumer Self Care Americas and Consumer Self Care International to Self Care, Skin Health, Women’s Health, Infant Formula, Oral Care, and Other. In connection with the segment reorganization, we prepared a quantitative goodwill impairment test based on the new reporting units as of January 1, 2026. We determined that the carrying value of the Women’s Health, Infant Formula, and Oral Care reporting units exceeded their estimated fair values. As a result, we recognized a goodwill impairment charge of $77.4 million for the Women’s Health reporting unit, resulting in a remaining goodwill balance of $107.1 million. We also fully impaired the Infant Formula and Oral Care reporting units, recording goodwill impairment charges of $66.3 million and $187.2 million, respectively. We continue to monitor the Self Care, Skin Health, and Women’s Health reporting units for indicators of impairment and will perform impairment assessments as required, including our annual impairment testing during the fourth quarter.

Current wording

During the first quarter of 2026, we changed our reporting segments to align with changes in the organization structure. As we transitioned from a geographic segment reporting structure to one that is product category based, our reporting units changed from Consumer Self Care Americas and Consumer Self Care International to Self Care, Skin Health, Women’s Health, Infant Formula, Oral Care, and Other. In connection with the segment reorganization, we prepared a quantitative goodwill impairment test based on the new reporting units as of January 1, 2026. We determined that the carrying value of the Women’s Health, Infant Formula, and Oral Care reporting units exceeded their estimated fair values. As a result, we recognized a goodwill impairment charge of $77.4 million for the Women’s Health reporting unit, resulting in a remaining goodwill balance of $107.1 million as of March 28, 2026. We also fully impaired the Infant Formula and Oral Care reporting units, recording goodwill impairment charges of $66.3 million and $187.2 million, respectively. We continue to monitor the Self Care, Skin Health, and Women’s Health reporting units for indicators of impairment and will perform impairment assessments as required, including our annual impairment testing during the fourth quarter.