Perrigo Updates Earnings Conference Call Timing Scheduled For November 4, 2020, Due To Notification Of Judical Review Decision

Rhea-AI Summary

Perrigo Company plc (NYSE: PRGO) announced a scheduling update for its third quarter financial results call to November 4, 2020, at 4:30 p.m. (EST), following a notice from the Irish High Court regarding a pending judicial review of a €1.6 billion assessment by Irish Revenue. The company asserts the assessment is without merit and intends to challenge it. The outcomes of the court's decision may influence the company's financial implications, and no payment is required until all determinations are resolved.

Positive

• Perrigo plans to challenge the €1.6 billion assessment, which they believe is without merit, potentially avoiding significant financial liabilities.

Negative

• If the court rules against Perrigo, it could result in substantial financial obligations from the €1.6 billion notice.

DUBLIN, Oct. 29, 2020 /PRNewswire/ -- Perrigo Company plc (NYSE; TASE: PRGO), a leading provider of Quality, Affordable Self-Care Products, today announced that it has been advised by the Irish High Court that the Court's decision on our pending Judicial Review case on whether to invalidate the Notice of Amended Assessment issued by Irish Revenue will be delivered sometime on November 4, 2020. As a result, the Company will move its third quarter financial results call to 4:30 p.m. (EST) on Wednesday, November 4, 2020 from its previously scheduled call time of 8:00 a.m.

As previously announced, Perrigo believes that the €1.6 billion Notice of Amended Assessment is without merit and incorrect as a matter of law, and filed an appeal with the Tax Appeals Commission. Separately, Perrigo filed for a Judicial Review with the Irish High Court based on a breach of Elan Pharma's rights and legitimate expectations as a taxpayer. Judicial Review is one pathway available to Perrigo to obtain relief. In Judicial Review, Perrigo is challenging the ability of Irish Revenue to issue the Notice of Amended Assessment, not the merits of the Amended Assessment itself. 

If the Irish High Court rules in favor of Perrigo in the Judicial Review, then the Notice of Amended Assessment would be invalidated, pending any appeal. If the High Court rules against Perrigo in the Judicial Review, then Perrigo will similarly have the option of considering an appeal against that ruling or reactivating its appeal on the merits, which is pending before the Tax Appeal Commission. The appeal on the merits pending before the Tax Appeals Commission was stayed by the Irish Court, pending the determination of the Judicial Review. No payment would be required until both the Judicial Review and Tax Appeals Commission cases have been fully determined.

The Company will hold its third quarter financial results call at 4:30 p.m. (EST) on Wednesday, November 4, 2020. The conference call will be available live via webcast to interested parties in the investor relations section of the Perrigo website at http://perrigo.investorroom.com/events-webcasts or by phone at 888-317-6003, International 412-317-6061, and reference ID # 3180501. A taped replay of the call will be available beginning at approximately 7:00 p.m. (EST) Wednesday, November 4, until midnight Wednesday, November 11, 2020. To listen to the replay, dial 877-344-7529, International 412-317-0088, and use access code 10148815.

About Perrigo 

Perrigo Company plc (NYSE; TASE: PRGO) is a leading provider of Quality, Affordable Self-Care Products and over-the-counter (OTC) health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Led by its consumer self-care strategy, Perrigo is the largest store brand OTC player in the U.S. in the categories in which it competes through more than 9,000 SKUs under customer 'own brand' labels. Additionally, Perrigo is a Top 5 OTC company by revenue in Europe, where it markets more than 200 branded OTC products throughout 28 countries. The Company also commercializes and manufactures generic prescription products in the U.S. Visit Perrigo online at www.perrigo.com. 

Forward-Looking Statements

Certain statements in this press release are "forward-looking statements." These statements relate to future events or the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "would," "should," "expect," "forecast," "plan," "anticipate," "intend," "believe," "estimate," "predict," "potential" or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control, including: the effect of the novel coronavirus (COVID-19) pandemic and the associated economic downturn and supply chain impacts on the Company's business; general economic, credit, and market conditions; future impairment charges; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company's appeal of the Notice of Assessment (the "NoA") issued by the Irish tax authority and the draft and final Notices of Proposed Assessment ("NOPAs") issued by the U.S. Internal Revenue Service and the impact that an adverse result in any such proceedings would have on operating results, cash flows, and liquidity; pending and potential third-party claims and litigation, including litigation relating to the Company's restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NoA and the NOPAs; potential impacts of ongoing or future government investigations and regulatory initiatives; potential costs and reputational impact of product recalls or sales halts; the impact of tax reform legislation and healthcare policy; the timing, amount and cost of any share repurchases; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions or dispositions and the success of such transactions, and the Company's ability to realize the desired benefits thereof; and the Company's ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives. An adverse result with respect to our appeal of any material outstanding tax assessments or pending litigation, including securities or drug pricing matters, could ultimately require the use of corporate assets to pay such assessments, damages from third-party claims, and related interest and/or penalties, and any such use of corporate assets would limit the assets available for other corporate purposes. Statements regarding the separation of the Rx business, including the expected benefits, anticipated timing, form of any such separation and whether the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders. These and other important factors, including those discussed under "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2019, as well as the Company's subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Perrigo Company plc

FAQ

What is the significance of the Irish High Court's decision for Perrigo (PRGO)?

The decision could determine the validity of a €1.6 billion tax assessment, impacting Perrigo's financial obligations.

When is Perrigo's Q3 financial results call?

The call is rescheduled for November 4, 2020, at 4:30 p.m. (EST).

What does Perrigo believe about the €1.6 billion assessment?

Perrigo believes the tax assessment is without merit and incorrect as a matter of law.

What happens if Perrigo loses the judicial review?

If Perrigo loses, they may face significant financial consequences from the upheld assessment.