Perrigo Company plc

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Perrigo is an American manufacturer of "private label" (other firms' brand name) over-the-counter pharmaceuticals. Perrigo engages in the acquisition (for repricing), manufacture, and sale of consumer healthcare products, generic prescription drugs, and active pharmaceutical ingredients, primarily in the USA.
The firm is headquartered in Dublin, Ireland as of Dec.2013, with its North American base in Michigan. Products are manufactured at 28 worldwide locations, with ~72% of the facilities being owned outright.

The company has 3 reporting segments:

  1. Consumer Healthcare: markets and distributes over-the-counter branded pharmaceutical and nutritional products in the USA, the UK, Australia, Israel, and Mexico. The division offers analgesic, cough/cold/allergy/sinus, gastrointestinal, anti-parasite, smoking cessation, first aid, antacids, hemorrhoidal remedies, motion sickness, sleep aid products, feminine hygiene products, vitamin, and nutritional supplement products.
  2. Prescription Pharmaceuticals: produces generic prescription drugs in the USA. The division provides creams, ointments, lotions, gels, and solutions, as well as nasal sprays, foams, and transdermal devices. Believing that Rx business has the potential to realise greater value outside of Perrigo, board okays separation of prescription pharma business in Aug.2018.ref
  3. Active Pharmaceutical Ingredients: produces pharmaceutical ingredients in Israel with sales to customers worldwide. The company also offers cosmetics, toiletries, detergents, manufactured and imported pharmaceutical products, and medical diagnostic products. The company’s customers include national and regional retail drug, supermarket, wholesalers, and mass merchandise chains.

develops, manufactures, and markets a portfolio of generic prescription drugs primarily in the U.S. We manufacture our topical and oral products in the U.S. and Israel.

Taxation Policy: In order to avoid USA taxes, Perrigo re-registered in Ireland in 2013.ref This was achieved by the acquisition of Ireland-based Elan Corporation. The deal meant an effective tax rate of 17%-12.5% or lower, from ~35%.[1]
In Dec.2018, Perrigo suffered its biggest one-day share price fall in history after the Irish Revenue Commissioners issued a tax claim against Perrigo that equated to half of its market value.

Brands

See p.9,12,55,116,118, AR-2017

Company

Shareholders

Total float: 99.5%
Source: MarketScreener.svg, Mar.2020

Corporate Grouping

ToDo †
  • Perrigo Finance Unlimited Company
  • Perrigo Israel Pharmaceuticals Ltd
  • Perrigo Israel Agencies Ltd

Timelines

History, ÉlanWikipedia-W.svg, Omega PharmaWikipedia-W.svg

  • Nov.2017: completed the sale of the Israel API business to SK Capital.
  • Aug.2017: completed the sale of the Russian business to Alvogen Pharma LLC.
  • Apr.2017: completed the sale of the India API business to Strides Shasun Ltd.
  • animal health pet treats plant fixed assets
  • India API business
  • Russian business
  • Israel API business
  •  ?? Proteon Therapeutics, acq 2016

  • Mar.2017: Tysabri: under pressure from private equity firm Starboard Value LP, the royalty stream for the multiple-sclerosis drug was sold to Royalty Pharma plc.[2]
  • Feb.2017: Completed the sale of the animal health pet treats plant fixed assets.
  • Aug.2016: Geiss, Destin & Dunn: announced the acquisition of the US national distributor of over-the-counter medicines.ref
  • Aug.2016: Divestment: Completed the sale of the USA Vitamins, Minerals, and Supplements business within the CHCA segment to International Vitamins Corporation.
  • Sept.2015: Naturwohl Pharma GmbH acquisition was completed, with its leading German dietary supplement brand "Yokebe".
  • Aug.2015: ScarAway brand portfolio acquisition from Enaltus LLC was completed, which served as an entry into the niche branded OTC business in the USA.
  • Aug.2015: GlaxoSmithKline Consumer Healthcare: acquired a portfolio of well-established OTC brands sold primarily in Europe. The broader European platform established through the Omega acquisition facilitated the acquisition.
  • May.2015: Gelcaps Exportadora de Mexico SA de CV, the Mexican operations of North Carolina-based Patheon Inc, was acquired.
  • Mar.2015: Omega Pharma Invest NV: a majority stake of 95.77% of the issued and outstanding share capital of Omega was bought from from Alychlo NV and Holdco I BE NV. Omega is a Belgian health-products provider, and one of the largest OTC healthcare companies in Europe.refref,ref
  • Oct.2014: Lumara Health Inc: a portfolio of women's healthcare products was acquired from Lumara Health Inc, a privately-held, Missouri-based specialty pharmaceutical company. The acquisition further expanded Perrigo's women's healthcare product offerings.
  • Dec.2013: § Elan Corporation plc was acquired, leading to the creation of a new corporate structure headquartered in Dublin, Ireland. The acquisition also brought the Tysabri multiple sclerosis drug's royalty stream. Elan had a royalty agreement with Biogen Idec Inc, whereby Biogen conveyed the right to receive royalties that are payable on sales revenue generated by the sale, distribution or other use of the drug Tysabri.
  • Jun.2013: Tax Evasion: Perrigo Company Public Limited CompanyOpenCorporates-sm.svg was incorporated under the laws of Ireland, effective as of Dec.2013, on its acquisition of Ireland–based Elan Corporation plc.[1]
  • Feb.2013: Rosemont Pharmaceuticals Ltd, a specialty and generic prescription pharmaceutical company focused on the manufacturing and marketing of oral liquid formulations, was acquired.ref
  • Sept.2012: Sergeant's Pet Care Products Inc, a privately-held manufacturer of over-the-counter companion animal healthcare products, was acquired. The deal allowed Perrigo to enter the animal wellness category.ref
  • Jan.2011: announced that it would acquire Paddock Laboratories Inc, with the deal expected to close in fiscal 2012.ref
  • Mar.2010: Orion Laboratories Pty Ltd was acquired, a supplier of over-the-counter store brand pharmaceutical products in Australia and New Zealand.ref
  • Mar.2010: PBM Holdings Inc acquired, a producer of over-the-counter store brand infant formula and baby foods in the USA, Canada, Mexico and China.ref
  • Nov.2008: Unico Holdings, a manufacturer of store brand pediatric electrolytes, enemas and feminine hygiene products for retail consumers in the US, was acquired.ref
  • Oct.2008: Laboratorios Diba SA was acquired, which enabling the company to market its products in Mexico.[26]
  • Sept.2008: JB Laboratories was acquired.ref
  • Jan.2008: Galpharm Healthcare Ltd was acquired, a supplier of over-the-counter store brand pharmaceuticals in the UK.ref
  • Mar.2005: Agis Industries (1983) Ltd was acquired, Israel's 2nd largest maker of generic pharmaceuticals.ref,ref The company was hived up, and subsequently renamed "Perrigo Israel Pharmaceuticals Ltd".ref A brief history is here.
  • 1997: Quimica y Farmacia, a Mexican-based private label OTC company, was acquired.
  • 1991: Perrigo made an initial public offering on NASDAQ.
  • 1887: L Perrigo Company was founded in Michigan as a packager of home remedies.
Sources: Our History. Perrigo Company. Accessed Dec.11.2018. ♦ Annual Report 2017. Perrigo Company. Accessed Dec.11.2018.

Elan Corporation plc

ÉlanWikipedia-W.svg, elan.com

  • Feb.2013: Elan sold its 50% interest in Tysabri to USA partner Biogen Idec, but retained royalties in the drug.
  • 1969: Elan was founded as a private company.

Articles

  • Dec.22.20198: US pharma giant Perrigo fights €1.6bn tax demand. The €1.6 billion tax bill, the 2nd largest in Irish history, was sent out after a reassessment of tax liability due from the sale of a stake that Elan had in a drug. Elan has since been acquired by Perrigo. Cianan Brennan, The Times.

References