Perrigo Company plc - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K, dated August 10, 2016, announces the release of earnings for Perrigo Company plc for the second quarter ended July 2, 2016. The filing serves to incorporate the press release (Exhibit 99.1) containing the financial results and non-GAAP reconciliations.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references a press release (Exhibit 99.1) where these figures are detailed. The document confirms the use of non-GAAP measures to evaluate performance, including adjustments for net sales on a constant currency basis, gross profit, operating income, and diluted earnings per share.
Material Changes and Adjustments
Management adjusts reported results to exclude non-core items to reflect ongoing business trends. The filing lists specific adjustments applied to the three months ended July 2, 2016, compared to the prior year period (ended June 27, 2015):
- 2016 Adjustments: Amortization of acquired assets, investment impairment charges, restructuring charges, results from held-for-sale businesses, equity method investment losses, acquisition/integration charges, goodwill/impairment charges, and tax effects.
- 2015 Adjustments: Included the above items plus payments for R&D arrangements, losses on derivatives for hedging, legal/consulting fees for hostile takeover defense, and loss on early debt extinguishment.
Guidance, Outlook, and Risks
The filing outlines the scope of adjustments expected in the 2016 full-year guidance, which includes amortization, impairment charges, integration/restructuring costs, held-for-sale results, equity method losses, debt extinguishment losses, and tax effects. The document notes that the information is furnished and not deemed "filed" for liability purposes under Section 18 of the Exchange Act.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific GAAP and non-GAAP financial figures (revenue, EPS, margins).
- Verify the reconciliation tables between GAAP and non-GAAP measures provided in the press release.
- Assess the impact of "held-for-sale" business results on the reported operating income.
- Confirm the magnitude of restructuring and acquisition-related charges excluded from adjusted results.
- Check for any updates to the full-year 2016 guidance provided in the attached press release.