Perrigo Company plc - Form 8-K Summary
Business Context and Reporting Period
Perrigo Company plc, incorporated in Ireland, filed this Current Report on Form 8-K on November 9, 2017. The filing announces the release of earnings results for the third quarter ended September 30, 2017. The detailed financial data is contained in the attached press release (Exhibit 99.1), which is not included in the text of this filing.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It references the release of these results but does not list the figures within the 8-K document itself.
Material Changes and Non-GAAP Adjustments
The Company provides non-GAAP financial measures to exclude items affecting comparability. Reported results for the three months ended September 30, 2017, were adjusted for the following items:
- Amortization expense related primarily to acquired intangible assets
- Change in financial assets
- Operating results attributable to held-for-sale businesses
- Impairment charges
- Restructuring charges
- Gain/Loss on divestitures
- Acquisition charges and contingent consideration adjustments
- Entocort operating results
- Non-GAAP tax adjustments
For the comparable period ended October 1, 2016, adjustments also included loss on early debt extinguishment, Belgium distribution sales, and the effect of dilution on weighted average shares outstanding.
Guidance, Outlook, and Risks
The filing outlines adjustments applied to the 2017 Full Year Guidance, which include:
- Amortization expense related primarily to acquired intangible assets
- Loss on early debt extinguishment
- Restructuring charges and impairment charges
- Change in financial assets
- Loss on hedges related to the extinguishment of debt
- Operating results attributable to exited or held-for-sale business
- Unusual litigation
- Acquisition charges and contingent consideration adjustments
- Gain on divestitures
- Tax effect of pretax Non-GAAP adjustments
Management utilizes these adjusted measures for planning, forecasting, and determining compensation. The filing notes that the information is furnished and not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and EPS figures for Q3 2017.
- Verify the specific dollar amounts associated with the listed non-GAAP adjustments (e.g., restructuring charges, impairment charges).
- Confirm the full-year 2017 guidance ranges for sales and earnings per share in the attached press release.
- Assess the impact of "unusual litigation" and "held-for-sale businesses" on future cash flows.
- Check for details regarding the "Entocort operating results" and "Belgium distribution sales" exclusions.