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DUBLIN, November 4, 2020 / PRNewswire / – Perrigo Company plc (NYSE; TASE: PRGO) announced today that the Supreme Court of Ireland, which is a trial court, ruled that the issuance of the Amended Appraisal Notice by the Irish Revenue in November 2018 did not violate the legitimate expectations of the Company. No payment is required as a result of this decision.
Because the High Court of Ireland did not annul the Notice of Amended Assessment, in the absence of an appeal from Perrigo, the Notice of Amended Assessment will be considered on its merits by the Irish Tax Appeals Commission in a separate challenge filed by Perrigo in December 2018. Perrigo’s case before the Irish Tax Appeals Commission, including any payments, has been stayed until the judicial review procedure, including any appeals, is resolved.
Perrigo will now assess whether to appeal the judicial review decision to the Irish Court of Appeal or proceed to the Tax Appeals Commission, where it will challenge the assessment on its merits. As previously announced, Perrigo believes that the Amended Assessment Notice is without merit and is incorrect as a matter of law. Perrigo remains relying on its underlying case on the merits of the assessment, which remains pending before the Irish Tax Appeals Commission.
Perrigo President and CEO Murray S. Kessler commented: “We continue to feel strongly that Elan Pharma, Perrigo’s predecessor, had a legitimate expectation that Irish Revenue would not retrospectively, uniquely and without notice, re-characterize the Perrigo trade and would issue an assessment in this manner. we are disappointed, the judge did not see it this way, this judicial challenge and process related decision whether the Irish Revenue Agency should have been allowed to issue the tax assessment; it did not address the merits of the case. It was an available avenue for the Company to obtain relief Perrigo will now appeal the decision or move on to contest the merits of the assessment to the Tax Appeals Commission, where we strongly believe that the Company will ultimately prevail over the merits. Perrigo will continue to vigorously defend its position on behalf of the shareholders and the Company remains focused on transforming consumer self-care. “
About Perrigo
Perrigo Company plc (NYSE; TASE: PRGO) is a leading provider of Affordable, quality personal care products and over-the-counter (OTC) health and wellness solutions that improve individual wellness 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 OTC store brand in the US in categories competing through more than 9,000 SKUs with customer “private label” labels. Additionally, Perrigo is one of the top 5 OTC companies by revenue in Europe, where it sells more than 200 brand-name OTC products in 28 countries. The Company also markets and manufactures generic prescription products in the US 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 future financial performance of the Company and involve known and unknown risks, uncertainties and other factors that may cause the actual results, activity levels, performance or achievements of the Company or its industry to be materially different. of those expressed. or implied in any forward-looking statement. In some cases, forward-looking statements may be identified by terminology such as “may”, “will”, “could”, “would”, “should”, “expect”, “anticipate”, “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 that 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 new coronavirus (COVID-19) pandemic and associated economic recession and supply chain impacts on the Company’s business; general economic, credit and market conditions; future impairment charges; acceptance of new products by the customer; competition from other industry participants, some of whom have greater marketing resources or greater market shares in certain product categories than the Company; price 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 (“NOPA”) issued by the Internal Revenue Service and the impact that an adverse result in any such proceeding would have on operating results, cash flows and liquidity; pending and potential third party claims and litigation, including litigation related to the restatement of financial information previously submitted by the Company and litigation related to uncertain tax positions, including the NoA and NOPAs; potential impacts of ongoing or future government investigations and regulatory initiatives; the potential costs and reputational impact of product recalls or sales stoppages; the impact of fiscal reform and health policy; the timing, amount and cost of any share buyback; 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 obtain the desired benefits from them; and the Company’s ability to execute and achieve the desired benefits from announced cost reduction efforts and strategic and other initiatives. An adverse outcome regarding our appeal of any pending tax assessment or pending litigation, including drug pricing issues or securities, could ultimately require the use of corporate assets to pay for such assessments, damages from third party claims and related interests and / or penalties, and any use of corporate assets would limit the assets available for other corporate purposes. Statements regarding the separation of Rx’s business, including the expected benefits, the anticipated time, the manner of such separation and whether the separation eventually occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate businesses, the effect of existing interdependencies with our shared manufacturing and services operations, and the tax consequences of the planned separation for the Company or its shareholders. These and other important factors, including those discussed in “Risk Factors” on the Company’s Form 10-K for the year ended December 31, 2019, as well as the Company’s subsequent filings with the Stock Exchange Commission and United States securities can generate real results. performance or achievements differ materially from those expressed or implied in these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof and, unless required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statement, and whether as a result of new information, future events or otherwise.
SOURCE Perrigo Company plc
related links
http://www.perrigo.com
