DUBLIN, March 16, 2017 /PRNewswire/ -- Perrigo
Company plc (NYSE; TASE: PRGO), a leading provider of Quality,
Affordable Healthcare Products®, today commented,
"We continue to make progress with our independent auditor, Ernst
& Young ("E&Y"), in addressing the technical accounting
matters outlined in our Form 12b-25 filing. Perrigo and E&Y
have not been able to fully complete their respective reviews of
the historical revenue recognition practices associated with the
Tysabri® royalty stream by the Form 10-K filing due date
under the extension provided by Rule 12b-25 of the Securities
Exchange Act of 1934. E&Y, together with Perrigo's full
cooperation, is focused on completing its audit procedures,
including the previously-discussed scope of work related to the
review of the deferred tax assets and other related effects at
Omega Pharma Invest N.V., to enable Perrigo to file the Form 10-K
as soon as practical."
Any effects related to the final conclusion of these technical
accounting matters are not expected to have a material impact on
the Company's historical cash flow or future net cash flow.
Tysabri® Royalty Stream Divestiture
The
Company continues to expect to close the sale of the
Tysabri® royalty stream to RPI Finance Trust, an
affiliate of Royalty Pharma, within the next ten days.
Credit Amendment
Perrigo has entered into amendments
to its term loan agreement and its revolving credit agreement with
respect to, among other things, an extension of the time period
until at least June 14, 2017 for
Perrigo to provide its lenders with annual audited financial
statements for the year ended December 31,
2016. Information about the amendments can be found in the
Company's Current Report on Form 8-K filed today.
Quiet Period
As the Company continues to address these
matters, Perrigo remains in a quiet period regarding these and any
other financial matters until the filing of its Form 10-K.
About Perrigo
Perrigo Company plc, a leading global
over-the-counter ("OTC") consumer goods company, offers patients
and customers high quality products at affordable prices. From its
beginnings in 1887 as a packager of generic home remedies, Perrigo,
headquartered in Ireland, has
grown to become the world's largest manufacturer of OTC healthcare
products and supplier of infant formulas for the store brand
market. The Company is also a leading provider of generic extended
topical prescription products in the U.S. and currently receives
royalties from sales of the multiple sclerosis drug
Tysabri®. Perrigo provides Quality Affordable
Healthcare Products® across a wide variety of
product categories and geographies primarily in North America, Europe and Australia, as well as in other markets,
including Israel, China and Latin
America. Visit Perrigo online at
(http://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," "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 time, effort and expense to complete its 2016 Form
10-K, future impairment charges, the ability to achieve its
guidance, the completion of announced acquisitions or dispositions,
the ability to execute and achieve the desired benefits of
announced initiatives, and the timing, amount and cost of share
repurchases. In addition, the Company may identify and be unable to
remediate one or more material weaknesses in its internal control
over financial reporting, need to restate its financial statements,
conclude that investors should no longer rely upon previously
issued financial statements or be unable to regain compliance with
the NYSE continued listing rules. Furthermore, if the Company
and/or its subsidiaries are required to restate their financial
statements it and/or its subsidiaries may incur additional tax
liabilities in respect of 2016 and prior years or may be found to
have breached certain provisions of Irish company legislation in
respect of prior financial statements and if so, may incur
additional expenses and penalties. These and other important
factors, including those discussed under "Risk Factors" in the
Company's Form 10-KT for the six-month period ended December 31, 2015, 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