DUBLIN, Aug. 21, 2017 /PRNewswire/ -- Perrigo
Company plc (NYSE; TASE: PRGO) today announced that it has received
final approval from the U.S. Food & Drug Administration for the
store brand OTC equivalent of Nexium® 24HR (esomeprazole
magnesium) capsules. The company also announced that it has reached
a settlement of patent litigation with AstraZeneca allowing for the
store brand OTC equivalent of Nexium® 24HR (esomeprazole
magnesium) capsules to launch in late September 2017. This product will be packaged and
marketed as store brand or retailer 'own label' brand and will
provide consumers with a high-quality, value alternative to
Nexium® 24HR capsules.
Nexium® 24HR (esomeprazole magnesium) capsules are
indicated to treat frequent heartburn (occurs 2 or more days a
week). Approximate annual retail sales for the last 12 months
were in excess of $300 million.
Perrigo Executive Vice President and President, Consumer
Healthcare Americas Jeff Needham stated, "This final approval and
upcoming launch demonstrates the tremendous capabilities of our
leading store brand OTC platform. We are eager to finalize launch
plans with our retail and wholesale partners to bring this major
new product to consumers. Important product launches like the store
brand equivalent of Nexium® 24HR capsules are what drive the
Perrigo advantage by providing our customers, consumers and
families with high quality, value alternatives in important
treatment categories."
About Perrigo
Perrigo Company plc, a leading global healthcare company,
delivers value to its customers and consumers by providing Quality
Affordable Healthcare Products®. Founded in 1887 as a packager of
home remedies, Perrigo has built a unique business model that is
best described as the convergence of a fast-moving consumer goods
company, a high-quality pharmaceutical manufacturing organization
and a world-class supply chain network. Perrigo is the world's
largest manufacturer of over-the-counter ("OTC") healthcare
products and supplier of infant formulas for the store brand
market. The Company also is a leading provider of branded OTC
products throughout Europe and the U.S., as well as a
leading producer of "extended topical" prescription drugs. Perrigo,
headquartered in Ireland, sells its products primarily
in North America and Europe, as well as in other
markets, including Australia, Israel and China.
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 timing, amount and cost of any
share repurchases; future impairment charges; the success of
management transition; customer acceptance of new products;
competition from other industry participants, some of whom have
greater marketing resources or larger market shares in certain
product categories than the Company does; pricing pressures from
customers and consumers; potential third-party claims and
litigation, including litigation relating to the Company's
restatement of previously-filed financial information; potential
impacts of ongoing or future government investigations and
regulatory initiatives; general economic conditions; fluctuations
in currency exchange rates and interest rates; the consummation of
announced acquisitions or dispositions, and the Company's ability
to realize the desired benefits thereof; the Company's ability to
achieve its guidance; and the Company's ability to execute and
achieve the desired benefits of announced cost-reduction efforts
and other initiatives. In addition, the Company may identify
and be unable to remediate one or more material weaknesses in its
internal control over financial reporting. Furthermore, the Company
and/or its subsidiaries may incur additional tax liabilities in
respect of 2016 and prior years as a result of any restatement 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-K for the year ended December 31, 2016, 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