SecondQuarter 2020 Financial Results August 5, 2020...Source: IRI UNIFY POS, Markets, Multiple Weeks WE 7.12.2020 UNKNOWNS Recovery time for patient visits, non-essential categories

Second Quarter 2020 Financial ResultsAugust 5, 2020

Bradley Joseph, VP Investor Relations and Corporate Communications

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Forward Looking Statements

Certain statements in this presentation are “forward-looking statements.” These statements relate to future events or the Company’s future financialperformance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance orachievements 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,” “forecast,” “plan,” “anticipate,” “intend,”“believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-lookingstatements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates andprojections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which arebeyond the Company’s control, including: the effect of the novel coronavirus (COVID-19) pandemic and the associated economic downturn and supply chainimpacts on the Company’s business; the timing, amount and cost of any share repurchases; future impairment charges; 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 theCompany does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company’s appeal of the Notice ofAssessment (the “NoA”) issued by the Irish tax authority and the Notices of Proposed Assessment (“NOPAs”) issued by the U.S. Internal Revenue Service andthe impact that an adverse result in such proceedings would have on operating results, cash flows, and liquidity; potential third-party claims and litigation,including litigation relating alleged price-fixing in the generic pharmaceutical industry, alleged class action and individual securities law claims and allegeproduct liability claims, and litigation relating to uncertain tax positions, including the NoA and the NOPAs; potential impacts of ongoing or future governmentinvestigations and regulatory initiatives; potential costs and reputational impact of product recalls or sales halts; the impact of tax reform legislation andhealthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions ordispositions and the success of such transactions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute andachieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives. Statements regarding the separation of the RX business,including the expected benefits, anticipated timing, form of any such separation and whether the separation ultimately occurs, are all subject to various risksand uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with ourmanufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders.. These and otherimportant factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2019, as well as theCompany’s subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differmaterially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of thedate 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.

Non-GAAP Measures: This presentation contains Non-GAAP measures. The reconciliation of those measures to the most comparable GAAP measures areincluded at the end of this presentation.

Murray S. Kessler, President & CEO

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colleaguesA big thank you to ALL

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Q2 2020 - On Track with Our FY20 Operational Objectives And Advancing Transformation to a Consumer Self-Care Company Maintained uninterrupted operations at ALL 27 manufacturing plants worldwide

Divested Rosemont for ~$195M in cash at an attractive multiple

Provided assurance of liquidity by completing a $750 million bond offering to refinance 2021 bonds; repaid $100 million revolver

Company’s cash position increased to ~$850M after 2021 debt repayment in early Q3

> 200% cash conversion to adjusted Q2 net income

Closed the Dr. Fresh oral-care acquisition

Announced Kazmira partnership focused on large scale production and supply of cGMP compliant, THC-free CBD

Began roll-out of new Business Intelligence platform to enhance decision making

7th consecutive quarter of meeting or beating expectations

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98.8%

43.1%

12.3%13.1%8.3% 2.1% 6.3% 3.8% 5.6% 7.8%

23.0%33.9% 39.8% 43.3%

35.9%

95.4%

45.6%

12.7% 9.0% 2.9% 1.6% -1.2% -2.0% -3.5% -2.0% 4.1%

16.4%32.2%

39.2%32.4%

102.5%

45.5%

17.6%2.8% 6.0% 9.8% 10.3%

-20%

0%

20%

40%

60%

80%

100%

120%

ARIZONA

TEXAS

TOTAL US(MULO)

KNOWNS Best-in-class facility safety and tracing protocols Remote colleagues remain highly productive

Transformational initiatives remain largely on-track Depleted retail/wholesale inventories mostly restored Replenishing Perrigo inventories Channel shifting to e-Commerce Surge in cases typically = surge in demand Expected to retain half of initial consumer pantry load Half of H1 A&P savings re-invested in H2 COVID-19 incremental costs CARES Act tax benefit Impact from Rosemont divestiture

Current Business Dynamics Reaffirmed 2020 Adj. Diluted EPS Guidance Despite $0.18 - $0.21 from COVID-19 Related Impacts and Divested Rosemont Business

Source: IRI UNIFY POS, Markets, Multiple Weeks WE 7.12.2020

UNKNOWNS Recovery time for patient visits, non-essential

categories Timing and impact of potential broadscale second-

wave of COVID-19 Extent of future lockdowns and stay-at-home orders

Analgesics Sales - Total USA (MULO) vs. Arizona & Texas Dollar Sales % Change vs YA

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Performing Ahead of Expectations YTDH1 Net Sales +14% (ex. Divested Businesses and Currency**), Adjusted Operating Income +10%, Adjusted EPS +12%

Q2 reported net sales of $1.2B increased 10% YoY, excluding currency and divested businesses

Q2 adjusted operating income of $200M increased 9% YoY

Adjusted EPS YoY

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Divested businesses excluded 1) $20 million and $22 million from the divested animal health business, which was previously included in the Consumer Self-Care Americas segment, in the first and second quarter 2019, respectively, and 2) $4 million and $3 million from the divested Canoderm prescription product, which was previously included in the Consumer Self-Care International segment, in the first and second quarter 2019, respectively.

Reported Net Sales YoY

$1.1B

$1.2B

2019 2020

Financial Highlights

Q2 2020

H1 reported net sales of $2.6B increased 14% YoY, excluding currency & divested businesses

H1 adjusted operating income of $425M, increased 10% YoY

Adjusted EPS YoY Financial Highlights

H1 2020

$0.86

$1.03

2019 2020

+20%

$2.3B

$2.6B

2019 2020

Reported Net Sales YoY

$1.93

$2.17

2019 2020

+12%

+6%

+10%

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Strong Net Sales Growth Across All Business Segments

Q2 2020 Net Sales Growth YoYExcluding Divested Businesses & Currency**

13%

3%

13%

9%

10%

0% 5% 10% 15% 20%

Rx Pharmaceuticals

CSC International

CSC Americas

Worldwide Consumer

Perrigo Consolidated

9%

9%

19%

15%

14%

0% 5% 10% 15% 20%

Rx Pharmaceuticals

CSC International

CSC Americas

Worldwide Consumer

Perrigo Consolidated

H1 2020 Net Sales Growth YoYExcluding Divested Businesses & Currency**

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Divested businesses excluded 1) $20 million and $22 million from the divested animal health business, which was previously included in the Consumer Self-Care Americas segment, in the first and second quarter 2019, respectively, and 2) $4 million and $3 million from the divested Canoderm prescription product, which was previously included in the Consumer Self-Care International segment, in the first and second quarter 2019, respectively.

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Consolidated Organic** Growth

0%

3%

7%

11%

3%

6%

0%

2%

4%

6%

8%

10%

12%

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 TTM

Consolidated Organic Growth Annual Organic Growth Target

Highlighted by Organic** Net Sales Growth of +3% in Q2 and +7% in H1

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Organic net sales growth excluded 1) the acquisitions within the oral self-care portfolio 2) divested businesses, 3) reverses certain product returns relating to the voluntary global market withdrawal of ranitidine in the third quarter of 2019 and 4) the impact of currency.***Divested businesses excluded 1) $20 million and $22 million from the divested animal health business, which was previously included in the Consumer Self-Care Americas segment, in the first and second quarter 2019, respectively, 2) $4 million and $3 million from the divested Canoderm prescription product, which was previously included in the Consumer Self-Care International segment, in the first and second quarter 2019, respectively, and 3) the exited infant foods business.

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*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Organic net sales growth excluded 1) the acquisitions within the oral self-care portfolio 2) divested businesses, and 3) the impact of currency.***Divested businesses excluded 1) $20 million and $22 million from the divested animal health business, which was previously included in the Consumer Self-Care Americas segment, in the first and second quarter 2019, respectively. No adjustments were made to Oral Self-Care, OTC or Nutrition net sales shown above.****Based on IRI Total US MULO data for the 13 weeks through 6/22/20.

Solid Growth in CSC Americas Q2 Net Sales Grew +13% and H1 Net Sales Grew +19%, Excluding Divested Businesses & Currency***

H1 2020 Net Sales Change YoYExcluding Divested Businesses & Currency***

$2

$6

$85

$119

$212

$0 $50 $100 $150 $200 $250

Mexico

Nutrition

OTC

Oral Self-Care

CSCA

$ millions

KEY TAKEAWAYS OTC results driven by consumer demand

e-Commerce net sales tripled, more than offsetting in-

store traffic declines in Q2

Oral self-care acquisitions added $63M in Q2

CSCA organic** net sales growth of +1.6% in Q2 (after

15.0% in Q1’20) and 8.3% in H1

Nutrition results driven by new products in Q2

Gained 60 bps of Market Share**** in the OTC

categories where Perrigo competes in Q2

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-4%

7%

-6% -4% -2% 0% 2% 4% 6% 8%

Other Products***

Essential Products***

KEY TAKEAWAYS Lockdowns, school closings & stay-at-home orders

impacted certain product categories

Maintained market share, despite lower category

demand

Advertising reduced and delayed to H2 to jumpstart

branded products

Rapid e-Commerce acceleration with Q2 net sales

growth of 64% YoY (representing 8.3% of CSCI net

sales)

H1 2020 Net Sales Excluding Divested Businesses & Currency**

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Divested businesses excluded $4 million and $3 million from the divested Canoderm prescription product, which was previously included in the Consumer Self-Care International segment, in the first and second quarter 2019, respectively. *** Essential products include Digestive Health, Pain & Sleep Aids, Upper Respiratory, VMS, UK SB Business & Australia. Other products include Oral Care, Healthy Lifestyle, Skin & Personal Care and Other.

CSCI Up, Although Portfolio is More Sensitive to Lock Downs Net Sales Up +3% in Q2 and +9% in H1, Excluding Divested Business** and Currency

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Rx up 10% in H1 as gAlbuterol Launch More Than Offset Base Business Declines Resulting From Lower Patient Visits

KEY TAKEAWAYS $73M incremental sales in Q2 from generic albuterol

sulfate

Fewer visits to the dermatologist due to COVID-19 led

to lower script volume YoY; trend showing signs of

recovery in July

H1 2020 Net Sales Change YoY

$481$528

$117

$0

$100

$200

$300

$400

$500

$600

H1 2019 H1 2020

Base Rx Sales Generic Albuterol Sulfate

+10%

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Included in Guidance• Positive demand for essential US OTC products continues• Global e-Commerce performance continues to offset in-store traffic declines• 50% of April/May COVID-19 demand surge expected to be incremental to the full year• Planning only a modest recovery for CSCI non-essential products • Planning only a modest recovery in Rx base business tied to lower in-patient visits• Dr. Fresh acquisition, Rx generic albuterol sulfate and SB diclofenac launches• COVID-19 related costs for expedited freight, increased overtime/bonuses and enhanced security measures• 50% of first half A&P reduction re-allocated to support brands• No major manufacturing or supply chain interruption

Not Included in Guidance• Second wave causing another surge in demand or other impacts• Full recovery of non-essential products• Further share gains for store brands due to extended recession

Key Guidance Assumptions - H2 2020Expect Net Sales Growth ~6-7%, Adjusted EPS Range of $3.95 - $4.15

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Consumer Self-Care Transformation is Succeeding and We Are Well Positioned for the ‘New-Normal’ Leveraging 3 Key Drivers

Self-Care Value

eCommerce

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To make lives better by bringing Quality, Affordable Self-Care products that consumers trust everywhere they are sold

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Ray Silcock, EVP & CFO

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Consolidated3 Months Ending June 27, 2020(in millions, except per share amounts)(Unaudited)

NetSales

GrossProfit R&D Expense DSG&A

Expense

Restructuring, Impairment

Charges, and Other

Operating Income

Operating Income

Interest, Other, and Change in Financial Assets

Income Tax Expense

NetIncome**

Diluted Earnings per

Share**

Reported $1,219.1 $434.7 $47.1 $270.0 $0.2 $117.4 $45.6 $11.2 $60.6 $0.44As a % of reported net sales 35.7% 3.9% 22.1% 0% 9.6% 3.7% 0.9% 5.0%Effective Tax Rate 15.6%Pre-Tax Adjustments:• Amortization expense related primarily

to acquired intangible assets $43.1 $(0.1) ($29.6) $72.8 $72.8 $0.53• Acquisition and integration related

charges and contingent consideration adjustments 1.5 (3.3) 0.9 3.9 3.9 $0.03

• (Gain) loss on divestitures (0.3) 0.3 (17.4) 17.7 $0.13• Unusual Litigation (4.5) 4.5 4.5 $0.03• Restructuring charges and other

termination benefits (1.1) 1.1 1.1 $0.01• Change in Financial Assets 2.1 (2.1) $(0.02)• (Gain) Loss on Investment Securities 0.4 (0.4) $0.00Non-GAAP tax adjustment* 17.1 (17.1) $(0.12)Adjusted $479.3 $47.0 $232.3 $200.0 $30.7 $28.3 $141.0 $1.03As a % of reported net sales 39.3% 3.9% 19.1% 16.4% 2.5% 2.3% 11.6%Adjusted Effective Tax Rate 16.7%

Consolidated Summary – Q2 2020

Diluted weighted average shares outstanding reported: 137.5

*The non-GAAP tax adjustments are primarily due to $17.1 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items.**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

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Worldwide Consumer – Q2/H1 2020Q2 Adjusted Operating Income Increased 16%, Excluding Divested Businesses and Currency**

Worldwide Consumer($ in millions)

Q22020

YoY Change

% Change Ex. Divested

Businesses & Currency**

H12020

YoY $Change

% Change Ex. Divested Businesses

& Currency**

Net Sales $949M $39M 9% $2.0B $190M 15%

Adjusted Gross Profit $373M $7M 4% $789M $45M 10%

Adjusted Gross Margin % 39.3% (190) bps 38.8% (210) bps

Adjusted Operating Income $132M $14M 16% $283M $44M 24%

Adjusted Operating Margin % 13.9% 60 bps 13.9% 80 bps

H1 Adjusted Operating Income Increased 24%, Excluding Divested Businesses and Currency**

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Divested businesses excluded 1) $20 million and $22 million from the divested animal health business, which was previously included in the Consumer Self-Care Americas segment, in the first and second quarter 2019, respectively, and 2) $4 million and $3 million from the divested Canoderm prescription product, which was previously included in the Consumer Self-Care International segment, in the first and second quarter 2019, respectively.***Worldwide Consumer includes the CSC Americas segment, CSC International segment and Corporate.

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CSC Americas – Q2/H1 2020Q2 Adjusted Operating Income Increased 9%, Excluding Divested Businesses and Currency**

CSC Americas($ in millions)

Q22020

YoYChange



H12020

YoYChange



Net Sales $628M $46M 13% $1.3B $164M 19%

Adjusted Gross Profit $207M $16M 9% $426M $47M 16%

Adjusted Gross Margin % 32.9% (110) bps 32.1% (120 bps)

Adjusted Operating Income $124M $10M 9% $262M $41M 20%Adjusted Operating Margin % 19.8% (50) bps 19.7% 40 bps

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts**Divested businesses excluded $20 million and $22 million from the divested animal health business, which was previously included in the Consumer Self-Care Americas segment, in the first and second quarter 2019, respectively.


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CSC International($ in millions)

Q22020

YoYChange



H12020

YoYChange



Net Sales $321M ($6M) 3% $704M $26M 9%

Adjusted Gross Profit $166M ($9M) (1%) $363M ($2M) 4%

Adjusted Gross Margin % 51.7% (180 bps) 51.5% (220 bps)

Adjusted Operating Income $50M $0 10% $114M $10M 19%Adjusted Operating Margin % 15.6% 30 bps 16.2% 80 bps

CSC International – Q2/H1 2020Q2 Adjusted Operating Income Increased 10%, Excluding Divested Businesses and Currency**


*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Divested businesses excluded $4 million and $3 million from the divested Canoderm prescription product, which was previously included in the Consumer Self-Care International segment, in the first and second quarter 2019, respectively.

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Rx – Q2/H1 2020Q2 Adjusted Operating Income Increased 4%

Rx($ in millions)

Q22020

YoYChange

YoY %Change

H12020

YoYChange

YoY %Change

Net Sales $270M $31M 13% $528M $47M 10%

Adjusted Gross Profit $107M $7M 7% $216M ($2M) (1%)

Adjusted Gross Margin % 39.5% (220 bps) 40.9% (430 bps)

Adjusted Operating Income $68M $3M 4% $142M ($5M) (3%)Adjusted Operating Margin % 25.3% (210 bps) 27.0% (360 bps)

H1 Adjusted Operating Income Decreased 3%

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.

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Balance Sheet and Liquidity Remain StrongRefinanced 2021 Bonds with New 2030 Bonds at Attractive 3.15% Coupon; No Debt Due Until Middle of 2022

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.**Pro Forma cash and cash equivalents and proforma total debt are the net amounts of 6/27/20 balance sheet amounts and completed debt paydown of $590 million of 2021 bonds after the second quarter ended.

Select Balance Sheet & Liquidity Measures 6/27/2020 3/28/2020

Cash & Cash Equivalents $1.5B $510M

Pro Forma Cash & Cash Equivalents** $850M

Total Debt $4.1B $3.5B

Net Debt $2.7B

Quarterly Cash Conversion as % of Adj. Net Income 206% 110%

Remain Committed to Investment Grade Status

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To make lives better by bringing Quality, Affordable Self-Care products that consumers trust everywhere they are sold

APPENDIX

TABLE IPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION(in millions, except per share amounts)

(unaudited)

Three Months Ended June 27, 2020

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense

Restructuring, Impairment Charges, and

Other Operating

IncomeOperating Income


Income Tax

Expense

Net Income*

*

Diluted Earnings

per Share**

Reported $ 1,219.1 $ 434.7 $ 47.1 $ 270.0 $ 0.2 $ 117.4 $ 45.6 $ 11.2 $ 60.6 $ 0.44As a % of reported net sales 35.7% 3.9% 22.1% —% 9.6% 3.7% 0.9% 5.0%Effective tax rate 15.6%Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets $ — $ 43.1 $ (0.1) $ (29.6) $ — $ 72.8 $ — $ — $ 72.8 $ 0.53Acquisition and integration-related charges and contingent

consideration adjustments — 1.5 — (3.3) 0.9 3.9 — — 3.9 0.03(Gain) loss on divestitures — — — (0.3) — 0.3 (17.4) — 17.7 0.13Unusual litigation — — — (4.5) — 4.5 — — 4.5 0.03Restructuring charges and other termination benefits — — — (1.1) 1.1 — — 1.1 0.01Change in financial assets — — — — — — 2.1 — (2.1) (0.02)(Gain) Loss on investment securities — — — — — — 0.4 — (0.4) —

Non-GAAP tax adjustments* — — — — — — — 17.1 (17.1) (0.12)Adjusted $ 1,219.1 $ 479.3 $ 47.0 $ 232.3 $ — $ 200.0 $ 30.7 $ 28.3 $ 141.0 $ 1.03As a % of reported net sales 39.3% 3.9% 19.1% 16.4% 2.5% 2.3% 11.6%Adjusted effective tax rate 16.7%

Diluted weighted average shares outstandingReported 137.5

*The non-GAAP tax adjustments are primarily due to $17.1 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items.

**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

TABLE I (CONTINUED)PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURESSELECTED CONSOLIDATED INFORMATION

(in millions, except per share amounts)(unaudited)

Three Months Ended June 29, 2019

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense


Other Operating



Income Tax

Expense

Net Income**

*

Diluted Earnings

per Share***

Reported $ 1,149.0 $ 430.8 $ 43.9 $ 291.0 $ 40.9 $ 55.0 $ 28.0 $ 18.0 $ 9.0 $ 0.07As a % of reported net sales 37.5% 3.8% 25.3% 3.6% 4.8% 2.4% 1.6% 0.8%Effective tax rate 66.6%Pre-tax adjustments:

Amortization expense primarily related to acquired intangible assets $ — $ 45.9 $ (0.2) $ (28.3) $ — $ 74.4 $ — $ — $ 74.4 $ 0.56Acquisition and integration-related charges and contingent

consideration adjustments— — — (2.2) (0.9) 3.1 — — 3.1 0.02

Change in financial assets — — — — — — 5.5 — (5.5) (0.04)Separation and reorganization expense — — — (7.5) — 7.5 — — 7.5 0.05Impairment charges — — — — (27.8) 27.8 — — 27.8 0.20(Gain) loss on divestitures — — — — — — (0.8) — 0.8 0.01Operating results attributable to held-for-sale business* (22.3) (11.2) (0.4) (7.3) — (3.5) — — (3.5) (0.03)Unusual litigation — — — (7.0) — 7.0 — — 7.0 0.05Loss on investment securities — — — — — — (1.8) — 1.8 0.01Restructuring charges and other termination benefits — — — — (12.2) 12.2 — — 12.2 0.09

Non-GAAP tax adjustments** — — — — — — — 17.2 (17.2) (0.13)Adjusted $ 1,126.7 $ 465.5 $ 43.3 $ 238.7 $ — $ 183.5 $ 30.9 $ 35.2 $ 117.4 $ 0.86As a % of reported net sales 41.3% 3.8% 21.2% 16.3% 2.7% 3.1% 10.4%Adjusted effective tax rate 23.1%


*Held-for-sale business includes our now divested animal health business.

**The non-GAAP tax adjustments are due to tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items.***Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.




Six Months Ended June 27, 2020

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense

Restructuring, Impairment

Charges, and Other Operating



Income Tax

ExpenseNet

Income**

Diluted Earnings

per Share**



consideration adjustments— 1.6 — (5.3) (0.2) 7.1 — — 7.1 0.05

Restructuring charges and other termination benefits — — — — (1.1) 1.1 — — 1.1 0.01(Gain) loss on divestitures — — — (0.3) — 0.3 (17.4) — 17.7 0.13Change in financial assets — — — — — — 3.7 — (3.7) (0.03)Unusual litigation — — — (9.0) — 9.0 — — 9.0 0.06Separation and reorganization expense — — — (0.7) — 0.7 — — 0.7 0.01(Gain) Loss on investment securities — — — — — — (2.6) — 2.6 0.02

Non-GAAP tax adjustments* — — — — — — — 47.6 (47.6) (0.35)

Adjusted $ 2,560.1 $1,004.

6 $ 88.6 $ 490.8 $ — $ 425.2 $ 60.3 $ 67.1 $ 297.8 $ 2.17As a % of reported net sales 39.2% 3.5% 19.2% 16.6% 2.4% 2.6% 11.6%Adjusted effective tax rate 18.4%


*The non-GAAP tax adjustments are primarily due to: (1) $31.4 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items and (2) $15.8 million of tax benefits from the U.S. CARES Act related to retroactive adjustments to the 2018 and 2019 tax years recorded in the first quarter of 2020.**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.




Six Months Ended June 29, 2019

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense


Other Operating



Income Tax

ExpenseNet

Income***

Diluted Earnings

per Share***


Amortization expense primarily related to acquired intangible assets $ — $ 93.4 $ (0.2) $ (57.3) $ — $ 150.9 $ — $ — $ 150.9 $ 1.10Acquisition and integration-related charges and contingent

consideration adjustments — — — (2.2) 1.9 0.3 — — 0.3 —Operating results attributable to held-for-sale business* (22.3) (11.2) (0.4) (7.3) — (3.5) — — (3.5) (0.03)Separation and reorganization expense — — — (13.3) — 13.3 — — 13.3 0.10Impairment charges — — — — (31.9) 31.9 — — 31.9 0.23Unusual litigation — — — (16.1) — 16.1 — — 16.1 0.12Loss on investment securities — — — — — — (7.9) — 7.9 0.06Restructuring charges and other termination benefits — — — — (21.5) 21.5 — — 21.5 0.16(Gain) loss on divestitures — — — — 1.3 (1.3) (0.8) — (0.5) —Change in financial assets — — — — — — 15.9 — (15.9) (0.12)

Non-GAAP tax adjustments** — — — — — — — 31.9 (31.9) (0.23)Adjusted $ 2,301.2 $ 961.8 $ 83.4 $ 491.9 $ — $ 386.5 $ 56.6 $ 66.9 $ 263.0 $ 1.93As a % of reported net sales 41.8% 3.6% 21.4% 16.8% 2.5% 2.9% 11.4%Adjusted effective tax rate 20.3%


*Held-for-sale business includes our now divested animal health business.**The non-GAAP tax adjustments are due to tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items.

***Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.




Three Months Ended March 28, 2020

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense


Other Operating



Income Tax

Expense

Net Income*

*

Diluted Earnings

per Share**



consideration adjustments — — — (2.0) (1.1) 3.1 — — 3.1 0.02Unusual litigation — — — (4.5) — 4.5 — — 4.5 0.03Change in financial assets — — — — — — 1.6 — (1.6) (0.01)(Gain) Loss on investment securities — — — — — — (2.9) — 2.9 0.02Separation and reorganization expense — — — (0.7) — 0.7 — — 0.7 0.01

Non-GAAP tax adjustments* — — — — — — — 30.5 (30.5) (0.22)Adjusted $ 1,341.0 $ 525.3 $ 41.7 $ 258.4 $ — $ 225.2 $ 29.7 $ 38.8 $ 156.7 $ 1.14As a % of reported net sales 39.2% 3.1% 19.3% 16.8% 2.2% 2.9% 11.7%Adjusted effective tax rate 19.8%


*The non-GAAP tax adjustments are primarily due to: (1) $14.7 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items and (2) $15.8 million of tax benefits from the U.S. CARES Act related to retroactive adjustments to the 2018 and 2019 tax years.**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

TABLE IIPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURESSELECTED SEGMENT INFORMATION

(in millions)(unaudited)

Three Months Ended Three Months EndedJune 27, 2020 June 29, 2019

Worldwide Consumer*Net

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 948.7 $ 348.9 $ 30.4 $ 248.1 $ 69.6 $ 909.6 $ 352.2 $ 30.1 $ 269.6 $ 40.3As a % of reported net sales 36.8% 3.2% 26.2% 7.3% 38.7% 3.3% 29.6% 4.4%Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets $ — $ 22.0 $ (0.1) $ (29.5) $ 51.6 $ — $ 24.7 $ (0.2) $ (28.2) $ 53.1Unusual litigation — — — (4.5) 4.5 — — — (7.0) 7.0Separation and reorganization expense — — — — — — — — (6.7) 6.7Operating results attributable to held-for-sale business** — — — — — (22.3) (11.2) (0.4) (7.3) (3.5)Restructuring charges and other termination benefits — — — — 0.7 — — — — 12.2(Gain) loss on divestitures — — — (0.3) 0.3 — — — — —Acquisition and integration-related charges and contingent

consideration adjustments— 1.5 — (3.3) 4.9 — — — (2.2) 2.2

Adjusted $ 948.7 $ 372.4 $ 30.3 $ 210.5 $ 131.6 $ 887.3 $ 365.7 $ 29.5 $ 218.2 $ 118.0As a % of reported net sales (2020) / As a % of adjusted net sales (2019) 39.3% 3.2% 22.2% 13.9% 41.2% 3.3% 24.6% 13.3%

*Worldwide Consumer includes the CSCA and CSCI segments in addition to Corporate.**Held-for-sale business includes our now divested animal health business.

TABLE II (CONTINUED)PERRIGO COMPANY PLC



Six Months Ended Six Months EndedJune 27, 2020 June 29, 2019

Worldwide Consumer*Net

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 2,032.0 $ 744.3 $ 58.1 $ 521.7 $ 163.7 $ 1,842.2 $ 704.5 $ 55.9 $ 545.2 $ 82.0As a % of reported net sales 36.6% 2.9% 25.7% 8.1% 38.2% 3.0% 29.6% 4.5%Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets — 42.9 (0.4) (58.1) 101.5 — 51.0 (0.2) (57.1) 108.3Separation and reorganization expense — — — (0.7) 0.7 — — — (12.5) 12.5Unusual litigation — — — (9.0) 9.0 — — — (16.1) 16.1Impairment charges — — — — — — — — — 4.1(Gain) loss on divestitures — — — (0.3) 0.3 — — — — —Operating results attributable to held-for-sale business** — — — — — (22.3) (11.2) (0.4) (7.3) (3.5)Restructuring charges and other termination benefits — — — — 0.7 — — — — 21.5Acquisition and integration-related charges and contingent

consideration adjustments — 1.6 — (5.3) 6.9 — — — (2.2) (1.9)Adjusted 2,032.0 788.8 57.7 448.3 282.8 1,819.9 744.3 55.3 450.0 239.1

As a % of reported net sales (2020) / As a % of adjusted net sales (2019) 38.8% 2.8% 22.1% 13.9% 40.9% 3.0% 24.7% 13.1%

*Worldwide Consumer includes the CSCA and CSCI segments in addition to Corporate.**Held-for-sale business includes our now divested animal health business.





Consumer Self-Care AmericasNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating

IncomeNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating

Income Reported $ 627.6 $ 199.6 $ 16.7 $ 76.3 $ 106.3 $ 582.1 $ 196.8 $ 18.8 $ 70.2 $ 107.8As a % of reported net sales 31.8% 2.7% 12.2% 16.9% 33.8% 3.2% 12.1% 18.5%Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets $ — $ 5.4 $ — $ (7.2) $ 12.5 $ — $ 4.7 $ — $ (4.5) $ 9.2Unusual litigation — — — — — — — — (0.2) 0.2Operating results attributable to held-for-sale business* — — — — — (22.3) (11.2) (0.4) (7.3) (3.5)Restructuring charges and other termination benefits — — — — 0.3 — — — — —Acquisition and integration-related charges and contingent

consideration adjustments— 1.5 — (3.4) 5.0 — — — — —

Adjusted $ 627.6 $ 206.5 $ 16.7 $ 65.7 $ 124.1 $ 559.8 $ 190.3 $ 18.4 $ 58.2 $ 113.7As a % of reported net sales (2020) / As a % of adjusted net sales (2019) 32.9% 10.5% 19.8% 34.0% 3.3% 10.4%

20.3%






Consumer Self-Care InternationalNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

(Loss)Reported $ 321.1 $ 149.3 $ 13.7 $ 124.7 $ 10.5 $ 327.5 $ 155.4 $ 11.2 $ 138.0 $ (2.9)As a % of reported net sales 46.5% 4.3% 38.8% 3.3% 47.4% 3.4% 42.1% (0.9)%Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets $ — $ 16.6 $ (0.2) $ (22.3) $ 39.1 $ — $ 19.9 $ (0.1) $ (23.8) $ 43.8Restructuring charges and other termination benefits — — — — 0.4 — — — — 9.1(Gain) loss on divestitures — — — (0.3) 0.3 — — — — —Acquisition and integration-related charges and contingent

consideration adjustments— — — 0.1 (0.1) — — — — —

Adjusted $ 321.1 $ 165.9 $ 13.5 $ 102.2 $ 50.2 $ 327.5 $ 175.3 $ 11.1 $ 114.2 $ 50.0As a % of reported net sales 51.7% 4.2% 31.8% 15.6% 53.5% 3.4% 34.9% 15.3%





Prescription PharmaceuticalsNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income


Amortization expense related primarily to acquired intangible assets — $ 21.1 $ — $ (0.1) $ 21.2 — $ 21.2 $ — $ (0.1) $ 21.3Separation and reorganization expense — — — — — — — — (0.8) 0.8Restructuring charges and other termination benefits — — — — 0.4 — — — — —Impairment charges — — — — — — — — — 27.8Acquisition and integration-related charges and contingent

consideration adjustments— — — — (1.0) — — — — 0.9

Adjusted $ 270.4 $ 106.9 $ 16.7 $ 21.8 $ 68.4 $ 239.4 $ 99.8 $ 13.8 $ 20.5 $ 65.5As a % of reported net sales 39.5% 6.2% 8.0% 25.3% 41.7% 5.8% 8.6% 27.4%





Consumer Self-Care AmericasNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 1,328.2 $ 415.1 $ 34.3 $ 149.6 $ 230.8 $ 1,163.9 $ 380.8 $ 34.4 $ 143.5 $ 202.0As a % of reported net sales 31.3% 2.6% 11.3% 17.4% 32.7% 3.0% 12.3% 17.4%Pre-tax adjustments:

Amortization expense primarily related to acquired intangible assets $ — $ 9.7 $ — $ (13.9) $ 23.5 $ — $ 10.1 $ — $ (9.2) $ 19.3Unusual litigation — — — — — — — — (1.4) 1.4Impairment charges — — — — — — — — — 4.1Operating results attributable to held-for-sale business* — — — — — (22.3) (11.2) (0.4) (7.3) (3.5)Restructuring charges and other termination benefits — — — — 0.4 — — — — 0.9Acquisition and integration-related charges and contingent

consideration adjustments — 1.6 — (5.2) 6.8 — — — — (4.1)Adjusted $ 1,328.2 $ 426.4 $ 34.3 $ 130.5 $ 261.5 $ 1,141.6 $ 379.7 $ 34.0 $ 125.6 $ 220.1As a % of reported net sales (2020) / As a % of adjusted net sales (2019) 32.1% 2.6% 9.8% 19.7% 33.3% 3.0% 11.0% 19.3%






Consumer Self-Care InternationalNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income


Amortization expense primarily related to acquired intangible assets $ — $ 33.3 $ (0.4) $ (44.4) $ 78.0 $ — $ 40.9 $ (0.2) $ (47.9) $ 89.0Restructuring charges and other termination benefits — — — — 0.4 — — — — 9.8Unusual litigation — — — — — — — — (0.3) 0.3(Gain) loss on divestitures — — (0.3) 0.3 — — — — —Acquisition and integration-related charges and contingent

consideration adjustments — — — 0.1 (0.1) — — — — —Adjusted $ 703.8 $ 362.5 $ 23.4 $ 224.8 $ 114.2 $ 678.3 $ 364.6 $ 21.3 $ 239.1 $ 104.2As a % of reported net sales 51.5% 3.3% 31.9% 16.2% 53.7% 3.1% 35.3% 15.4%




Six Months Ended Six Months Ended

June 27, 2020 June 29, 2019

Prescription PharmaceuticalsNet

SalesGross Profit R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 528.1 $ 173.6 $ 30.9 $ 42.8 $ 99.4 $ 481.3 $ 175.1 $ 28.1 $ 42.9 $ 75.3As a % of reported net sales 32.9 % 5.8% 8.1% 18.8% 36.4% 5.8% 8.9% 15.7%Pre-tax adjustments:

Amortization expense primarily related to acquired intangible assets $ — $ 42.2 $ — $ (0.3) $ 42.4 $ — $ 42.4 $ — $ (0.2) $ 42.6Separation and reorganization expense — — — — — — — — (0.8) 0.8(Gain) loss on divestitures — — — — — — — — — (1.3)

Restructuring charges and other termination benefits — — — — 0.4 — — — — —Impairment charges — — — — — — — — — 27.8Acquisition and integration-related charges and contingent

consideration adjustments — — — — 0.2 — — — — 2.2Adjusted $ 528.1 $ 215.8 $ 30.9 $ 42.5 $ 142.4 $ 481.3 $ 217.5 $ 28.1 $ 41.9 $ 147.4As a % of reported net sales 40.9% 5.8% 8.1% 27.0% 45.2% 5.8% 8.7% 30.6%

TABLE IIIPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURESADJUSTED NET SALES GROWTH - SELECTED

SEGMENTS(in millions)(unaudited)

Three Months EndedJune 27,

2020June 29,

2019Total

ChangeFX

ChangeConstant

Currency ChangeNet salesConsolidated $ 1,219.1 $ 1,149.0 6.1% 1.4% 7.5%CSCA $ 627.6 $ 582.1 7.8% 0.8% 8.6%CSCI $ 321.1 $ 327.5 (2.0)% 3.8% 1.8%RX $ 270.4 $ 239.4 12.9% (0.2)% 12.7%

Consolidated $ 1,219.1 $ 1,149.0Less: Animal health — (22.3)Less: Canoderm prescription product — (3.3)

Consolidated net sales as so adjusted $ 1,219.1 $ 1,123.4 8.5% 1.5% 10.0%Less: Ranir (62.0) —Less: Dr. Fresh* (19.8) —

Organic Consolidated net sales as so adjusted $ 1,137.3 $ 1,123.4 1.2% 1.4% 2.6%

Worldwide ConsumerCSCA $ 627.6 $ 582.1CSCI 321.1 327.5

Total Worldwide Consumer $ 948.7 $ 909.6 4.3% 1.8% 6.1%Less: Animal health — (22.3)Less: Canoderm prescription product — (3.3)

Worldwide Consumer net sales as so adjusted $ 948.7 $ 884.0 7.3% 1.9% 9.2%

CSCA $ 627.6 $ 582.1Less: Animal health — (22.3)

CSCA net sales as so adjusted $ 627.6 $ 559.8 12.1% 0.8% 12.9%Less: Ranir (44.7) —Less: Dr. Fresh* (18.5) —

Organic CSCA net sales as so adjusted $ 564.4 $ 559.8 0.8% 0.8% 1.6%

CSCI $ 321.1 $ 327.5Less: Canoderm prescription product — (3.3)

CSCI net sales as so adjusted $ 321.1 $ 324.2 (1.0)% 3.9% 2.9%

*Dr. Fresh acquisition comprises all oral self-care assets purchased from High Ridge Brands, including the brands Dr. Fresh®, REACH® and Firefly®.

Six Months EndedJune 27,

2020June 29,

2019Total

ChangeFX

ChangeConstant

Currency ChangeNet salesConsolidated $ 2,560.1 $ 2,323.5 10.2% 1.2% 11.4%CSCA $ 1,328.2 $ 1,163.9 14.1% 0.5% 14.6%CSCI $ 703.8 $ 678.3 3.8% 3.7% 7.5%RX $ 528.1 $ 481.3 9.7% (0.3)% 9.4%

Consolidated $ 2,560.1 $ 2,323.5Less: Animal health — (41.9)Less: Canoderm prescription product — (7.0)

Consolidated net sales as so adjusted $ 2,560.1 $ 2,274.6 12.6% 1.2% 13.8%Less: Ranir (138.2) —Less: Dr. Fresh* (19.9) —


Worldwide ConsumerCSCA $ 1,328.2 $ 1,163.9CSCI 703.8 678.3

Total Worldwide Consumer $ 2,032.0 $ 1,842.2 10.3% 1.7% 12.0%Less: Animal health — (41.9)Less: Canoderm prescription product — (7.0)

Worldwide Consumer net sales as so adjusted $ 2,032.0 $ 1,793.3 13.3% 1.7% 15.0%

CSCA $ 1,328.2 $ 1,163.9Less: Animal health — (41.9)

CSCA net sales as so adjusted $ 1,328.2 $ 1,122.0 18.4% 0.4% 18.8%Less: Ranir (100.0) —Less: Dr. Fresh* (18.5) —

Organic CSCA net sales as so adjusted $ 1,209.7 $ 1,122.0 7.8% 0.5% 8.3%CSCI $ 703.8 $ 678.3

Less: Canoderm prescription product — (7.0)CSCI net sales as so adjusted $ 703.8 $ 671.3 4.8% 3.9% 8.7%

Mexico business unit $ 38.5 $ 41.8 (7.9)% 12.7% 4.8%


TABLE III (CONTINUED)PERRIGO COMPANY PLC







2019June 30,

2018Total

ChangeFX

ChangeConstant Currency

ChangeNet salesConsolidated $ 1,149.0 $ 1,186.4

Less: animal health (22.3) (31.9)Less: infant foods (0.8) (10.0)

Consolidated net sales as so adjusted $ 1,125.9 $ 1,144.5 (1.6)% 2.1% 0.5%

Three Months EndedSeptember 28,

2019September 29,

2018Total

ChangeFX



Less: animal health (1.8) (20.4)Less: infant foods — (8.1)Plus: Ranitidine market withdrawal* 9.2 —

Consolidated net sales as so adjusted $ 1,198.5 $ 1,104.6 8.5% 1.7% 10.2%Less: Ranir (77.0) —


*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs.

Three Months EndedDecember 31,

2019December 31,

2018Total

ChangeFX



Less: animal health — (15.3)Less: infant foods — (7.0)






Three Months Ended

March 28, 2020

March 30, 2019

Total Change

FX Change

Constant Currency Change

CSCA $ 700.6 $ 581.8Less: animal health — (19.6)

CSCA net sales as so adjusted $ 700.6 $ 562.2 24.6% 0.2% 24.8%Less: Ranir (55.3) —

Organic CSCA net sales as so adjusted $ 645.3 $ 562.2 14.8% 0.2% 15.0%

Six Months EndedJune 27,

2020June 29,

2019Total

ChangeFX

ChangeConstant

Currency ChangeCSCI

Essential products net sales $ 403.4 $ 393.8 2.4% 4.6% 7.0%

Other products net sales $ 300.4 $ 284.5Less: Canoderm prescription product — (7.0)Less: Ranir (38.2) —Less: Dr. Fresh* (1.4) —

Organic CSCI Other products net sales as so adjusted $ 260.8 $ 277.5 (6.0)% 2.4% (3.6)%


Three Months Ended

March 28, 2020

March 30, 2019

Total Change

FX Change


Consolidated $ 1,341.0 $ 1,174.5 14.2%Less: animal health — (19.6)Less: Canoderm prescription product — (3.7)






Trailing Twelve Months endedJune 27,

2020June 29,

2019Total

ChangeFX


ChangeConsolidated $ 5,074.0 $ 4,651.8 14.2%

Less: animal health (1.8) (77.6)Less: Canoderm prescription product (4.3) (7.0)Less: infant foods — (21.2)Plus: Ranitidine market withdrawal* 9.2 —

Consolidated net sales as so adjusted $ 5,077.1 $ 4,546.0 11.7% 1.1% 12.8%Less: Ranir (289.6) —Less: Dr. Fresh** (19.8) —


CSCA $ 2,652.0 $ 2,377.0Less: animal health (1.8) (77.6)Less: infant foods — (21.2)Plus: Ranitidine market withdrawal* 7.4 —

CSCA net sales as so adjusted $ 2,657.6 $ 2,278.2 16.7% (0.1)% 16.6%Less: Ranir (206.4) —Less: Dr. Fresh** (18.5) —

Organic CSCA net sales as so adjusted $ 2,432.7 $ 2,278.2 6.8% (0.1)% 6.7%

CSCI $ 1,407.7 $ 1,341.9 9.1% 3.8% 12.9%Less: Canoderm prescription product (4.3) (7.0)Plus: Ranitidine market withdrawal* 1.8 —

CSCI net sales as so adjusted $ 1,405.2 $ 1,334.9 5.3% 4.4% 9.7%Less: Ranir (83.2) —Less: Dr. Fresh** (1.3) —

Organic CSCI net sales as so adjusted $ 1,320.7 $ 1,334.9 (1.1)% 4.3% 3.2%

RX $ 1,014.3 $ 932.9 8.7% (0.4)% 8.3%

*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs.**Dr. Fresh acquisition comprises all oral self-care assets purchased from High Ridge Brands, including the brands Dr. Fresh®, REACH® and Firefly®.

TABLE IVPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES(in millions, except per share amounts)

(unaudited)

Three Months Ended

June 27, 2020

June 29, 2019

Total Change

Consolidated adjusted EPS $ 1.03 $ 0.86 19.8%

Adjusted gross profitRX $ 106.9 $ 99.8 7.1%

Adjusted gross marginWorldwide Consumer 39.3% 41.2% (190) bpsCSCA 32.9% 34.0% (110) bpsCSCI 51.7% 53.5% (180) bpsRX 39.5% 41.7% (220) bps

Adjusted operating incomeConsolidated $ 200.0 $ 183.5 9.0%RX $ 68.4 $ 65.5 4.4%

Adjusted operating marginWorldwide Consumer 13.9% 13.3% 60 bpsCSCA 19.8% 20.3% (50) bpsCSCI 15.6% 15.3% 30 bpsRX 25.3% 27.4% (210) bps

TABLE IV (CONTINUED)PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES(in millions, except per share amounts)

(unaudited)

Six Months Ended

June 27, 2020

June 29, 2019

Total Change

Consolidated adjusted EPS $ 2.17 $ 1.93 12.4%

Adjusted gross profitRX $ 215.8 $ 217.5 (0.8)%

Adjusted gross marginWorldwide Consumer 38.8% 40.9% (210) bpsCSCA 32.1% 33.3% (120) bpsCSCI 51.5% 53.7% (220) bpsRX 40.9% 45.2% (430) bps

Adjusted operating incomeConsolidated $ 425.2 $ 386.5 10.0%CSCA $ 261.5 $ 220.1 18.8%RX $ 142.4 $ 147.4 (3.4)%

Adjusted operating marginWorldwide Consumer 13.9% 13.1% 80 bpsCSCA 19.7% 19.3% 40 bpsCSCI 16.2% 15.4% 80 bpsRX 27.0% 30.6% (360) bps

Three Months Ended

June 27, 2020

June 29, 2019

Total Change

FX Change


Adjusted gross profitWorldwide Consumer

CSCA $ 206.5 $ 190.3CSCI 165.9 175.3Unallocated — 0.1

Worldwide Consumer adjusted gross profit $ 372.4 $ 365.7Less: Canoderm prescription product — (4.7)

Worldwide Consumer adjusted gross profit less divested businesses $ 372.4 $ 361.0 3.2% 1.9% 5.1%

CSCA adjusted gross profit $ 206.5 $ 190.3 8.5% 0.5% 9.0%


CSCI adjusted gross profit less divested businesses $ 165.9 $ 173.1 (4.2)% 3.6% (0.6)%

Adjusted operating incomeCSCA adjusted operating income $ 124.1 $ 113.7 9.1% (0.1)% 9.0%


CSCI adjusted operating income less divested businesses $ 50.2 $ 47.9 4.8% 5.4% 10.2%

Worldwide consumerCSCA $ 124.1 $ 113.7CSCI 50.2 50.0Unallocated (42.7) (45.7)

Worldwide Consumer adjusted operating income $ 131.6 $ 118.0Less: Canoderm prescription product — (2.1)

Worldwide Consumer adjusted operating income less divested businesses $ 131.6 $ 115.9 13.5% 2.1% 15.6%


RECONCILIATION OF NON-GAAP MEASURESADJUSTED PROFIT MEASURE GROWTH - SELECTED



RECONCILIATION OF NON-GAAP MEASURESADJUSTED PROFIT MEASURE GROWTH - SELECTED


Six Months Ended

June 27, 2020

June 29, 2019

Total Change

FX Change


Adjusted gross profitWorldwide Consumer

CSCA $ 426.4 $ 379.7CSCI 362.5 364.6Unallocated (0.1) —

Worldwide Consumer adjusted gross profit $ 788.8 $ 744.3Less: Animal health — (10.4)Less: Canoderm prescription product — (4.7)

Worldwide Consumer adjusted gross profit less divested businesses $ 788.8 $ 729.2 8.2% 1.8% 10.0%

CSCA $ 426.4 $ 379.7Less: Animal health — (10.4)

CSCA adjusted gross profit less divested businesses $ 426.4 $ 369.3 15.5% 0.1% 15.6%


CSCI adjusted gross profit less divested businesses $ 362.5 $ 359.9 0.7% 3.6% 4.3%

Adjusted operating incomeCSCA $ 261.5 $ 220.1

Less: animal health — (2.9)CSCA adjusted operating income less divested businesses $ 261.5 $ 217.2 20.4% (0.2)% 20.2%


CSCI adjusted operating income less divested businesses $ 114.2 $ 99.8 14.4% 5.0% 19.4%

Worldwide consumerCSCA $ 261.5 $ 220.1CSCI 114.2 104.2Unallocated (92.9) (85.2)

Worldwide Consumer adjusted operating income $ 282.8 $ 239.1Less: animal health — (2.9)Less: Canoderm prescription product — (4.4)

Worldwide Consumer adjusted operating income less divested businesses $ 282.8 $ 231.8 22.0% 1.9% 23.9%

TABLE VPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES(in millions)(unaudited)


2020Operating cash flow $ 290.9

Adjusted net income $ 141.0Cash conversion ratio 206%

Three Months EndedMarch 28,

2020Operating cash flow $ 171.8

Adjusted net income $ 156.7Cash conversion ratio 110%

Six Months Ended December 31, 2019Rosemont Pharmaceuticals business Operating Income Diluted Earnings per ShareReported $ 3.9 $ 0.02

Amortization expense related primarily to acquired intangible assets 6.7 0.05Ranitidine market withdrawal* 0.3 —Tax effect of non-GAAP adjustments — (0.01)

Adjusted $ 10.9 $ 0.06

*Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs.

TABLE V (CONTINUED)PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES(in millions)(unaudited)

Trailing Twelve Months Ended June 27, 2020

ConsolidatedNet

IncomeLess: Income Tax Expense

Less: Interest, Other, and Change in Financial Assets

Less: Depreciation

Less: Amortization EBITDA

Reported $ 240.2 $ 9.4 $ 61.1 $ 91.0 $ 301.8 $ 703.5Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets $ 304.4 $ — $ — $ (2.6) $ (301.8) $ —Acquisition and integration-related charges and contingent consideration adjustments 25.7 — — — — 25.7Asset abandonment 7.1 — — — — 7.1(Gain) loss on divestitures (57.9) — 54.3 — — (3.6)Unusual litigation 20.1 — — — — 20.1Restructuring charges and other termination benefits 5.9 — — — — 5.9Ranitidine market withdrawal 18.4 — — — — 18.4Operating results attributable to held-for-sale business 1.2 — — — — 1.2Change in financial assets (9.9) — 9.9 — — —Gain loss on investment securities (0.6) — 0.6 — — —Impairment charges 152.5 — — — — 152.5Loss on early debt extinguishment 0.2 — (0.2) — — —Separation and reorganization expense 5.4 — — — — 5.4

Non-GAAP tax adjustments (128.5) 128.5 — — — —Adjusted $ 584.2 $ 137.9 $ 125.7 $ 88.4 $ — $ 936.2

Gross Debt as of June 27, 2020$ 4,142.5Less: Cash and Cash Equivalents as of June 27, 2020 1,456.3

Net Debt as of June 27, 2020$ 2,686.2Adjusted EBITDA$ 936.2

Adjusted Leverage Ratio (Net Debt/Adjusted EBITDA) 2.9

Documents

SecondQuarter 2020 Financial Results August 5, 2020...Source: IRI UNIFY POS, Markets, Multiple Weeks WE 7.12.2020 UNKNOWNS Recovery time for patient visits, non-essential categories