Earnings release
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EXHIBIT 99.1 Perrigo Reports Third Quarter 2026 Financial Results From Continuing Operations • Execution of Three-S plan driving sequential improvement in operating results and market share gains across U.S. Store Brand OTC and keyEuropean brands• Infant Formula divestiture expected to simplify portfolio and sharpen focus on higher-return consumer self care categories; strategic review ofOral Care business remains ongoing• Updated full-year 2026 outlook to reflect divestiture, more measured retailer inventory positioning, and continued softness in Europe DUBLIN, November 4, 2026 /PRNewswire/ -- Perrigo Company plc (NYSE: PRGO) ("Perrigo" or the "Company"), a leading provider of consumer self-care products, today announced financial results from continuing operations for the third quarter ended September 26, 2026. “Our Three-S plan is delivering continued progress in the areas of the business within our control,” said Albert Manzone, Interim President and ChiefExecutive Officer. “We gained market share again in U.S. store brand OTC and in key European brands. Category trends improved sequentially, which,combined with disciplined cost management, helped offset a difficult consumer backdrop. “The sale of Infant Formula is an important step in evolving Perrigo into a more focused consumer self-care company. It is expected to enhance ourmargin profile, materially reduce expected future capital expenditures, and support continued deleveraging and reinvestment in the business. The resultwill be a simpler Perrigo, better positioned for profitable growth. “We have adjusted our full-year outlook to reflect the divestiture, more measured retailer inventory positioning ahead of the cough and cold season, andcontinued softness in Europe. Our underlying model, combining scaled brands and store brands in categories people need every day, remainsunchanged, and the actions we are taking to simplify Perrigo are positioning us for more consistent and profitable growth over the long term.” 1
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Third Quarter Results All In Core 3Q'26 3Q'25 Change 3Q'26 3Q'25 ChangeReported Net Sales $989 $1,043 (5.2)% $908 $924 (1.7)%Reported Gross Margin 32.4% 36.1% (370)bpsReported Operating Margin 2.3% 7.0% (460)bpsReported Diluted Earnings Per Share ("EPS") $(0.10) $0.09 n/m All In Core3Q'26 3Q'25 Change 3Q'26 3Q'25 ChangeOrganic Net Sales $994 $1,013 (1.9)% $913 $924 (1.1)%Adj. Gross Margin 36.3% 39.9% (370)bps 37.9% 39.4% (140)bpsAdj. Operating Margin 13.1% 16.6% (360)bps 14.3% 16.5% (210)bpsAdj. Diluted EPS $0.60 $0.80 (25.0)% $0.61 $0.67 (9.0)% * Absolute amounts in millions. Data may not add due to rounding. Percentages are based on actuals.(1) As previously announced, the Company now reports results on both an All In and Core Perrigo basis. All In results reflect the entirety of our business, while Core represents our go-forward business andexcludes Infant Formula and previously announced divestitures.(2) See attached Appendix for details. Change in net sales on an organic basis excludes the effects of acquisitions, divestitures and exited products, and the impact of currency. Net Sales• Core net sales were $908 million, declining 1.7% year-over-year, while Core organic net sales decreased 1.1%. Results reflected lowerconsumption in our Self Care segment, which led to more measured retailer inventory positioning ahead of the cough and cold season withinthe Upper Respiratory and Pain & Sleep categories. Performance was also impacted by lower contract manufacturing volumes. Partiallyoffsetting those factors were continued share gains across U.S. Store Brand OTC and key European brands, supported by innovation andenhanced consumer marketing initiatives. Pricing decreased 0.4% and volume/mix decreased 0.7%.• All In reported net sales declined 5.2% year-over-year to $989 million. All In results were primarily driven by the same factors as Core net salesin addition to the year-over-year impact of divestitures and lower Infant Formula net sales. Gross Margin• Reported All In gross margin was 32.4%, a decrease of 370 basis points.• Core adjusted gross margin decreased 140 basis points to 37.9% driven by lower net sales volumes and unfavorable mix. These headwindswere partially offset by the net recognition of a recovery of a portion of previously paid tariffs and continued market share gains.• All In adjusted gross margin decreased 370 basis points to 36.3%, driven by the same factors impacting Core adjusted gross margin in additionto the impact of divestitures and lower Infant Formula gross margin, which included the impact of planned under absorption. Operating Margin• Reported operating margin was 2.3%, a decrease of 460 basis points.• Core adjusted operating margin decreased 210 basis points to 14.3% due to unfavorable gross profit flow through and higher operatingexpenses, primarily driven by increased advertising and promotional investments and the normalization of variable employee compensation.This decline was partially offset by benefits from the Operational Enhancement Program. (1) (1) (2) 2
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• All In adjusted operating margin decreased 360 basis points to 13.1%, driven by the same factors impacting Core adjusted operating margin aswell as the impact of divestitures and Infant Formula. Other Items• Reported interest and other expense decreased $9.0 million to $41.2 million.• Net adjusted interest and other expense increased $0.5 million to $41.2 million.• The Company's reported effective tax rate was 21.1%. The Company’s adjusted effective tax rate decreased to 3.5%, reflecting changes in thejurisdictional mix of earnings. Diluted EPS• Reported diluted EPS was $(0.10) compared to $0.09 in the prior year.• Core adjusted EPS declined $0.06 to $0.61, a 9.0% decrease from the prior year. Results were impacted by a reduction in net sales andoperating income, partially offset by a lower effective tax rate, which benefited results by $0.10.• All In adjusted diluted EPS declined $0.20 to $0.60, a 25.0% decrease from the prior year due to the same factors impacting Core adjusted EPSin addition to the impact of divestitures and Infant Formula. Results also reflected approximately $0.12 of unfavorable EPS impact from plannedunder absorption within Infant Formula. 3
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Business Segment Results 3Q'26 3Q'25 Change OrganicChangeSegment net sales:Self Care $613 $633 (3.2)% (2.8)%Specialty Care 182 191 (4.6)% (3.5)% Infant Formula 81 89 (9.6)% (9.5)% Total segment net sales 876 914 (4.1)% (3.6)%All Other 113 130 (13.1)% 14.0% Consolidated net sales $989 $1,043 (5.2)% (1.9)% 3Q'26 3Q'25 Change Segment adjusted operating income:Self Care $105 $131 (19.4)%Specialty Care 32 42 (24.2)%Infant Formula (1) 15 n/m Total segment adjusted operating income $137 $187 (27.0)%All Other 27 23 18.4%Unallocated (34) (36) (6.1)% Consolidated adjusted operating income$129 $173 (25.5)% * Absolute amounts in millions. Amounts may not sum due to rounding. Percentages are based on actuals. Self CareNet sales decreased 3.2% compared to the prior year, inclusive of a 0.2% unfavorable impact of currency translation. Results reflected lowerconsumption, which led to more measured retailer inventory positioning ahead of the cough and cold season within the Upper Respiratory and Pain &Sleep categories. Performance was also impacted by lower contract manufacturing volumes and the unfavorable impact of pricing. These pressureswere partly offset by growth in the Healthy Lifestyle category, driven by continued share gains of store brand nicotine replacement products, and theDigestive Health category, supported by higher volumes of store brand laxative products. Segment adjusted operating income decreased 19.4%, primarily due to unfavorable gross profit flow through driven by unfavorable productionvariances, unfavorable mix, and higher advertising and promotional investments. These pressures were partially offset by benefits from the OperationalEnhancement Program. Specialty CareNet sales decreased 4.6% compared to the prior year, inclusive of a 1.1% unfavorable impact of currency translation. Women’s Health delivered stronggrowth, led by solid momentum and share gains for ellaOneand continued growth from Opill . Within the Skin Health category, strongin-season performance from Compeed and Jungle Formula was more than offset by lower sales of store brand and contract manufactured Minoxidilin addition to lower net sales of Mederma. Segment adjusted operating income decreased 24.2% due to unfavorable production variances, unfavorable mix in Skin Health, and higher advertisingand promotional investments across the segment. These pressures were partially offset by benefits from the Operational Enhancement Program. ® ® ® ® ® 4
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Infant FormulaNet sales decreased 9.6% compared to the prior year. Growth in store brand infant formula was more than offset by expected lower contractmanufacturing volumes, reflecting the shift of certain contract formula shipments that were recorded in the second quarter. Segment adjusted operating income decreased primarily due to unfavorable gross profit flow through, including planned under absorption, which waspartially offset by lower operating expenses. All OtherNet sales decreased 13.1%, inclusive of a 1.2% unfavorable impact of currency translation, primarily due to the impact of divestitures. Segment adjusted operating income increased 18.4% due to the net recognition of a recovery of a portion of previously paid tariffs, in addition toimproved productivity and lower operating expenses in the Oral Care category. These factors more than offset the impact of divestitures. Cash Flow and Balance Sheet • Net cash from operating activities was $96 million in the third quarter.• Third quarter capital expenditures were $18 million and the Company returned $40 million to shareholders through dividends.• Cash and cash equivalents as of September 26, 2026 were $437 million while total debt was $3.3 billion.• Subsequent to quarter-end, the Company announced an agreement to divest its Infant Formula business for total consideration of up to$175 million. The transaction consideration consists of $40 million in upfront cash at closing and up to an additional $135 million contingent onthe achievement of net sales milestones through 2030. Net proceeds are expected to be deployed in accordance with Perrigo's capitalallocation priorities. The divestiture is expected to simplify our portfolio and sharpen our focus on higher-return consumer self care categories,while enhancing the Company's margin profile. After considering expected carrying value relative to cash proceeds and an estimate of fair valueof the contingent milestones, we expect to recognize an impairment loss between $275.0 million and $375.0 million resulting from themeasurement as held for sale during the fourth quarter of 2026. Fiscal 2026 Outlook Beginning with the fourth quarter and full-year 2026 reporting, the Infant Formula business will be reported as discontinued operations. Accordingly, theCompany's All In outlook no longer includes Infant Formula but continues to include other divested businesses. The Company's Core outlook continuesto exclude Infant Formula and previously-announced divestitures. For fiscal 2026, the Company has updated its outlook and related assumptions toreflect the Infant Formula divestiture, more measured retailer inventory positioning ahead of the cough and cold season, and continued softness in theEuropean consumer environment. All In ExDivestitures Core ForeignCurrency Organic Net Sales Growth YoY (5.7)% to (4.6)% ~210 bps (3.6)% to (2.5)% (0.2)% (3.8)% to (2.7)%Adj. Gross Margin 37.8% to 38.8% ~(30) bps 37.5% to 38.5% Adj. Operating Margin 14.3% to 15.3% ~(30) bps 14.0% to 15.0% Adj. EPS $2.25 to $2.45 ~$(0.10) $2.15 to $2.35 1 2 5
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Other assumptions• Net interest expense of approximately $162 million.• Adjusted effective tax rate of approximately 14.0%.• Adjusted weighted average shares outstanding of approximately 140 million.• Net leverage of approximately 4.0 times adjusted EBITDA.• Cash from operating activities as a percentage of adjusted net income in the low-to-mid-60% range. (1) Prior All In guidance included Infant Formula results and reflected net sales growth YoY of (5.5)% to (1.5)%, adjusted gross margin of 36.5% to 37.5%, adjusted operating margin of 12.5% to 13.5%, andadjusted EPS of $2.00 to $2.30.(2) Prior Core guidance excluded Infant Formula results and previously announced divestitures and reflected net sales growth YoY of (3.0)% to 1.0%, adjusted gross margin of 39.0% to 40.0%, adjustedoperating margin of 15.0% to 16.0%, and adjusted EPS of $2.25 to $2.55.(3) Prior other assumptions reflected net interest expense of $156M, adjusted effective tax rate of ~18%, adjusted weighted shares outstanding of 139.3M, net leverage at, or slightly lower than, approximately4.0 times adjusted EBITDA, and cash from operating activities as a percentage of adjusted net income in the mid-60% range. Webcast and Conference Call Information Perrigo previously announced that management will host a call/webcast to discuss its third quarter 2026 financial results beginning at 08:30 A.M. (ET)Wednesday, November 4, 2026. The call will be available live via webcast to interested parties in the investor relations section of the Perrigo website athttp://perrigo.investorroom.com/events-webcasts or by phone at 800-836-8184, International 646-357-8785, and reference ID # 91025. A taped replayof the call will be available beginning at approximately 12:00 P.M. (ET) Wednesday, November 4, until midnight Wednesday, November 11, 2026. Tolisten to the replay, dial 888-660-6345, International 646-517-4150, and use access code 91025#. About Perrigo Perrigo Company plc (NYSE: PRGO) is a leading provider of Consumer Self-Care Products and over-the-counter (OTC) health and wellness solutionsthat enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. For more information, visit www.perrigo.com. Forward-Looking Statements Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, asamended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involveknown and unknown risks, uncertainties and other factors that may cause our, or our industry’s actual results, levels of activity, performance orachievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about theproposed divestiture of our Infant Formula business, including the timing and benefits thereof and the anticipated use of proceeds, our expectations,beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In somecases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,”“intend,” “believe,” "outlook," "momentum," "continue," “estimate,” "forecast," “predict,” “potential” or the negative of those terms or other comparableterminology. The information presented under "Fiscal 2026 Outlook" is inherently forward-looking. We have based these forward-looking statements onour current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections arereasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyondour control, 3 6
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including: supply chain impacts on our business, including those caused or exacerbated by armed conflict, trade and other economic sanctions and/ordisease; general economic, credit, and market conditions; increased or new tariffs by the U.S. or foreign governments (and any retaliatory or reciprocaltariffs) and changes in global trade relations; the impact of the war in Ukraine and any escalation thereof, including the effects of economic and politicalsanctions imposed by the United States, United Kingdom, European Union, and other countries related thereto; the outbreak or escalation of conflict inother regions where we do business, including the ongoing conflict and social, political and economic environment in Israel and the broader MiddleEast; current and future impairment charges, if we determine that the carrying amount of specific assets may not be recoverable from the expectedfuture cash flows of such assets; customer acceptance of new products; competition from other industry participants, some of whom have greatermarketing resources or larger market shares in certain product categories than we do; pricing pressures from customers and consumers; resolution ofuncertain tax positions and any litigation relating thereto, ongoing or future government investigations and regulatory initiatives; uncertainty regardingour ability to obtain and maintain our regulatory approvals; potential costs and reputational impact of product recalls or sales halts; potential adversechanges to U.S. and foreign tax, healthcare and other government policy; the effect of epidemic or pandemic disease; the timing, amount and cost ofany share repurchases (or the absence thereof) and/or any refinancing of outstanding debt at or prior to maturity; fluctuations in currency exchangerates and interest rates; receipt of potential earnout payments in connection with the sale of the HRA Rare Diseases Business and the risk that potentialcosts or liabilities incurred or retained in connection with this transaction may exceed our estimates or adversely affect our business or operations; thesatisfaction of certain deferred payment milestones associated with the Dermacosmetics Business divestment; the risk that potential costs or liabilitiesincurred or retained in connection with the sale of our Rx and other divested businesses may exceed our estimates or adversely affect our business oroperations; the ability to consummate the proposed sale of our Infant Formula business on the anticipated terms and timeline, or at all, including thesatisfaction or waiver of closing conditions and receipt of required third-party approvals; risks and uncertainties relating to the proposed sale, includingpotential disruption to our business, relationships with customers, suppliers, employees and other business partners, and risks associated with theseparation of the Infant Formula business and related transition arrangements; our ability to realize the anticipated benefits of the proposed sale; theconsummation and success of other announced and unannounced acquisitions or dispositions, the satisfaction of deferred payment milestonesassociated with prior dispositions, and our ability to realize the desired benefits of such transactions; and our ability to execute and achieve the desiredbenefits of announced cost-reduction efforts and other strategic initiatives and investments, including our ability to achieve the expected benefits fromour ongoing restructuring programs and strategic review processes described herein. Adverse results with respect to pending litigation could have amaterial adverse impact on our operating results, cash flows and liquidity, and could ultimately require the use of corporate assets to pay damages,reducing assets that would otherwise be available for other corporate purposes. These and other important factors, including those discussed in ourForm 10-K for the year ended December 31, 2025, and in any subsequent filings with the United States Securities and Exchange Commission, maycause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Theforward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, wedisclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, orotherwise. Non-GAAP Measures This press release contains certain non-GAAP measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financialperformance that excludes or includes amounts different from the most directly comparable measure calculated and presented in accordance with U.S.Generally Accepted Accounting Principles (GAAP) in the statements of 7
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operations, balance sheets or statements of cash flows of the Company. Pursuant to the requirements of the U.S. Securities and ExchangeCommission, the Company has provided reconciliations to the most directly comparable U.S. GAAP measures for the following ‘All In’ and ‘Core’ non-GAAP financial measures referred to in this press release: • net sales growth on an organic basis, which excludes acquisitions, divestitures and exited products, and the impact of currency,• adjusted gross profit,• adjusted gross margin,• adjusted operating income,• adjusted operating margin,• adjusted net income,• adjusted diluted earnings per share,• adjusted effective tax rate,• constant currency net sales. These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacementsfor, or superior to the GAAP measures and may not be comparable to similarly named measures used by other companies. The Company presentsthese non-GAAP financial measures in order to provide transparency to our investors because they are measures that management uses to assessboth management performance and the financial performance of our operations and to allocate resources. In addition, management believes that thesemeasures may assist investors with understanding and evaluating our initiatives to drive improved financial performance and enables investors tosupplementally compare our operating performance with the operating performance of our competitors including with those of our competitors havingdifferent capital structures. While we have excluded certain of these items from historical non-GAAP financial measures, there is no guarantee that theitems excluded from non-GAAP financial measures will not continue into future periods. For instance, we expect to continue to experience and reportrestructuring-related charges associated with continued execution of our strategic initiatives. The Company provides non-GAAP financial measures as additional information that it believes is useful to investors and analysts in evaluating theperformance of the Company's ongoing operating trends, facilitating comparability between periods and, where applicable, with companies in similarindustries and assessing the Company's prospects for future performance. These non-GAAP financial measures exclude items, such as amortizationexpense, unusual litigation, impairment charges, restructuring charges, and acquisition and integration-related charges, that by their nature affectcomparability of operational performance or that we believe obscure underlying business operational trends. The intangible asset amortization excludedfrom these non-GAAP financial measures represents the entire amount recorded within the Company’s GAAP financial statements and is excludedbecause the amortization, unlike the related revenue, is not affected by operations of any particular period unless an intangible asset becomes impairedor the estimated useful life of an intangible asset is revised. The revenue generated by the associated intangible assets has not been excluded from therelated non-GAAP financial measure. The non-GAAP measures the Company provides are consistent with how management analyzes and assessesthe operating performance of the Company, and disclosing them provides investor insight into management’s view of the business. Management usesthese adjusted financial measures for planning and forecasting in future periods, and evaluating segment and overall operating performance. Inaddition, management uses certain of the profit measures as factors in determining compensation. Non-GAAP measures related to profit measurements, which may include adjusted gross profit, adjusted net income, adjusted operating income,adjusted diluted earnings per share, adjusted 8
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gross margin, constant currency net sales, adjusted operating margin and adjusted effective tax rate are useful to investors as they provide them withsupplemental information to enhance their understanding of the Company’s underlying business performance and trends, and enhance the ability ofinvestors and analysts to compare the Company’s period-to-period financial results. Management believes that adjusted gross margin and adjustedoperating margin are useful to investors, in addition to the reasons discussed above, by allowing them to more easily compare and analyze trends inthe Company’s peer business group and assisting them in comparing the Company’s overall performance to that of its competitors. The Company alsodiscloses net sales growth excluding the impact of currency on an organic basis. In addition, the Company presents non‐GAAP measures for 'Core'Perrigo, reflecting its go‐forward business and excluding Infant Formula and previously announced divestitures. Core measures may include Core netincome, Core net sales, Core organic net sales, Core gross profit, Core operating income, Core diluted earnings per share, Core gross margin, andCore operating margin, including on an organic, constant‐currency basis. Management believes these measures provide greater consistency infinancial reporting and facilitate meaningful comparisons of underlying operating results and acquisition and divestiture activity. The Company cannot reconcile its ‘All In’ or ‘Core’ expected organic net sales growth, adjusted gross margin, adjusted operating margin, adjustedearnings per share, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA or net leverage to the most directly comparableGAAP measures under "Fiscal 2026 Outlook" without unreasonable effort because certain items that impact net income and other reconciling metricsare out of the Company's control and/or cannot be reasonably predicted at this time. These items include, but are not limited to, uncertainty of non-recurring Infant Formula related charges and timing and amount of restructuring charges and the income tax effects of these items or other income tax-related events. These reconciling items could be significant to the Company's future GAAP results. The Company believes these supplemental financial measures provide investors with consistency in financial reporting, enabling meaningfulcomparisons of past and present underlying operating results, and also facilitate analysis of the Company’s operating performance and acquisition anddivestiture trends. A copy of this press release, including the reconciliations, is available on the Company's website at www.perrigo.com. Perrigo Contacts Eric Jacobson, Vice President, Global Investor Relations(616) 886-0375, eric.jacobson@perrigo.com Nick Gallagher, Associate Director, Global Investor Relations(269) 686-3238, nicholas.gallagher@perrigo.com 9
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PERRIGO COMPANY PLCCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in millions, except per share amounts)(unaudited) Three Months Ended Nine Months Ended September 26, 2026September 27, 2025September 26, 2026September 27, 2025 Net sales $ 988.6 $ 1,043.3 $ 2,980.6 $ 3,143.5 Cost of sales 667.8 666.2 2,020.4 2,011.2 Gross profit 320.8 377.1 960.2 1,132.3 Operating expensesDistribution 22.3 24.2 66.6 70.6 Research and development 21.9 24.9 70.3 73.6 Selling 124.9 127.3 384.1 409.9 Administration 124.5 94.2 339.5 319.4 Impairment charges 4.1 — 335.9 4.6 Restructuring — 20.8 89.5 58.9 Other operating expense, net — 13.1 — 30.4 Total operating expenses 297.7 304.5 1,285.9 967.4 Operating income (loss) 23.1 72.6 (325.8) 164.9 Interest expense, net 37.9 40.6 117.1 119.2 Other (income) expense, net 3.4 9.6 (123.1) 11.9 Loss on extinguishment of debt — — 1.4 — (Loss) income from continuing operations before income taxes(18.1) 22.4 (321.2) 33.8 Income tax expense (benefit) (3.8) 9.7 (5.7) 21.5 (Loss) income from continuing operations (14.3) 12.7 (315.6) 12.3 Loss from discontinued operations, net of tax (13.2) (5.2) (36.0) (19.6) Net (loss) income $ (27.5)$ 7.5 $ (351.6)$ (7.3) Earnings (loss) per share BasicContinuing operations $ (0.10)$ 0.09 $ (2.27)$ 0.09 Discontinued operations (0.09) (0.04) (0.26) (0.14) Basic earnings (loss) per share $ (0.20)$ 0.05 $ (2.53)$ (0.05) DilutedContinuing operations $ (0.10)$ 0.09 $ (2.27)$ 0.09 Discontinued operations (0.09) (0.04) (0.26) (0.14) Diluted earnings (loss) per share $ (0.20)$ 0.05 $ (2.53)$ (0.05) Weighted-average shares outstandingBasic 139.4 138.5 139.1 138.2 Diluted 139.4 138.9 139.1 138.8 10
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PERRIGO COMPANY PLCCONDENSED CONSOLIDATED BALANCE SHEETS(in millions, except per share amounts)(unaudited) September 26, 2026December 31, 2025 AssetsCash and cash equivalents $ 436.6 $ 531.6 Accounts receivable, net of allowance for credit losses of $5.2 and $6.5, respectively685.5 612.8 Inventories 1,013.8 1,149.0 Prepaid expenses and other current assets 266.1 231.4 Current assets held for sale — 272.6 Total current assets 2,402.0 2,797.4 Property, plant and equipment, net 825.1 898.7 Operating lease assets 151.4 167.8 Goodwill and indefinite-lived intangible assets 1,696.2 2,054.7 Definite-lived intangible assets, net 2,137.8 2,351.5 Deferred income taxes 6.5 3.3 Other non-current assets 266.0 261.8 Total non-current assets 5,082.9 5,737.8 Total assets $ 7,484.9 $ 8,535.2 Liabilities and Shareholders’ EquityLiabilitiesAccounts payable $ 390.5 $ 474.5 Payroll and related taxes 126.7 112.2 Accrued customer programs 105.1 111.4 Other accrued liabilities 275.8 216.1 Accrued derivative liabilities 73.9 14.5 Accrued income taxes 37.1 20.8 Current indebtedness 11.3 36.6 Current liabilities held for sale — 26.8 Total current liabilities 1,020.4 1,012.9 Non-current liabilitiesLong-term debt, less current portion 3,282.8 3,603.6 Deferred income taxes 141.3 168.9 Non-current derivative liabilities 134.4 298.4 Other non-current liabilities 465.6 515.9 Total non-current liabilities 4,024.1 4,586.8 Total liabilities 5,044.5 5,599.7 Contingencies - Refer to Note 16Shareholders’ equityControlling interests:Preferred shares, $0.0001 par value per share, 10 shares authorized — — Ordinary shares, €0.001 par value per share, 10,000 shares authorized 6,509.0 6,608.2 Accumulated other comprehensive income (loss) (39.3) 4.8 Retained earnings (accumulated deficit) (4,029.3) (3,677.5)Total shareholders’ equity 2,440.4 2,935.5 Total liabilities and shareholders' equity $ 7,484.9 $ 8,535.2 Supplemental Disclosures of Balance Sheet InformationPreferred shares, issued and outstanding — — Ordinary shares, issued and outstanding 138.8 137.6 11
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PERRIGO COMPANY PLCCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)(unaudited) Nine Months Ended September 26, 2026September 27, 2025Cash Flows From (For) Operating ActivitiesNet loss $ (351.6)$ (7.3)Adjustments to derive cash flows:Depreciation and amortization 260.9 251.6 Restructuring charges 85.6 54.5 Share-based compensation 31.3 41.6 Impairment charges 335.9 4.6 Amortization of debt discount 5.9 6.7 Deferred income taxes (19.3) (14.0)(Gain) loss on sale of business (129.5) 1.6 Amortization on hedging instruments (27.4) (18.3)Other non-cash adjustments, net (5.5) 2.0 Subtotal 186.3 323.0 Increase (decrease) in cash due to:Inventories 116.4 (143.7)Accrued income taxes (33.3) (51.4)Payroll and related taxes (70.8) (38.7)Accounts payable (74.8) (33.1)Accrued customer programs (2.5) (24.8)Other accrued liabilities 43.5 2.3 Accounts receivable (83.5) 4.6 Other long-term liabilities (4.3) 11.3 Prepaid expenses and other current assets (11.9) 13.6 Subtotal (121.1) (259.9)Net cash from operating activities 65.2 63.1 Cash Flows From (For) Investing ActivitiesNet proceeds from sale of businesses 366.3 14.4 Asset acquisitions, net — (1.5)Additions to property, plant and equipment (45.6) (66.6)Other investing, net 2.7 2.8 Net cash from (for) investing activities 323.4 (50.9)Cash Flows From (For) Financing ActivitiesPayments on long-term debt (761.8) (26.1)Cash dividends (120.3) (119.4)Borrowings of revolving credit agreements and other financing, net 427.6 — Payments for debt issuance costs (5.5) — Shares used to settle taxes (7.4) (18.8)Other financing, net (10.4) (1.8) Net cash for financing activities (477.7) (166.1) Effect of exchange rate changes on cash and cash equivalents (8.2) 29.5 Net decrease in cash and cash equivalents (97.3) (124.4)Cash and cash equivalents of continuing operations, beginning of period 531.6 558.8 Cash and cash equivalents held for sale, beginning of period 2.3 — Less cash and cash equivalents held for sale, end of period — (2.3) Cash and cash equivalents of continuing operations, end of period$ 436.6 $ 432.1 12
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TABLE IPERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURESSELECTED CONSOLIDATED INFORMATION(in millions, except per share amounts)(unaudited) Three Months Ended September 26, 2026 Three Months Ended September 27, 2025 Consolidated Continuing Operations Gross Profit Operating Income Income (Loss)from ContinuingOperations Diluted Earnings(Loss) per Share Gross Profit Operating Income Income fromContinuingOperations Diluted Earningsper Share Reported $ 320.8 $ 23.1 $ (14.3) $ (0.10) $ 377.1 $ 72.6 $ 12.7 $ 0.09 As a % of reported net sales 32.4 % 2.3 % (1.4)% 36.1 % 7.0 % 1.2 % Pre-tax adjustments : Amortization expense related primarily toacquired intangible assets 35.2 54.3 54.3 0.39 35.3 56.0 56.5 0.41 Impairment charges — 4.1 4.1 0.03 — — — — Unusual litigation — 41.0 41.0 0.29 — 15.0 15.0 0.11 Restructuring charges and other terminationbenefits — — — — — 20.9 20.9 0.15 (Gain) Loss on divestitures — — — — — — (0.1) — Other 2.5 6.6 6.6 0.05 4.1 8.9 18.1 0.13 Non-GAAP tax adjustments — — (6.9) (0.05) — — (11.5) (0.08) Adjusted $ 358.5 $ 129.1 $ 84.9 $ 0.60 $ 416.5 $ 173.4 $ 111.6 $ 0.80 As a % of reported net sales 36.3 % 13.1 % 8.6 % 39.9 % 16.6 % 10.7 % Diluted weighted average shares outstanding (in millions) Reported 139.4 138.9 Effect of dilution as reported amount was a loss, while adjusted amount was income 0.9 — Adjusted 140.4 138.9 Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals. (1) Reported net sales for the three months ended September 26, 2026 and September 27, 2025 were $988.6 million and $1,043.3 million, respectively. (2) 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. (3) During the three months ended September 26, 2026, we determined the carrying value of our Medgenix business exceeded its estimated fair value less costs to sell, resulting in a total impairment charge of$4.1 million. (4) Other pre-tax adjustments impacting reported income (loss) from continuing operations for the three months ended September 26, 2026 includes $4.1 million of professional consulting fees for potentialdivestitures and $2.5 million of accelerated depreciation as part of Nutrition Network Optimization. Other pre-tax adjustments impacting reported income from continuing operations for the three monthsended September 27, 2025 includes $9.2 million of foreign currency hedging related to divestiture activity, $4.0 million of accelerated depreciation and a $1.6 million asset abandonment charge related toNutrition Network Optimization and $3.1 million related to professional consulting fees for divestiture activity.. (5) Non-GAAP tax adjustments for the three months ended September 26, 2026 are primarily due to removal of $8.0 million of tax benefit on pre-tax non-GAAP adjustments. Non-GAAP tax adjustments for thethree months ended September 27, 2025 are primarily due to (1) $12.0 million of tax benefit on pre-tax non-GAAP adjustments, (2) removal of $19.5 million of tax benefit related to changes in the tax lawenacted in third quarter 2025, and (3) removal of $20.0 million of tax expense related to uncertain tax positions from changes in tax structure. (6) In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding. (1) (2) (3) (4) (5) (1) (6) 13
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TABLE IIPERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURESSELECTED CONSOLIDATED INFORMATION(in millions, except per share amounts)(unaudited) Three Months Ended September26, 2026 Three Months Ended September27, 2025 ConsolidatedContinuingOperations R&DExpense DSG&AExpense Restructuring,Impairmentsand Other R&DExpense DSG&AExpense Restructuring,Impairmentsand Other Reported $ 21.9 $271.6 $ 4.1 $ 24.9 $245.7 $ 33.9 As a % of reportednet sales 2.2 % 27.5 % 0.4 % 2.4 % 23.5 % 3.2 %Pre-taxadjustments : Amortizationexpense relatedprimarily toacquiredintangible assets (0.2) (18.9) — (0.2) (20.5) — Impairmentcharges — — (4.1) — — — Restructuringcharges andother terminationbenefits — — — — (0.1) (20.8) Unusual litigation — (41.0) — — (3.4) (11.6)Other (0.1) (4.0) — (0.1) (3.1) (1.6) Adjusted $ 21.6 $207.7 $ — $ 24.6 $218.4 $ — As a % of reportednet sales 2.2 % 21.0 % — % 2.4 % 20.9 % — % Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals. (1) Reported net sales for the three months ended September 26, 2026 and September 27, 2025 were $988.6 million and $1,043.3 million, respectively. (2) 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. (3) During the three months ended September 26, 2026, we determined the carrying value of our Medgenix business exceeded its estimated fair value less costs to sell, resulting in a total impairment charge of$4.1 million, inclusive of a goodwill impairment charge of $1.8 million. (4) Other pre-tax adjustments for the three months ended September 26, 2026 are primarily due to professional consulting fees for potential divestitures. Other pre-tax adjustments for the three months endedSeptember 27, 2025 are primarily due to an asset abandonment charge related to Nutrition Network Optimization and professional consulting fees for potential divestitures. (1) (2) (3) (4) (1) 14
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TABLE IIIPERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURESSELECTED CONSOLIDATED INFORMATION(in millions, except per share amounts)(unaudited) Three Months Ended September 26, 2026 Three Months Ended September 27, 2025 Consolidated Continuing Operations Interest and Other Income Tax Expense(Benefit) Interest and Other Income Tax Expense Reported $ 41.2 $ (3.8) $ 50.2 $ 9.7 As a % of reported net sales 4.2 % (0.4)% 4.8 % 0.9 % Effective tax rate 21.1 % 43.3 %Pre-tax adjustments : Amortization expense related primarily to acquiredintangible assets — — (0.5) — Gain on divestitures — — 0.1 — Other — — (9.2) — Non-GAAP tax adjustments — 6.9 — 11.5 Adjusted $ 41.2 $ 3.1 $ 40.7 $ 21.2 As a % of reported net sales 4.2 % 0.3 % 3.9 % 2.0 %Adjusted effective tax rate 3.5 % 15.9 % Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals. (1) Reported net sales for the three months ended September 26, 2026 and September 27, 2025 were $988.6 million and $1,043.3 million, respectively. (2) 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. (3) Other pre-tax adjustments impacting reported interest and other from continuing operations for the three months ended September 27, 2025 includes $9.2 million of foreign currency hedging related todivestiture activity. (4) Non-GAAP tax adjustments for the three months ended September 26, 2026 are primarily due to removal of $8.0 million of tax benefit on pre-tax non-GAAP adjustments. Non-GAAP tax adjustments for thethree months ended September 27, 2025 are primarily due to (1) $12.0 million of tax benefit on pre-tax non-GAAP adjustments, (2) removal of $19.5 million of tax benefit related to changes in the tax lawenacted in third quarter 2025, and (3) removal of $20.0 million of tax expense related to uncertain tax positions from changes in tax structure. (1) (2) (3) (4) (1) 15
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TABLE IVPERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURESSELECTED CONSOLIDATED INFORMATION(in millions, except per share amounts)(unaudited) Three Months Ended Consolidated Continuing OperationsSeptember 26,2026 September 27,2025 % ChangeNet Sales $ 988.6 $ 1,043.3 (5.2)%Less: Currency impact (5.1) — (0.5)%Constant currency net sales $ 993.7 $ 1,043.3 (4.8)%Less: Divestitures and exited products(0.2) 30.5 (2.9)%Organic net sales $ 993.9 $ 1,012.8 (1.9)% Self CareNet Sales $ 612.7 $ 633.1 (3.2)%Less: Currency impact (1.3) — (0.2)%Constant currency net sales $ 614.0 $ 633.1 (3.0)%Less: Divestitures and exited products— 1.3 (0.2)%Organic net sales $ 614.0 $ 631.8 (2.8)% Specialty CareNet Sales $ 182.4 $ 191.2 (4.6)%Less: Currency impact (2.1) — (1.1)%Organic net sales $ 184.5 $ 191.2 (3.5)% Infant FormulaNet Sales $ 80.7 $ 89.3 (9.6)%Less: Currency impact (0.1) — (0.1)%Organic net sales $ 80.8 $ 89.3 (9.5)% All OtherNet Sales $ 112.7 $ 129.7 (13.1)%Less: Currency impact (1.6) — (1.2)% Constant currency net sales $ 114.3 $ 129.7 (11.9)%Less: Divestitures and exited products(0.2) 29.2 (25.5)%Organic net sales $ 114.5 $ 100.5 14.0% Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals. (1) Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior-year period to show what current period US dollar results would have been if suchcurrency exchange rates had not changed. (2) Represents divestiture activity primarily related to the Dermacosmetics business within All Other and Richard Bittner business and exited products within the Self Care segment. (1) (2) (1) (2) (1) (1) (1) (2) 16
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TABLE VPERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURESSELECTED CONSOLIDATED INFORMATION(in millions, except per share amounts)(unaudited) Three Months Ended September 26, 2026 Three Months Ended September 27, 2025 Consolidated Continuing Operations Net Sales Gross Profit OperatingIncome Income fromContinuingOperations DilutedEarnings perShare Net Sales Gross Profit OperatingIncome Income fromContinuingOperations DilutedEarnings perShare All In Adjusted $ 988.6 $ 358.5 $ 129.1 $ 84.9 $ 0.60 $ 1,043.3 $ 416.5 $ 173.4 $ 111.6 $ 0.80 As a % of reported net sales 36.3 % 13.1 % 8.6 % 39.9 % 16.6 % 10.7 % Core Adjustments: Less: Infant Formula 80.7 14.5 (0.5) (0.5) — 89.3 36.8 14.6 14.6 0.11 Less: Previously Announced Divestitures (0.2) (0.5) (0.6) (0.6) — 30.5 16.2 6.8 6.8 0.05 Non-GAAP tax adjustments — — — — — — — — (3.4) (0.02) Core Adjusted $ 908.1 $ 344.5 $ 130.2 $ 85.9 $ 0.61 $ 923.5 $ 363.5 $ 152.0 $ 93.6 $ 0.67 As a % of Core net sales 37.9 % 14.3 % 8.7 % 39.4 % 16.5 % 10.1 %Less: Currency impact (5.0) Core Organic $ 913.1 Diluted weighted average shares outstanding (in millions) Reported 139.4 138.9 Effect of dilution as reported amount was a loss, while adjusted amount was income 0.9 — Adjusted 140.4 138.9 Note: Amounts may not add or recalculate due to rounding. Percentages are based on actuals. (1) Represents previously announced divestitures, primarily Dermacosmetics and exited products. ) Currency impact is calculated using the exchange rates used to translate our financial statements in the comparable prior-year period to show what current period U.S. dollar results would have been if suchcurrency exchange rates had not changed. (3) In the period of a net loss, reported diluted shares outstanding equal basic shares outstanding. (1) (2) (3) 17