Not Applicable | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit Number | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data file (embedded within the Inline XBRL document). |
(Registrant) | ||||||||||||||
PERRIGO COMPANY PLC | ||||||||||||||
By: | /s/ Eduardo Bezerra | |||||||||||||
Dated: | August 9, 2022 | Eduardo Bezerra | ||||||||||||
Chief Financial Officer | ||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | July 3, 2021 | ||||||||||||||||||||
Net sales | $ | 1,121.7 | $ | 981.1 | $ | 2,196.2 | $ | 1,991.1 | |||||||||||||||
Cost of sales | 749.6 | 632.1 | 1,486.3 | 1,273.7 | |||||||||||||||||||
Gross profit | 372.1 | 349.0 | 709.9 | 717.4 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Distribution | 29.5 | 24.1 | 53.9 | 45.8 | |||||||||||||||||||
Research and development | 31.5 | 33.0 | 60.8 | 64.1 | |||||||||||||||||||
Selling | 150.8 | 139.8 | 286.4 | 275.2 | |||||||||||||||||||
Administration | 157.8 | 110.4 | 280.1 | 237.6 | |||||||||||||||||||
Impairment charges | — | 158.6 | — | 158.6 | |||||||||||||||||||
Restructuring | 9.5 | 9.0 | 13.1 | 10.7 | |||||||||||||||||||
Other operating expense (income), net | (0.1) | — | 0.8 | — | |||||||||||||||||||
Total operating expenses | 379.0 | 474.9 | 695.1 | 792.0 | |||||||||||||||||||
Operating income (loss) | (6.9) | (125.9) | 14.8 | (74.6) | |||||||||||||||||||
Interest expense, net | 38.3 | 31.6 | 74.1 | 63.6 | |||||||||||||||||||
Other (income) expense, net | 53.8 | (0.4) | 52.7 | 1.9 | |||||||||||||||||||
Loss on extinguishment of debt | 9.3 | — | 9.3 | — | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | (108.3) | (157.1) | (121.3) | (140.1) | |||||||||||||||||||
Income tax expense (benefit) | (43.4) | (45.2) | (55.1) | (31.0) | |||||||||||||||||||
Income (loss) from continuing operations | (64.9) | (111.9) | (66.2) | (109.1) | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | (0.2) | 54.2 | (1.4) | 89.5 | |||||||||||||||||||
Net income (loss) | $ | (65.1) | $ | (57.7) | $ | (67.6) | $ | (19.6) | |||||||||||||||
Earnings (loss) per share | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Continuing operations | $ | (0.48) | $ | (0.84) | $ | (0.49) | $ | (0.82) | |||||||||||||||
Discontinued operations | — | 0.41 | (0.01) | 0.67 | |||||||||||||||||||
Basic earnings (loss) per share | $ | (0.48) | $ | (0.43) | $ | (0.50) | $ | (0.15) | |||||||||||||||
Diluted | |||||||||||||||||||||||
Continuing operations | $ | (0.48) | $ | (0.84) | $ | (0.49) | $ | (0.82) | |||||||||||||||
Discontinued operations | — | 0.41 | (0.01) | 0.67 | |||||||||||||||||||
Diluted earnings (loss) per share | $ | (0.48) | $ | (0.43) | $ | (0.50) | $ | (0.15) | |||||||||||||||
Weighted-average shares outstanding | |||||||||||||||||||||||
Basic | 134.6 | 133.6 | 134.3 | 133.4 | |||||||||||||||||||
Diluted | 134.6 | 133.6 | 134.3 | 133.4 |
July 2, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 485.3 | $ | 1,864.9 | |||||||
Accounts receivable, net of allowance for credit losses of $7.3 and $7.2, respectively | 750.3 | 652.9 | |||||||||
Inventories | 1,079.6 | 1,020.2 | |||||||||
Prepaid expenses and other current assets | 336.3 | 305.8 | |||||||||
Current assets held for sale | — | 16.1 | |||||||||
Total current assets | 2,651.5 | 3,859.9 | |||||||||
Property, plant and equipment, net | 840.3 | 864.1 | |||||||||
Operating lease assets | 207.1 | 166.9 | |||||||||
Goodwill and indefinite-lived intangible assets | 3,582.5 | 3,004.7 | |||||||||
Definite-lived intangible assets, net | 3,222.7 | 2,146.1 | |||||||||
Deferred income taxes | 6.9 | 6.5 | |||||||||
Other non-current assets | 408.6 | 377.5 | |||||||||
Total non-current assets | 8,268.1 | 6,565.8 | |||||||||
Total assets | $ | 10,919.6 | $ | 10,425.7 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Accounts payable | $ | 490.4 | $ | 411.2 | |||||||
Payroll and related taxes | 104.1 | 118.5 | |||||||||
Accrued customer programs | 143.6 | 125.6 | |||||||||
Other accrued liabilities | 240.7 | 279.4 | |||||||||
Accrued income taxes | 5.0 | 16.5 | |||||||||
Current indebtedness | 30.8 | 603.8 | |||||||||
Current liabilities held for sale | — | 32.9 | |||||||||
Total current liabilities | 1,014.6 | 1,587.9 | |||||||||
Long-term debt, less current portion | 4,086.1 | 2,916.7 | |||||||||
Deferred income taxes | 392.1 | 239.3 | |||||||||
Other non-current liabilities | 577.0 | 530.1 | |||||||||
Total non-current liabilities | 5,055.2 | 3,686.1 | |||||||||
Total liabilities | 6,069.8 | 5,274.0 | |||||||||
Contingencies - Refer to Note 15 | |||||||||||
Shareholders’ equity | |||||||||||
Controlling interests: | |||||||||||
Preferred shares, $0.0001 par value per share, 10 shares authorized | — | — | |||||||||
Ordinary shares, €0.001 par value per share, 10,000 shares authorized | 6,991.1 | 7,043.2 | |||||||||
Accumulated other comprehensive income | (146.8) | 35.5 | |||||||||
Retained earnings (accumulated deficit) | (1,994.5) | (1,927.0) | |||||||||
Total shareholders’ equity | 4,849.8 | 5,151.7 | |||||||||
Total liabilities and shareholders' equity | $ | 10,919.6 | $ | 10,425.7 | |||||||
Supplemental Disclosures of Balance Sheet Information | |||||||||||
Preferred shares, issued and outstanding | — | — | |||||||||
Ordinary shares, issued and outstanding | 134.6 | 133.8 |
Six Months Ended | |||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||
Cash Flows From (For) Operating Activities | |||||||||||
Net income (loss) | $ | (67.6) | $ | (19.6) | |||||||
Adjustments to derive cash flows: | |||||||||||
Depreciation and amortization | 153.0 | 165.3 | |||||||||
Foreign currency remeasurement loss | 39.4 | — | |||||||||
Share-based compensation | 37.3 | 39.1 | |||||||||
Restructuring charges | 13.1 | 10.7 | |||||||||
Deferred income taxes | 12.6 | (25.4) | |||||||||
Loss on sale of business | 1.4 | — | |||||||||
Impairment charges | — | 158.6 | |||||||||
(Gain) on sale of assets | (5.8) | — | |||||||||
Amortization of debt premium | (4.3) | (1.4) | |||||||||
Other non-cash adjustments, net | (4.8) | 18.8 | |||||||||
Subtotal | 174.3 | 346.1 | |||||||||
Increase (decrease) in cash due to: | |||||||||||
Accounts receivable | (56.4) | (108.2) | |||||||||
Inventories | (50.5) | (106.0) | |||||||||
Prepaid expenses | 16.8 | 1.8 | |||||||||
Accounts payable | 64.2 | (22.5) | |||||||||
Payroll and related taxes | (38.8) | (61.1) | |||||||||
Accrued customer programs | 16.9 | 4.3 | |||||||||
Accrued liabilities | 14.2 | (32.1) | |||||||||
Accrued income taxes | (99.9) | (135.6) | |||||||||
Other, net | 21.4 | 31.2 | |||||||||
Subtotal | (112.1) | (428.2) | |||||||||
Net cash from (for) operating activities | 62.2 | (82.1) | |||||||||
Cash Flows From (For) Investing Activities | |||||||||||
Proceeds from royalty rights | 2.0 | 1.9 | |||||||||
Settlement of acquisition-related foreign currency derivatives | (37.1) | — | |||||||||
Acquisitions of businesses, net of cash acquired | (1,901.4) | — | |||||||||
Asset acquisitions | (10.0) | (70.6) | |||||||||
Additions to property, plant and equipment | (48.7) | (68.4) | |||||||||
Net proceeds from sale of businesses | 58.7 | — | |||||||||
Proceeds from sale of assets | 24.8 | — | |||||||||
Other investing, net | — | 1.3 | |||||||||
Net cash from (for) investing activities | (1,911.7) | (135.8) | |||||||||
Cash Flows From (For) Financing Activities | |||||||||||
Issuances of long-term debt | 1,587.7 | — | |||||||||
Payments on long-term debt | (958.9) | — | |||||||||
Borrowings (repayments) of revolving credit agreements and other financing, net | — | (5.8) | |||||||||
Payments for debt issuance costs | (19.5) | — | |||||||||
Premiums on early debt retirement | (12.2) | — | |||||||||
Cash dividends | (69.6) | (65.1) | |||||||||
Other financing, net | (20.4) | (13.5) | |||||||||
Net cash from (for) financing activities | 507.1 | (84.4) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (51.6) | (3.2) | |||||||||
Net increase (decrease) in cash and cash equivalents | (1,394.0) | (305.5) | |||||||||
Cash and cash equivalents of continuing operations, beginning of period | 1,864.9 | 631.5 | |||||||||
Cash and cash equivalents held for sale, beginning of period | 14.4 | 10.0 | |||||||||
Less cash and cash equivalents held for sale, end of period | — | (18.5) | |||||||||
Cash and cash equivalents of continuing operations, end of period | $ | 485.3 | $ | 317.5 |
Three Months Ended July 2, 2022 | ||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring and Other Operating Income | Operating Income (loss) | Interest and Other | Income Tax Expense (Benefit) | Income (loss) from continuing operations* | Diluted Earnings per Share* | ||||||||||||||||||||||
Reported | $ | 1,121.7 | $ | 372.1 | $ | 31.5 | $ | 338.1 | $ | 9.4 | $ | (6.9) | $ | 101.4 | $ | (43.4) | $ | (64.9) | $ | (0.48) | ||||||||||||
As a % of reported net sales | 33.2 | % | 2.8 | % | 30.1 | % | 0.8 | % | (0.6) | % | 9.0 | % | (3.9) | % | (5.8) | % | ||||||||||||||||
Effective tax rate | 40.1 | % | ||||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | $ | 6.5 | $ | — | $ | (42.3) | $ | — | $ | 48.8 | $ | (52.5) | $ | — | $ | 101.3 | $ | 0.75 | ||||||||||||||
Amortization expense related primarily to acquired intangible assets | 30.8 | (0.3) | (31.5) | — | 62.6 | (0.6) | — | 63.2 | 0.46 | |||||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | (9.4) | 9.4 | — | — | 9.4 | 0.07 | |||||||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | (9.3) | — | 9.3 | 0.07 | |||||||||||||||||||||||
Unusual litigation | — | — | (2.5) | — | 2.5 | — | — | 2.5 | 0.02 | |||||||||||||||||||||||
Non-GAAP tax adjustments** | — | — | — | — | — | — | 61.9 | (61.9) | (0.46) | |||||||||||||||||||||||
Adjusted | $ | 409.4 | $ | 31.2 | $ | 261.8 | $ | — | $ | 116.4 | $ | 39.0 | $ | 18.5 | $ | 58.9 | $ | 0.43 | ||||||||||||||
As a % of reported net sales | 36.5 | % | 2.8 | % | 23.3 | % | 10.4 | % | 3.5 | % | 1.6 | % | 5.3 | % | ||||||||||||||||||
Adjusted effective tax rate | 23.9 | % | ||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||||
Reported | 134.6 | |||||||||||||||||||||||||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income*** | 1.3 | |||||||||||||||||||||||||||||||
Adjusted | 135.9 | |||||||||||||||||||||||||||||||
*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. | ||||||||||||||||||||||||||||||||
**The non-GAAP tax adjustments are primarily related to pre-tax non-GAAP adjustments. | ||||||||||||||||||||||||||||||||
***In the period of a net loss, diluted shares outstanding equal basic shares outstanding. |
Three Months Ended July 3, 2021 | ||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring and Other Operating Income | Operating Income (loss) | Interest, Other, and Change in Financial Assets | Income Tax Expense (Benefit) | Income (Loss) from continuing operations* | Diluted Earnings (Loss) per Share* | ||||||||||||||||||||||
Reported | $ | 981.1 | $ | 349.0 | $ | 33.0 | $ | 274.3 | $ | 167.6 | $ | (125.9) | $ | 31.2 | $ | (45.2) | $ | (111.9) | $ | (0.84) | ||||||||||||
As a % of reported net sales | 35.6 | % | 3.4 | % | 28.0 | % | 17.1 | % | (12.8) | % | 3.2 | % | (4.6) | % | (11.4) | % | ||||||||||||||||
Effective tax rate | 28.8 | % | ||||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||||
Impairment charges | $ | — | $ | — | $ | — | $ | (158.6) | $ | 158.6 | $ | — | $ | — | $ | 158.6 | $ | 1.17 | ||||||||||||||
Amortization expense primarily related to acquired intangible assets | 23.7 | (0.5) | (29.6) | — | 53.8 | (0.5) | — | 54.3 | 0.41 | |||||||||||||||||||||||
Unusual litigation | — | — | (12.8) | — | 12.8 | — | — | 12.8 | 0.09 | |||||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | (9.0) | 9.0 | — | — | 9.0 | 0.07 | |||||||||||||||||||||||
Indirect RX business support costs** | 2.3 | 0.3 | (4.6) | — | 6.6 | — | — | 6.6 | 0.05 | |||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 1.5 | (0.4) | (0.4) | — | 2.3 | — | — | 2.3 | 0.02 | |||||||||||||||||||||||
(Gain) loss on investment securities | — | — | — | — | — | (0.9) | — | 0.9 | 0.01 | |||||||||||||||||||||||
Separation and reorganization expense | — | — | (0.3) | — | 0.3 | — | — | 0.3 | — | |||||||||||||||||||||||
Non-GAAP tax adjustments*** | — | — | — | — | — | — | 65.4 | (65.4) | (0.48) | |||||||||||||||||||||||
Adjusted | $ | 376.5 | $ | 32.4 | $ | 226.6 | $ | — | $ | 117.5 | $ | 29.8 | $ | 20.2 | $ | 67.5 | $ | 0.50 | ||||||||||||||
As a % of reported net sales | 38.4 | % | 3.3 | % | 23.1 | % | 12.0 | % | 3.0 | % | 2.1 | % | 6.9 | % | ||||||||||||||||||
Adjusted effective tax rate | 23.0 | % | ||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||||
Reported | 133.6 | |||||||||||||||||||||||||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income**** | 1.5 | |||||||||||||||||||||||||||||||
Adjusted | 135.1 | |||||||||||||||||||||||||||||||
*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. | ||||||||||||||||||||||||||||||||
**Includes certain costs, which are reported in GAAP continuing operations but were previously allocated to the RX business. On a go-forward basis, such costs will either be covered by the transition services agreement or eliminated following closing. Accordingly, we do not believe such operational costs are representative of the future expenses of our continuing operations. | ||||||||||||||||||||||||||||||||
***The non-GAAP tax adjustments are primarily due to: (1) $10.7 million of tax expense related to pre-tax non-GAAP adjustments calculated based upon their jurisdictional income tax rates, (2) removal of $61.9 million tax expense related to non-recurring intra-entity transfers of intellectual property, (3) removal of $3.3 million tax expense impact on deferred taxes of the UK rate change and (4) removal of $4.2 million tax expense related to Base Erosion and Anti-Abuse Tax (BEAT) expense. | ||||||||||||||||||||||||||||||||
Six Months Ended July 2, 2022 | ||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring and Other Operating Income | Operating Income | Interest and Other | Income Tax Expense (Benefit) | Income (loss) from continuing operations* | Diluted Earnings (Loss) per Share* | ||||||||||||||||||||||
Reported | $ | 2,196.2 | $ | 709.9 | $ | 60.8 | $ | 620.4 | $ | 13.9 | $ | 14.8 | $ | 136.1 | $ | (55.1) | $ | (66.2) | $ | (0.49) | ||||||||||||
As a % of reported net sales | 32.3 | % | 2.8 | % | 28.2 | % | 0.6 | % | 0.7 | % | 6.2 | % | (2.5) | % | (3.0) | % | ||||||||||||||||
Effective tax rate | 45.4 | % | ||||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | $ | 6.5 | $ | — | $ | (53.7) | $ | — | $ | 60.2 | $ | (55.9) | $ | — | $ | 116.1 | $ | 0.86 | ||||||||||||||
Amortization expense related primarily to acquired intangible assets | 52.3 | (0.8) | (58.4) | — | 111.5 | (1.0) | — | 112.5 | 0.83 | |||||||||||||||||||||||
Restructuring charges, other termination benefits and other | — | — | — | (13.0) | 13.0 | — | — | 13.0 | 0.10 | |||||||||||||||||||||||
Loss on early debt extinguishment | — | — | — | — | — | (9.3) | — | 9.3 | 0.07 | |||||||||||||||||||||||
Impairment charges | — | — | — | (4.6) | 4.6 | — | — | 4.6 | 0.03 | |||||||||||||||||||||||
Unusual litigation | — | — | (2.8) | — | 2.8 | — | — | 2.8 | 0.02 | |||||||||||||||||||||||
(Gain) loss on divestitures and investment securities | — | — | — | 3.7 | (3.7) | (1.9) | — | (1.8) | (0.02) | |||||||||||||||||||||||
Non-GAAP tax adjustments** | — | — | — | — | — | — | 86.6 | (86.6) | (0.64) | |||||||||||||||||||||||
Adjusted | $ | 768.7 | $ | 60.0 | $ | 505.5 | $ | — | $ | 203.2 | $ | 68.0 | $ | 31.5 | $ | 103.7 | $ | 0.76 | ||||||||||||||
As a % of reported net sales | 35.0 | % | 2.7 | % | 23.0 | % | 9.3 | % | 3.1 | % | 1.4 | % | 4.7 | % | ||||||||||||||||||
Adjusted effective tax rate | 23.3 | % | ||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||||
Reported | 134.3 | |||||||||||||||||||||||||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income*** | 1.3 | |||||||||||||||||||||||||||||||
Adjusted | 135.6 | |||||||||||||||||||||||||||||||
*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. | ||||||||||||||||||||||||||||||||
**The non-GAAP tax adjustments are primarily due to $75.0 million tax expense related to pre-tax non-GAAP adjustments and the removal of the following reported items: (1) $17.2 million tax benefit on dispositions of entities, offset by (2) $6.0 million tax expense for non-recurring legal entity restructuring. | ||||||||||||||||||||||||||||||||
***In the period of a net loss, diluted shares outstanding equal basic shares outstanding. |
Six Months Ended July 3, 2021 | ||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Restructuring and Other Operating Income | Operating Income | Interest, Other, and Change in Financial Assets | Income Tax Expense (Benefit) | Income from continuing operations* | Diluted Earnings per Share* | ||||||||||||||||||||||
Reported | $ | 1,991.1 | $ | 717.4 | $ | 64.1 | $ | 558.6 | $ | 169.3 | $ | (74.6) | $ | 65.5 | $ | (31.0) | $ | (109.1) | $ | (0.82) | ||||||||||||
As a % of reported net sales | 36.0 | % | 3.2 | % | 28.1 | % | 8.5 | % | (3.7) | % | 3.3 | % | (1.6) | % | (5.5) | % | ||||||||||||||||
Effective tax rate | 22.1 | % | ||||||||||||||||||||||||||||||
Pre-tax adjustments: | ||||||||||||||||||||||||||||||||
Impairment charges | $ | — | $ | — | $ | — | $ | (158.6) | $ | 158.6 | $ | — | $ | — | $ | 158.6 | $ | 1.18 | ||||||||||||||
Amortization expense primarily related to acquired intangible assets | 46.7 | (1.1) | (61.5) | — | 109.3 | (1.7) | — | 111.0 | 0.84 | |||||||||||||||||||||||
Unusual litigation | — | — | (16.2) | — | 16.2 | — | — | 16.2 | 0.12 | |||||||||||||||||||||||
Indirect RX business support costs** | 2.9 | 0.3 | (9.6) | — | 12.2 | — | — | 12.2 | 0.09 | |||||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | (10.7) | 10.7 | — | — | 10.7 | 0.08 | |||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 1.5 | (0.4) | (1.2) | — | 3.1 | — | — | 3.1 | 0.02 | |||||||||||||||||||||||
(Gain) loss on investment securities | — | — | — | — | — | (0.9) | — | 0.9 | 0.01 | |||||||||||||||||||||||
Separation and reorganization expense | — | — | (0.4) | — | 0.4 | — | — | 0.4 | — | |||||||||||||||||||||||
(Gain) loss on divestitures | — | — | — | — | — | (0.4) | — | 0.4 | — | |||||||||||||||||||||||
Non-GAAP tax adjustments*** | — | — | — | — | — | — | 70.1 | (70.1) | (0.52) | |||||||||||||||||||||||
Adjusted | $ | 768.5 | $ | 62.9 | $ | 469.7 | $ | — | $ | 235.9 | $ | 62.5 | $ | 39.1 | $ | 134.3 | $ | 1.00 | ||||||||||||||
As a % of reported net sales | 38.6 | % | 3.2 | % | 23.6 | % | 11.8 | % | 3.1 | % | 2.0 | % | 6.7 | % | ||||||||||||||||||
Adjusted effective tax rate | 22.5 | % | ||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | ||||||||||||||||||||||||||||||||
Reported | 133.4 | |||||||||||||||||||||||||||||||
Effect of dilution as reported amount was a loss, while adjusted amount was income** | 1.4 | |||||||||||||||||||||||||||||||
Adjusted | 134.8 | |||||||||||||||||||||||||||||||
*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. | ||||||||||||||||||||||||||||||||
**Includes certain costs, which are reported in GAAP continuing operations but were previously allocated to the RX business. On a go-forward basis, such costs will either be covered by the transition services agreement or eliminated following closing. Accordingly, we do not believe such operational costs are representative of the future expenses of our continuing operations. | ||||||||||||||||||||||||||||||||
***The non-GAAP tax adjustments are primarily due to: (1) $27.0 million of tax expense related to pre-tax non-GAAP adjustments calculated based upon their jurisdictional income tax rates, (2) removal of $54.7 million tax expense related to non-recurring intra-entity transfers of intellectual property, (3) removal of $3.3 million tax expense impact on deferred taxes of the UK rate change and (4) removal of $5.3 million tax expense related to Base Erosion and Anti-Abuse Tax (BEAT) expense. | ||||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||||||||||||||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||||||
Reported | $ | 728.0 | $ | 192.3 | $ | 17.6 | $ | 88.5 | $ | 86.3 | $ | 622.3 | $ | 187.3 | $ | 19.8 | $ | 77.6 | $ | (72.0) | |||||||||||||||
As a % of reported net sales | 26.4 | % | 2.4 | % | 12.2 | % | 11.9 | % | 30.1 | % | 3.2 | % | 12.5 | % | (11.6) | % | |||||||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||||||
Impairment charges | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 158.6 | |||||||||||||||||
Amortization expense related primarily to acquired intangible assets | 6.3 | — | (7.3) | 13.6 | — | 6.3 | (0.1) | (6.4) | 12.8 | ||||||||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | — | — | — | — | 3.3 | ||||||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 4.8 | — | — | 4.8 | — | 1.5 | (0.4) | (0.4) | 2.3 | ||||||||||||||||||||||||||
Indirect RX business support costs* | — | — | — | — | — | 2.3 | 0.3 | 0.1 | 1.9 | ||||||||||||||||||||||||||
Adjusted | $ | 203.4 | $ | 17.6 | $ | 81.2 | $ | 104.7 | $ | 622.3 | $ | 197.4 | $ | 19.6 | $ | 70.9 | $ | 106.9 | |||||||||||||||||
As a % of reported net sales | 27.9 | % | 2.4 | % | 11.2 | % | 14.4 | % | 31.7 | % | 3.1 | % | 11.4 | % | 17.2 | % | |||||||||||||||||||
*Includes certain costs, which are reported in GAAP continuing operations but were previously allocated to the RX business. On a go-forward basis, such costs will either be covered by the transition services agreement or eliminated following closing. Accordingly, we do not believe such operational costs are representative of the future expenses of our continuing operations. |
Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||||||||||||||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income (Loss) | |||||||||||||||||||||||||
Reported | $ | 393.7 | $ | 179.8 | $ | 13.9 | $ | 162.9 | $ | 1.5 | $ | 358.8 | $ | 161.7 | $ | 13.2 | $ | 142.5 | $ | 1.3 | |||||||||||||||
As a % of reported net sales | 45.7 | % | 3.5 | % | 41.4 | % | 0.4 | % | 45.1 | % | 3.7 | % | 39.7 | % | 0.4 | % | |||||||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||||||
Amortization expense related primarily to acquired intangible assets | $ | 24.5 | $ | (0.3) | $ | (24.2) | $ | 49.0 | $ | — | $ | 17.4 | $ | (0.4) | $ | (23.1) | $ | 41.0 | |||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | 1.5 | — | — | — | — | 4.6 | ||||||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 1.7 | — | (0.3) | 2.0 | — | — | — | — | — | ||||||||||||||||||||||||||
Adjusted | $ | 206.0 | $ | 13.6 | $ | 138.4 | $ | 54.0 | $ | 358.8 | $ | 179.1 | $ | 12.8 | $ | 119.4 | $ | 46.9 | |||||||||||||||||
As a % of reported net sales | 52.3 | % | 3.5 | % | 35.2 | % | 13.7 | % | 49.9 | % | 3.6 | % | 33.3 | % | 13.1 | % | |||||||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||||||||||||||||||||||||||
Consumer Self-Care Americas | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||||||
Reported | $ | 1,438.0 | $ | 364.8 | $ | 35.2 | $ | 168.4 | $ | 164.8 | $ | 1,262.8 | $ | 381.8 | $ | 39.5 | $ | 156.4 | $ | 23.6 | |||||||||||||||
As a % of reported net sales | 25.4 | % | 2.4 | % | 11.7 | % | 11.5 | % | 30.2 | % | 3.1 | % | 12.4 | % | 1.9 | % | |||||||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||||||
Impairment charges | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 158.6 | |||||||||||||||||
Amortization expense primarily related to acquired intangible assets | 11.4 | — | (14.7) | 26.1 | — | 12.4 | (0.3) | (13.1) | 25.6 | ||||||||||||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | — | — | — | — | — | 3.7 | ||||||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 4.8 | — | — | 4.8 | — | 1.5 | (0.4) | (1.2) | 3.1 | ||||||||||||||||||||||||||
Indirect RX business support costs* | — | — | — | — | — | 2.9 | 0.3 | — | 2.8 | ||||||||||||||||||||||||||
(Gain) loss on divestitures | — | — | — | (3.7) | — | — | — | — | — | ||||||||||||||||||||||||||
Adjusted | $ | 381.0 | $ | 35.2 | $ | 153.7 | $ | 192.0 | $ | 1,262.8 | $ | 398.6 | $ | 39.1 | $ | 142.1 | $ | 217.4 | |||||||||||||||||
As a % of reported net sales | 26.5 | % | 2.4 | % | 10.7 | % | 13.4 | % | 31.6 | % | 3.1 | % | 11.3 | % | 17.2 | % | |||||||||||||||||||
*Includes certain costs, which are reported in GAAP continuing operations but were previously allocated to the RX business. On a go-forward basis, such costs will either be covered by the transition services agreement or eliminated following closing. Accordingly, we do not believe such operational costs are representative of the future expenses of our continuing operations. |
Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | ||||||||||||||||||||||||||||||||||
Consumer Self-Care International | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | Net Sales | Gross Profit | R&D Expense | DSG&A Expense | Operating Income | |||||||||||||||||||||||||
Reported | $ | 758.2 | $ | 345.1 | $ | 25.5 | $ | 300.2 | $ | 17.7 | $ | 728.3 | $ | 335.6 | $ | 24.7 | $ | 287.5 | $ | 18.8 | |||||||||||||||
As a % of reported net sales | 45.5 | % | 3.4 | % | 39.6 | % | 2.3 | % | 45.9 | % | 3.4 | % | 40.1 | % | 2.6 | % | |||||||||||||||||||
Pre-tax adjustments: | |||||||||||||||||||||||||||||||||||
Amortization expense primarily related to acquired intangible assets | $ | 40.9 | $ | (0.7) | $ | (43.9) | $ | 85.5 | $ | — | $ | 34.3 | $ | (0.9) | $ | (48.4) | $ | 83.5 | |||||||||||||||||
Restructuring charges and other termination benefits | — | — | — | 1.6 | — | — | — | — | 4.6 | ||||||||||||||||||||||||||
Acquisition and integration-related charges and contingent consideration adjustments | 1.7 | — | (0.2) | 2.0 | — | — | — | — | — | ||||||||||||||||||||||||||
Adjusted | $ | 387.7 | $ | 24.8 | $ | 256.1 | $ | 106.8 | $ | 728.3 | $ | 369.9 | $ | 23.8 | $ | 239.1 | $ | 106.9 | |||||||||||||||||
As a % of reported net sales | 51.1 | % | 3.3 | % | 33.8 | % | 14.1 | % | 50.8 | % | 3.3 | % | 32.8 | % | 14.7 | % | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | July 3, 2021 | Total Change | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | $ | 1,121.7 | $ | 981.1 | 14.3% | $ | 2,196.2 | $ | 1,991.1 | 10.3% | |||||||||||||||||||||||||
Less: Currency impact(1) | (57.8) | — | 5.9% | (91.5) | — | 4.6% | |||||||||||||||||||||||||||||
Constant currency Consolidated Continuing Operations net sales | $ | 1,179.5 | $ | 981.1 | 20.2% | $ | 2,287.7 | $ | 1,991.1 | 14.9% | |||||||||||||||||||||||||
Three Months Ended | HRA Pharma Impact on Sales | Six Months Ended | |||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | July 2, 2022 | |||||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
HRA Pharma sales | $ | 57.8 | $ | 57.8 | |||||||||||||||||||||||||||||||
Less: Currency impact(1) | 6.7 | 6.7 | |||||||||||||||||||||||||||||||||
Constant currency HRA Pharma net sales | $ | 64.5 | $ | 64.5 | |||||||||||||||||||||||||||||||
Consolidated Continuing Operations net sales | $ | 981.1 | 660 bps | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | July 3, 2021 | Total Change | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | $ | 1,121.7 | $ | 981.1 | 14.3% | $ | 2,196.2 | $ | 1,991.1 | 10.3% | |||||||||||||||||||||||||
Less: Currency impact(4) | (57.8) | — | 5.9% | (91.5) | — | 4.6% | |||||||||||||||||||||||||||||
Less: Divestitures(2) | — | 29.6 | 3.8% | — | 29.6 | 1.7% | |||||||||||||||||||||||||||||
Less: Acquisitions(3) | 64.5 | — | (6.8)% | 64.5 | — | (3.3)% | |||||||||||||||||||||||||||||
Organic Consolidated Continuing Operations net sales | $ | 1,115.0 | $ | 951.5 | 17.2% | $ | 2,223.2 | $ | 1,961.5 | 13.3% | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | July 3, 2021 | Total Change | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
CSCA | $ | 728.0 | $ | 622.3 | 17.0% | $ | 1,438.0 | $ | 1,262.8 | 13.9% | |||||||||||||||||||||||||
Less: Divestitures(2) | — | 29.6 | 5.8% | — | 29.6 | 2.7% | |||||||||||||||||||||||||||||
Less: Acquisitions(3) | 9.7 | — | (1.6)% | 9.7 | — | (0.8)% | |||||||||||||||||||||||||||||
Organic Consolidated Continuing Operations net sales | $ | 718.3 | $ | 592.7 | 21.2% | $ | 1,428.3 | $ | 1,233.2 | 15.8% | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | July 3, 2021 | Total Change | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
CSCI | $ | 393.7 | $ | 358.8 | 9.7% | $ | 758.2 | $ | 728.3 | 4.1% | |||||||||||||||||||||||||
Less: Currency impact(1) | (57.8) | — | 16.1% | (91.5) | — | 12.6% | |||||||||||||||||||||||||||||
Constant currency Consolidated Continuing Operations net sales | 451.5 | 358.8 | 25.8% | 849.7 | 728.3 | 16.7% | |||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | July 3, 2021 | Total Change | ||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||
CSCI | $ | 393.7 | $ | 358.8 | 9.7% | $ | 758.2 | $ | 728.3 | 4.1% | |||||||||||||||||||||||||
Less: Currency impact(4) | (57.8) | — | 16.1% | (91.5) | — | 12.6% | |||||||||||||||||||||||||||||
Less: Acquisitions(3) | 54.8 | — | (15.2)% | 54.8 | — | (7.6)% | |||||||||||||||||||||||||||||
Organic Consolidated Continuing Operations net sales | $ | 396.7 | $ | 358.8 | 10.6% | $ | 794.9 | $ | 728.3 | 9.1% | |||||||||||||||||||||||||
Three Months Ended | Constant Currency Change (1) | Six Months Ended | Constant Currency Change (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | Currency Impact (1) | July 2, 2022 | July 3, 2021 | Total Change | Currency Impact (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CSCI Net Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Skin Care | $ | 120.3 | $ | 98.7 | 21.9% | 21.1% | 43.0% | $ | 209.7 | $ | 190.1 | 10.3% | 17.6% | 27.9% | |||||||||||||||||||||||||||||||||||||||||||||
Upper Respiratory | 59.8 | 42.4 | 41.0% | 18.0% | 59.0% | 121.4 | 85.1 | 42.7% | 13.7% | 56.4% | |||||||||||||||||||||||||||||||||||||||||||||||||
Pain and Sleep-Aids | 48.8 | 48.6 | 0.4% | 12.4% | 12.8% | 101.8 | 97.7 | 4.2% | 8.7% | 12.9% | |||||||||||||||||||||||||||||||||||||||||||||||||
VMS | 47.5 | 53.9 | (11.9)% | 11.5% | (0.4)% | 100.2 | 116.6 | (14.1)% | 8.4% | (5.7)% | |||||||||||||||||||||||||||||||||||||||||||||||||
Healthy Lifestyle | 38.5 | 46.7 | (17.6)% | 9.9% | (7.7)% | 80.4 | 97.4 | (17.5)% | 7.4% | (10.1)% | |||||||||||||||||||||||||||||||||||||||||||||||||
Women's Health | 24.4 | 14.4 | 69.4% | 23.9% | 93.3% | 37.4 | 28.7 | 30.3% | 16.5% | 46.8% | |||||||||||||||||||||||||||||||||||||||||||||||||
Digestive health, Oral Care and other | 54.4 | 54.1 | 0.6% | 16.5% | 17.1% | 107.3 | 112.7 | (4.8)% | 14.3% | 9.5% | |||||||||||||||||||||||||||||||||||||||||||||||||
Total CSCI Net Sales | $ | 393.7 | $ | 358.8 | 9.7% | 16.1% | 25.8% | $ | 758.2 | $ | 728.3 | 4.1% | 12.6% | 16.7% | |||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Constant Currency Change | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | July 3, 2021 | Total Change | |||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Continuing Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 409.4 | $ | 376.5 | $ | 32.9 | 8.7% | 17.0% | $ | 768.7 | $ | 768.5 | $ | 0.2 | —% | |||||||||||||||||||||||||||||||||||||||||
Adjusted gross margin | 36.5 | % | 38.4 | % | (190) bps | 35.0 | % | 38.6 | % | (360) bps | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 116.4 | $ | 117.5 | $ | (1.1) | (0.9)% | 7.9% | $ | 203.2 | $ | 235.9 | $ | (32.7) | (13.9)% | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 10.4 | % | 12.0 | % | (160) bps | 9.3 | % | 11.8 | % | (250) bps | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted net income | $ | 58.9 | $ | 67.5 | $ | (8.6) | (12.7)% | $ | 103.7 | $ | 134.3 | $ | (30.6) | (22.8)% | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EPS | $ | 0.43 | $ | 0.50 | $ | (0.07) | (14.0)% | $ | 0.76 | $ | 1.00 | $ | (0.24) | (24.0)% | ||||||||||||||||||||||||||||||||||||||||||
HRA Impact to Adjusted gross margin | 220 bps | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CSCA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 203.4 | $ | 197.4 | $ | 6.0 | 3.0% | $ | 381.0 | $ | 398.6 | $ | (17.6) | (4.4)% | ||||||||||||||||||||||||||||||||||||||||||
Adjusted gross margin | 27.9 | % | 31.7 | % | (380) bps | 26.5 | % | 31.6 | % | (510) bps | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 104.7 | $ | 106.9 | $ | (2.2) | (2.1)% | $ | 192.0 | $ | 217.4 | $ | (25.4) | (11.7)% | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 14.4 | % | 17.2 | % | (280) bps | 13.4 | % | 17.2 | % | (380) bps | ||||||||||||||||||||||||||||||||||||||||||||||
CSCI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 206.0 | $ | 179.1 | $ | 26.9 | 15.0% | 31.9% | $ | 387.7 | $ | 369.9 | $ | 17.8 | 4.8% | |||||||||||||||||||||||||||||||||||||||||
Adjusted gross margin | 52.3 | % | 49.9 | % | 240 bps | 51.1 | % | 50.8 | % | 30 bps | ||||||||||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 54.0 | $ | 46.9 | $ | 7.1 | 15.1% | 36.3% | $ | 106.8 | $ | 106.9 | $ | (0.1) | (0.1)% | |||||||||||||||||||||||||||||||||||||||||
Adjusted operating margin | 13.7 | % | 13.1 | % | 60 bps | 14.1 | % | 14.7 | % | (60) bps |
Three Months Ended | ||||||||||||||||||||
July 2, 2022 | April 2, 2022 | Total Change | ||||||||||||||||||
Consolidated Continuing Operations | ||||||||||||||||||||
Adjusted gross margin | 36.5 | % | 33.4 | % | 310 bps | |||||||||||||||
Adjusted operating income | 10.4 | % | 8.1 | % | 230 bps | |||||||||||||||
CSCA | ||||||||||||||||||||
Adjusted gross margin | 27.9 | % | 25.0 | % | 290 bps | |||||||||||||||
HRA Impact | 80 bps | |||||||||||||||||||
Adjusted gross margin without HRA | 210 bps | |||||||||||||||||||
Adjusted operating income | 14.4 | % | 12.3 | % | 210 bps |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 2, 2022 | July 3, 2021 | Total Change | July 2, 2022 | |||||||||||||||||||||||
Consolidated Continuing Operations | ||||||||||||||||||||||||||
Adjusted operating income | $ | 116.4 | $ | 117.5 | ||||||||||||||||||||||
Currency impact | $ | 10.4 | $ | — | ||||||||||||||||||||||
Constant currency adjusted operating income | $ | 126.8 | $ | 117.5 | 7.9% | |||||||||||||||||||||
CSCI | ||||||||||||||||||||||||||
Adjusted operating income | $ | 54.0 | $ | 46.9 | ||||||||||||||||||||||
Currency impact | $ | 9.9 | $ | — | ||||||||||||||||||||||
Constant currency adjusted operating income | $ | 63.9 | $ | 46.9 | 36.3% | |||||||||||||||||||||
Consolidated Continuing Operations | ||||||||||||||||||||||||||
Adjusted EPS | $ | 0.43 | $ | 0.50 | $ | 0.76 | ||||||||||||||||||||
Currency impact | $ | 0.06 | $ | — | $ | 0.13 | ||||||||||||||||||||
Constant currency EPS | $ | 0.49 | $ | 0.50 | (2.0)% | $ | 0.89 |
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