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View Annual Report A Proven Formula for Delivering Superior Shareholder Value A A Proven Formula for Delivering Superior Shareholder Value Corporate Profile From its beginnings in 1887 as a packager of generic home remedies, Perrigo Company plc, headquartered in Ireland, has grown to become the world’s largest manufacturer of over-the-counter (OTC) products and supplier of infant formulas for the store brand market, and is now a top five global OTC consumer goods and pharmaceutical company. In addition to receiving royalties from Multiple Sclerosis drug Tysabri®, the Company is also a leading provider of branded OTC products and generic extended topical prescription products. Perrigo provides Quality Affordable Healthcare Products® across a wide variety of product categories and geographies, primarily in North America, Europe, and Australia, as well as in other markets, including Israel and China. Perrigo 1 Fellow Shareholders, On behalf of the Perrigo management team and the over 13,000 Perrigo employees worldwide, I am extremely proud to report our tenth consecutive year of record earnings. By effectively executing our ‘Base Plus Plus Plus’ strategy, we continued our consistent track record of delivering superior shareholder returns, with a total shareholder return of over 970% since 2007. Joseph C. Papa Chairman, President, and Chief Executive Officer Over the past eight years, we have transformed Perrigo I also want to address the recent attempts by Mylan N.V. into a top five global OTC pharmaceutical company. (Mylan) to acquire Perrigo. As we have consistently In fiscal 2015, we took significant steps to build on this maintained since April, we believe Mylan’s offer platform through three highly strategic acquisitions that substantially undervalues Perrigo and is not in the best further strengthened our global scale and distribution interests of our shareholders. This transaction would footprint while expanding our European OTC branded impede Perrigo’s ability to realize the opportunities that product portfolio. its current management team has developed. As a result, we believe that we can best fulfill our mission to provide While I am proud of our track record of results, I am even Quality Affordable Healthcare Products® on a global scale more excited to share with you the strategies we have to the benefit of all of our stakeholders as a standalone developed that will continue to drive Perrigo’s performance company. as an independent company in the years to come, as well as the mega-trends that will support that strategy. Total Shareholder Return $200 Total Shareholder Return of $175 more than 970% since 2007* $150 $125 $100 $75 $50 $25 $0 6/30/2006 11/17/2008 4/6/2011 8/26/2013 4/7/2015 Perrigo S&P 500 *2007 to April 7, 2015 (pre-Mylan offer announcement) Perrigo 3 Another Year of Record Achievements Key Fiscal 2015 New Product Launches Drive Organic Growth Perrigo’s unique value proposition is embodied in our commitment to consistently deliver Quality Affordable Healthcare Products®. We do so through our world-class R&D capabilities, as well as through strategic partnerships and acquisitions. We are proud to have launched more than 150 new products during fiscal 2015, led by outstanding execution from our R&D, supply chain and sales teams. Each of our business segments contributed to these product introductions, which made significant contributions to fiscal 2015 performance. In our Rx business, we launched generic versions of clobetasol spray and our AB-rated testosterone gel 1%. In our consumer-facing businesses, both XLS Max Strength, a line extension to the brand XLS Medical for weight loss, and the launch of Frontline® Plus equivalent flea and tick control for cats and dogs made significant contributions. We also received approvals for our store brand equivalent to Mucinex® D and generic testosterone gel 1.62%. These approvals demonstrate our ongoing commitment to developing high quality products that deliver superior value to retailers and consumers worldwide. 4 Perrigo Perrigo 5 Our ‘Base Plus Plus Plus’ Business Model Drives Today’s, as well as Tomorrow’s Growth Confident in Growth of Our Durable Base Business Over the past several months, I have spoken frequently about Perrigo’s ‘Base Plus Plus Plus’ business model, which focuses on effectively leveraging Perrigo’s strengths Plus as a standalone company, and which will enable us to drive our short-term and long-term success. At the base of that model are our unparalleled consumer-facing businesses that, thanks to the addition of Omega Pharma N.V. (Omega), now represent more than 75% of our overall Plus portfolio on an annualized, pro forma basis. In addition to our consumer businesses, this base includes our highly profitable xR business and a Specialty Science business that generates consistent royalty revenues and strong cash flows. Plus Rx-to-OTC Switches Layered on top of our durable global base is a new product pipeline that is expected to deliver $1 billion of new product revenue over the next three years, even before the inclusion of Omega. These elements form the foundation of our future business and are the basis of our three-year 5-10% organic net sales compounded annual growth rate (CAGR) goal. Base Guidance *Goals reflect Calendar Years 2014-2017 **Perrigo Long-Term Plan 6 Perrigo ‘Plus Plus Plus’ Growth Opportunities In addition to base growth, we have identified $29 billion of potential Rx-to-OTC switches over the next five years. These opportunities were not included in our organic growth goal and represent new product revenues that would be in addition to the organic product launches planned in the base business. Multiplier Effect Plus, we fully expect to continue our efforts to expand our product portfolio, geographic reach and operating leverage through successful inorganic growth, acquisition opportunities. Our focus is on those acquisitions that will add value. Each opportunity is subject to stringent internal hurdles for return on invested capital (ROIC) and debt capacities. $29 Billion The Perrigo team has an outstanding track record in this area, which has contributed to our historically balanced organic and inorganic growth rates. Inorganic growth opportunities were also excluded from our net sales growth goal. Finally, we have potential upside from new indications for Tysabri®, as a treatment for Secondary Progressive Multiple Sclerosis (SPMS) and stroke. These potential new indications 5-10% are also incremental to our base plan. Organic We have great confidence that our base business model, CAGR when combined with our “Plus Plus Plus” growth opportunities, Goals* will continue to drive Perrigo forward for many years to come. Perrigo 7 Significant M&A Activities Drive Global Platform Growth Omega Acquisition Transforms Perrigo This acquisition demonstrated our ability to execute on into a Top Five OTC Company our global strategy, diversified our revenue and cash As you may recall, in December 2013, we established a flow geographically, and provided access to the durable strategic foothold for expansion into continental Europe European OTC cash-pay market. We are now able to by acquiring Elan Corporation, plc. That foothold then leverage the commercial infrastructure, supply chain served as a vital launching point for our acquisition of capabilities and financial strength of the combined Omega, a Belgium-based, branded OTC drug maker. companies to pursue and execute highly synergistic bolt-on transactions. The Perrigo-Omega combination created a top five global OTC pharmaceutical company with the operational In particular, I am pleased to welcome the entire Omega structure and cash flow generation to further accelerate team to the Perrigo family, and look forward to drawing our international growth. Omega immediately enhanced on their considerable expertise to support our growth our global scale and broadened our footprint, providing initiatives throughout the European market. us with access to an established European commercial network of 211,000 pharmacists, 105,000 retail stores and 3,900 para-pharmacies. History of Growth Brunel Pharma Ltd $2B 2005 2006 2007 2008 2010 $1B Qualis, Inc. LABORATORIES-INC 8 Perrigo Expanded European OTC Branded Products comprehensive European commercial infrastructure and Mexican Capacity and Capabilities and proven brand-building capabilities, allowed us In June 2015, within just three months of closing the to be a perfect buyer for these assets and uniquely Omega transaction, we announced the acquisition of position us to execute value-accretive deals such as the several leading European OTC products in the areas of GSK products acquisition. nicotine replacement therapy, cold and flu, and cold sore management from GlaxoSmithKline (GSK). These brands In May 2015, we also acquired Patheon’s Mexican had combined 2014 sales of approximately $110 million. operations, which further strengthened our Mexican platform and supply chain capabilities with the addition This acquisition was a direct result of the Perrigo-Omega of softgel manufacturing technology. This acquisition combination. Neither Perrigo nor Omega could have also served to broaden our leadership position, executed the transaction as standalone companies. product portfolio and customer network in Mexico. Perrigo’s supply chain expertise, combined with Omega’s $3B $4B+ 2011 2012 2013 2014 2015 $5B+ Perrigo 9 Key Strengths in Diverse Markets Continued Leverage of Key Mega-trends Create a Unique Value Proposition On a macro level, the favorable market position we hold Perrigo’s unique value proposition is supported by our and the significant global scale we have achieved position commitment to product development. Our new product us well to capitalize on several key mega-trends. pipeline currently includes 136 filings awaiting regulatory approval. In addition, our superior global supply chain, As the global population ages and life expectancy manufacturing, distribution and vertical integration lengthens, the use of pharmaceuticals increases; in fact, capabilities all contribute to our cost efficiency and people over the age of 60 consume pharmaceuticals at provide a significant barrier to competitive entry.
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