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There's Never Been a Better Time for Perrigo's Quality, Affordable

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There's Never Been a Better Time for Perrigo's Quality, Affordable There’s Never Been a Better Time for Perrigo’s Quality, Affordable Healthcare Products. 2 0 0 9 A 515 Eastern Avenue N Allegan, Michigan 49010 N (269) 673-8451 U www.perrigo.com A L R E P O R T Our unique contribution to retailer profits and consumer value strongly positions us in the healthcare marketplace. 2009 Annual Report ©2009 Perrigo Company All rights reserved Perrigo products save consumers Shareholder Information more than $1 billion a year. Directors Executive Officers Independent Accountants Joseph C. Papa Through Fiscal 2008 Chairman, President and BDO Seidman, LLP Chief Executive Officer Grand Rapids, Michigan Judy L. Brown Commencing Fiscal 2009 Executive Vice President and Ernst & Young LLP Chief Financial Officer Grand Rapids, Michigan Thomas M. Farrington Senior Vice President and Chief Information Officer Fiscal 2009 Cash Dividend Data John T. Hendrickson Executive Vice President, Fiscal Record Payable Per Share Global Operations and Supply Chain Quarter Date Date Amount Moshe Arkin Laurie Brlas Gary M. Cohen Todd W. Kingma 1st 8/22/08 9/16/08 $0.050 Former Vice Chairman, Senior Vice President, Executive Vice President, Executive Vice President, Perrigo Company Chief Financial Officer Becton, Dickinson and Company General Counsel and Secretary 2nd 11/28/08 12/16/08 $0.055 Director since 2005 and Treasurer, Director since 2003 Cleveland-Cliffs, Inc. Sharon Kochan 3rd 2/27/09 3/17/09 $0.055 Director since 2003 Executive Vice President, U.S. Generics 4th 5/29/09 6/16/09 $0.055 Refael Lebel Executive Vice President and President, Perrigo Israel Shareholder Jeffrey R. Needham Account Information Senior Vice President, Commercial Business Development Shareholders with requests for information regarding their share Dr. Jatin Shah position, stock certificates, address Senior Vice President and changes and other related matters Chief Scientific Officer should contact: Michael R. Stewart National City Bank Senior Vice President, Corporate Trust Operations Global Human Resources P.O. Box 92301 Cleveland, Ohio 44193-0900 James C. Tomshack (800) 622-6757 Senior Vice President, Consumer Healthcare Sales David T. Gibbons Ran Gottfried Ellen R. Hoffing Michael J. Jandernoa Dr. Louis W. Yu Financial Information Former Chairman of the Board, Consultant and Director President and Chief Former Chairman of the Board, Senior Vice President, Perrigo Company for public and private Executive Officer, Applied Perrigo Company Global Quality and Compliance Annual reports, news releases, Director since 2000 companies in Israel NeuroSolutions, Inc. Director since 1981 earnings announcements, dividend Director since 2006 Director since 2008 announcements, Form 10-K, 10-Q and 8-K reports and other financial Share Information information may be obtained by visiting the investor relations section of our Perrigo Company common stock is traded Web site: www.perrigo.com/investors. on The NASDAQ Global Select Market® and the Tel Aviv Stock Exchange (TASE) under the symbol PRGO. Shares outstanding at June 27, 2009: 92,209,480 Investor Relations Contacts Arthur J. Shannon Vice President – Investor Relations Annual Meeting and Global Communications (269) 686-1709 The Annual Meeting of Shareholders Corporate Profile will be held at the Allegan County Area Dan Willard Technical & Education Center, Manager – Investor Relations 2891 116th Avenue (M-222), and Global Communications Allegan, Michigan, on October 29, 2009, (269) 686-1597 Perrigo Company is a leading global healthcare supplier that develops, manufactures and distributes at 10:00 a.m. (EST) Creative services by over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products, active Strategic Communication Advisors and Anderson Design pharmaceutical ingredients (API) and pharmaceutical and medical diagnostic products. Perrigo is Gary K. Kunkle, Jr. Herman Morris, Jr. Joseph C. Papa Ben-Zion Zilberfarb Grand Rapids, Michigan Retired Chairman and Private practice of law, Chairman, President and Professor of Economics the world’s largest manufacturer of OTC pharmaceutical products for the store brand market. Chief Executive Officer, Memphis, Tennessee Chief Executive Officer, at Bar-Ilan University DENTSPLY International Inc. Director since 1999 Perrigo Company and consultant Director since 2002 Director since 2006 Director since 2007 2 Financial Highlights 3 Letter To Shareholders 10 Business Portfolio 12 Financial Reconciliation Inside Back Cover Shareholder Information Every day, we help millions of people reduce their healthcare costs. Financial Highlights Year Ended Financial Results – June 28, June 27, % Reported (GAAP) (1) 2008 (2) 2009 (2) Change In millions, except shares and Net Sales $ 1,729.9 $ 2,006.9 16.0 per share amounts Operating Income $ 194.9 $ 247.3 26.9 Income from Continuing Operations $ 140.2 $ 141.1 0.6 Diluted Earnings Per Share from Continuing Operations $ 1.47 $ 1.51 2.3 Average Diluted Shares Outstanding (000’s) 95,210 93,629 (1.7) Year Ended Financial Results – June 28, June 27, % Adjusted (Non-GAAP) (1) 2008 (2,3) 2009 (2,3) Change In millions, except shares and Net Sales $ 1,729.9 $ 2,006.9 16.0 per share amounts (unaudited) Operating Income $ 216.1 $ 267.4 23.8 Income from Continuing Operations $ 154.5 $ 174.6 13.0 Diluted Earnings Per Share from Continuing Operations $ 1.62 $ 1.87 15.0 Average Diluted Shares Outstanding (000’s) 95,210 93,629 (1.7) 2,006.9 267.4 174.6 1.87 154.5 1,729.9 216.1 1.62 Perrigo Annual (1) All information based on continuing operations. Report (2) See Item 7 in the Form 10-K report for a discussion of results of operations. 2009 (3) See reconciliation of non-GAAP financial measures on page 12. We have excluded certain items that are unusual in nature when monitoring and evaluating Perrigo’s ongoing financial results, because we believe this provides important insight into Perrigo’s ongoing core business operations on a normalized basis. 2 Dear Shareholders, Fiscal 2009 was an extraordinary year for the Perrigo Company, particularly in light of the widespread global economic turmoil and the uncertainty it created for many people. That climate created both challenges and opportunities for Perrigo as our retail customers responded to rapidly changing market dynamics and consumers sought greater value. The Perrigo business model has while maintaining our high quality consumers more than $1 billion proven itself to be durable, enabling and proactively managing the cost in annual healthcare costs when us to deliver consistent, steady growth side of our business. compared to higher priced national even in an economically challenging brands. In addition, Perrigo store This year’s performance validates climate. During fiscal 2009, our brand healthcare products represent our strategy of delivering quality, core strengths and unprecedented a significant portion of a retailer’s affordable healthcare products that performance from new products pharmacy category profitability. That save consumers money while generating produced outstanding results. We combination of value and profitability greater profits for our retail customers. had record sales and earnings and is what sets us apart from other We estimate that our products save record new product launches, all healthcare product manufacturers. PERRIGO vs. INDICES FY 2005-2009 Price 250% Perrigo vs. Indices Performance FY 2005-2009 200% 150% PERRIGO 100% S & P DJIA 50% NASDAQ 0% -50% | | | | | June 05 June 06 June 07 June 08 June 09 Perrigo Annual Report 2009 3 This Year’s Challenges Also Created Opportunities. Opportunities: generated a record $258 million in cash succeed given our relentless focus on flow from operations in fiscal 2009, cost management and our increased Like many companies, we faced a allowing us to end the fiscal year with a market share in this category. number of challenges during fiscal 2009; balance sheet even stronger than at the however, we were able to convert In addition, we believe our emphasis beginning of the year. some of them into opportunities. on quality and our pharmaceutical Our strong financial position also manufacturing expertise will provide For example, although the weaker allowed us to move forward with us with a competitive advantage economy created profit pressure a $10.5 million expansion of our as the nutrition business faces among our retail customers, the result manufacturing facilities in Michigan increased regulatory requirements, was a greater emphasis on promotion to help us meet the growing demand and we look forward to future growth of their store brand products. This for our products. and profitability in this category of increased exposure created higher our business. consumer awareness of store brand Challenges: healthcare product value, and that There’s Never Been a Better Perrigo’s nutrition business did positively impacted our market share. Time for Perrigo Value. not perform at an acceptable level While the tightening liquidity and credit during fiscal 2009, due in part to The long-term trends that impact markets could have posed a potential significant cost challenges. These our business – the emphasis on barrier to our growth, we had proactively challenges resulted from our inability reducing healthcare costs, an aging raised an additional $200 million to cost-effectively respond to an population, continued economic through a private placement offering in unprecedented increase in demand uncertainty, the growing consumer fiscal 2008 to avoid the credit problems caused by a competitor’s supply issues reliance on self-treatment – all play to in fiscal 2009. This tremendous financial and consumers’ increased focus on our strengths: delivering savings and flexibility enabled us to pursue four prevention and wellness. We have value to consumers, and increased strategic acquisitions during this fiscal been, and we will continue to be, profits to retailers. All this means year, a feat many companies would aggressively focused on returning that there has never been a better not have even considered in today’s this business to an acceptable level time for Perrigo’s quality, affordable economic climate. On top of this, we of profitability. We believe we will healthcare products.
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