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2020 Annual Report Products Products 2020 Annual Report From the CEO Dear Fellow Shareholders, Perrigo’s transformation to a pure-play Consumer Self-Care Company has come a long way LQMXVWWZRVKRUW\HDUV:HKDYHUHVWRUHGVXVWDLQDEOHWRSOLQHJURZWKGHOLYHUHGRQRXU¿QDQFLDO SURPLVHVUHFRQ¿JXUHGRXUSRUWIROLRRIEXVLQHVVHVXSGDWHGWKH,7LQIUDVWUXFWXUHDQGSURFHVVHV of the Company, expanded capacity, upgraded leadership talent, installed business intelligence capabilities, built a new product pipeline of over $500 million and re-instilled a sense of pride and energy among our 11,000 team members. Making this even more remarkable, is that we kept the WUDQVIRUPDWLRQRQWUDFNLQWKHIDFHRIWKHJOREDO&29,'SDQGHPLF,KRSH\RXDUHDVSURXGRI3HUULJR¶VJOREDOWHDP DV,DPIRUKRZWKH\ZRUNHGWRNHHSHDFKRWKHUVDIHNHSWRXUHVVHQWLDOSURGXFWVÀRZLQJDQGNHSWRXUWUDQVIRUPDWLRQ to a consumer self-care company on track through all of the personal and professional uncertainty that came their way LQ7KH\DUHKHURHV As a result of their efforts, Perrigo delivered strong net sales growth for the second year in a row in 2020 and World-wide Consumer sales reached a new record high. Equally important, the team stabilized adjusted operating income after a few years of decline even as we invested over $50 million in our business and overcame $35 million RIXQSODQQHGKHDGZLQGVGXHSULPDULO\WR&29,'UHODWHGVDIHW\FRVWVDQGEXVLQHVVLPSDFWIURPWKHZHDNFROG FRXJKDQGÀXVHDVRQUHODWHGWR&29,'¶VLPSDFWRQSXEOLFOLIH$OOLQDOOZHKDGDYHU\VWURQJ\HDU Our transformation efforts reached an essential milestone after the year closed when we announced the sale of RXU3UHVFULSWLRQ3KDUPDFHXWLFDOVEXVLQHVVWR$OWDULV&DSLWDO3DUWQHUV//&7KHWUDQVDFWLRQUHLQIRUFHVRXUDELOLW\ WRGHOLYHURQFRPPLWPHQWVDQGUHSUHVHQWVWKH¿QDOPDMRUSRUWIROLRUHFRQ¿JXUDWLRQPRYHLQRXUFRQVXPHUVHOIFDUH transformation. Following closure of the transaction, Perrigo will be a pure-play consumer self-care leader with a JURZWKSUR¿OHLQOLQHZLWKFRQVXPHUSDFNDJHGJRRGV ³&3*´ SHHUVWKDWWUDGHDWVLJQL¿FDQWO\KLJKHUPXOWLSOHV:H DOVRZLOOHQMR\WUHPHQGRXV¿QDQFLDOÀH[LELOLW\WRWXUERFKDUJHRXUJURZWKVWUDWHJ\DVZHH[SHFWWRKDYHDSSUR[LPDWHO\ ELOOLRQLQFDVKWRSUXGHQWO\LQYHVWLQDFTXLVLWLRQVWKDWVXSSRUWRXUJURZWKVWUDWHJ\DQGIRUWLI\RXUEDODQFHVKHHW,Q many ways, we’ll be returning Perrigo to the self-care roots that drove the Company’s success for more than a century – this time with a renewed energy, laser-focused purpose and a strong desire to win. 3HUULJRLVSRLVHGWRFUHDWHVLJQL¿FDQWVKDUHKROGHUYDOXH+RZHYHUWKHUHLVVWLOOPXFKZRUNWREHGRQH,WLVIRUWKLV UHDVRQWKDW,KDYHDFFHSWHGWKH%RDUGRI'LUHFWRUV¶UHTXHVWWRUHPDLQ3HUULJR¶V3UHVLGHQWDQG&KLHI([HFXWLYH2I¿FHU IRUDQRWKHUWKUHH\HDUVWR¿QLVKWKHMREDQGHQVXUHDVWURQJIXWXUHIRURXUFRPSDQ\DQGDOORILWVVWDNHKROGHUV ,FDQVD\ZLWKFRQ¿GHQFHORRNLQJDKHDGWRWKDW3HUULJRLVUHDG\IRUZKDWHYHUPD\FRPHRXUZD\:HDUHUHDG\ to complete our transformation and press forward as a consumer self-care company. We are ready to weather the challenges of a dynamic marketplace and we are ready to grow both top and bottom lines. Within the Company we like to say: We are Perrigo, and We Are Ready for Now. Sincerely, Murray S. Kessler 3UHVLGHQWDQG&KLHI([HFXWLYH2I¿FHU 2 | Perrigo 2020 Annual Report COVID-19 Response The year 2020 was unlike any other. The tangible effects of the JOREDOSDQGHPLFIHOWDFURVVWKHZRUOGIURPHFRQRPLFGLI¿FXOWLHVIRU households, communities and businesses to the biggest health crisis of this generation, set off fundamental changes that will reverberate through society for many years. This past year, Perrigo’s vision was the foundation of our tremendous efforts to serve the needs of society during a global pandemic, while maintaining our promises to our customers, team members, shareholders and other stakeholders. As a company operating in a critical industry at a critical time in history, our team rose to the challenge by delivering our critically important products to those who needed them. We accomplished this with an intense focus on keeping our people as safe as possible while advancing our vision: to make lives better by bringing Quality, Affordable Self-Care Products that consumers trust everywhere they are sold. We are grateful for our global team and proud of their herculean efforts in 2020. Keeping Our People Safe Early in the pandemic, we implemented COVID-19 precautionary measures at all our locations worldwide to protect our people, including restricting entry to our facilities to essential personnel only and enacting safety protocols such as screenings for COVID-19 exposure, social distancing measures and face coverings. We also mandated remote work for all employees who could work from home, prohibited all non-essential business travel and leveraged our technology to support continued global communication and collaboration. These measures not only supported productivity, but also reduced operational risk as our manufacturing and supply chain employees were able to remain focused on their jobs. Keeping Production Facilities Open to Support Consumers In addition to prioritizing the well-being of our people, we implemented business continuity procedures to reduce the potential for supply disruptions. This led to a surge in productivity and enabled us to continue delivering our important products throughout the pandemic. We accomplished this without missing a single shift due to COVID-19 in any of our plants. Prioritizing Products to Support Consumers Empowering consumers through self-care was more important than ever in 2020. Staying true to our legacy of being responsive to consumer needs, Perrigo reprioritized production to focus on critical products that the world needed most, especially during early stages of the pandemic. After this prioritization to address the dramatic surge in demand for these critical products, we then resumed production of all product lines by mid-summer. Supporting Communities In response to the critical need for hand sanitizer, Perrigo quickly mobilized to formulate a new hand sanitizer product, all of ZKLFKZDVGRQDWHGWRKRVSLWDOVDQG¿UVWUHVSRQGHUV$GGLWLRQDOO\WKH&RPSDQ\FRQVWUXFWHGDQGGRQDWHGPRUHWKDQIDFH shields and created a month’s supply of solution used to test face mask seals. These are just a few examples of the efforts put forth by Perrigo team members to support critical community needs. Perrigo 2020 Annual Report | 3 Consumer Self-Care Transformation ,Q¿VFDO\HDUWKH&RPSDQ\FRQWLQXHGWRPDNHVLJQL¿FDQWSURJUHVVLQLWVWKUHH\HDUSODQWRWUDQVIRUP3HUULJR into a global consumer self-care market leader as management and the Board of Directors took decisive action. 5HFRQ¿JXULQJWKH3RUWIROLR :HDGYDQFHGRXUSRUWIROLRUHFRQ¿JXUDWLRQLQZLWKVHYHUDONH\DFTXLVLWLRQVDQGGLYHVWLWXUHVWKDWDOLJQRXU business with our self-care vision. Our acquisition of High Ridge Brands’ oral care assets provides a wider array of oral self-care products for our retail partners and the acquisition of three eastern European over-the-counter (“OTC”) skincare and hair loss treatment brands enhances our international branded portfolio. The sale of our Rosemont Pharmaceuticals business in the United Kingdom, along with the March 1, 2021, agreement to sell our Rx Pharmaceutical generic prescriptions business for $1.5 billion in cash and more than $50 million in other FRQVLGHUDWLRQVHVVHQWLDOO\FRPSOHWHVRXUSRUWIROLRUHFRQ¿JXUDWLRQ$WWKHFORVHRIWKH5[WUDQVDFWLRQ3HUULJRZLOOEHD SXUHSOD\JOREDOFRQVXPHUVHOIFDUHFRPSDQ\ZHOOSRVLWLRQHGWRVLJQL¿FDQWO\HQKDQFHVKDUHKROGHUYDOXH $FKLHYLQJ%DVH3ODQ We once again delivered on our base plan in 2020, which was highlighted by more than $300 million in new product sales and more than 100% growth in consumer-focused e-commerce. Product launches of OTC diclofenac sodium topical gel 1% and esomeprazole mini, line extensions of our top-performing European skincare brand ACO and XLS weight management brand, and an important new infant formula launch in late December 2019 propelled our self-care portfolio forward, offsetting some of the impact experienced from the very weak cough and cold season. In Consumer Self-Care Americas (“CSCA”), we increased store-brand penetration versus national brand and gained market share, while in Consumer Self-Care International (“CSCI”) we held market share within the dynamic pandemic environment. %XLOGLQJ5HSHDWDEOH*URZWK3ODWIRUPV 7UDQVIRUPDWLRQ3OD\ERRN :HLGHQWL¿HGDQGDUHH[HFXWLQJDJDLQVW¿YHJOREDOJURZWKSODWIRUPV where we can win: (1) Core OTC; (2) Oral Care; (3) Nutrition; (4) Nicotine Replacement Therapy; and (5) Science-Based Naturals. Reconfigure Our recently centralized research and development team added the portfolio and replenished the future pipeline potential to approximately Deliver $500 million. We entered the cannabidiol (“CBD”) market through consistent and Achieve sustainable base plan a strategic investment in and long-term supply agreement results To make lives with a leading supplier of hemp-based CBD products free of better by bringing tetrahydrocannabinol (“THC-free”). Due to our investments in Quality, Affordable e-commerce, online sales accounted for approximately 6% of Self-Care Products Invest in our global net sales. Capital that consumers trust repeatable allocation everywhere they growth platforms are sold. 'ULYLQJ2UJDQL]DWLRQ(IIHFWLYHQHVV %XLOGLQJ&DSDELOLWLHV Drive Fund organization Investments in business capabilities paid off in 2020, as we growth effectiveness and sustainably launched our internal business intelligence platform, which allows build capabilities for a deep understanding of market share and consumer takeaway information in real-time. We also made investments in cyber security, R&D and other areas of our business to bolster capabilities and effectively compete in the marketplace. Additionally,
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