® 2014 ANNUAL REPORT AdvantageLeveraging the Perrigo Corporate Profile From its beginnings as a packager of generic home remedies in 1887, Perrigo Company plc, headquartered in Ireland, has grown to become a leading global healthcare supplier. Perrigo develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, nutritional products and active pharmaceutical ingredients (API), and receives royalties from Multiple Sclerosis drug Tysabri®. The Company is the world’s largest manufacturer of OTC healthcare products for the store brand market and an industry leader in pharmaceutical technologies. Perrigo’s mission is to offer uncompromised Quality Affordable Healthcare Products®, and it does so across a wide variety of product categories primarily in the United States, United Kingdom, Mexico, Israel and Australia, as well as more than 40 other key markets worldwide, including Canada, China and Latin America. Contents 1 Financial Highlights 2 Shareholder Letter 10 Consumer Healthcare 12 Nutritionals 16 Rx Pharmaceuticals 18 API 18 Specialty Sciences 19 e-Commerce 20 Supply Chain 22 Shareholder Information 24 Financial Reconciliation Financial Highlights Year ended Financial Results - Reported (GAAP) (1) June 29, 2013 June 28, 2014 % Change In millions, except per share amounts Net Sales $ 3,539.8 $ 4,060.8 15% Operating Income $ 679.1 $ 567.0 -17% Net Income $ 441.9 $ 205.3 -54% Diluted EPS $ 4.68 $ 1.77 -62% Average Diluted Shares Outstanding 94.5 115.6 22% Year ended Financial Results - Adjusted (Non-GAAP) June 29, 2013 (2) June 28, 2014 (2) % Change In millions, except per share amounts Net Sales $ 3,539.8 $ 4,060.8 15% Adjusted Operating Income $ 805.3 $ 1,029.2 28% Adjusted Net Income $ 529.7 $ 739.5 40% Adjusted Diluted EPS $ 5.61 $ 6.39 14% Average Diluted Shares Outstanding 94.5 115.6 22% $4,060.8 $3,539.8 115.6 $1,029.2 $6.39 94.5 $805.3 $5.61 $739.5 $529.7 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 Net Sales Adjusted Operating Adjusted Net Income Adjusted Diluted EPS Average Diluted (In millions) Income (In millions) Shares Outstanding (In millions) (In millions) (1) See Item 7 in the Form 10-K report for a discussion of results of operations. (2) See reconciliation of non-GAAP financial measures on page 24. We have excluded certain items when monitoring and evaluating Perrigo Company plc’s ongoing financial results because we believe this provides important insight into the Company’s ongoing core business operations on a normalized basis. 1 Dear Fellow Shareholders: This has been an extraordinary year for our company. In past letters to share- holders, I described Perrigo as the right company, in the right place, at the right time. That description not only remained true in fiscal year 2014, but it also makes more sense going forward given our relentless emphasis on our vision, our guiding principles and on our unique and sustainable business model. Our Vision Our vision at Perrigo Company plc is to be an undisputed leader in providing the world with Quality Affordable Healthcare Products®. During fiscal 2014, we made even more progress in fulfilling that dream. Our global team delivered record revenue of $4.06 billion, record adjusted earnings and record adjusted gross and operating margins in fiscal 2014. The team also delivered a 15% increase in sales over fiscal 2013, driven by a balanced mix of organic growth, sales of products from companies we acquired in fiscal 2013 and sales of new products. Notably, in the third quarter, Perrigo crossed the $1 billion mark in quarterly revenue for the first time, despite a weak retail environment and relatively light cough, cold and flu season. Fiscal 2014 was also noteworthy as the eighth consecutive year in which the Perrigo team increased revenue, operating cash flow and adjusted operating margin. These achievements further demonstrate that the durable business model of our 127-year-old company continues to yield opportunities for long-term growth. Driving Growth While we are obviously proud of our fiscal 2014 results, we have no intention to “rest on our laurels” or to lose our focus. To the contrary, we continue to run hard and remain bullish about our business going forward. Our business strategy enables Perrigo to consistently deliver outstanding results, well-balanced between organic and inorganic contributions. From 2008 to 2014, this strategy led Perrigo to achieve a net sales compound annual growth rate of 16 percent. That impressive number consisted of an equally impressive growth of 8 percent for organic sales and 8 percent for inorganic sales. Looking to the future, we believe that global demographic and economic megatrends will continue to provide fertile soil for future growth at Perrigo. These favorable megatrends include aging populations that are expected to require more healthcare products; the increasing number of drugs switching from prescription (Rx) to over-the-counter (OTC) status; and movement from national brand to store brand in the OTC marketplace. 2 New Product Pipeline / Innovation – 160 Filings Awaiting Approval Stock Performance $150 428% $100 $50 Total shareholder return in 5 years $0 6/29/2009 2010 2011 2012 2013 2014 6/28/2014 3 This is a very exciting time for us at Perrigo. Through disciplined acquisitions, we have the potential to expand into dynamic new categories, geographies and segments. Over the past seven years, we completed 19 merger and acquisition (M&A) transactions, which expanded our business on three continents, extended our business into three 80Yrs new categories and doubled our work force. Elan Pharmaceuticals Acquisition Average life expectancy has Our acquisition of Elan Pharmaceuticals in December 2013 transformed our ability increased by 10 years to to drive more growth to Perrigo’s bottom line by expanding our global capabilities and 80 years since 1960. competencies. It is our largest and most exciting venture to date. We acquired Elan for approximately $9.5 billion in cash and stock and re-domiciled our headquarters in Dublin, Ireland. This acquisition immediately doubled our market capitalization, strengthened our position as a truly differentiated business and opened a gateway for further international expansion. It also generated an attractive revenue stream from an important multiple sclerosis drug. Our Quality Affordable Healthcare Products® One of the most gratifying indicators of our growth and success is the widespread global use of our products. We own leadership positions in consumer healthcare, infant formula and animal health store brands, as well as in generic prescription extended topical products. Every second of every day, approximately 1,600 people worldwide use a product made by Perrigo. Another rewarding aspect of our success is the opportunity it provides to make a real difference in people’s lives. The fact that our products treat illnesses, help people feel better and stay healthy, nourish infants and toddlers and care for pets – all while saving them money – inspires Perrigo employees to remain focused on expanding our portfolio, developing new products, partnering with our retail customers and efficiently managing the complexity of our supply chain and manufacturing operations. Speaking of new products, they remain essential components of Perrigo’s growth and our leadership position. In fiscal 2014, Perrigo manufactured 47 billion oral solid 4 doses and approximately 3 billion liquid/cream doses in more than 3,000 formula- tions and approximately 18,000 stock keeping units (SKUs). We also launched many new products across all segments during the fiscal year at a rate of nearly two new products each week. Examples include the generic equivalent of Temodar® 5Pillars (temozolomide) for the treatment of cancer and Prandin® Tablets (repaglinide tablets) for Type 2 diabetes. Similarly, the conversion of our infant formula packaging to the � Quality new SmarTubTM was well received by our retail customers as it generated strong � Customer Service sales, improved shelf presence and additional consumer loyalty. � Innovation � Cost Effectiveness � People Our Foundation of Five Pillars and Core Values While we are proud of the many metrics that can be used to establish Perrigo’s success over the years, we are most proud of the fact that we have remained grounded by our Five Pillars: Quality, Customer Service, Innovation, Cost Effectiveness and People. Our Core Values of Integrity, Respect and Responsibility guide us and, together with the Pillars, remain the foundation of our growth and provide clear, consistent guidance to our employees on how we run our business. Let me elaborate on this. We understand that if our products are not quality products, then neither our customers nor end consumers will purchase them. We also take Quality seriously because we know that our products are used by loved ones, friends and neighbors. We are committed to Customer Service as we can best maintain sales growth and positive relationships with our retail partners by consistently delivering on our promises to them. Our commitment to Innovation is vividly demonstrated by the 160 new product filings awaiting regulatory approval, the 280 projects under development and the 6,000 SKUs in conversions. Cost Effectiveness continues to drive our focus on supply chain and business process efficiencies to ensure that we are as productive and competitive as possible in the global marketplace. Finally, over 10,000 Perrigo People around the world are excited and essential to our future growth. They are the foundation of our other Pillars – supported by an environment that stresses the importance of “doing the right thing,” consistent with Perrigo’s Core Values and Code of Conduct. 5 Our constant focus on the Five Pillars and Core Values, along with new product launches and disciplined M&A, has driven our strong topline growth, adjusted gross margin expansion and robust cash flow generation. Our Unique, Sustainable, Competitive Business Model Although we have had an impressive track record at Perrigo over the last several fiscal years, I am equally excited and optimistic about our future.