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Irish $1.9bn Tax Bill 'Out Of Nowhere' Perplexes Perrigo, Troubles Analysts

Executive Summary

Perrigo appeals tax assessment Ireland levied in late December on Rx ingredient royalty rights firm gained when it became incorporated in Dublin but no longer owns, Analysts allowed President and CEO Murray Kessler. benefit of doubt he'll lead Perrigo out of prolonged slump when he joined firm in November after extensive executive experience with tobacco firms and in other consumer goods markets, but they're more circumspect about its chances of prevailing in Irish tax disagreement.

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Court Ruling On Perrigo Appeal Of Nearly $2Bn Irish Tax Debt From Elan Deal Due With Q3 Results

Perrigo says on 4 November, Irish High Court will publish decision from a trial on the firm’s challenge to Irish Office of the Revenue Commissioners’ order to pay additional taxes from its acquisition of Elan. Perrigo moved its Q3 earnings briefing scheduled for 8 a.m. EDT the same day to 4:30 p.m.

No Decisions Yet In Perrigo's Disputes With Ireland, US Over Tax Questions From Elan Merger

A court in Dublin has considered Perirrgo's challenge to Ireland tax authorities' ’ 2018 order to pay $1.9bn additional taxes from its 2013 acquisition of Elan that established it as an Irish firm. “We're just probably within 6 months now that we should get some kind of an answer in that regard,” says CEO Murray Kessler.

Perrigo Faces $370m Tax Payment From Second IRS Audit Linked To Elan Deal

Even though consumer health products and Rx generics manufacturer reported $92.2m net Q3 income after losing $67.5m a year ago, investors apparently reacted more strongly to its latest tax dispute. Its share price closed down 6.7% at $50.51 on trading at twice the stock's average volume.

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