Irish $1.9bn Tax Bill 'Out Of Nowhere' Perplexes Perrigo, Troubles Analysts
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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IRS tax assessment for 2013, the year Perrigo acquired Dublin-based Elan, adds another cloud to OTC private label giant's outlook as it prepares to present plans for accelerating growth for its long-slumping consumer health business in the US and Europe at a March 9 investor day conference. Perrigo shares dropped more than 9% in early trading after IRS notice became known to investors before inching upward and ending at $47.92, down 6.8% from the previous day's close.
Providing self-care products "opens this organization up to massive opportunity" which Perrigo will identify in early 2019, says new CEO Murray Kessler. It remains committed to selling or spinning off its Rx unit, though it's "just a few FDA approvals away from significantly" growing, he says as firm reports $68m net loss in its latest quarter.