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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Examples of unfinished business from 2019 include no legislation passed to reform OTC monograph program; FDA putting off until May the planned publication of an NPRM to allow firms to submit OTC NDAs with extra-label information to help guide consumers' self-selection; and no OTC naloxone for opioid overdose approved even after FDA's unprecedented step of developing model DFLs sponsors could use for their own label comprehension studies.
As "market leader" in OTC nicotine replacement treatments, Perrigo should "be the one that's doing a lot of innovation," says CEO Murray Kessler. He discussed Perrigo's problems and potential sales drivers as it reported 2018 net sales of $4.7bn, down 4% , and Q4 net sales of $1.2bn, down 7%. Global consumer health product sales for year were flat at $3.9bn and Q4 sales were down 4% at $973m.
Incoming CEO Murray Kessler is a seasoned veteran of regulated consumer markets – but not health care. Will his combination of experience and fresh perspective help enable the OTC private label market leader to reverse share declines?