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.
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With both Ireland and US imposing tax assessments on same revenues – sales by Elan – tax agency officials from the countries will, at the request of Perrigo, negotiate whether both or one will demand payment and whether the amount will be lowered.
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.
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.