Perrigo Paying $309M To Settle $1.9Bn Irish Tax Assessment From Elan Merger
OTC private label/store brand giant announces Irish authorities allow it to pay $308.7m to settle a $1.9bn assessment for back taxes ordered in 2018 linked to Rx ingredient royalty rights it gained in its 2103 merger with Elan.
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July-September results for sales of OTC drugs, supplements and personal care products will come with CEO leaving J&J and P&G, a new leader for Perrigo Americas, Bausch Health likely offering Bausch + Lomb separation details and a cloud of rising costs related to supplies.
Ireland’s Office of Revenue concluded it “would not object if the Tax Appeals Commission adjusted the amount of the assessment to less than €1 billion,” says Perrigo CEO Murray Kessler.
In investor conference presentations, CEO Kessler says “we have a very strong case that the way we filed those taxes was correctly and the assessment should be 0,” and bringing its European consumer health brands to the US is “finally starting to really happen.”