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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With Raymond Silcock’s work at Perrigo linked to CEO Murray Kessler’s time with the firm and with the two working together previously as CFO and CEO at a tobacco firm, whether Kessler continues at the helm could become a topic of shareholder interest.
Sales growth generated in October-December period and growing incidences of flu and cough/cold symptoms are harbingers for Perrigo in 2022. Sales during January and February in Russia and Ukraine tracked with $10m to $15m operating income firm anticipates there for 2022, “but it's really too early to estimate the potential full-year impact,” CEO Murray Kessler says.
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.