ITEM 2.02. Results of Operations and Financial Condition
On
The Company provides non-GAAP financial measures as additional information that it believes is useful to investors and analysts in evaluating the performance of the Company's ongoing operating trends, facilitating comparability between periods and companies in similar industries and assessing the Company's prospects for future performance. The non-GAAP measures the Company provides are consistent with how management analyzes and assesses the operating performance of the Company, and disclosing them provides investor insight into management's view of the business. Management uses these adjusted financial measures for planning and forecasting in future periods, and evaluating segment and overall operating performance. In addition, management uses certain of the profit measures as factors in determining compensation.
Non-GAAP measures related to profit measurements, which includes adjusted operating income, are useful to investors as they provide them with supplemental information to enhance their understanding of the Company's underlying business performance and trends, and enhance the ability of investors and analysts to compare the Company's period-to-period financial results. The Company discloses adjusted net sales growth excluding exited businesses, which includes the divested animal health business and the Canoderm prescription product, as well as on a constant currency basis and on an organic basis, which excludes the 2019 acquisition of Ranir, exited businesses and the impact of currency. These adjustments together help investors understand the business on both a continuing and going-forward basis without the exogenous impact of foreign exchange. The Company believes these supplemental financial measures provide investors with consistency in financial reporting, enabling meaningful comparisons of past, present and future underlying operating results, and also facilitate comparison of the Company's operating performance to the operating performance of its competitors.
Reported results for the periods below were adjusted for the following items:
Three Months Ended
• Amortization expense related primarily to acquired intangible assets
• Acquisition and integration-related charges and contingent consideration adjustments
• Unusual litigation
• Separation and reorganization expense
• Foreign currency translation movement
• Ranir net sales
Three Months Ended
• Amortization expense related primarily to acquired intangible assets
• Acquisition and integration-related charges and contingent consideration adjustments
• Restructuring charges and other termination benefits
• Impairment charges
• Separation and reorganization expense
• Gain/loss on divestitures • Unusual litigation
• Foreign currency translation movement
• Animal health net sales
• Canoderm prescription product net sales
The information in this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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ITEM 8.01. Other Events
The Company is filing this Item 8.01 disclosure to supplement the risk factors
described in "Item 1A. Risk Factors" in its Annual Report on Form 10-K for the
fiscal year ended
Adverse Economic Impacts of Coronavirus Pandemic.
On
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ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit Number Description 99.1 Press Release issued byPerrigo Company plc onApril 7, 2020 , furnished solely pursuant to Item 2.02 of Form 8-K. 104 Cover Page Interactive Data file (embedded within the Inline XBRL document).
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