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MarketScreener Homepage  >  Equities  >  Nyse  >  Perrigo Company plc    PRGO   IE00BGH1M568

PERRIGO COMPANY PLC

(PRGO)
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Perrigo loses bid to quash $1.9 bln Irish back tax demand

11/04/2020 | 05:27am EST

DUBLIN, Nov 4 (Reuters) - Ireland's High Court on Wednesday refused to quash a 1.64 billion euro ($1.91 billion) back tax demand against Perrigo relating to the drugmaker's acquisition of Ireland's Elan Pharma in 2013.

Perrigo said in a statement that no payment was required as a result of the High Court ruling, which it said it would consider appealing. If the High Court ruling is not appealed, the matter is due to go before Ireland's Tax Appeals Commission.

The back-tax demand, issued in 2018, was one of the biggest ever made in Ireland.

The tax authority in 2018 found that intellectual property (IP) sales by Elan Pharma, including multiple sclerosis drug Tysabri, were taxed as trading income at 12.5%, when they should have been treated as a chargeable gain at a rate of 33%.

Perrigo challenged the ruling in the High Court, contending the Irish tax authority was incorrect in characterising the sale of the IP as a capital transaction.

"Perrigo has failed to establish any basis to interfere with the assessment issued in respect of the disposal of the Tysabri IP and, accordingly, its claim must be dismissed," Wednesday's High Court ruling said.

($1 = 0.8570 euros) (Reporting by Conor Humphries; Editing by Edmund Blair and Mark Potter)


© Reuters 2020
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Financials (USD)
Sales 2020 5 119 M - -
Net income 2020 65,6 M - -
Net Debt 2020 2 747 M - -
P/E ratio 2020 63,9x
Yield 2020 2,05%
Capitalization 5 933 M 5 933 M -
EV / Sales 2020 1,70x
EV / Sales 2021 1,57x
Nbr of Employees 11 200
Free-Float 99,2%
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Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 52,89 $
Last Close Price 43,47 $
Spread / Highest target 47,2%
Spread / Average Target 21,7%
Spread / Lowest Target -7,98%
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Managers and Directors
NameTitle
Murray S. Kessler President, Chief Executive Officer & Director
Rolf Allan Classon Chairman
Raymond P. Silcock Chief Financial & Accounting Officer
Thomas Farrington Chief Information Officer & Executive VP
Grainne Quinn Chief Medical Officer & Executive Vice President
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