Company: PRGO
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0000950170-25-042897
Chunk: 4

Company: PERRIGO Co plc
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 4
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 gross savings target of $140 million to $170 million by the end of 2026.

Streamlined the Company's portfolio by divesting the HRA Pharma Rare Diseases business, the Australia Hospital and Specialty business and more than 65 brands in the Consumer Self-Care International business.

Achieved adjusted operating income synergies related to the HRA Pharma acquisition and fully captured an estimated $55 million in savings.

Progressed our Supply Chain Reinvention program and achieved $42 million in net benefits during the year.

Successfully refinanced approximately $1.1 billion to fund the redemption of all the Company's 4.375% Senior Notes Due 2026 and prepaid a portion of the Term B Loans outstanding under Perrigo's credit facilities.

During the fourth quarter of 2024, the Company fully repaid its $400 million 3.9% Senior Notes due December 2024.

Increased the Company’s quarterly dividend to $0.29 per share, or $1.16 per share on an annual basis, a 5% increase from the prior year. This dividend increase marks the 22nd consecutive year Perrigo has increased its dividend.

Financial highlights of fiscal year 2024 results from continuing operations include:

Reported net sales were $4.4 billion compared to $4.7 billion, due primarily to actions to augment and strengthen the infant formula business.

Adjusted operating income increased $35 million to $0.6 billion, higher by 6% compared to the prior year.

Adjusted operating margin of 13.9% expanded 160 basis points compared to the prior year.

Adjusted earnings per share of $2.57, compared to $2.58 in the prior year. Fiscal year 2024 adjusted diluted EPS included unfavorable year-over-year impacts of $0.26 from infant formula and $0.03 from currency translation. The prior year included favorable tax benefits of $0.18 per diluted share.

Operating cash flow was $363 million, leading to net cash from operating activities as a percentage to adjusted diluted net income of 102%, and ended the year with cash and cash equivalents (1) on the balance sheet of $559 million.

De-risked the balance sheet as net leverage to adjusted EBITDA decreased to 4.0x at the end of 2024, down from 4.5x at the prior year end.

#### ivPERRIGO•2025 PROXY STATEMENT
Proxy Summary Executive Compensation Executive Compensation Principles As a Consumer Self-Care market leader, the Company is