First Quarter 2020 Financial Results April 30, 2020...13 CSCA Organic Net Sales Growth YoY** •...

First Quarter 2020 Financial ResultsApril 30, 2020

2

Forward Looking Statements

Certain statements in this presentation are “forward-looking statements.” These statements relate to future events or the Company’s future financialperformance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance orachievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases,forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “intend,”“believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-lookingstatements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates andprojections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which arebeyond the Company’s control, including: the effect of the novel coronavirus (COVID-19) pandemic and the associated economic downturn and supply chainimpacts on the Company’s business; the timing, amount and cost of any share repurchases; future impairment charges; customer acceptance of new products;competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than theCompany does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company’s appeal of the Notice ofAssessment (the “NoA”) issued by the Irish tax authority and the Notice of Proposed Assessment (“NOPA”) issued by the U.S. Internal Revenue Service andthe impact that an adverse result in such proceedings would have on operating results, cash flows, and liquidity; potential third-party claims and litigation,including litigation relating to the Company’s restatement of previously-filed financial information and litigation relating to uncertain tax positions, including theNoA and the NOPA; potential impacts of ongoing or future government investigations and regulatory initiatives; the impact of tax reform legislation andhealthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions ordispositions and the success of such transactions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute andachieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives. Statements regarding the separation of the RX business,including the expected benefits, anticipated timing, form of any such separation and whether the separation ultimately occurs, are all subject to various risksand uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with ourmanufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders.. These and otherimportant factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2019, as well as theCompany’s subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differmaterially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of thedate hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures: This presentation contains Non-GAAP measures. The reconciliation of those measures to the most comparable GAAP measures areincluded at the end of this presentation.

Bradley Joseph, VP Investor Relations and Corporate Communications

3

Murray S. Kessler, President & CEO

4

5

Seasoned Leadership & +11,000 Dedicated Employees Meeting the Needs of Society

PRIORITIES

1. Employee safety and business continuity

2. Appreciating frontline employees

3. Supporting the communities where we work and live

6

COVID-19: Restricting and Prioritizing Production – All Facilities Running

• Restricted access to facilities

• Business continuity protocols

• Eliminated non-essential travel

• Prioritized production

• $4M in frontline employee bonuses

7

COVID-19: Community Response – $1.5M in Donations

Oral Electrolyte Solution Donation

Kids Food Basket Allegan County Food Pantry

Feeding America American Red Cross

Formulated & donated >500K units of hand

sanitizer

A Special Thank You to All Our Front-Line Employees!

9

Key Achievements in Q1 2020

• On track with our FY20 operational objectives while advancing transformation to a Consumer Self-Care Company

• Identified and investing in 5 key global growth platforms• Core OTC, Oral Health, Science-Based Naturals, Nutrition and Smoking Cessation

• Closed Dr. Fresh acquisition (April 1), integration process underway• Closed and integrated Steripod® acquisition• Rolled out Prevacid®24HR marketing campaign• Received FDA approval for the OTC Store Brand version of Voltaren® gel• Successfully launched generic albuterol sulfate• Implementing key capability upgrades • ‘Winning’ culture has been restored

• Q1 financial results ahead of expectations

• Delivered solid customer service amid dramatic surge in demand due to COVID-19 while our top priority remains keeping employees safe

• Took steps to ensure liquidity through COVID-19

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$1.07

$1.14

2019 2020

Key Financial Results for Q1 2020Delivered Reported Net Sales Growth of 14%; Excluding Exited Businesses & Currency, Net Sales Grew 18%

• Overall financial performance exceeded expectations in the quarter: • Q1 reported net sales of $1.34B, an increase of 14% YoY, with 11% organic growth• Q1 adjusted operating income of $225M, an increase of 11% YoY • Q1 adjusted EPS of $1.14, an increase of 6% YoY

Reported Net Sales Growth YoY Adjusted EPS Growth YoY

$1.18B

$1.34B

2019 2020

+14% +6%

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts**Exited businesses excluded $20 million from the divested animal health business in the prior year period, which was previously included in the Consumer Self-Care Americas segment, and $4 million from the divested Canoderm prescription product in the Nordic region in the prior year period, which was previously included in the Consumer Self-Care International business.

11

All Businesses Contributed to Net Sales Growth

Q1 2020 Net Sales Growth YoY,Excluding Exited Businesses & Currency

6%

14%

25%

21%

18%

0% 5% 10% 15% 20% 25% 30%

Rx Pharmaceuticals

CSC International

CSC Americas

Worldwide Consumer

Perrigo Consolidated


12

CSC Americas Reported Net Sales Grew 20% YoY Excluding Exited Businesses & Currency, Net Sales Grew 25%

-$20

$5

$55

$79

$119

-$40 -$20 $0 $20 $40 $60 $80 $100 $120 $140

Exited Animal Health

Nutrition

Oral Health

OTC

Total CSCA

Q1 2020 Reported Net Sales Change YoY


13

CSCA Organic Net Sales Growth YoY**• Strong business performance pre-COVID

• Q1 Store brand penetration vs. national

brand increased 60 basis points***

• Flu illness levels elevated 49% Jan/Feb

YTD before COVID-19 impact***

• Strong start to allergy season – Incidence

+8%*** with much of the nation in active

status

8%

28%

0%

5%

10%

15%

20%

25%

30%

JAN/FEB MARCH

COVID-19 Impact on Q1 2020 CSCA Organic Net Sales GrowthUnknown How Much was Pantry Loading vs. Consumed

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts**Organic net sales growth excludes the 2019 acquisition of Ranir, exited businesses and the impact of currency; Exited businesses excluded $20 million from the divested animal health business in the prior year period, which was previously included in the Consumer Self-Care Americas segment, and $4 million from the divested Canoderm prescription product in the Nordic region in the prior year period, which was previously included in the Consumer Self-Care International business. ***Based on IRI Total US MULO data for the 13 weeks through 3/22/20 / IQVIA FAN/AAN YTD data through March 2020

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E-Commerce Investment is Paying Off!

CSCA Ecommerce as a % to Net Sales

2.9% 3.0%

3.8%3.4%

5.3%

0%

1%

2%

3%

4%

5%

6%

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

CSCA E-Commerce Net Sales Growth 1Q20 vs.

1Q19:

+112%

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CSC International Net Sales Grew 14% YoY, Excluding Exited Businesses and Currency

$347M

$383M

Q1 2019 Q1 2020

+14%

CSCI Net Sales Growth YoY,Excluding Exited Businesses & Currency

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts**Exited businesses and the impact of currency; Exited businesses excluded $20 million from the divested animal health business in the prior year period, which was previously included in the Consumer Self-Care Americas segment, and $4 million from the divested Canoderm prescription product in the Nordic region in the prior year period, which was previously included in the Consumer Self-Care International business.

16

Generic Albuterol Sulfate Launch Drove Rx Net Sales

$242M

$214M

$44M

2019 2020

Base Rx Sales Generic Albuterol Sulfate

$258M+6%

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To make lives better by bringing Quality, Affordable Self-Care products that consumers trust everywhere they are sold

Ray Silcock, EVP & CFO

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19

Consolidated

3 Months Ending March 28, 2020

(in millions, except per share amounts)

(Unaudited)

NetSales

GrossProfit

R&D ExpenseDSG&A Expense

Restructuring, Impairment

Charges, and Other

Operating Income

Operating Income

Interest, Other, and Change in Financial Assets

Income Tax Expense

NetIncome**

Diluted Earnings per

Share**

Reported $1,341.0 $483.2 $41.9 $294.5 $1.1 $145.7 $31.0 $8.3 $106.4 $0.77

As a % of reported net sales 36.0% 3.1% 22.0% 0.1% 10.9% 2.3% 0.6% 7.9%

Effective Tax Rate 7.2%

Pre-Tax Adjustments:• Amortization expense related primarily

to acquired intangible assets $42.1 $(0.2) $(28.9) $71.2 $71.2 $0.52• Acquisition and integration related

charges and contingent consideration adjustments (2.0) (1.1) 3.1 3.1 $0.02

• Unusual Litigation (4.5) 4.5 4.5 $0.03

• Change in Financial Assets 1.6 (1.6) $(0.01)

• (Gain) Loss on Investment Securities (2.9) 2.9 $0.02• Separation and Reorganization

Expense (0.7) 0.7 0.7 $0.01

Non-GAAP tax adjustment* 30.5 (30.5) $(0.22)

Adjusted $525.3 $41.7 $258.4 $225.2 $29.7 $38.8 $156.7 $1.14

As a % of reported net sales 39.2% 3.1% 19.3% 16.8% 2.2% 2.9% 11.7%

Adjusted Effective Tax Rate 19.8%

Consolidated Summary – Q1 2020

Diluted weighted average shares outstanding reported: 137.3

*The non-GAAP tax adjustments are primarily due to: (1) $14.7 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items and (2) $15.8 million of tax benefits from the U.S. CARES Act.**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

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Worldwide Consumer Summary – Q1 2020Strong Net Sales; Adj. GM Impacted by Purposeful Store Brand Expansion; Adj. OM Leverage & Project Momentum Savings

Worldwide Consumer Summary ($ in millions)

Q12020

Q12019

$Change

% Change

% Change Ex. Exited Businesses

& Currency

Net Sales $1.1B $933M $151M 16% 21%

Adjusted Gross Profit $416M $379M $38M 10% 16%

Adjusted Gross Margin % 38.4% 40.6% (220 bps)

Adjusted Operating Income $151M $121M $30M 25% 32%

Adjusted Operating Margin % 14.0% 13.0% 100 bps

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts**Exited businesses excluded $20 million from the divested animal health business in the prior year period, which was previously included in the Consumer Self-Care Americas segment, and $4 million from the divested Canoderm prescription product in the Nordic region in the prior year period, which was previously included in the Consumer Self-Care International business***Worldwide Consumer includes the CSC Americas segment, CSC International segment and Corporate unallocated

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Rx Summary – Q1 2020Strong Net Sales with Generic Albuterol Sulfate Launch; Margins Impacted by Pricing, including Testosterone 1.62%

Rx Summary ($ in millions)

Q12020

Q12019

$Change

% Change

Net Sales $258M $242M $16M 6%

Adjusted Gross Profit $109M $118M ($9M) (7%)

Adjusted Gross Margin % 42.3% 48.6% (630 bps)

Adjusted Operating Income $74M $82M ($8M) (10%)

Adjusted Operating Margin % 28.7% 33.9% (520 bps)

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts

22

Balance Sheet and Liquidity Remain StrongStrong Performance Before and During Global Pandemic

*See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts

Select Balance Sheet & Liquidity Measures 3/28/2020 12/31/2019

Cash & Cash Equivalents $510M $354M

Total Debt $3.5B $3.4B

Quarterly Cash Conversion as % of Adj. Net Income

110% 62%

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To make lives better by bringing Quality, Affordable Self-Care products that consumers trust everywhere they are sold

APPENDIX

TABLE I

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED CONSOLIDATED INFORMATION


(unaudited)

Three Months Ended March 28, 2020

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense

Restructuring, Impairment Charges, and

Other Operating

IncomeOperating Income


Income Tax

Expense

Net Income*

*

Diluted Earnings

per Share**

Reported $ 1,341.0 $ 483.2 $ 41.9 $ 294.5 $ 1.1 $ 145.7 $ 31.0 $ 8.3 $ 106.4 $ 0.77


Effective tax rate 7.2%

Pre-tax adjustments:

Amortization expense related primarily to acquired intangible assets $ — $ 42.1 $ (0.2) $ (28.9) $ — $ 71.2 $ — $ — $ 71.2 $ 0.52

Acquisition and integration-related charges and contingent consideration adjustments — — — (2.0) (1.1) 3.1 — — 3.1 0.02

Unusual litigation — — — (4.5) — 4.5 — — 4.5 0.03

Change in financial assets — — — — — — 1.6 — (1.6) (0.01)

(Gain) Loss on investment securities — — — — — — (2.9) — 2.9 0.02

Separation and reorganization expense — — — (0.7) — 0.7 — — 0.7 0.01

Non-GAAP tax adjustments* — — — — — — — 30.5 (30.5) (0.22)

Adjusted $ 1,341.0 $ 525.3 $ 41.7 $ 258.4 $ — $ 225.2 $ 29.7 $ 38.8 $ 156.7 $ 1.14


Adjusted effective tax rate 19.8%

Diluted weighted average shares outstanding

Reported 137.3

*The non-GAAP tax adjustments are primarily due to: (1) $14.7 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items and (2) $15.8 million of tax benefits from the U.S. CARES Act.

**Individual pre-tax line item adjustments have not been tax effected, as tax expense on these items are aggregated in the "Non-GAAP tax adjustments" line item.

TABLE I (CONTINUED)

PERRIGO COMPANY PLC




(unaudited)

Three Months Ended March 30, 2019

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense


Other Operating

IncomeOperating Income


Income Tax

Expense Net

Income**

Diluted Earnings

per Share**

Reported $ 1,174.5 $ 448.8 $ 40.2 $ 297.0 $ 9.3 $ 102.3 $ 21.4 $ 17.0 $ 63.9 $ 0.47




Amortization expense primarily related to acquired intangible assets $ — $ 47.4 $ (0.1) $ (29.0) $ — $ 76.5 $ — $ — $ 76.5 $ 0.57Acquisition and integration-related charges and contingent

consideration adjustments— — — — 2.8 (2.8) — — (2.8) (0.02)

Change in financial assets — — — — — — 10.4 — (10.4) (0.08)

Separation and reorganization expense — — — (5.8) — 5.8 — — 5.8 0.04

Impairment charges — — — — (4.1) 4.1 — — 4.1 0.03

(Gain) loss on divestitures — — — — 1.3 (1.3) — — (1.3) (0.01)

Unusual litigation — — — (9.1) — 9.1 — — 9.1 0.07

Loss on investment securities — — — — — — (6.1) — 6.1 0.04

Restructuring charges and other termination benefits — — — — (9.3) 9.3 — — 9.3 0.07

Non-GAAP tax adjustments* — — — — — — — 14.7 (14.7) (0.11)

Adjusted $ 1,174.5 $ 496.2 $ 40.1 $ 253.1 $ — $ 203.0 $ 25.7 $ 31.7 $ 145.6 $ 1.07



Diluted weighted average shares outstanding

Reported 136.2

*The non-GAAP tax adjustments are due to tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items.


Three Months Ended December 31, 2019

ConsolidatedNet

SalesGross Profit

R&D Expense

DSG&A Expense


Other Operating

Income

Operating Income (Loss)


Income Tax

Expense (Benefit)

Net Income

(Loss)**

Reported $ 1,322.8 $ 480.9 $ 59.4 $ 288.6 $ 139.7 $ (6.8) $ 27.4 $ (15.2) $ (19.0)

As a % of reported net sales 36.4% 4.5% 21.8% 10.6% (0.5)% 2.1% (1.2)% (1.4)%



Amortization expense related primarily to acquired intangible assets $ — $ 48.8 $ (0.1) $ (30.9) $ — $ 79.8 $ — $ — $ 79.8

Acquisition and integration-related charges and contingent consideration adjustments — 0.1 — (1.0) 0.5 0.6 — — 0.6

Impairment charges — — — — (141.6) 141.6 — — 141.6

(Gain) loss on divestitures — — — 3.6 1.0 (4.6) (0.7) — (3.9)

Unusual litigation — — — (1.8) — 1.8 — — 1.8

Restructuring charges and other termination benefits — — — — 0.4 (0.4) — — (0.4)

Change in financial assets — — — — — — 3.6 — (3.6)

(Gain) Loss on investment securities — — — — — — 4.0 — (4.0)

Separation and reorganization expense — — — (2.2) — 2.2 — — 2.2

Non-GAAP tax adjustments* — — — — — — — 50.3 (50.3)

Adjusted $ 1,322.8 $ 529.8 $ 59.3 $ 256.3 $ — $ 214.2 $ 34.3 $ 35.1 $ 144.8



*The non-GAAP tax adjustments are primarily due to: (1) $4.9 million of tax effects of pretax non-GAAP adjustments that are calculated based upon the specific rate of the applicable jurisdiction of the pretax items and (2) $43.8 million of valuation allowance releases in the U.S. and Australia.


TABLE I (CONTINUED)

PERRIGO COMPANY PLC




(unaudited)

TABLE IIPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURESSELECTED SEGMENT INFORMATION

(in millions)(unaudited)

Three Months Ended Three Months Ended

March 28, 2020 March 30, 2019

Worldwide Consumer*Net

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 1,083.3 $ 395.3 $ 27.7 $ 273.5 $ 94.0 $ 932.6 $ 352.4 $ 25.9 $ 275.4 $ 41.7



Amortization expense related primarily to acquired intangible assets $ — $ 21.0 $ (0.2) $ (28.7) $ 50.0 $ 26.2 $ (0.1) $ (28.9) $ 55.2

Unusual litigation — — — (4.5) 4.5 — — (9.1) 9.1

Impairment charges — — — — — — — — 4.1

Separation and reorganization expense — — — (0.7) 0.7 — — (5.8) 5.8

Restructuring charges and other termination benefits — — — — — — — — 9.3Acquisition and integration-related charges and contingent

consideration adjustments— — — (2.0) 2.0 — — — (4.1)

Adjusted $ 1,083.3 $ 416.3 $ 27.5 $ 237.6 $ 151.2 $ 378.6 $ 25.8 $ 231.6 $ 121.1


*Worldwide Consumer includes the CSCA and CSCI segments in addition to Corporate.

TABLE II (CONTINUED)PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURESSELECTED SEGMENT INFORMATION

(in millions)(unaudited)


March 28, 2020 March 30, 2019

Consumer Self-Care AmericasNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating

IncomeNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating

Income

Reported $ 700.6 $ 215.5 $ 17.6 $ 73.3 $ 124.6 $ 581.8 $ 184.0 $ 15.6 $ 73.3 $ 94.2



Amortization expense related primarily to acquired intangible assets $ 4.3 $ (6.7) $ 10.9 $ 5.4 $ (4.7) $ 10.1

Unusual litigation — — — — (1.2) 1.2

Impairment charges — — — — — 4.1

Restructuring charges and other termination benefits — — — — — 0.8Acquisition and integration-related charges and contingent

consideration adjustments— (1.9) 1.9 — — (4.1)

Adjusted $ 219.8 $ 64.7 $ 137.4 $ 189.4 $ 67.4 $ 106.3

As a % of reported net sales 31.4% 9.2% 19.6% 32.5% 11.6%18.3

%


March 28, 2020 March 30, 2019

Consumer Self-Care InternationalNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 382.7 $ 179.9 $ 10.1 $ 144.8 $ 25.0 $ 350.8 $ 168.4 $ 10.3 $ 149.4 $ 8.1



Amortization expense related primarily to acquired intangible assets $ 16.6 $ (0.2) $ (22.1) $ 39.0 $ 20.8 $ (0.1) $ (24.2) $ 45.1

Unusual litigation — — — — — — (0.3) 0.3

Restructuring charges and other termination benefits — — — — — — — 0.6

Adjusted $ 196.5 $ 9.9 $ 122.7 $ 64.0 $ 189.2 $ 10.2 $ 124.9 $ 54.1


TABLE II (CONTINUED)PERRIGO COMPANY PLC


SELECTED SEGMENT INFORMATION(in millions)(unaudited)


March 28, 2020 March 30, 2019

Prescription PharmaceuticalsNet

SalesGross Profit

R&D Expense

DSG&A Expense

Operating Income

Net Sales

Gross Profit

R&D Expense

DSG&A Expense

Operating Income

Reported $ 257.7 $ 87.9 $ 14.2 $ 21.0 $ 51.7 $ 241.9 $ 96.4 $ 14.3 $ 21.6 $ 60.6



Amortization expense related primarily to acquired intangible assets $ 21.1 $ (0.2) $ 21.2 $ 21.2 $ (0.1) $ 21.3

(Gain) loss on divestitures — — — — — (1.3)Acquisition and integration-related charges and contingent

consideration adjustments— — 1.1 — — 1.3

Adjusted $ 109.0 $ 20.8 $ 74.0 $ 117.6 $ 21.5 $ 81.9

As a % of reported net sales 42.3% 8.1% 28.7% 48.6% 8.9% 33.9%

TABLE III

PERRIGO COMPANY PLC


ADJUSTED NET SALES GROWTH - SELECTED SEGMENTS

(in millions)

(unaudited)

Three Months Ended

March 28, 2020

March 30, 2019

Total Change

FX Change

Constant Currency Change

Net sales

Consolidated $ 1,341.0 $ 1,174.5 14.2% 1.1% 15.3%CSCA $ 700.6 $ 581.8 20.4% 0.2% 20.6%CSCI $ 382.7 $ 350.8 9.1% 3.8% 12.9%RX $ 257.7 $ 241.9 6.5% (0.4)% 6.1%

Consolidated $ 1,341.0 $ 1,174.5Less: animal health — (19.6)Less: Canoderm prescription product — (3.7)

Consolidated net sales as so adjusted $ 1,341.0 $ 1,151.2 16.5% 1.1% 17.6%Less: Ranir (76.3) —

Organic Consolidated net sales as so adjusted $ 1,264.7 $ 1,151.2 9.9% 1.1% 11.0%

Worldwide consumer

CSCA $ 700.6 $ 581.8CSCI 382.7 350.8

Total Worldwide Consumer $ 1,083.3 $ 932.6 16.2% 1.5% 17.7%Less: animal health — (19.6)

Less: Canoderm prescription product — (3.7)Worldwide Consumer net sales as so adjusted $ 1,083.3 $ 909.3 19.1% 1.6% 20.7%

Less: Ranir (76.3) —Organic Worldwide Consumer net sales as so adjusted $ 1,007.0 $ 909.3 10.7% 1.6% 12.3%

CSCA $ 700.6 $ 581.8Less: animal health — (19.6)

CSCA net sales as so adjusted $ 700.6 $ 562.2 24.6% 0.2% 24.8%Less: Ranir (55.3) —

Organic CSCA net sales as so adjusted $ 645.3 $ 562.2 14.8% 0.2% 15.0%

CSCI $ 382.7 $ 350.8 9.1% 3.8% 12.9%

Less: Canoderm prescription product — (3.7)CSCI net sales as so adjusted $ 382.7 $ 347.1 10.3% 3.8% 14.1%

Less: Ranir (21.0) —Organic CSCI net sales as so adjusted $ 361.7 $ 347.1 4.2% 3.9% 8.1%

Two Months Ended

February 29, 2020

March 2, 2019

Total Change

FX Change


Net sales

CSCA $ 429.4 $ 374.9 14.5% —% 14.5%

Less: animal health — (11.6)

CSCA net sales as so adjusted $ 429.4 $ 363.3 18.2% —% 18.2%

Less: Ranir (37.6) —

Organic CSCA net sales as so adjusted $ 391.8 $ 363.3 7.8% —% 7.8%

One Month Ended

March 28, 2020

March 30, 2019

Total Change

FX Change


Net sales

CSCA $ 271.2 $ 206.9 31.1% 0.5% 31.6%


CSCA net sales as so adjusted $ 271.2 $ 199.0 36.3% 0.5% 36.8%

Less: Ranir (17.6) —

Organic CSCA net sales as so adjusted $ 253.6 $ 199.0 27.4% 0.6% 28.0%

TABLE III (CONTINUED)

PERRIGO COMPANY PLC


ADJUSTED NET SALES GROWTH - SELECTED SEGMENTS

(in millions)

(unaudited)

TABLE IV

PERRIGO COMPANY PLC



(unaudited)

Three Months Ended

March 28, 2020

March 30, 2019

Total Change

Consolidated adjusted EPS $ 1.14 $ 1.07 6.5%

Adjusted gross profit

Worldwide Consumer $ 416.3 $ 378.6 10.0%CSCA $ 219.8 $ 189.4 16.1%CSCI $ 196.5 $ 189.2 3.9%RX $ 109.0 $ 117.6 (7.3)%

Adjusted gross margin

Worldwide Consumer 38.4% 40.6% (220) bps

CSCA 31.4% 32.5% (110) bps

CSCI 51.4% 53.9% (250) bps

RX 42.3% 48.6% (630) bps

Adjusted operating income

Consolidated $ 225.2 $ 203.0 10.9%Worldwide Consumer $ 151.2 $ 121.1 24.9%

CSCA $ 137.4 $ 106.3 29.3%

CSCI $ 64.0 $ 54.1 18.3%RX $ 74.0 $ 81.9 (9.6)%

Adjusted operating margin

Worldwide Consumer 14.0% 13.0% 100 bps

CSCA 19.6% 18.3% 130 bps

CSCI 16.7% 15.4% 130 bpsRX 28.7% 33.9% (520) bps

Three Months Ended

March 28, 2020

March 30, 2019

Total Change

FX Change


Adjusted gross profit

Worldwide Consumer

CSCA $ 219.8 $ 189.4

CSCI 196.5 189.2

Worldwide Consumer adjusted gross profit $ 416.3 $ 378.6


Less: Canoderm prescription product — (2.5)

Worldwide Consumer adjusted gross profit less exited businesses $ 416.3 $ 365.7 13.8% 1.8% 15.6%

CSCA $ 219.8 $ 189.4


CSCA adjusted gross profit less exited businesses $ 219.8 $ 179.0 22.8% (0.1)% 22.7%

CSCI $ 196.5 $ 189.2


CSCI adjusted gross profit less exited businesses $ 196.5 $ 186.7 5.2% 3.6% 8.8%

Adjusted operating incomeCSCA $ 137.4 $ 106.3


CSCA adjusted operating income less exited businesses $ 137.4 $ 103.4 32.9% (0.3)% 32.6%

CSCI $ 64.0 $ 54.1


CSCI adjusted operating income less exited businesses $ 64.0 $ 51.7 23.8% 4.2% 28.0%

Worldwide consumer

CSCA $ 137.4 $ 106.3

CSCI 64.0 54.1

Unallocated (50.2) (39.3)

Worldwide Consumer adjusted operating income $ 151.2 $ 121.1



Worldwide Consumer adjusted operating income less exited businesses $ 151.2 $ 115.8 30.6% 1.6% 32.2%

TABLE IV (CONTINUED)

PERRIGO COMPANY PLC


ADJUSTED PROFIT MEASURE GROWTH - SELECTED SEGMENTS

(in millions)

(unaudited)

TABLE VPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES(in millions)(unaudited)

Three Months Ended

March 28, 2020

Operating cash flow $ 171.8

Adjusted net income $ 156.7

Cash conversion ratio 110%

Three Months Ended

December 31, 2019

Operating cash flow $ 89.5

Adjusted net income $ 144.8

Cash conversion ratio 62%

TABLE VI

PERRIGO COMPANY PLC

NET SALES BY PRODUCT CATEGORY

(in millions)

(unaudited)

Three Months Ended

March 28, 2020

March 30, 2019

CSCA(1)

Upper respiratory $ 154.6 $ 132.8

Pain and sleep-aids 120.4 91.3

Digestive health 106.9 102.3

Nutrition 102.2 99.6

Healthy lifestyle 85.8 76.0

Oral self-care 55.3 —

Skincare and personal hygiene 46.7 45.5

Vitamins, minerals, and supplements 6.4 6.3

Animal health — 19.6

Other CSCA(2) 22.3 8.4

Total CSCA 700.6 581.8

CSCI

Skincare and personal hygiene 94.7 101.9

Upper respiratory 84.1 71.9

Vitamins, minerals, and supplements 48.5 45.8

Pain and sleep-aids 46.8 40.4

Healthy lifestyle 43.6 47.3

Oral self-care 23.2 1.6

Digestive health 6.0 7.2

Other CSCI(3) 35.8 34.7

Total CSCI 382.7 350.8

RX 257.7 241.9

Total net sales $ 1,341.0 $ 1,174.5

(1) Includes net sales from our OTC contract manufacturing business.(2) Consists primarily of diagnostic products and other miscellaneous or otherwise uncategorized product lines and markets, none of which is greater than

10% of the segment net sales.(3) Consists primarily of liquid licensed products, our distribution business and other miscellaneous or otherwise uncategorized product lines and markets,

none of which is greater than 10% of the segment net sales.

First Quarter 2020 Financial Results April 30, 2020...13 CSCA Organic Net Sales Growth YoY** •...

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