Oppenheimer Consumer Conference June 19, 2019

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Forward Looking Statements

Certain statements in this presentation are “forward-looking statements.” These statements relate to future events or the Company’s future financial performance and involveknown and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry tobe materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology suchas “may,” “will,” “could,” “would,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or othercomparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While theCompany believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known andunknown risks and uncertainties, many of which are beyond the Company’s control, including: the timing, amount and cost of any share repurchases; future impairmentcharges; the success of management transition; customer acceptance of new products; competition from other industry participants, some of whom have greater marketingresources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain taxpositions, including the Company’s appeal of the Notice of Assessment (the “NoA”) issued by the Irish tax authority and the Notice of Proposed Assessment (“NOPA”) issuedby the U.S. Internal Revenue Service and the 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 the NoA 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 or dispositions andthe success of such transactions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute and achieve the desired benefits ofannounced cost-reduction efforts and strategic and other initiatives. Statements regarding the separation of the RX business, including the expected benefits, anticipatedtiming, form of any such separation and whether the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operatingresults, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of theplanned separation to the Company or its shareholders. Furthermore, the Company may incur additional tax liabilities in respect of 2016 and prior years or be found to havebreached certain provisions of Irish company law in connection with the Company’s restatement of previously-filed financial statements, which may result in additionalexpenses and penalties. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31,2018, as well as the Company’s subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements todiffer materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this presentation are made only as of the datehereof, 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 are included at theend of this presentation. A copy of this presentation, including the reconciliations, is available on the Company’s website at www.perrigo.com.

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Perrigo is One of the Originators of the OTC Business

Founded by Luther Perrigo to package

and distribute patented

medicines and household goods

Introduction of“private label”

Company focus shifts to healthcare products

Liquid bright-stockmanufacturing begins

Rx-to-OTC business begins with generic ibuprofen

approval

1887 1921 1940 1980 1984 1997 2004 2015

Omega acquisition

Quifa marks the beginning of global acquisitions, which

continue into the 2000s

Rx business established

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Consumer Self-Care Americas Consumer Self-Care Americas Consumer Self-Care InternationalConsumer Self-Care International Rx PharmaceuticalsRx Pharmaceuticals

Store Brand Market Leader ‘Focused Brands’ Strategy Emphasizing Self-Care

Concentrated Portfolio of Prescription Generic Extended Topicals

~$2.4B* net sales

~$800M*

net sales~$1.5B*

net sales

20Manufacturing Facilities

20Manufacturing Facilities

+14,000SKUs

+14,000SKUs

+3,000Product Formulas+3,000

Product Formulas+75 Billion

Doses Per Year +75 Billion

Doses Per Year +10,000

Employees +10,000

Employees

Perrigo is One of the World’s Largest OTC CompaniesPerrigo is One of the World’s Largest OTC CompaniesNote: *Based on 2018 net sales results

Transforming PerrigoA Global Self-Care Company After Separation of Pharmaceuticals Business

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CHCAmericas

Generic Rx

CHCInternational

Consumer Self-Care Americas SnapshotCSCA Will Comprise ~60% of Net Sales

Sales and Growth

Footprint and

Distribution

• $2.34B in revenue*• 2018 volume growth of 3.4%1

• Attractive categories, growing at ~2-3% annually

• 7,500 SKUs, 1,300 products • 5,500 employees, 15 manufacturing sites• 80,000 points of distribution• 120 customer brands• eCommerce is ~2% of revenue;

• Growing at 4 year CAGR of 30%

Note: *Based upon 2019 guidance, excluding held for sale businesses.(1) Excludes held for sale businesses

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We Are a Top 5 Company in the Consumer Self-Care Space TodayAnd We Are Poised To Outpace Category Growth

• Commercialization support for store brands

• Ability to “mass-customize”

• Strategic relationships with retail and wholesale customers

• Market share that supports launch of new products and segments

A Broad Portfolio* Differentiating Capabilities Strong Partnerships

Note: *See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amountsNote: The trademarks, trade names, trade dress, product names, and/or logos associated with the items pictured on this slide are the property of their respective owners.

CCAS22%

Infant Nutrition

18%

GI17%

Analgesic 16%

Smoking Cessation

13%

Other 14%

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The Magic of Store Brands

8

$7,995

$862 $728 $718 $681 $510 $475 $381 $319 $312

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

$9,000

STOREBRAND

MUCINEX TYLENOL VICKS ADVIL CLARITIN ZYRTEC ALEVE NICORETTE ALLEGRA

Source: IRI MULO Total OTC Category 52 WE 5/19/19, $MM

Store Brand is 10 times Larger Than #2 Brand in OTC

10X

Annual $ Sales (Millions) Total US Multi-Outlet

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Contribution of Store Brand to a Retailer’s Total Category

0

10

20

30

40

50

60

70

80

90

Analgesics Cough/Cold Vitamins Smoking Cessation

Sales ($) Vol (Units) Profit ($)

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Perrigo is the Leading Self-Care Store Brand Company TodayWith Significant Room To Grow

Note: (1) IRI rolling 12 month dollar share ending Dec 2018; (2) Perrigo market share of SB calculated as volume share of only comparable products Perrigo sells at MULO customers only Source: IRI MULO POS data (OTC – selected categories)

We compete in growing categories…

…with room for additional store brand penetration

…within existing categories we have runway in gaining share of store brand

We are growing our fair share in existing products

Whitespace opportunities for growth

We’ve proven the ability to drive high SB penetration

However, significant runway remains in a number of self-care segments

52%PPI’s

29%CCAS

SB categories are growing faster than overall CPG

3.1%

1.6%

Average SB category growth (2014-2018 US MULO POS)

CPG average category growth (2014-2018 US MULO POS)

$276M

1

1

2

eg:

62%NRT 1

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Consumer Self-Care Americas Priorities Focused on Improving SB Penetration, Growing Market Share, and Investing in Innovation

1) Expand store brand penetration in key categories

2) Drive Perrigo’s market share growth in store brand

3) Develop innovation that leapfrogs National Brands (‘NBB’)

4) Drive growth in new channels

5) Invest in critical infrastructure to capitalize on growth opportunities

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1) Expand Store Brand Penetration in Key Categories We are Driving Penetration in Key Categories, Targeting $70M in 2019

Each Point of Penetration is ValuableWe Have a Number Examples of Winning Penetration

Outperforming National BrandsOur Omeprazole supplanted branded

Prilosec® at leading retailer

$74MValue of 1 percentage point of penetration to Perrigo1

Leading store brand supplierCapitalized on leading Store Brand position to capture new sales of infant formula

¹Calculated using IRI rolling 12 month category dollar share totals and assumed Perrigo’s portion of the marketSource: 2018 IRI MULO

Leading store brand innovatorLaunched innovative Omeprazole ODT dosage form for Store Brand

market in 2018

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2) Drive Perrigo’s Market Share Growth in Store BrandWe are Gaining Share in our Categories, Targeting $40M in 2019

1Calculated using volume share of only comparable products Perrigo sells at MULO customers only

We Have a Number of Tactics that have Resulted in Critical Wins

Creating preferred productDemonstrated strong consumer product preference to win share in NRT

Strong partnerships with retailersCo-developed exclusive organic infant

formula product

Store brand merchandising capabilities

Successful marketing events centered on innovative forms have

driven share in GI

There is Meaningful Opportunity to Expand our Share

$18MValue of 1 percentage point

of share to Perrigo1

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3) Develop Innovation that Isn’t Dependent on National Brands We Expect to Generate $45M+ of Revenue in 2019 from New Products

We have Products to Meet National Brand Equivalent (‘NBE’) Offerings, But we also go Beyond – National Brand Better (‘NBB’)

Note: The trademarks, trade names, trade dress, product names, and/or logos associated with the products pictured on this slide are the property of their respective owners.

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4) Drive Growth in New Channels Driving eCommerce Growth is a Top Priority in 2019, with Plans to Exceed $60M in 2019 Revenue

We have been growing Amazon sales

Note: The trademarks, trade names, trade dress, product names, and/or logos associated with the products pictured on this slide are the property of their respective owners.

We have been growing all retailer brands online

Capability building will lead to further growth

450+

SKUs by Q3 20192018 YoY SB growth

47% 2019 eCommerce plan growth

26%

87%

2018 Total YoY SB growth

2,300+

Total SKUs online

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Will enable us to drive $100M+ in annualized revenue due to:

• Expanded U.S. store brand share growth

• Meaningful expansion of non-US presence

• Creation of new formulas

Will enable us to:• Better manage “surge” demand and

enable more customer promotions• Satisfy increasing retailer demands and

expectations of supply dependability• Expand flexibility to enable multiple work

centers for high-volume items• Allow us to grow store brand penetration

and drive Perrigo share

5) Invest in Critical Infrastructure to Capitalize on GrowthWe’re Investing in Growth to Capitalize on Market Demand

Infant Nutrition Tablet Capacity

$50MOVER 2 YEARS

$200MOVER 4 YEARS

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We Are Investing in Repeatable Growth PlatformsTo Accelerate Future Growth

1) Pursuing bolt-on self-care adjacencies

2) Expanding presence through branded opportunities

3) Identify opportunities to drive Rx-to-OTC switches

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1) Pursue Bolt-On Self-Care Adjacencies Ranir Adds to Perrigo’s Winning Model

At the forefront of self-care and prevention

megatrends

Driving growth beyond national brands with highly customized

solutions

Global platform that will continue to seamlessly

expand across all markets and channels

A Global, Leading Self-Care Platform

Critical partner to retailers with best-in-class

innovation capabilities across categories

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Ranir is the Global Market Leader in Oral Care Strong Strategic Fit with Perrigo’s Self-Care Leadership Position

1 • #1 store brand position in oral care

• Go-to partner for delivering the best value, quality, and service

2• Retail-centric focus and expertise to deliver the customized products / solutions

retailers seek for their customers

• Supporting continued shift away from national brands to deliver value to retailers and quality to consumers

3• Organic growth for top and bottom line with plans to accelerate growth over next

five years – growing 3-4x faster than the overall oral care category

• Capture identified global whitespace by leveraging scale and deliver a comprehensive product range to customers

4• Evolving through innovation in customized new products and solutions in existing

and adjacent categories, as well as disciplined acquisitions

• Global infrastructure and scale

Global market leadership

Retailer focused

Strong growth

Ideal platform

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Like Perrigo, Ranir Has a Number of Core CapabilitiesEnabling a Competitive Advantage

Key Retailer Needs Ranir’s Ability to Capitalize

Unmatched customer service • Build value-added relationships with suppliers across all functions• 98% fill rate

NBE/NBB products with quality at parity to national brands

• Include claim of comparison to equivalent national brand on packaging

• 30 global professionals dedicated to best-in-class quality

Customized solutions and execution• Utilize proprietary and syndicated consumer data to develop

solutions• 45+ associates drive global innovation

Flexibility of suppliers for late stage customization• Leverage expertise in product engineering and formulation with

global innovation team• 5 R&D laboratories across the globe

Strategic sourcing to reduce cost • Fill price needs that national brands cannot• $5B+ individual oral care products provided

Unrivaled assortment• Offer a comprehensive portfolio of leading oral care solutions

meeting the specific needs and values of shoppers• 300+ unique oral care products

Service

Quality

Product Development

Flexibility

Sourcing

Variety

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2) Expand Presence Through Branded OpportunitiesLicensing Agreement with a Leading Global “Natural” Brand Allows Launch of Natural Consumer Wellness Products

• A new strategic licensing partnership with 88% Brand Awareness

• A leading Natural Personal Care brand with a reputation for hero ingredient profile and superior natural formulas

• Invest and Innovate: Successful Perrigo products developed for and deployed under a leading natural brand

• The opportunity: Enables entry into specific consumer categories where natural products are preferred

$20B+

Naturals is a Large and Growing Market; Consumers who “Live a Natural Lifestyle” Spend More

40%

6%

Annual growth(’15 – ’18 CAGR)

Naturals market size (2018)

Of adults “don’t mind paying extra money to

maintain a natural lifestyle”

Natural and Organic Self-Care is an Attractive, Growing Market

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3) Identify Opportunities to Drive Rx-to-OTC Switches Perrigo is Challenging its Historical Reliance on National Brands to Initiate Rx-to-OTC Switches

Historical Rx-to-OTC Switches

Note: The trademarks, trade names, trade dress, product names, and/or logos associated with the products pictured on this slide are the property of their respective owners.

• 73% Brand Awareness

• Peak sales >$1B; larger than Flonase Rx (in the same 12 month period)

Exclusivity: Exclusive rights via licensing agreement with Merck for the U.S. OTC market

Equity in the brand’s most distinctive asset, the Bee

Proof of concept: Nasonex switch paves the way for more Perrigo-led switches

will be our firstPerrigo-driven switch in the US

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Perrigo’s Consumer Self-Care Americas Business

A heritage of market leadership

Strong and growing category market shares

Strong, strategic retailer relationships

Investments being made to strengthen our core and ensure growth

Repeatable growth platforms will fuel greater growth in the future

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PERRIGO COMPANY PLCRECONCILIATION OF NON-GAAP MEASURES

TABLE I($ in millions)(unaudited)