[10-Q] PERRIGO Co plc Quarterly Earnings Report

Rhea-AI Filing Summary

Perrigo Company plc reported third-quarter 2025 results. Net sales were $1,043.3 million versus $1,087.5 million a year ago, while operating income was $72.6 million versus $80.4 million. Net income was $7.5 million compared with a loss of $21.0 million in the prior-year quarter. Interest expense improved to $40.6 million from $57.6 million.

Year to date, sales were $3,143.5 million versus $3,235.1 million, with operating income of $164.9 million (versus a slight loss last year) and a net loss of $7.3 million (versus $127.3 million). Cash from operating activities was $63.1 million. Cash stood at $432.1 million and long‑term debt at $3,608.1 million. Inventories were $1,227.0 million.

The company agreed to sell its Dermacosmetics branded business for up to €327 million, including €300 million upfront and up to €27 million in earn‑outs, subject to regulatory and works council approvals, with closing expected in the first quarter of 2026. Related assets and liabilities held for sale were $280.5 million and $37.4 million, respectively. Shares outstanding were 137,624,009 as of October 31, 2025.

Insights

Equity analyst – consumer healthcare

Lower sales, improved earnings drivers; divestiture pending.

Perrigo posted Q3 revenue of $1,043.3M (down year over year) but delivered net income of $7.5M, aided by leaner operating costs and lower interest expense of $40.6M. Year to date, operating income reached $164.9M versus a loss last year, indicating better cost discipline despite softer topline.

Liquidity shows cash of $432.1M against long‑term debt of $3,608.1M. Working capital was mixed, with inventories at $1,227.0M. Cash from operations of $63.1M year to date supports ongoing needs, though improvements will depend on execution in core OTC categories.

The planned sale of the Dermacosmetics business for up to €327M (including €300M upfront and up to €27M earn‑outs) is subject to approvals, with closing targeted in Q1 2026. Proceeds and portfolio focus could affect the mix, while actual impact will depend on closing and final adjustments.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________________________________________

 FORM 10-Q

_______________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 27, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number 001-36353

_______________________________________________

Perrigo Company plc

(Exact name of registrant as specified in its charter)

_______________________________________________

Ireland						Not Applicable
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

The Sharp Building, Hogan Place, Dublin 2, Ireland D02 TY74

+353 1 7094000

(Address, including zip code, and telephone number, including

area code, of registrant’s principal executive offices)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Ordinary shares, €0.001 par value			PRGO			New York Stock Exchange
4.900% Notes due 2030			PRGO30			New York Stock Exchange
6.125% Notes due 2032			PRGO32A			New York Stock Exchange
5.375% Notes due 2032			PRGO32B			New York Stock Exchange
5.300% Notes due 2043			PRGO43			New York Stock Exchange
4.900% Notes due 2044			PRGO44			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐  Yes  ☒ No

As of October 31, 2025, there were 137,624,009 ordinary shares outstanding.

PERRIGO COMPANY PLC

FORM 10-Q

INDEX

						PAGE NUMBER
Cautionary Note Regarding Forward-Looking Statements						3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Statements of Operations						4
Condensed Consolidated Statements of Comprehensive Income						5
Condensed Consolidated Balance Sheets						6
Condensed Consolidated Statements of Shareholders' Equity						7
Condensed Consolidated Statements of Cash Flows						9
Notes to the Condensed Consolidated Financial Statements
1			Summary of Significant Accounting Policies			10
2			Revenue Recognition			11
3			Divestitures			12
4			Assets Held for Sale			13
5			Discontinued Operations			13
6			Inventories			13
7			Investments			14
8			Leases			14
9			Goodwill and Intangible Assets			16
10			Fair Value Measurements			17
11			Derivative Instruments and Hedging Activities			18
12			Indebtedness			23
13			Earnings per Share and Shareholders' Equity			25
14			Accumulated Other Comprehensive Income (Loss)			25
15			Restructuring Charges			26
16			Income Taxes			27
17			Commitments and Contingencies			30
18			Segment and Geographic Information			35
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations						39
Item 3. Quantitative and Qualitative Disclosures About Market Risk						57
Item 4. Controls and Procedures						57
PART II. OTHER INFORMATION
Item 1. Legal Proceedings						57
Item 1A. Risk Factors						57
Item 5. Other Information						58
Item 6. Exhibits						58
Signatures						60

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this report are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and are subject to the safe harbor created thereby. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our, or our industry’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this report, including certain statements contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” "forecast," “predict,” “potential” or the negative of those terms or other comparable terminology.

We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including: our ability to complete the proposed divestment of the Dermacosmetics branded business, receipt of works council and regulatory approval regarding the transaction, performance by counterparties to the transaction and the likelihood of satisfying the deferred payment milestones associated with the transaction, supply chain impacts on our business, including those caused or exacerbated by armed conflict, trade and other economic sanctions and/or disease; general economic, credit, and market conditions; increased or new tariffs by the U.S. or foreign governments (and any retaliatory or reciprocal tariffs) and changes in global trade relations; the impact of the war in Ukraine and any escalation thereof, including the effects of economic and political sanctions imposed by the United States, United Kingdom, European Union, and other countries related thereto; the outbreak or escalation of conflict in other regions where we do business, including the Middle East; current and future impairment charges, if we determine that the carrying amount of specific assets may not be recoverable from the expected future cash flows of such assets; 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 we do; pricing pressures from customers and consumers; resolution of uncertain tax positions and any litigation relating thereto, ongoing or future government investigations and regulatory initiatives; uncertainty regarding our ability to obtain and maintain our regulatory approvals; potential costs and reputational impact of product recalls or sales halts; potential adverse changes to U.S. and foreign tax, healthcare and other government policy; the effect of epidemic or pandemic disease; the timing, amount and cost of any share repurchases (or the absence thereof) and/or any refinancing of outstanding debt at or prior to maturity; fluctuations in currency exchange rates and interest rates; receipt of potential earnout payments in connection with the sale of the HRA Rare Diseases Business and the risk that potential costs or liabilities incurred or retained in connection with this transaction may exceed our estimates or adversely affect our business or operations; the risk that potential costs or liabilities incurred or retained in connection with the sale of our Rx business may exceed our estimates or adversely affect our business or operations; the consummation and success of other announced and unannounced acquisitions or dispositions, and our ability to realize the desired benefits thereof; and our ability to execute and achieve the desired benefits of announced cost-reduction efforts and other strategic initiatives and investments, including our ability to achieve the expected benefits from our ongoing restructuring programs described herein. Adverse results with respect to pending litigation could have a material adverse impact on our operating results, cash flows and liquidity, and could ultimately require the use of corporate assets to pay damages, reducing assets that would otherwise be available for other corporate purposes. These and other important factors, including those discussed in our Form 10-K for the year ended December 31, 2024, in this report under “Risk Factors” and in any subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this report are made only as of the date hereof, and unless otherwise required by applicable securities laws, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

TRADEMARKS, TRADE NAMES AND SERVICE MARKS

This report contains trademarks, trade names and service marks that are the property of Perrigo Company plc, as well as, for informational purposes, trademarks, trade names, and service marks that are the property of other organizations. Solely for convenience, certain trademarks, trade names, and service marks referred to in this report appear without the ®, ™ and SM symbols, but those references are not intended to indicate that we or the applicable owner, as the case may be, will not assert, to the fullest extent under applicable law, our or their rights to such trademarks, trade names, and service marks.

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PART I.     FINANCIAL INFORMATION

ITEM 1.        FINANCIAL STATEMENTS (UNAUDITED)

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share amounts)

(unaudited)

 

			Three Months Ended												Nine Months Ended
			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Net sales			$	1,043.3					$	1,087.5					$	3,143.5					$	3,235.1
Cost of sales			666.2						683.1						2,011.2						2,078.3
Gross profit			377.1						404.4						1,132.3						1,156.8
Operating expenses
Distribution			24.2						25.2						70.6						74.7
Research and development			24.9						26.0						73.6						84.4
Selling			127.3						129.4						409.9						429.8
Administration			94.2						116.9						319.4						373.3
Impairment charges			—						16.2						4.6						50.3
Restructuring			20.8						16.8						58.9						98.1
Other operating (income) expense, net			13.1						(6.5)						30.4						47.5
Total operating expenses			304.5						324.0						967.4						1,158.1
Operating income (loss)			72.6						80.4						164.9						(1.3)
Interest expense, net			40.6						57.6						119.2						144.7
Other (income) expense, net			9.6						(4.1)						11.9						(0.5)
Loss on extinguishment of debt			—						5.1						—						5.2
Income (loss) from continuing operations before income taxes			22.4						21.8						33.8						(150.7)
Income tax expense (benefit)			9.7						39.4						21.5						(31.5)
Income (loss) from continuing operations			12.7						(17.6)						12.3						(119.2)
Loss from discontinued operations, net of tax			(5.2)						(3.4)						(19.6)						(8.1)
Net income (loss)			$	7.5					$	(21.0)					$	(7.3)					$	(127.3)
Earnings (loss) per share
Basic
Continuing operations			$	0.09					$	(0.13)					$	0.09					$	(0.87)
Discontinued operations			(0.04)						(0.02)						(0.14)						(0.06)
Basic earnings (loss) per share			$	0.05					$	(0.15)					$	(0.05)					$	(0.93)
Diluted
Continuing operations			$	0.09					$	(0.13)					$	0.09					$	(0.87)
Discontinued operations			(0.04)						(0.02)						(0.14)						(0.06)
Diluted earnings (loss) per share			$	0.05					$	(0.15)					$	(0.05)					$	(0.93)
Weighted-average shares outstanding
Basic			138.5						137.5						138.2						137.3
Diluted			138.9						137.5						138.8						137.3

See accompanying Notes to the Condensed Consolidated Financial Statements.

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Perrigo Company plc - Item 1

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

(unaudited)

			Three Months Ended												Nine Months Ended
			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Net income (loss)			$	7.5					$	(21.0)					$	(7.3)					$	(127.3)
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax			(20.9)						73.7						261.0						1.2
Change in fair value of derivative financial instruments, net of tax			15.8						(9.5)						(28.2)						(0.3)
Change in post-retirement and pension liability, net of tax			(0.3)						(0.2)						(0.8)						(1.8)
Other comprehensive income (loss), net of tax			(5.4)						64.0						232.0						(0.9)
Comprehensive income (loss)			$	2.1					$	43.0					$	224.7					$	(128.2)

See accompanying Notes to the Condensed Consolidated Financial Statements.

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Perrigo Company plc - Item 1

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions, except per share amounts)

(unaudited)

			September 27, 2025						December 31, 2024
Assets
Cash and cash equivalents			$	432.1					$	558.8
Accounts receivable, net of allowance for credit losses of $6.6 and $7.4, respectively			644.4						642.3
Inventories			1,227.0						1,081.8
Prepaid expenses and other current assets			295.2						199.0
Current assets held for sale			280.5						—
Total current assets			2,879.2						2,481.9
Property, plant and equipment, net			902.8						917.8
Operating lease assets			170.1						175.2
Goodwill and indefinite-lived intangible assets			3,365.8						3,325.4
Definite-lived intangible assets, net			2,400.1						2,423.7
Deferred income taxes			64.2						5.1
Other non-current assets			301.8						318.6
Total non-current assets			7,204.8						7,165.8
Total assets			$	10,084.0					$	9,647.7
Liabilities and Shareholders’ Equity
Liabilities
Accounts payable			$	469.7					$	495.2
Payroll and related taxes			122.7						123.2
Accrued customer programs			109.9						133.3
Other accrued liabilities			363.1						238.7
Accrued income taxes			5.9						17.4
Current indebtedness			36.6						36.4
Current liabilities held for sale			37.4						—
Total current liabilities			1,145.3						1,044.2
Non-current liabilities
Long-term debt, less current portion			3,608.1						3,581.7
Deferred income taxes			194.4						203.2
Other non-current liabilities			689.7						499.2
Total non-current liabilities			4,492.2						4,284.1
Total liabilities			5,637.5						5,328.3
Contingencies - Refer to Note 17
Shareholders’ equity
Controlling interests:
Preferred shares, $0.0001 par value per share, 10 shares authorized			—						—
Ordinary shares, €0.001 par value per share, 10,000 shares authorized			6,636.3						6,733.9
Accumulated other comprehensive income (loss)			69.6						(162.4)
Retained earnings (accumulated deficit)			(2,259.4)						(2,252.1)
Total shareholders’ equity			4,446.5						4,319.4
Total liabilities and shareholders' equity			$	10,084.0					$	9,647.7
Supplemental Disclosures of Balance Sheet Information
Preferred shares, issued and outstanding			—						—
Ordinary shares, issued and outstanding			137.6						136.5

See accompanying Notes to the Condensed Consolidated Financial Statements.

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Perrigo Company plc - Item 1

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in millions, except per share amounts)

(unaudited)

			Ordinary Shares Issued												Accumulated Other Comprehensive Income (Loss)						Retained Earnings (Accumulated Deficit)						Total
			Shares						Amount
Balance at December 31, 2023			135.5						$	6,837.5					$	10.7					$	(2,080.3)					$	4,767.9
Net income (loss)			—						—						—						2.0						2.0
Other comprehensive (loss)			—						—						(48.4)						—						(48.4)
Restricted stock plan			1.2						—						—						—						—
Compensation for restricted stock			—						15.6						—						—						15.6
Cash dividends, $0.27 per share			—						(37.6)						—						—						(37.6)
Shares withheld for payment of employees' withholding tax liability			(0.4)						(12.5)						—						—						(12.5)
Balance at March 30, 2024			136.3						$	6,803.0					$	(37.7)					$	(2,078.3)					$	4,687.0
Net income (loss)			—						—						—						(108.4)						(108.4)
Other comprehensive (loss)			—						—						(16.5)						—						(16.5)
Restricted stock plan			0.1						—						—						—						—
Compensation for restricted stock			—						23.4						—						—						23.4
Cash dividends, $0.27 per share			—						(38.3)						—						—						(38.3)
Shares withheld for payment of employees' withholding tax liability			—						(1.9)						—						—						(1.9)
Balance at June 29, 2024			136.4						$	6,786.2					$	(54.2)					$	(2,186.7)					$	4,545.3
Net income (loss)			—						—						—						(21.0)						(21.0)
Other comprehensive income			—						—						64.0						—						64.0
Restricted stock plan			0.1						—						—						—						—
Compensation for restricted stock			—						16.6						—						—						16.6
Cash dividends, $0.27 per share			—						(38.3)						—						—						(38.3)
Shares withheld for payment of employees' withholding tax liability			—						(0.6)						—						—						(0.6)
Balance at September 28, 2024			136.5						$	6,763.9					$	9.8					$	(2,207.7)					$	4,566.0

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Perrigo Company plc - Item 1

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in millions, except per share amounts)

(unaudited)

			Ordinary Shares Issued												Accumulated Other Comprehensive Income (Loss)						Retained Earnings (Accumulated Deficit)						Total
			Shares						Amount
Balance at December 31, 2024			136.5						$	6,733.9					$	(162.4)					$	(2,252.1)					$	4,319.4
Net income (loss)			—						—						—						(6.4)						(6.4)
Other comprehensive income			—						—						92.0						—						92.0
Restricted stock plan			1.2						—						—						—						—
Compensation for restricted stock			—						11.6						—						—						11.6
Cash dividends, $0.29 per share			—						(40.6)						—						—						(40.6)
Shares withheld for payment of employees' withholding tax liability			(0.5)						(12.0)						—						—						(12.0)
Balance at March 29, 2025			137.2						$	6,692.9					$	(70.4)					$	(2,258.5)					$	4,364.0
Net income (loss)			—						—						—						(8.4)						(8.4)
Other comprehensive income			—						—						145.4						—						145.4
Restricted stock plan			0.6						—						—						—						—
Compensation for restricted stock			—						16.8						—						—						16.8
Cash dividends, $0.29 per share			—						(39.8)						—						—						(39.8)
Shares withheld for payment of employees' withholding tax liability			(0.2)						(5.7)						—						—						(5.7)
Balance at June 28, 2025			137.6						$	6,664.2					$	75.0					$	(2,266.9)					$	4,472.3
Net income (loss)			—						—						—						7.5						7.5
Other comprehensive income			—						—						(5.4)						—						(5.4)
Restricted stock plan			0.1						—						—						—						—
Compensation for restricted stock			—						13.9						—						—						13.9
Cash dividends, $0.29 per share			—						(40.7)						—						—						(40.7)
Shares withheld for payment of employees' withholding tax liability			(0.1)						(1.1)						—						—						(1.1)
Balance at September 27, 2025			137.6						$	6,636.3					$	69.6					$	(2,259.4)					$	4,446.5

See accompanying Notes to the Condensed Consolidated Financial Statements.

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Perrigo Company plc - Item 1

PERRIGO COMPANY PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

(unaudited)

			Nine Months Ended
			September 27, 2025						September 28, 2024
Cash Flows From (For) Operating Activities
Net income (loss)			$	(7.3)					$	(127.3)
Adjustments to derive cash flows:
Depreciation and amortization			251.6						245.6
Restructuring charges			54.5						43.1
Share-based compensation			41.6						44.5
Impairment charges			4.6						50.3
Amortization of debt discount			6.7						1.1
Settlement of interest rate derivatives			—						41.2
Dedesignation of interest rate swap agreements			—						14.4
Deferred income taxes			(14.0)						(13.5)
(Gain) loss on sale of assets			—						(26.0)
Loss (gain) on sale of business			1.6						(5.8)
Amortization on hedging instruments			(18.3)						8.8
Other non-cash adjustments, net			2.0						10.4
Subtotal			323.0						286.8
(Decrease) increase in cash due to:
Inventories			(143.7)						(14.7)
Accrued income taxes			(51.4)						(134.6)
Payroll and related taxes			(38.7)						(73.9)
Accounts payable			(33.1)						(4.9)
Accrued customer programs			(24.8)						2.0
Other accrued liabilities			2.3						22.4
Accounts receivable			4.6						(69.3)
Other long term liabilities			11.3						14.9
Prepaid expenses and other current assets			13.6						0.5
Other operating, net			—						21.1
Subtotal			(259.9)						(236.5)
Net cash from operating activities			63.1						50.3
Cash Flows From (For) Investing Activities
Net proceeds from sale of businesses			14.4						205.5
Proceeds from sale of assets			—						33.3
Proceeds from royalty rights			3.2						3.5
Asset acquisitions			(1.5)						—
Additions to property, plant and equipment			(66.6)						(80.6)
Settlement of foreign currency derivatives			—						(45.8)
Other investing, net			(0.4)						—
Net cash (for) from investing activities			(50.9)						115.9
Cash Flows From (For) Financing Activities
Issuances of long-term debt			—						1,092.7
Payments on long-term debt			(26.1)						(420.4)
Cash dividends			(119.4)						(112.9)
Shares used to settle taxes			(18.8)						(15.0)
Other financing, net			(1.8)						(1.3)
Net cash (for) from financing activities			(166.1)						543.1
Effect of exchange rate changes on cash and cash equivalents			29.5						2.9
Net (decrease) increase in cash and cash equivalents			(124.4)						712.2
Cash and cash equivalents of continuing operations, beginning of period			558.8						751.3
Cash and cash equivalents held for sale, beginning of period			—						—
Less cash and cash equivalents held for sale, end of period			(2.3)						—
Cash and cash equivalents of continuing operations, end of period			$	432.1					$	1,463.5

See accompanying Notes to the Condensed Consolidated Financial Statements.

9

Perrigo Company plc - Item 1

Note 1

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General Information

Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc ("Elan"). Unless the context requires otherwise, the terms "Perrigo," the "Company," "we," "our," "us," and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries.

Perrigo is a leading pure-play self-care company with more than a century of providing high-quality health and wellness solutions to meet the evolving needs of consumers. As one of the originators of the over-the-counter ("OTC") self-care market, Perrigo is led by its vision "To Provide The Best Self-Care For Everyone" and its purpose to "Make Lives Better Through Trusted Health and Wellness Solutions, Accessible To All".

Basis of Presentation

Our unaudited Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Form 10-K"). In the opinion of management, all adjustments considered necessary for a fair presentation of the unaudited Condensed Consolidated Financial Statements have been included and include our accounts and accounts of all majority-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Some amounts in this report may not add due to rounding.

Segment Reporting

Our reporting and operating segments are as follows:

•Consumer Self-Care Americas ("CSCA") comprises our consumer self-care business in the U.S. and Canada.

•Consumer Self-Care International ("CSCI") comprises our consumer self-care business outside of the U.S. and Canada, primarily in Europe and Australia.

We previously had an Rx segment which was comprised of our generic prescription pharmaceuticals business in the U.S., and other pharmaceuticals and diagnostic business in Israel, which have been divested. Following the divestiture, there were no substantial assets or operations left in this segment. The Rx segment was reported as Discontinued Operations in 2021, and is presented as such for all periods in this report (refer to Note 5).

Our segments reflect the way in which our chief operating decision maker ("CODM"), who is our Chief Executive Officer ("CEO"), makes operating decisions, allocates resources and manages the growth and profitability of the Company. Financial information related to our business segments and geographic locations can be found in Note 2 and Note 18.

Foreign Currency Translation and Transactions

We translate our non-U.S. dollar-denominated operations’ assets and liabilities into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations are recorded in the cumulative translation account, a component of Accumulated other comprehensive income (loss) ("AOCI"). Gains or losses from foreign currency transactions are included in Other (income) expense, net.

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Perrigo Company plc - Item 1

Note 1

Allowance for Credit Losses

Expected credit losses on trade receivables and contract assets are measured collectively by geographic location. Historical credit loss experience provides the primary basis for estimation of expected credit losses and is adjusted for current conditions and for reasonable and supportable forecasts. Receivables that do not share risk characteristics are evaluated on an individual basis and are not included in the collective evaluation. The following table presents the allowance for credit losses activity (in millions):

			Three Months Ended												Nine Months Ended
			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Balance at beginning of period			$	6.5					$	7.6					$	7.4					$	7.8
Provision for credit losses, net			0.5						0.2						2.7						1.0
Receivables written-off			(0.5)						(0.6)						(4.2)						(1.4)
Recoveries collected			0.1						—						0.2						—
Currency translation adjustment			—						0.3						0.5						0.1
Balance at end of period			$	6.6					$	7.5					$	6.6					$	7.5

NOTE 2 - REVENUE RECOGNITION

The following is a summary of our net sales by category (in millions):

			Three Months Ended												Nine Months Ended
			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
CSCA
Upper Respiratory			$	129.2					$	120.9					$	390.4					$	370.0
Digestive Health			105.5						113.5						318.3						361.7
Nutrition			99.8						127.1						300.1						303.8
Pain and Sleep-Aids			88.6						87.7						245.4						251.9
Healthy Lifestyle			77.5						80.9						221.5						221.3
Oral Care			62.8						66.9						184.8						204.8
Skin Care			58.9						51.9						165.2						158.6
Women's Health			19.0						18.0						52.7						62.0
Vitamins, Minerals, and Supplements ("VMS")			2.1						3.5						5.9						13.0
Other CSCA(1)			2.2						0.7						4.0						2.4
Total CSCA			$	645.6					$	671.3					$	1,888.3					$	1,949.5
CSCI
Skin Care			$	91.7					$	91.0					$	326.1					$	333.5
Upper Respiratory			80.6						86.1						209.5						206.0
Pain and Sleep-Aids			56.3						56.9						173.4						158.6
Healthy Lifestyle			52.8						53.2						180.2						175.2
VMS			40.0						43.0						116.2						127.4
Women's Health			29.9						32.2						103.3						101.2
Oral Care			23.9						23.3						71.6						75.0
Digestive Health			10.6						9.0						30.1						27.0
Other CSCI(1)			11.9						21.6						44.7						81.5
Total CSCI			$	397.7					$	416.3					$	1,255.1					$	1,285.5
Total net sales			$	1,043.3					$	1,087.5					$	3,143.5					$	3,235.1

(1) Consists primarily of other miscellaneous or otherwise uncategorized product lines, none of which is greater than 10% of the segment net sales.

The following table provides information about contract assets from contracts with customers (in millions):

			Balance Sheet Location						September 27, 2025						December 31, 2024
Short-term contract assets			Prepaid expenses and other current assets						$	31.2					$	43.9

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Perrigo Company plc - Item 1

Note 2

We generated net sales in the following geographic locations(1) (in millions):

			Three Months Ended												Nine Months Ended
			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
U.S.			$	635.3					$	656.9					$	1,855.5					$	1,917.1
Europe(2)			384.0						397.3						1,217.9						1,225.5
All other countries(3)			24.0						33.3						70.1						92.5
Total net sales			$	1,043.3					$	1,087.5					$	3,143.5					$	3,235.1

(1) The net sales by geography are derived from the location of the entity that sells to a third party.

(2) Includes Ireland net sales of $8.6 million and $29.4 million for the three and nine months ended September 27, 2025, and $11.1 million and $26.8 million for the three and nine months ended September 28, 2024.

(3) Includes net sales generated primarily in Australia and Canada.

NOTE 3 - DIVESTITURES

Divestitures During the Nine Months Ended September 27, 2025

Richard Bittner Business

On April 11, 2025, we completed the sale of the Richard Bittner Business AG, an Austrian contract manufacturing entity (the "Richard Bittner Business") to HBI Health & Beauty Innovations Limited for total consideration of $14.4 million, net of cash delivered. The sale resulted in a pre-tax loss of $1.6 million, net of professional fees, recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations within our CSCI segment.

The assets associated with this business were reported within our CSCI segment. We determined the carrying value of the net assets held for sale of this business exceeded their fair value less costs to sell, resulting in a total impairment charge of $3.1 million during the nine months ended September 27, 2025, inclusive of a goodwill impairment charge of $1.2 million.

Divestitures During the Nine Months Ended September 28, 2024

Rare Diseases Business

On July 10, 2024, we completed the sale of our HRA Pharma Rare Diseases Business (the "Rare Diseases Business") to Esteve Healthcare S.L. ("ESTEVE") for total consideration of $244.5 million, inclusive of net cash received, an estimated working capital adjustment, and contingent consideration with a fair value of $34.5 million as of September 28, 2024. The sale resulted in a pre-tax gain of $5.8 million, net of professional fees, recorded in Other (income) expense, net on the Condensed Consolidated Statements of Operations within our CSCI segment.

At June 29, 2024, we determined the carrying value of the net assets held for sale of this business exceeded their fair value less costs to sell, resulting in a total impairment charge of $34.1 million during the nine months ended September 28, 2024, inclusive of a goodwill impairment charge of $22.1 million.

Branded Products

During the nine months ended September 28, 2024, we sold six branded products in three separate transactions for total cash consideration of $33.3 million, which resulted in a pre-tax gain of $26.0 million recorded in Other operating (income) expense, net on the Condensed Consolidated Statements of Operations within our CSCI segment.

12

Perrigo Company plc - Item 1

Note 4

NOTE 4 - ASSETS HELD FOR SALE

We classify assets as "held for sale" when, among other factors, management approves and commits to a formal plan of sale with the expectation the sale will be completed within one year. The net assets of the business held for sale are then recorded at the lower of their current carrying value and the fair market value, less costs to sell.

On July 13, 2025, we entered into a binding agreement to sell our Dermacosmetics branded business in Northern Europe, the Netherlands and Poland (the "Dermacosmetics Business") to Kairos Bidco AB ("Kairos") for total consideration of up to €327 million, consisting of an upfront cash payment of €300 million to be paid by Kairos at closing, subject to customary adjustments, and up to €27 million in potential earn-out payments based on the Dermacosmetics Business achieving certain performance thresholds. The sale is expected to close in the first quarter of 2026, subject to customary regulatory approvals and consultation with employee works councils. Following the closing of KKR’s acquisition of Karo Healthcare AB on August 27, 2025, Kairos has transferred the binding agreement to acquire the Dermacosmetics Business to Karo Healthcare AB.

As of September 27, 2025, the Dermacosmetics Business was classified as held for sale as the reporting criteria were met. The assets and liabilities associated with this business were reported within our CSCI segment.

As of the held for sale date and as of September 27, 2025, the estimated fair value less costs to sell of the Dermacosmetics Business exceeded its carrying value. As such, no impairment charge was recorded during the three months ended September 27, 2025. The assets and liabilities held for sale related to the Dermacosmetics Business were reported within Current assets held for sale and Current liabilities held for sale on the Condensed Consolidated Balance Sheets. The assets and liabilities of the Dermacosmetics Business reported as held for sale as of September 27, 2025 totaled $280.5 million and $37.4 million, respectively.

NOTE 5 - DISCONTINUED OPERATIONS

Our discontinued operations primarily consist of our former Rx segment, which held our prescription pharmaceuticals business in the U.S. and our pharmaceuticals and diagnostic businesses in Israel (collectively, the “Rx business”).

In connection with the sale of the Rx business, Perrigo retained certain pre-closing liabilities arising out of antitrust (refer to Note 17 under the header "Price-Fixing Lawsuits") and opioid matters and the Company’s Albuterol recall, subject to, in each case, Altaris Capital Partners, LLC ("Altaris") obligation to indemnify the Company for fifty percent of these liabilities up to an aggregate cap on Altaris' obligation of $50.0 million. As of September 27, 2025, the loss accrual for litigation contingencies reflected on the Condensed Consolidated Balance Sheet in Other accrued liabilities included $31.0 million related to price-fixing lawsuits. A recovery receivable was recorded for fifty percent of this liability as of September 27, 2025. Pending the resolution of this litigation, we have not requested payments from Altaris related to the indemnity of these liabilities as of September 27, 2025.

Current and prior period reported net loss from discontinued operations primarily relates to the provision for litigation contingencies.

NOTE 6 - INVENTORIES

Major components of inventory were as follows (in millions):

 

			September 27, 2025						December 31, 2024
Finished goods			$	782.9					$	627.1
Work in process			243.7						233.3
Raw materials			200.4						221.4
Total inventories			$	1,227.0					$	1,081.8

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Perrigo Company plc - Item 1

Note 7

NOTE 7 - INVESTMENTS

The following table summarizes the measurement category, balance sheet location, and balances of our equity securities (in millions):

Measurement Category						Balance Sheet Location						September 27, 2025						December 31, 2024
Fair value method(1)						Other non-current assets						$	0.9					$	0.8
Equity method						Other non-current assets						$	56.6					$	57.3

(1) Measured at fair value using the Net Asset Value practical expedient.

The following table summarizes the (income) expense recognized in earnings of our equity securities (in millions):

												Three Months Ended												Nine Months Ended
Measurement Category						Income Statement Location						September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Fair value method						Other operating (income) expense, net						$	—					$	—					$	(0.1)					$	0.1
Equity method						Other operating (income) expense, net						$	0.2					$	0.1					$	0.7					$	1.3

NOTE 8 - LEASES

The balance sheet locations of our lease assets and liabilities were as follows (in millions):

Assets						Balance Sheet Location						September 27, 2025						December 31, 2024
Operating						Operating lease assets						$	170.1					$	175.2
Finance						Other non-current assets						10.8						11.7
Total												$	180.9					$	186.9

Liabilities						Balance Sheet Location						September 27, 2025						December 31, 2024
Current
Operating						Other accrued liabilities						$	28.4					$	27.8
Finance						Current indebtedness						1.7						1.5
Non-Current
Operating						Other non-current liabilities						153.1						153.8
Finance						Long-term debt, less current portion						11.1						12.0
Total												$	194.3					$	195.1

The below tables show our lease assets and liabilities by reporting segment (in millions):

						Assets
						Operating												Financing
						September 27, 2025						December 31, 2024						September 27, 2025						December 31, 2024
CSCA						$	94.0					$	90.5					$	10.3					$	11.5
CSCI						28.4						31.0						—						—
Unallocated						47.7						53.7						0.5						0.2
Total						$	170.1					$	175.2					$	10.8					$	11.7

						Liabilities
						Operating												Financing
						September 27, 2025						December 31, 2024						September 27, 2025						December 31, 2024
CSCA						$	99.2					$	94.1					$	12.2					$	13.1
CSCI						35.6						36.7						0.1						0.2
Unallocated						46.7						50.8						0.5						0.2
Total						$	181.5					$	181.6					$	12.8					$	13.5

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Perrigo Company plc - Item 1

Note 8

Expenses related to leases were as follows (in millions):

						Three Months Ended												Nine Months Ended
						September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Operating leases(1)						$	12.8					$	12.5					$	36.7					$	36.7
Finance leases
Amortization						$	0.6					$	0.6					$	1.7					$	1.7
Interest						0.1						0.1						0.3						0.3
Total finance leases						$	0.7					$	0.7					$	2.0					$	2.0

(1) Includes short-term leases and variable lease costs, which are immaterial.

The annual future maturities of our leases as of September 27, 2025 are as follows (in millions):

						Operating Leases						Finance Leases						Total
2025						$	8.4					$	0.6					$	9.0
2026						34.3						2.0						36.3
2027						31.4						1.6						33.0
2028						23.4						1.6						25.0
2029						19.4						1.6						21.0
After 2029						95.7						7.3						103.0
Total lease payments						$	212.6					$	14.7					$	227.3
Less: Interest						31.1						1.9						33.0
Present value of lease liabilities						$	181.5					$	12.8					$	194.3

Our weighted average lease terms and discount rates are as follows:

						September 27, 2025						September 28, 2024
Weighted-average remaining lease term (in years)
Operating leases						8.96						9.59
Finance leases						8.23						9.12
Weighted-average discount rate
Operating leases						4.0		%				3.8		%
Finance leases						3.5		%				3.5		%

Our lease cash flow classifications are as follows (in millions):

						Nine Months Ended
						September 27, 2025						September 28, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases						$	27.5					$	26.7
Operating cash flows for finance leases						$	0.3					$	0.4
Financing cash flows for finance leases						$	1.7					$	1.5
Leased assets obtained (used) in exchange for new finance lease liabilities						$	0.4					$	0.4
Leased assets obtained (used) in exchange for new operating lease liabilities						$	15.4					$	26.5

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Perrigo Company plc - Item 1

Note 9

NOTE 9 - GOODWILL AND INTANGIBLE ASSETS

Goodwill

Changes in the carrying amount of goodwill, by reportable segment, were as follows (in millions):

						December 31, 2024																		Business divestitures(1)						Impairments						Transfer to assets held for sale(2)						Currency translation adjustments						September 27, 2025
CSCA(3)						$	2,076.1																	$	—					$	—					$	—					$	9.5					$	2,085.6
CSCI(4)						1,244.1																		(5.2)						(1.2)						(116.2)						153.3						1,274.8
Total goodwill						$	3,320.2																	$	(5.2)					$	(1.2)					$	(116.2)					$	162.8					$	3,360.4

(1) Represents goodwill allocated on a relative fair value basis to the Richard Bittner Business in connection with its divestiture (refer to Note 3).

(2) Represents goodwill allocated on a relative fair value basis to the Dermacosmetics Business in connection with its classification as held for sale (refer to Note 4).

(3) We had accumulated goodwill impairments of $6.1 million as of September 27, 2025 and December 31, 2024.

(4) We had accumulated goodwill impairments of $997.1 million and $995.9 million as of September 27, 2025 and December 31, 2024, respectively.

Richard Bittner Business Goodwill

On March 10, 2025, the Company signed a definitive agreement to sell the Richard Bittner Business to HBI Health & Beauty Innovations Limited. As a result, we determined an impairment indicator existed and prepared a quantitative goodwill impairment test. We determined the carrying value of this business exceeded the fair value and recorded an impairment charge of $1.2 million within our CSCI segment during the three months ended March 29, 2025. On April 11, 2025, we completed the sale of the Richard Bittner Business to HBI Health & Beauty Innovations Limited (refer to Note 3 and Note 10).

Intangible Assets

Intangible assets and related accumulated amortization consisted of the following(1) (in millions):

			September 27, 2025												December 31, 2024
			Gross						Accumulated Amortization						Gross						Accumulated Amortization
Indefinite-lived intangibles:
Trademarks, trade names, and brands			$	3.5					$	—					$	3.3					$	—
In-process research and development			1.9						—						1.9						—
Total indefinite-lived intangibles			$	5.4					$	—					$	5.2					$	—
Definite-lived intangibles:
Distribution and license agreements and supply agreements			$	106.7					$	66.0					$	101.9					$	59.5
Developed product technology, formulations, and product rights			351.6						243.5						341.5						227.2
Customer relationships and distribution networks			1,840.8						1,233.6						1,750.6						1,112.3
Trademarks, trade names, and brands			2,438.1						794.0						2,301.5						672.8
Non-compete agreements			2.1						2.1						2.1						2.1
Total definite-lived intangibles			$	4,739.3					$	2,339.2					$	4,497.6					$	2,073.9
Total intangible assets			$	4,744.7					$	2,339.2					$	4,502.8					$	2,073.9

(1) Certain intangible assets are denominated in currencies other than U.S. dollar; therefore, their gross and net carrying values are subject to foreign currency movements.

As a result of entering into a binding agreement to sell the Dermacosmetics Business, during the three months ended September 27, 2025, we reclassified $98.1 million net book value of associated intangible assets to Current assets held for sale (refer to Note 4).

During the nine months ended September 27, 2025, we identified an impairment indicator related to our Prevacid® definite-lived intangible asset in our CSCA segment. The indicator related to expected long-term decline in contribution margin. We determined a fair value assessment of the asset was required. The assessment resulted in an asset impairment of $1.5 million (refer to Note 10).

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Perrigo Company plc - Item 1

Note 9

We recorded amortization expense of $55.8 million and $167.2 million for the three and nine months ended September 27, 2025, respectively, and $57.5 million and $173.4 million for the three and nine months ended September 28, 2024, respectively.

NOTE 10 - FAIR VALUE MEASUREMENTS

The table below summarizes the valuation of our financial instruments carried at fair value by the applicable pricing categories (in millions):

						September 27, 2025																		December 31, 2024
Measured at fair value on a recurring basis:						Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Foreign currency forward contracts						$	—					$	2.6					$	—					$	—					$	5.5					$	—
Cross-currency swaps						—						—						—						—						14.2						—
Interest rate swap agreements						—						2.4						—						—						9.3						—
Total assets						$	—					$	5.0					$	—					$	—					$	29.0					$	—
Liabilities:
Foreign currency forward contracts						$	—					$	14.3					$	—					$	—					$	5.6					$	—
Cross-currency swaps						—						262.0						—						—						46.8						—
Interest rate swap agreements						—						34.2						—						—						22.6						—
Total liabilities						$	—					$	310.5					$	—					$	—					$	75.0					$	—
Measured at fair value on a non-recurring basis:
Assets:
Contingent consideration(1)						$	—					$	—					$	—					$	—					$	—					$	34.5
Definite-lived intangible assets(2)						—						—						5.5						—						—						8.2
Total assets						$	—					$	—					$	5.5					$	—					$	—					$	42.7

(1) During the year ended December 31, 2024, contingent consideration was recognized as a result of the divestiture of the Rare Diseases Business.

(2) During the nine months ended September 27, 2025, we assessed the fair value of our Prevacid® branded product at $5.5 million, resulting in an asset impairment charge of $1.5 million. During the year ended December 31, 2024, we assessed the fair value of our Prevacid® branded product at $8.2 million, resulting in an asset impairment charge of $38.6 million.

There were no transfers within Level 3 fair value measurements during the three and nine months ended September 27, 2025 or the year ended December 31, 2024 (refer to Note 11 for a discussion of derivatives).

Non-recurring Fair Value Measurements

The non-recurring fair values represent only those assets whose carrying values were adjusted to fair value during the reporting period.

Prevacid® Branded Product

During the nine months ended September 27, 2025, we measured the impairment of our Prevacid® branded product, a definite-lived intangible asset. We utilized a discounted cash flow technique to estimate the fair value of the asset. Significant valuation inputs and assumptions relate to our projected future contribution margin, which include our estimated market share at planned investment levels and the expected selling price. We concluded the fair value was $5.5 million.

Rare Diseases Business

On July 10, 2024, we completed the sale of our Rare Diseases Business to ESTEVE. The measurement of consideration received included a non-recurring valuation of the contingent earn-out milestone payments at $34.5 million utilizing a Monte Carlo simulation. The approach determined the expected value of achieving the milestone payments based on adjusted revenue projections for the Rare Diseases Business and the cash flows were discounted (Refer to Note 3).

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Perrigo Company plc - Item 1

Note 10

Fixed Rate Long-term Debt    

Our fixed rate long-term debt consisted of the following (in millions):

			September 27, 2025						December 31, 2024
Public Bonds			Level 1						Level 1
Carrying value (excluding discount)			$	2,268.9					$	2,221.8
Fair value			$	2,202.0					$	2,083.9

The fair values of our public bonds for all periods were based on quoted market prices.

The carrying amounts of our other financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, short-term debt, revolving credit agreements, and variable rate long-term debt, approximate their fair value.

NOTE 11 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES     

Interest Rate Swaps

We have $1.2 billion notional amount of variable-to-fixed interest rate swaps used to economically hedge interest rate risk on a substantial portion of our Term A and Term B Loans (as defined in Note 12).The interest rate swaps were designated as cash flow hedges to fix the variable interest rate. As a designated cash flow hedge, changes in fair value will be deferred in AOCI and recognized within Interest expense, net when interest is paid on the Term A and Term B Loans.

As of September 27, 2025, the designated instruments used to hedge the exposure to variable interest on the Senior Secured Credit Facilities totaled $1.2 billion notional amount of which $487.5 million and $712.5 million notional amounts are effective through April 2027 and April 2029, respectively.

In September 2024, we reduced our variable debt outstanding on the Senior Secured Credit Facilities, as a result, we discontinued hedge accounting on $300.0 million notional amount of variable-to-fixed interest rate swaps. To economically offset the impact of these undesignated instruments, we entered into $300.0 million notional amount of offsetting fixed-for-variable interest rate swaps. Changes in fair value of the derivative instruments are recognized in Interest expense, net.

As of September 27, 2025, the undesignated economically offsetting interest rate swaps totaling $600.0 million are effective through April 2029.

Cross-currency Swaps

We have $2.3 billion notional amount fixed-for-fixed cross-currency interest rate swaps designated as net investment hedges to hedge the European Euro ("EUR") currency exposure of our investment in European operations. As designated net investment hedges, gains and losses related to the EUR spot exchange rate will be deferred within the Cumulative Translation Adjustment, a component of AOCI, and recognized in the Condensed Consolidated Statements of Operations when the hedged EUR net investment is substantially liquidated. Gains and losses on excluded components (e.g., interest differentials) will be recorded in Interest expense, net on a systematic and rational basis.

As of September 27, 2025, of the total $2.3 billion notional amount, $515.0 million, $1.0 billion, $300.0 million, $315.0 million, and $200.0 million notional amounts are effective through March 2026, April 2027, September 2028, December 2030, and March 2033, respectively.

Other Hedging Instruments

The €350.0 million 2032 Notes (as defined in Note 12) are designated as a net investment hedge on our investment in European operations.

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Perrigo Company plc - Item 1

Note 11

As a designated net investment hedge, gains and losses related to the EUR spot exchange rate will be deferred within the Cumulative Translation Adjustment, a component of AOCI, and recognized in the Condensed Consolidated Statements of Operations when the hedged EUR net investment is substantially liquidated.

Foreign Currency Forwards

Notional amounts of foreign currency forward contracts were as follows (in millions):

						September 27, 2025						December 31, 2024
United States Dollar (USD)						$	165.7					$	97.9
British Pound (GBP)						120.1						101.3
European Euro (EUR)						45.1						54.9
Polish Zloty (PLZ)						44.0						26.7
Danish Krone (DKK)						42.3						57.8
Canadian Dollar (CAD)						29.7						35.5
Swedish Krona (SEK)						19.0						66.5
Chinese Yuan (CNH)						13.0						31.9
Hungarian Forint (HUF)						12.8						6.3
Norwegian Krone (NOK)						2.5						6.8
Other(1)						18.8						16.9
Total						$	513.0					$	502.5

(1) Number consists of notional amounts of various currencies, none of which individually exceed $10.0 million in either year presented.

The maximum term of our forward currency exchange contracts is 60 months.

On August 1, 2025, we entered into a deal-contingent EUR/USD forward contract of €300 million to hedge foreign exchange risk related to the proceeds expected for the planned divestiture of our Dermacosmetics Business (refer to Note 4 for additional details). The contract is contingent on the successful closing of the transaction. If the divestiture does not close by January 13, 2027, the derivative will be terminated with no settlement obligation.

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Perrigo Company plc - Item 1

Note 11

Effects of Derivatives on the Financial Statements

The below tables indicate the effects of all derivative instruments on the Condensed Consolidated Financial Statements. All amounts exclude income tax effects.

The balance sheet location and gross fair value of our derivative instruments were as follows (in millions):

			Balance Sheet Location						September 27, 2025						December 31, 2024
Designated derivative assets:
Foreign currency forward contracts			Prepaid expenses and other current assets						$	1.8					$	2.1
Foreign currency forward contracts			Other non-current assets						0.1						—
Cross-currency swaps			Other non-current assets						—						14.2
Interest rate swap agreements			Interest rate swap agreements						2.4						9.3
Total designated derivative assets									$	4.3					$	25.6
Non-designated derivative assets:
Foreign currency forward contracts			Prepaid expenses and other current assets						$	0.7					$	3.4
Total non-designated derivatives									$	0.7					$	3.4
Designated derivative liabilities:
Foreign currency forward contracts			Other accrued liabilities						$	1.0					$	4.1
Cross-currency swaps			Other accrued liabilities						95.7						—
Cross-currency swaps			Other non-current liabilities						166.3						46.8
Interest rate swap agreements			Other non-current liabilities						22.6						9.0
Total designated derivative liabilities									$	285.6					$	59.9
Non-designated derivative liabilities:
Foreign currency forward contracts			Other accrued liabilities						$	13.3					$	1.5
Interest rate swap agreements			Other non-current liabilities						11.6						13.6
Total non-designated derivative liabilities									$	24.9					$	15.1

The amounts of (income)/expense recognized in earnings related to our non-designated derivatives on the Condensed Consolidated Statements of Operations were as follows (in millions):

												Three Months Ended												Nine Months Ended
Non-Designated Derivatives						Income Statement Location						September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Foreign currency forward contracts						Other (income) expense, net						$	9.8					$	(0.9)					$	9.0					$	(4.2)
Interest rate swap agreements						Interest expense, net						$	0.3					$	—					$	0.8					$	14.4

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Perrigo Company plc - Item 1

Note 11

The following tables summarize the effect of derivative instruments designated as hedging instruments in AOCI (in millions):

												Gain or (Loss) Reclassified from AOCI into Earnings
												Related to Amounts Included in Effectiveness Testing												Related to Amounts Excluded from Effectiveness Testing
						Amount of Gain or (Loss) Recognized in OCI(1)						Location of Gain or (Loss)						Amount Reclassified(2)						Location of Gain or (Loss)						Amount Reclassified(2)
Three Months Ended September 27, 2025
Cash flow hedges
Interest rate swap agreements						$	(0.2)					Interest expense, net						$	3.9					Interest expense, net						$	—
Foreign currency forward contracts						0.7						Net sales						0.3						Net sales						(0.1)
												Cost of sales						(0.5)						Cost of sales						(0.1)
																								Other (income) expense, net						(0.1)
Total Cash flow hedges						$	0.5											$	3.7											$	(0.3)
Net investment hedges
Cross-currency swaps						$	17.6																	Interest expense, net						$	9.5
Euro Notes Due 2032						0.6
Total Net investment hedges						$	18.2																							$	9.5
Nine Months Ended September 27, 2025
Cash flow hedges
Interest rate swap agreements						$	(16.3)					Interest expense, net						$	13.0					Interest expense, net						$	—
Foreign currency forward contracts						4.0						Net sales						0.4						Net sales						(0.2)
												Cost of sales						(0.1)						Cost of sales						—
																								Other (income) expense, net						(0.2)
Total Cash flow hedges						$	(12.3)											$	13.3											$	(0.4)
Net investment hedges
Cross-currency swaps						$	(211.3)																	Interest expense, net						$	28.4
Euro Notes Due 2032						(46.8)
Total Net investment hedges						$	(258.1)																							$	28.4
Three Months Ended September 28, 2024
Cash flow hedges
Interest rate swap agreements						$	(28.4)					Interest expense, net						$	8.9					Interest expense, net						$	—
Foreign currency forward contracts						(0.1)						Net sales						(0.3)						Net sales						(0.3)
												Cost of sales						0.2						Cost of sales						(0.2)
																								Other (income) expense, net						(0.3)
Total Cash flow hedges						$	(28.5)											$	8.8											$	(0.8)
Net investment hedges
Cross-currency swaps						$	(72.9)																	Interest expense, net						$	6.9
Euro Notes Due 2032						(1.8)
Total Net investment hedges						$	(74.7)																							$	6.9
Nine Months Ended September 28, 2024
Cash flow hedges
Interest rate swap agreements						$	11.7					Interest expense, net						$	25.3					Interest expense, net						$	—
Foreign currency forward contracts						(0.6)						Net sales						(0.4)						Net sales						(0.8)
												Cost of sales						0.3						Cost of sales						(0.7)
																								Other (income) expense, net						0.3
Total Cash flow hedges						$	11.1											$	25.2											$	(1.2)
Net investment hedges
Cross-currency swaps						$	(6.6)																	Interest expense, net						$	21.1
Euro Notes Due 2032						(1.8)
Total Net investment hedges						$	(8.4)																							$	21.1

(1) Net income of $16.8 million is expected to be reclassified out of AOCI into earnings during the next 12 months.

(2) For additional details about the effect of the amounts reclassified from AOCI refer to Note 14.

21

Perrigo Company plc - Item 1

Note 11

The classification and amount of gain/(loss) recognized in earnings related to fair value and hedging relationships on the Condensed Consolidated Statement of Operations were as follows (in millions):

						Net Sales						Cost of Sales						Interest Expense, net						Other (Income) Expense, net
Three Months Ended September 27, 2025
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	1,043.3					$	666.2					$	40.6					$	9.6
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain reclassified from AOCI into earnings						$	0.3					$	(0.5)					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	(0.1)					$	(0.1)					$	—					$	(0.1)
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings						$	—					$	—					$	3.9					$	—
Nine Months Ended September 27, 2025
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	3,143.5					$	2,011.2					$	119.2					$	11.9
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain reclassified from AOCI into earnings						$	0.4					$	(0.1)					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	(0.2)					$	—					$	—					$	(0.2)
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings						$	—					$	—					$	13.0					$	—
Three Months Ended September 28, 2024
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	1,087.5					$	683.1					$	57.6					$	(4.1)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain reclassified from AOCI into earnings						$	(0.3)					$	0.2					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	(0.3)					$	(0.2)					$	—					$	(0.3)
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings						$	—					$	—					$	8.9					$	—
Nine Months Ended September 28, 2024
Total amounts of income and expense line items presented on the Condensed Consolidated Statements of Operations in which the effects of fair value or cash flow hedges are recorded						$	3,235.1					$	2,078.3					$	144.7					$	(0.5)
Gain (loss) on cash flow hedging relationships
Foreign currency forward contracts
Amount of gain (loss) reclassified from AOCI into earnings						$	(0.4)					$	0.3					$	—					$	—
Amount excluded from effectiveness testing recognized using a systematic and rational amortization approach						$	(0.8)					$	(0.7)					$	—					$	0.3
Interest rate swap agreements
Amount of gain reclassified from AOCI into earnings						$	—					$	—					$	25.3					$	—

22

Perrigo Company plc - Item 1

Note 12

NOTE 12 - INDEBTEDNESS

Total borrowings are summarized as follows (in millions):

															September 27, 2025						December 31, 2024
Term loans
			Term A Loans due April 20, 2027(1)												$	428.1					$	446.9
			Term B Loans due April 20, 2029(1)												974.9						982.2
			Total term loans												$	1,403.0					$	1,429.1
Notes and Bonds
			Coupon			Due
			4.900%			June 15, 2030(2)									750.0						750.0
*			5.375%			September 30, 2032(3)									409.5						362.4
			6.125%			September 30, 2032(3)									715.0						715.0
			5.300%			November 15, 2043									90.5						90.5
			4.900%			December 15, 2044									303.9						303.9
			Total notes and bonds												2,268.9						2,221.8
Other financing															12.6						13.2
Unamortized premium (discount), net															(20.7)						(23.1)
Deferred financing fees															(19.1)						(22.9)
Total borrowings outstanding															3,644.7						3,618.1
			Current indebtedness												(36.6)						(36.4)
Total long-term debt less current portion															$	3,608.1					$	3,581.7

(1)    Discussed collectively herein as the "Senior Secured Credit Facilities".

(2)     The coupon rate noted above is as of September 27, 2025. This increased from 4.650% to 4.900% on payments starting after June 15, 2024, following a credit rating downgrade by S&P Global Ratings in the first quarter of 2024. Future interest rate adjustments are subject to a 2.0% total cap above the original 3.150% interest rate which would result in an interest rate not to exceed 5.150% based on certain rating events as specified in the Note’s Supplemental Indenture No. 3, dated as of June 19, 2020, among Perrigo Finance Unlimited Company, Perrigo Company plc, the guarantors party thereto and Wells Fargo Bank, National Association, as trustee.

(3)    Discussed below collectively as the "2032 Notes".

* Debt denominated in euros subject to fluctuations in the euro-to-U.S. dollar exchange rate.

Note Issuances

On September 17, 2024, Perrigo Finance Unlimited Company ("Perrigo Finance"), a public unlimited company incorporated under the laws of Ireland and an indirect wholly-owned finance subsidiary of Perrigo whose primary purpose is to finance the business and operations of Perrigo and its affiliates, issued $715.0 million in aggregate principal amount of 6.125% Senior Notes due 2032 (the "USD Notes due 2032") and €350.0 million in aggregate principal amount of 5.375% Senior Notes due 2032 (the "Euro Notes due 2032" and together with the USD Notes due 2032, the "2032 Notes"). The 2032 Notes are fully and unconditionally guaranteed on a senior unsecured basis by Perrigo and its subsidiaries that provide guarantees under Perrigo's Senior Secured Credit Facilities (as defined below). Net proceeds from the 2032 Notes were used to prepay a portion of the Term Loan B Facility (as defined below) on September 19, 2024 and the remaining proceeds were used to fund the redemption of $700.0 million of the 4.375% Notes due 2026 on October 2, 2024. As a result of the redemption, we recognized an extinguishment loss of $5.1 million during the third quarter of 2024 and an additional loss of $1.6 million in the fourth quarter of 2024.

23

Perrigo Company plc - Item 1

Note 12

Credit Agreements

On April 20, 2022, we and our indirect wholly owned subsidiary, Perrigo Investments, LLC, (the "Borrower") entered into the senior secured credit facilities, which consisted of (i) a $1.0 billion five-year revolving credit facility (the “Revolver”), (ii) a $500.0 million five-year Term Loan A facility (the “Term Loan A Facility” and the Term A Loans thereunder, the "Term A Loans"), and (iii) a $1.1 billion seven-year Term Loan B facility (the “Term Loan B Facility” and the Term B Loans thereunder borrowed on April 20, 2022, the "2022 Term B Loans” and, together with the Revolver and Term Loan A Facility, the "Senior Secured Credit Facilities"), pursuant to a Term Loan and Revolving Credit Agreement (the "Credit Agreement").

On December 15, 2023, we and the Borrower entered into Amendment No. 1, an Incremental Assumption Agreement (the "Amendment") to the Credit Agreement. The Amendment provides for a fungible add on to the 2022 Term B Loans in an aggregate principal amount of $300.0 million (the "Incremental Term B Loans" and together with the 2022 Term B Loans, the “Term B Loans”). The terms of the Incremental Term B Loans, including pricing and maturity, are identical to the 2022 Term B Loans. The Term B Loans will mature on April 20, 2029. The net proceeds from the Incremental Term B Loans were used to settle the cash tender offer by Perrigo Finance for $300.0 million in aggregate principal amount of 3.900% Senior Notes due 2024 ("2024 Notes"). The tender offer was settled on December 15, 2023, and Perrigo Finance accepted for purchase $300.0 million of the 2024 Notes and paid approximately $295.1 million in aggregate cash consideration (excluding accrued interest). On December 15, 2024, we and the Borrower entered into Amendment No. 2 to the Credit Agreement, that provides for the refinancing of the Term B Loans outstanding under the Credit Agreement in the aggregate amount of $984.7 million.

The Senior Secured Credit Facilities are guaranteed, along with any hedging or cash management obligations entered into with a lender, by us, and certain of our direct and indirect wholly-owned subsidiaries organized in the United States, Ireland, Belgium and England and Wales (subject to certain exceptions) (the “Guarantor Subsidiaries”). Additionally, the Borrower and the Guarantor Subsidiaries provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 5.300% Notes due 2043 issued by the Company, and the Guarantor Subsidiaries, the Company and the Borrower provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 4.900% Notes due 2030, the 6.125% USD Notes due 2032 and the 4.900% Notes due 2044 issued by Perrigo Finance.

We are subject to financial covenants in the Senior Secured Credit Facilities. The agreements contain financial covenants that require the Borrower and its restricted subsidiaries to (a) not exceed a maximum first lien secured net leverage ratio of 3.00 to 1.00 at the end of each fiscal quarter and (b) not fall below a minimum interest coverage ratio of 3.00 to 1.00 at the end of each fiscal quarter, provided that such covenants apply only to the Revolver and the Term Loan A Facility. If we consummate certain qualifying acquisitions during the term of the loan, the maximum first lien secured net leverage ratio covenant would increase to 3.25 to 1.00 for such quarter and the three following fiscal quarters thereafter.

During the three and nine months ended September 27, 2025, principal repayments of $8.8 million and $26.1 million, respectively, were made on the Term Loan A Facility and Term Loan B Facility.

There were no borrowings outstanding under the Revolver as of September 27, 2025 or December 31, 2024.

We were in compliance with all the covenants under our debt agreements as of September 27, 2025.

Other Financing

We have overdraft facilities available that we use to support our cash management operations. We report any balances outstanding in the above table under "Other financing". There were no material borrowings outstanding under the overdraft facilities as of September 27, 2025 or December 31, 2024.

We have financing leases that are reported in the above table under "Other financing" (refer to Note 8).

24

Perrigo Company plc - Item 1

Note 13

NOTE 13 - EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

A reconciliation of the numerators and denominators used in our basic and diluted earnings per share ("EPS") calculation is as follows (in millions):

			Three Months Ended												Nine Months Ended
			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Numerator:
Income (loss) from continuing operations			$	12.7					$	(17.6)					$	12.3					$	(119.2)
Loss from discontinued operations, net of tax			(5.2)						(3.4)						(19.6)						(8.1)
Net income (loss)			$	7.5					$	(21.0)					$	(7.3)					$	(127.3)
Denominator:
Weighted average shares outstanding for basic EPS			138.5						137.5						138.2						137.3
Dilutive effect of share-based awards(1)			0.4						—						0.6						—
Weighted average shares outstanding for diluted EPS			138.9						137.5						138.8						137.3

(1) In the period of a net loss, diluted shares equal basic shares.

NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in our AOCI balances, net of tax were as follows (in millions):

			Fair Value of Derivative Financial Instruments, net of tax						Foreign Currency Translation Adjustments, net of tax												Post-Employment Plan Adjustments, net of tax						Total AOCI
Balance at December 31, 2024			$	36.9					$	(196.0)											$	(3.3)					$	(162.4)
OCI before reclassifications			(14.9)						261.0												(0.8)						245.3
Amounts reclassified from AOCI			(13.3)						—												—						(13.3)
Other comprehensive income (loss)			$	(28.2)					$	261.0											$	(0.8)					$	232.0
Balance at September 27, 2025			$	8.7					$	65.0											$	(4.1)					$	69.6

For additional details about the effect of the amounts reclassified from AOCI refer to Note 11.

The tax effects on the net activity related to each component of other comprehensive income (loss), were as follows (in millions):

			Three Months Ended												Nine Months Ended
Tax (benefit) expense			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Fair value of derivative financial instruments			$	(0.9)					$	(8.7)					$	(7.1)					$	(3.0)
Foreign currency translation adjustments			0.5						(19.0)						(71.8)						(9.3)
Post-employment plan adjustments			—						—						—						(0.1)
(Benefit) expense for income taxes related to other comprehensive income (loss)			$	(0.4)					$	(27.7)					$	(78.9)					$	(12.4)

Except for the tax effects of foreign currency translation adjustments related to our foreign-denominated notes and cross-currency interest rate swaps designated as net investment hedges (refer to Note 11), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in the Condensed Consolidated Statements of Shareholders' Equity rather than in the Condensed Consolidated Statements of Operations.

25

Perrigo Company plc - Item 1

Note 15

NOTE 15 - RESTRUCTURING CHARGES

We periodically take action to reduce redundant expenses and improve operating efficiencies. Restructuring activity includes severance, lease exit costs, asset impairments, and related consulting fees. The following reflects our restructuring activity (in millions):

			Three Months Ended
			September 27, 2025
			Supply Chain Reinvention			HRA Pharma Integration			Project Energize			Nutrition Network Optimization			Other Initiatives			Total
Beginning balance			$	1.1		$	—		$	22.2		$	17.7		$	—		$	41.0
Additional charges			5.8			—			14.6			0.4			—			20.8
Payments			(2.2)			—			(8.6)			—			—			(10.8)
Non-cash adjustments			—			—			(0.5)			—			—			(0.5)
Foreign currency effect			1.1			—			(1.2)			—			—			(0.1)
Ending balance			$	5.8		$	—		$	26.5		$	18.1		$	—		$	50.4

			Nine Months Ended
			September 27, 2025
			Supply Chain Reinvention			HRA Pharma Integration			Project Energize			Nutrition Network Optimization			Other Initiatives			Total
Beginning balance			$	2.3		$	1.6		$	27.9		$	—		$	1.0		$	32.8
Additional charges			12.5			(1.5)			29.8			18.1			—			58.9
Payments			(10.8)			—			(31.4)			—			(1.0)			(43.2)
Non-cash adjustments			—			—			(3.3)			—			—			(3.3)
Foreign currency effect			1.8			(0.1)			3.5			—			—			5.2
Ending balance			$	5.8		$	—		$	26.5		$	18.1		$	—		$	50.4

			Three Months Ended
			September 28, 2024
			Supply Chain Reinvention			HRA Pharma Integration			Project Energize			Other Initiatives			Total
Beginning balance			$	0.3		$	4.9		37.8			$	0.8		$	43.8
Additional charges			2.3			—			14.5			—			16.8
Payments			(1.9)			(0.5)			(13.5)			(0.4)			(16.3)
Ending balance			$	0.7		$	4.4		$	38.8		$	0.4		$	44.3

			Nine Months Ended
			September 28, 2024
			Supply Chain Reinvention			HRA Pharma Integration			Project Energize			Other Initiatives			Total
Beginning balance			$	0.7		$	6.8		$	2.9		$	1.8		$	12.2
Additional charges			7.3			—			90.6			0.2			98.1
Payments			(7.0)			(2.4)			(43.5)			(1.7)			(54.6)
Non-cash adjustments			(0.3)			—			(11.2)			0.1			(11.4)
Ending balance			$	0.7		$	4.4		$	38.8		$	0.4		$	44.3

The charges incurred during the three months ended September 27, 2025 were primarily associated with employee separation costs as a result of actions taken on Project Energize. The charges incurred during the nine months ended September 27, 2025 were primarily associated with employee separation costs as a result of actions taken on the Nutrition Network Optimization Project and Project Energize. The charges incurred during the three and nine

26

Perrigo Company plc - Item 1

Note 15

months ended September 28, 2024 were primarily associated with actions taken on Project Energize associated with employee separation, consulting fees and lease exit costs.

Of the amount recorded during the three and nine months ended September 27, 2025, $7.8 million and $12.7 million was related to our CSCI segment, due primarily to Project Energize, and $7.1 million and $32.2 million related to our CSCA segment, due primarily to Project Energize and Nutrition Network Optimization, and $5.9 million and $14.0 million was related to our Unallocated segment, due primarily to Project Energize. Of the amount recorded during the three and nine months ended September 28, 2024, $9.1 million and $48.8 million was related to our CSCI segment and $5.4 million and $23.8 million was related to our CSCA segment, and $2.3 million and $25.5 million was related to our Unallocated segment. For all segments, amounts were due primarily to Project Energize.

There were no other material restructuring programs for the periods presented. All charges are recorded in Restructuring expense on the Condensed Consolidated Statements of Operations. The remaining $50.4 million liability for employee severance benefits and consulting fees is expected to be mostly paid within the next year, with the exception of the entirety of all charges recorded for the Nutrition Network Optimization, which are recorded as a long term liability on the Condensed Consolidated Balance Sheets as they are not currently expected to be paid out until 2027.

NOTE 16 - INCOME TAXES

The effective tax rates were as follows:

Three Months Ended												Nine Months Ended
September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
43.3		%				180.9		%				63.7%						20.9%

The effective tax rate on pre-tax income for the three months ended September 27, 2025, decreased when compared to the effective tax rate on pre-tax income for the three months ended September 28, 2024, primarily due to tax benefits resulting from the enactment of the One Big Beautiful Bill Act ("OBBBA") and the impacts of accounting for income taxes in interim reporting periods, offset by changes in reserves for uncertain tax positions. The effective tax rate on pre-tax income for the nine months ended September 27, 2025 increased when compared to the effective tax rate on pre-tax loss for the nine months ended September 28, 2024 primarily due to changes in reserves for uncertain tax positions, offset by the impact of the OBBBA, and the impacts related to accounting for income taxes in interim reporting periods for 2024. For 2024, the accounting for income taxes in interim reporting periods resulted in a significant variation in the customary relationship between income tax expense and pre-tax book income, which does not significantly impact 2025.

On July 4, 2025, the OBBBA was signed into law. The OBBBA includes significant changes to federal tax law and permanently extends various provisions from the 2017 Tax Cuts and Jobs Act, including, but not limited to, deductions for federal bonus depreciation, domestic research and development expenditures, and business interest expense. We evaluated the OBBBA provisions enacted during the quarter and we estimate that the impact will result in a tax benefit of $28.0 million for 2025, primarily due to the increased realizability of deferred tax assets associated with interest expense carryforwards following the restoration of depreciation and amortization in the Section 163(j) business interest expense limitation calculation. The remaining provisions of the OBBBA have multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are not anticipating the remaining provisions of the OBBBA to have a material effect on our consolidated financial statements.

The Organization for Economic Co-operation and Development (“OECD”), which represents a coalition of member countries, has recommended changes to numerous long-standing tax principles. In particular, the OECD’s Pillar Two initiative introduces a global per-country minimum tax of 15%. Pillar Two legislation has been enacted or substantively enacted in many of the jurisdictions in which we operate. We are in compliance with the OECD's Pillar Two framework. After a comprehensive assessment, we have determined that there is no material impact on our financial results as a result of these regulations.

We believe that our existing global tax strategies will adequately address any necessary adjustments to comply with Pillar Two without significantly affecting our effective tax rate or overall financial position. We will continue to monitor

27

Perrigo Company plc - Item 1

Note 16

regulatory developments to ensure ongoing compliance, but we do not anticipate any adverse effects on our operations or profitability due to these regulations.

Internal Revenue Service Audits of Perrigo Company, a U.S. Subsidiary

Perrigo Company, our U.S. subsidiary ("Perrigo U.S."), is engaged in a series of tax disputes in the U.S. relating primarily to transfer pricing adjustments including income in connection with the purchase, distribution, and sale of store-brand OTC pharmaceutical products in the United States, including the heartburn medication omeprazole. On August 27, 2014, we received a statutory notice of deficiency from the Internal Revenue Service ("IRS") relating to our fiscal tax years ended June 27, 2009, and June 26, 2010 (the “2009 tax year” and “2010 tax year”, respectively). On April 20, 2017, we received a statutory notice of deficiency from the IRS for the years ended June 25, 2011 and June 30, 2012 (the “2011 tax year” and “2012 tax year”, respectively). Specifically, both statutory notices proposed adjustments related to the offshore reporting of profits on sales of omeprazole in the United States resulting from the assignment of an omeprazole distribution contract to an Israeli affiliate. In addition to the transfer pricing adjustments, which applied to all four tax years, the statutory notice of deficiency for the 2011 and 2012 tax years included adjustments requiring the capitalization and amortization of certain legal expenses that were deducted when paid or incurred in defending against certain patent infringement lawsuits related to Abbreviated New Drug Applications ("ANDAs") filed with a Paragraph IV Certification.

We do not agree with the audit adjustments proposed by the IRS in either of the notices of deficiency. We paid the assessed amounts of tax, interest, and penalties set forth in the statutory notices and timely filed claims for refund on June 11, 2015 for the 2009 and 2010 tax years, and on June 7, 2017, for the 2011 and 2012 tax years. On August 15, 2017, following disallowance of such refund claims, we timely filed a complaint in the United States District Court for the Western District of Michigan seeking refunds of tax, interest, and penalties of $27.5 million for the 2009 tax year, $41.8 million for the 2010 tax year, $40.1 million for the 2011 tax year, and $24.7 million for the 2012 tax year, for a total of $134.1 million, plus statutory overpayment interest thereon from the dates of payment. The amounts sought in the complaint for the 2009 and 2010 tax years were recorded as deferred charges in Other non-current assets on our balance sheet during the three months ended March 28, 2015, and the amounts sought in the complaint for the 2011 and 2012 tax years were recorded as deferred charges in Other non-current assets on our balance sheet during the three months ended July 1, 2017.

A bench trial was held during the period from May 25, 2021 to June 7, 2021 for the refund case in the United States District Court for the Western District of Michigan. The total amount of cumulative deferred charge that we are seeking to receive in this litigation is approximately $113.3 million, which reflects the impact of conceding that Perrigo U.S. should have received a 5.24% royalty on all omeprazole sales. That concession was previously paid and is the subject of the above refund claims. The issues outlined in the statutory notices of deficiency described above are continuing in nature, and the IRS will likely carry forward the adjustments set forth therein as long as the OTC medication is sold, in the case of the omeprazole issue, and for all post-2012 Paragraph IV filings that trigger patent infringement suits, in the case of the ANDA issue. Post-trial briefings were completed on September 24, 2021 and the case is now fully submitted for the court’s decision. On April 30, 2021, we filed a Notice of New Authority in our refund case in the Western District of Michigan alerting the court to a United States Tax Court decision in Mylan v. Comm'r that ruled in favor of the taxpayer on nearly identical ANDA issues as we have before the court. On August 1, 2023, we filed a Notice of New Authority in our refund case in the Western District of Michigan alerting the court to the Third Circuit Court decision in Mylan v. Comm’r that ruled in favor of the taxpayer on nearly identical ANDA issues that we have before the court. On August 22, 2022, the parties filed a Notice of New Authority in the refund case alerting the court to a United States Court of Federal Claims decision in Actavis Laboratories v. United States that also ruled in favor of the taxpayer on the ANDA issues. The government appealed the Actavis Laboratories decision to the United States Court of Appeals for the Federal Circuit in December of 2022; oral argument was held on June 7, 2024, and the case decided on March 21, 2025, affirming the lower court's decision in favor of the taxpayer. On March 27, 2025, we filed a Notice of New Authority in our refund case in the Western District of Michigan alerting the court to the Federal Circuit Court decision in Actavis Laboratories v. United States that ruled in favor of the taxpayer in nearly identical ANDA issues that we have before the court. On September 25, 2025, the court issued an opinion in the case that predominantly sided with Perrigo U.S. on both the omeprazole and the ANDA issues. The opinion is not yet a final, appealable judgment. The court has ordered the parties to submit computations implementing the opinion and either submit a proposed final judgment or briefs explaining any disagreements over the computations by December 19, 2025. Thereafter, a final, appealable judgment will be entered. While we generally agree with the opinion, we are still considering all avenues to appeal the portions of the opinion that sided with the government.

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On January 13, 2021, the IRS issued a 30-day letter and Revenue Agent's Report ("RAR") with respect to its audit of our fiscal tax years ended June 29, 2013, June 28, 2014, and June 27, 2015. The 30-day letter proposed, among other modifications, transfer pricing adjustments in connection with the distribution of omeprazole consistent with the IRS position in the prior years in the aggregate amount of $141.6 million and ANDA-related adjustments in the aggregate amount of $21.9 million. We timely filed a protest to the 30-day letter for those additional adjustments but noted that, due to the pending refund litigation described above, IRS Appeals would not consider the merits of the omeprazole or ANDA matters. We believe that we should prevail on the merits on both carryforward issues and have reserved for taxes and interest payable on the 5.24% deemed royalty on omeprazole through the tax year ended December 31, 2018. Beginning with the tax year ended December 31, 2019, we began reporting income commensurate with the 5.24% deemed royalty. We have not reserved for the ANDA-related issue described above. While we believe we should prevail on the merits of this case, the outcome remains uncertain. If our litigation position on the omeprazole issue is not ultimately sustained, the outcome for the 2009–2012 tax years could range from a reduction in the refund amount to denial of any refund. In addition, we expect that the outcome of the refund litigation could effectively bind future tax years. In that event, an adverse ruling on the omeprazole issue could have a material impact on subsequent periods (i.e. 2013 to date), with additional tax liability in the range of $25.0 million to $128.0 million, not including interest and any applicable penalties.

The 30-day letter for the 2013-2015 tax years also proposed to reduce Perrigo U.S.'s deductible interest expense for the 2014 tax year and the 2015 tax year on $7.5 billion in certain intercompany debts owed by it to Perrigo Company plc. The debts were incurred in connection with the Elan merger transaction in 2013. On May 7, 2020, the IRS issued a Notice of Proposed Adjustment ("NOPA") capping the interest rate on the debts for U.S. federal tax purposes. On May 5, 2023, we finalized an agreement resulting in settlement of the May 7, 2020 NOPA. In fiscal year 2023 we adjusted our previously established reserves related to this matter. On March 28, 2024, we received a Notice of Assessment and on April 10, 2024 we made the settlement payment.

On December 2, 2021, the IRS commenced an audit of our federal income tax returns for the tax years ended December 31, 2015, through December 31, 2019, which remains ongoing. On March 12, 2025, the IRS issued a NOPA to reduce Perrigo U.S.’s deductible interest expense for the 2015 through 2018 tax years by $348.2 million, using the same interest rates that we agreed with IRS Appeals for the 2014 and 2015 tax years, and a Closing Agreement is pending that, once fully executed, will resolve this issue with finality. We previously adjusted our reserves using such interest rates and, as a result, we are fully reserved for the adjustments specified in the NOPA.

Internal Revenue Service Audit of Athena Neurosciences, LLC, a U.S. Subsidiary    

On December 22, 2016, we received a NOPA for the year ended December 31, 2011, denying the deductibility of settlement costs incurred in 2011 by Athena's parent company Elan Pharmaceuticals, Inc. ("EPI") related to illegal marketing of Zonegran by EPI's employees in the United States raised in a Qui Tam action under the U.S. False Claims Act. We strongly disagreed with the IRS' position on this issue. Because we believed that any concession on this issue in Appeals would be contrary to our evaluation of the issue and to avoid double taxation of the same income in the United States and Ireland, we pursued our remedies under the Mutual Agreement Procedure ("MAP") of the U.S. - Ireland Income Tax Treaty. On October 20, 2020, we requested Competent Authority assistance and the request was accepted. On April 14, 2025, we received a MAP Closing Letter from the IRS Office of Advance Pricing and Mutual Agreement advising that the U.S. and Ireland Competent Authorities reached a mutual agreement regarding the competent authority request filed by Athena. This mutual agreement is a favorable resolution of this matter and had an immaterial impact on our financial statements.

Although we believe that our tax estimates are reasonable and that we prepare our tax filings in accordance with all applicable tax laws, the final determination with respect to any tax audit and any related litigation could be materially different from our estimates or from our historical income tax provisions and accruals. The results of an audit or litigation could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments.

Based on the final resolution of tax examinations, judicial or administrative proceedings, changes in facts or law, expirations of statute of limitations in specific jurisdictions or other resolutions of, or changes in, tax positions - one or more of which may occur within the next twelve months - it is reasonably possible that unrecognized tax benefits for certain tax positions taken on previously filed tax returns may change materially from those recorded as of

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September 27, 2025. However, we are not able to estimate a reasonably possible range of how these events may impact our unrecognized tax benefits in the next twelve months.

NOTE 17 - COMMITMENTS AND CONTINGENCIES

In view of the inherent difficulties of predicting the outcome of various types of legal proceedings, we cannot determine the ultimate resolution of the matters described below. We establish reserves for litigation and regulatory matters when losses associated with the claims become probable and the amounts can be reasonably estimated. The actual costs of resolving legal matters may be substantially higher or lower than the amounts reserved for those matters. For matters where the likelihood or extent of a loss is not probable or cannot be reasonably estimated as of September 27, 2025, we have not recorded a loss reserve. If certain of these matters are determined against us, there could be a material adverse effect on our financial condition, results of operations, or cash flows. We currently believe we have valid defenses to the claims in these lawsuits and intend to defend these lawsuits vigorously regardless of whether or not we have a loss reserve. Other than what is disclosed below, we do not expect the outcome of the litigation matters to which we are currently subject to have, individually or in the aggregate, a material adverse effect on our financial condition, results of operations, or cash flows.

Price-Fixing Lawsuits Related to the Company's Former Rx Business

Beginning in 2016, the Company, along with other manufacturers, was named as a defendant in lawsuits in the United States and Canada generally alleging anticompetitive conduct with respect to the sale of generic drugs by the Company’s former Rx business. The complaints have been filed by putative classes of direct purchasers, end payors, and indirect resellers, as well as individual direct and indirect purchasers that have opted out of the putative classes, including pharmacies, health insurers, hospitals, self-insured employers, retail customers and certain cities and counties. The complaints allege a conspiracy to fix, maintain, stabilize, and/or raise prices, rig bids, and allocate markets or customers for various generic drugs in violation of federal and state antitrust and consumer protection laws.

While most of the class complaints involve alleged single-drug conspiracies, the three putative classes and many of the opt out plaintiffs have each filed an over-arching conspiracy complaint alleging that Perrigo and other manufacturers (and some individuals) entered into an “overarching conspiracy” that involved allocating customers, rigging bids, and raising, maintaining, and fixing prices for various products. The vast majority of the lawsuits described in this section have been consolidated in the In re Generic Pharmaceuticals Pricing Antitrust Litigation multidistrict litigation ("MDL") MDL No. 2724 (United States District Court for Eastern District of Pennsylvania).

The Court designated three sets of cases to proceed as the first phase of "bellwethers," meaning that they will proceed on a more expedited basis than the other cases in the MDL. Those cases are (a) class actions alleging "single drug" conspiracies involving Clobetasol and Clomipramine; and (b) the third Complaint filed by the State Attorneys General alleging an overarching conspiracy concerning various topical products (described below). Perrigo was initially named as a defendant in the Clobetasol class bellwether cases, but the classes voluntarily dismissed their claims against Perrigo relating to “single drug” conspiracies involving Clobetasol in May 2023. Discovery closed in the first phase of bellwether cases on October 2, 2023. Summary judgment motions in the State bellwether case were filed in September 2024, and briefing on those motions is complete. The court certified classes of direct and “end-user” customers of the products at issue on March 7, 2025. The Third Circuit accepted an appeal of the class certification decisions in the bellwether cases on June 17, 2025. All district court proceedings in those cases are stayed pending resolution of that appeal.

On October 15, 2024, the Court selected the first multi-drug complaint brought by direct action plaintiff Humana, Inc., which names Perrigo as a defendant, to proceed in the second phase of bellwether cases in the MDL. Fact discovery in the Humana bellwether case closed on October 1, 2025. Expert discovery will close on February 27, 2026. Summary judgment briefing will begin on March 6, 2026, and be completed by April 20, 2026. Trial is scheduled to begin on September 15, 2026.

On September 26, 2025, the Court selected three additional multi-drug complaints brought by direct action plaintiffs Kroger Co., Cigna Corp., and CVS Pharmacy, Inc., each of which names Perrigo as a defendant, to proceed in the third phase of bellwether cases in the MDL. The parties are negotiating the scope of the claims to be included in each of the third phase bellwether trials. No trial dates have been set for the third phase bellwether cases, although the Court has indicated the cases will be tried in 2027.

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State Attorney General Complaint

On June 10, 2020, the Connecticut Attorney General’s office filed a lawsuit on behalf of Connecticut and 50 other states and territories against Perrigo, 35 generic pharmaceutical manufacturers, and certain individuals (including two former Perrigo employees), alleging an overarching conspiracy to allocate customers and/or fix, raise, or stabilize prices of eighty products. This case is included among the “bellwether cases” designated to follow the expedited schedule described above. On April 19, 2024, this case was remanded from the MDL and transferred to the District of Connecticut. The court ordered three rounds of summary judgment briefing. Two rounds of briefing are complete, and the third round of summary judgment motions was filed on July 9, 2025, with briefing of that round scheduled to complete on November 21, 2025. No trial date has been set for this case.

Canadian Class Action Complaint

In June 2020, an end payor filed a class action in Federal Court in Canada against Perrigo and 29 manufacturers alleging an overarching conspiracy to allocate customers and/or fix, raise or stabilize prices of dozens of products, most of which were neither made nor sold by Perrigo's former Rx business. The product conspiracies allegedly involving Perrigo focus on the same products as those involved in other MDL complaints naming Perrigo. In October 2025, the Court held a hearing on the motion to certify the action as a class proceeding, during which the plaintiff informed the court that she is no longer seeking class certification against Perrigo and invited the court to dismiss the action against Perrigo, with prejudice. Court approval of the dismissal is still pending as of the date of this filing.

As of September 27, 2025, we reported a liability for the claims listed in the "Price-Fixing Lawsuits Related to the Company's Former Rx Business" section above for the reasonable estimates of probable loss (refer to Note 5). We intend to defend each of these lawsuits vigorously.

Securities Litigation

In the United States (cases related to events in 2015-2017)

Beginning in May 2016, purported class action complaints were filed against the Company and our former CEO, Joseph Papa, in the U.S. District Court for the District of New Jersey (Roofer's Pension Fund v. Papa, et al.) purporting to represent a class of shareholders for the period from April 21, 2015 through May 11, 2016, inclusive. The original complaint alleged violations of federal securities laws in connection with the actions taken by us and the former executive to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015. The Plaintiff also alleged that the defendants provided inadequate disclosure concerning alleged business developments during the alleged class period including integration problems related to the Omega acquisition.

The operative complaint was the first amended complaint filed on June 21, 2017, and named as defendants us and 11 current or former directors and officers of Perrigo (Mses. Judy Brown, Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, and Messrs. Joe Papa, Marc Coucke, Gary Cohen, Michael Jandernoa, Gerald Kunkle, Herman Morris, and Donal O’Connor). The amended complaint alleged violations of federal securities laws arising out of the actions taken by us and the former directors and executives to defend against the unsolicited takeover bid by Mylan in the period from April 21, 2015 through November 13, 2015 and the allegedly inadequate disclosure throughout the entire class period related to the business developments during that longer period (April 2015 to May 2017) including purported integration problems related to the Omega acquisition, alleged incorrect reporting of organic growth at the Company and at Omega, alleged price fixing activities with respect to six generic prescription pharmaceuticals, and alleged improper accounting for the Tysabri® royalty stream. During 2017, the defendants filed motions to dismiss, which the plaintiffs opposed. On July 27, 2018, the Court issued an opinion and order granting the defendants’ motions to dismiss in part and denying the motions to dismiss in part. The Court dismissed without prejudice defendants Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, Gary Cohen, Michael Jandernoa, Gerald Kunkle, Herman Morris, Donal O’Connor, and Marc Coucke. The Court also dismissed without prejudice claims arising from the Tysabri® accounting issue described above and claims alleging incorrect disclosure of organic growth described above. The defendants who were not dismissed were the Company, Joe Papa, and Judy Brown. The claims (described above) that were not dismissed in 2018 related to the integration issue regarding the Omega acquisition, the defense against the Mylan tender offer, and the alleged price fixing activities with respect to six generic prescription pharmaceuticals. The defendants who remained in the case (us, Mr. Papa, and Ms. Brown) filed answers denying liability.

On November 14, 2019, the Court granted the lead plaintiffs’ motion and certified three classes for the case: (i) all those who purchased shares between April 21, 2015 through May 2, 2017 inclusive on a U.S. exchange and were damaged thereby; (ii) all those who purchased shares between April 21, 2015 through May 2, 2017 inclusive on the

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Tel Aviv exchange and were damaged thereby; and (iii) all those who owned shares as of November 12, 2015 and held such stock through at least 8:00 a.m. on November 13, 2015 (whether or not a person tendered shares in response to the Mylan tender offer) (the "tender offer class"). Plaintiffs' counsels sent notices during 2020 to the alleged classes.

The parties took discovery from 2018 through 2020. After discovery ended, defendants filed motions for summary judgment and to exclude plaintiffs' experts, which were fully briefed. On August 17, 2023, the Court granted summary judgment to Ms. Brown on all claims and dismissed her from the case; the Court granted summary judgment in part to Mr. Papa terminating the claim against him that he made false statements with respect to alleged collusive pricing at the Generic Rx business. The Court did not grant summary judgment on statements made about the integration of Omega during 2015. Thereafter, parties engaged in court-ordered settlement conferences.

On April 5, 2024, the class plaintiffs filed papers seeking Court approval of a settlement between the alleged classes and the defendants for $97.0 million. Perrigo and the remaining individual defendant agreed to the proposed settlement without any concession of liability or wrongdoing. We recorded an additional loss provision of $34.0 million during the first quarter of 2024 as a result of the pending settlement. In May 2024, the Company funded the $97.0 million to an escrow account controlled by class counsel under Court supervision until final approval and relieved the corresponding liability from Other accrued liabilities on the Condensed Consolidated Balance Sheets as of June 29, 2024. On September 5, 2024, the Court granted final approval of the class action settlement and terminated the case with respect to Perrigo, its co-defendant, and other individuals who previously had been named as defendants. The expense was presented within Other operating (income) expense, net on the Condensed Consolidated Statements of Operations for the nine months ended September 28, 2024.

In addition to the class action, during the period from November 2017 to February 2021, more than 20 opt out cases were filed against us, and in some cases, Mr. Papa and Ms. Brown. Most of these cases were filed in the New Jersey federal court. Mediation efforts and settlement discussions occurred from time to time. As of the filing date of our 2024 Form 10-K, 13 of the pending opt out cases were resolved by settlements without any concession of liability by any of the defendants. During calendar year 2025 to the date of filing of this Form 10-Q, six opt out cases in the District of New Jersey settled without returning to active litigation. Settlements in three of these cases have been fully approved, and the Court has dismissed those cases. Settlements in principle have been achieved in the other three cases. Dismissals of those cases should occur once the final paperwork is submitted. All settlements occurred without any concession of liability by any of the defendants.

Loss provisions have been recorded for the three remaining cases that have settled in principle but the paperwork is still being completed.

During the year ended December 31, 2024, the New Jersey federal court held that the plaintiffs in an additional purported opt out case (Sculptor Master Fund et al. v. Perrigo Company plc, et al. filed 2/16/2019) failed to opt out and therefore can only recover through the class action. The plaintiffs filed an appeal in the U.S. Court of Appeals for the Third Circuit. On August 12, 2025, the Third Circuit affirmed the ruling of the New Jersey federal court in favor of defendants. The plaintiffs did not seek any further review in the Third Circuit. The time for plaintiffs to seek review by the U.S. Supreme Court has not yet expired.

In addition, one opt out case was brought under different legal theories in a Massachusetts state court against the Company, Mr. Papa, and Ms. Brown with factual allegations that generally were similar to some of the factual allegations in the Amended Complaint in the Roofer's case described above, except that the Highfields plaintiffs did not include allegations about alleged collusive pricing of generic prescription drugs, and added alleged Massachusetts state law claims under the Massachusetts Unfair Business Methods Law (chapter 93A) and Massachusetts common law claims of tortious interference with prospective economic advantage, common law fraud, negligent misrepresentation, and unjust enrichment. As previously reported in our 2024 Form 10-K, this case was resolved by a settlement without any concession of liability by the defendants.

In Israel (cases related to events in 2015-2017)

On June 28, 2017, a plaintiff filed a complaint in Tel Aviv District Court styled Israel Elec. Corp. Employees’ Educ. Fund v. Perrigo Company plc, et al. The lead plaintiff seeks to represent a class of shareholders who purchased Perrigo stock on the Tel Aviv exchange during the period from April 24, 2015 through May 3, 2017 and also a claim for those that owned shares on the final day of the Mylan tender offer (November 13, 2015). The complaint names as defendants the Company, Ernst & Young LLP (the Company’s auditor), and 11 current or former directors and officers of Perrigo (Judy Brown, Laurie Brlas, Jacqualyn Fouse, Ellen Hoffing, Joe Papa, Marc Coucke, Gary Cohen,

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Michael Jandernoa, Gerald Kunkle, Herman Morris, and Donal O’Connor). The complaint alleges violations under Israeli securities laws that are similar to U.S. Securities Exchange Act sections 10(b) (and Rule 10b‑5) and 14(e) against all defendants and 20(a) control person liability against the 11 individuals or, in the alternative, under other Israeli securities laws. In general, the allegations in Israel are similar to the factual allegations in the Roofer's case in the U.S. as described above. The plaintiff indicates an initial, preliminary class damages estimate of 2.7 billion NIS (approximately $760.0 million at 1 NIS = 0.28 cents). The plaintiff in this case agreed to stay this case pending the outcome of the Roofer's case in the U.S. (described above). The Israeli Court approved the stay, and this case is now stayed. We intend to defend the lawsuit vigorously.

Other Matters

Talcum Powder

The Company has been named, together with other manufacturers, in product liability lawsuits in a variety of state courts alleging that the use of body powder products containing talcum powder causes mesothelioma and lung cancer due to the presence of asbestos. All but one of these cases involve legacy talcum powder products that have not been manufactured by the Company since 1999. One of the pending actions involves a current prescription product that contains talc as an excipient. As of September 27, 2025, the Company has been named in approximately 215 individual lawsuits seeking compensatory and punitive damages. The Company has several defenses and continues to vigorously defend these lawsuits as well as explore various means of expeditiously resolving these claims. Trials for these cases are currently scheduled throughout 2025 and 2026. There are currently over 36 trials set for these cases in the remainder of 2025. We expect that a substantial majority of these trial dates will be postponed. Two cases are currently set for trial in Alameda County, California in November and December 2025. It is expected that trials for these two cases may begin in November and December 2025. The Company continues to vigorously defend itself against such claims. Some of the Company’s retailer customers are seeking indemnity from the Company for a portion of their defense costs and liability relating to these cases.

Ranitidine

After regulatory bodies announced worldwide that ranitidine may potentially contain N-nitrosodimethylamine ("NDMA"), the Company promptly began testing its externally sourced ranitidine Active Pharmaceutical Ingredients ("API") and ranitidine-based products. On October 8, 2019, the Company halted shipments of the product based upon preliminary results and on October 23, 2019, the Company made the decision to conduct a voluntary retail market withdrawal.

In February 2020, the resulting actions involving Zantac® and other ranitidine products were transferred for coordinated pretrial proceedings to a MDL (In re Zantac®/Ranitidine Products Liability Litigation, MDL No. 2924) in the U.S. District Court for the Southern District of Florida. The Company successfully moved to dismiss the first set of Master Complaints in the MDL based on federal preemption, which the Court granted without prejudice.

After the filing of Amended Complaints, on June 30, 2021, the Court again dismissed all claims against the retail and distributor defendants with prejudice and on July 8, 2021, the Court again dismissed all claims against the Company, this time with prejudice. Appeals of these dismissal orders to the U.S. Court of Appeals for the 11th Circuit have been filed. In December 2022, the Court granted in full the brand defendants' Daubert motions, finding that Plaintiffs' causation experts' opinions were unreliable and thus inadmissible. The Court later ruled that it was appropriate to apply the same expert causation standards to the retail and distributor defendants as well as the generic defendants, and the Court thereby ruled that its Daubert decision, barring Plaintiffs' expert opinions applied equally to these defendants as well. Thus, the Court's rulings on both federal preemption and scientific causation grounds dismissed all claims against the Company on two independent grounds and are also binding on all claims remaining in the MDL Census Registry. Appeals of these orders have been filed to the 11th Circuit and oral arguments were held on October 10, 2025. The Company continues to vigorously defend itself against such claims at the appellate level.

As noted above, the Company has won multiple motions to dismiss in the MDL. The company has also won motions to dismiss at the state-court level, most recently in Illinois where the Circuit Court granted in full the Company's motions to dismiss based on federal preemption. The Company has also been dismissed from additional state court actions in California, Pennsylvania, Illinois, Ohio, New York, New Jersey, and Maryland. Plaintiffs elected not to appeal any of those state-court dismissals, with the exception of Illinois. In April 2025, the Company reached a settlement in principle in the Illinois state court lawsuits, including in the sole case on appeal. The pending settlement is for an immaterial amount and is expected to be fully funded by insurance.

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Other than the MDL and state court matters that have been dismissed at the trial court level, as of the date of this filing, the Company was also named in approximately 190 personal injury lawsuits in the state of California. In November 2024, the Company reached a settlement in principle in each of remaining Ranitidine California state court lawsuits. The pending settlement is for an immaterial amount and is expected to be fully funded by insurance.

In March 2025, a New Mexico state court granted in full Perrigo’s Motion to Dismiss a ranitidine action against the Company by the New Mexico Attorney General based on nuisance and negligence theories for lack of personal jurisdiction. The New Mexico Attorney General did not appeal that decision. The Company will continue to vigorously defend this lawsuit. With the dismissal of the New Mexico action, there are no active lawsuits against the Company in respect of ranitidine at the trial court level, in state or federal court.

Some of the Company’s retailer customers are seeking indemnity from the Company for a portion of their defense costs and liability relating to these cases.

Acetaminophen

In October 2022, the Judicial Panel on Multidistrict Litigation consolidated a number of pending actions filed in various federal courts alleging that prenatal exposure to acetaminophen is purportedly associated with the development of autism spectrum disorder (“ASD”) and attention-deficit/hyperactivity disorder (“ADHD”). The acetaminophen MDL is styled In re: Acetaminophen – ASD/ADHD Products Liability Litigation (MDL No. 3043) and is pending before the U.S. District Court for the Southern District of New York. Plaintiffs in the MDL asserted claims against Johnson & Johnson Consumer, Inc. (“JJCI”) and various retailer chains alleging that plaintiff-mothers took acetaminophen products while pregnant and that plaintiff-children developed ASD and/or ADHD as a result of prenatal exposure to these acetaminophen products. As of the date of this filing, the Company has not been named as a defendant in any Complaints filed in the MDL. Certain of the Company’s customers have made requests regarding indemnity from the Company for a portion of their defense costs and potential liability. On December 18, 2023, the Court granted in full defendants' motions to exclude testimony of Plaintiffs' general causation expert witnesses, finding Plaintiffs presented no credible evidence of scientific causation between prenatal ingestion of acetaminophen and ASD or ADHD in children. Final judgment has been entered as to the majority of pending cases with an appeal proceeding in the Second Circuit. A small minority of cases were exempted from the Court’s dismissal to enable Plaintiffs to present an additional expert to be evaluated through a similar process as the larger majority to determine if they can withstand scientific causation through this new expert. However, on July 10, 2024, the Court granted in full defendants' motion to exclude testimony of Plaintiffs' new general causation expert witness in this subset of carve out cases for similar reasons as the Court's December 2023 Order. Final judgment was entered against the Plaintiffs in those carve out cases, which have now been appealed to the Second Circuit. The appeals before the Second Circuit are fully briefed and argument is scheduled for November 17, 2025. Currently, it is not possible to assess reliably the outcome of these cases or reasonably estimate any potential future financial impact on the Company.

Phenylephrine

In September 2023, the Federal Drug Administration’s ("FDA") Advisory Committee on Nonprescription Drugs issued an advisory opinion calling into question the efficacy of orally administered phenylephrine ("PE") containing products as a nasal decongestant. While the FDA itself has thus far taken no action in response to the Advisory Committee opinion, several putative class action lawsuits were filed asserting various economic injury claims to consumers. These actions were consolidated into a MDL (In re: Oral Phenylephrine Marketing and Sales Practices Litigation, MDL No. 3089), pending before the U.S. District Court for the Eastern District of New York. The Court permitted Plaintiffs to file a streamlined and consolidated bellwether Complaint for purposes of testing the Plaintiffs’ case and enabling briefing on threshold issues. Defendants filed a consolidated Motion to Dismiss and the Court heard oral argument on that motion in September 2024. On October 29, 2024, the Court dismissed in its entirety Plaintiffs’ Streamlined and Consolidated Bellwether Complaint, finding that all of Plaintiffs’ claims regarding PE were preempted by federal law, and further dismissing Plaintiffs’ RICO claims for lack of standing. Final judgment has been entered and a Notice of Appeal of the Court's dismissal to the Second Circuit was filed. Appellate briefing is fully submitted, and the parties are currently waiting for the Second Circuit to set a date for oral argument.

Individual arbitrations with similar efficacy allegations have also been threatened or filed with the American Arbitration Association and are at a preliminary stage.

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Insurance Coverage Litigation

In May 2021, insurers on multiple policies of D&O insurance filed an action in the High Court in Dublin against the Company and multiple current and former directors and officers of the Company seeking declaratory judgments on certain coverage issues relating to the Securities Litigation described above. Following several judgments from the High Court and cross appeals in 2024, on December 18, 2024, the parties reached a settlement providing for the full and final settlement of the insurance coverage litigation. Prior to the end of 2024, the Company received the insurers' $98 million payment in full satisfaction of the insurers' remaining liability under each of the policies in question, and the parties dismissed their cross appeals previously filed in the High Court litigation. The full amount was recorded as income within Other operating (income) expense, net on the Consolidated Statement of Operations for the year ended December 31, 2024.

Contingencies Accruals

As a result of the matters discussed in this Note, the Company has established a loss accrual for litigation contingencies where we believe a loss to be probable and for which an amount of loss can be reasonably estimated. Except as otherwise discussed for specific matters above, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to inherent uncertainties of litigation. As of September 27, 2025, the loss accrual for litigation contingencies reflected on the Condensed Consolidated Balance Sheet in Other accrued liabilities was $79.1 million, inclusive of the remaining accrual for the securities litigation opt-out cases and the accrual related to Discontinued Operations. The Company also recorded a recovery receivable reflected on the Condensed Consolidated Balance Sheets in Prepaid expenses and other current assets of $18.9 million, inclusive of the recovery receivable related to Discontinued Operations, as of September 27, 2025. The Company’s management believes these accruals for contingencies are reasonable and sufficient based upon information currently available to management; however, there can be no assurance that final costs related to these contingencies will not exceed current estimates, nor any assurance as to the amount of such final costs that may be covered by insurance. In addition, we have other litigation matters pending for which we have not recorded any accruals because our potential liability for those matters is not probable or cannot be reasonably estimated based on currently available information. For those matters where we have not recorded an accrual but a loss is reasonably possible, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation.

NOTE 18 - SEGMENT AND GEOGRAPHIC INFORMATION

The tables below show select financial measures by reporting segment(1) (in millions):

						CSCA						CSCI						Unallocated						Total
September 27, 2025
Total assets						$	4,576.9					$	5,507.1					$	—					$	10,084.0
Property, plant and equipment, net						$	732.1					$	170.7					$	—					$	902.8
December 31, 2024
Total assets						$	4,687.6					$	4,960.1					$	—					$	9,647.7
Property, plant and equipment, net						$	769.0					$	148.8					$	—					$	917.8

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Note 18

			CSCA						CSCI																		Unallocated						Total
Three Months Ended September 27, 2025
Net sales			$	645.6					$	397.7																	$	—					$	1,043.3
Cost of sales			440.0						226.2																		—						666.2
Gross profit			205.6						171.5																		—						377.1
Gross margin			31.8		%				43.1		%																—		%				36.1		%
Operating expenses
Distribution			14.2						10.0																		—						24.2
Research and development			13.5						11.4																		—						24.9
Selling			47.8						79.4																		—						127.3
Administration			26.7						25.5																		42.0						94.2
Restructuring			7.1						7.8																		5.9						20.8
Other operating (income) expense, net			1.6						—																		11.6						13.1
Total operating expenses			110.9						134.1																		59.5						304.5
Operating income (loss)			$	94.7					$	37.4																	$	(59.5)					$	72.6
Operating income (loss) %			14.7		%				9.4		%																NM						7.0		%
Interest expense, net																																	40.6
Other (income) expense, net																																	9.6
Income (loss) from continuing operations before income taxes																																	$	22.4

			CSCA						CSCI																		Unallocated						Total
Three Months Ended September 27, 2025
Capital expenditures			$	13.0					$	8.9																	$	—					$	21.9
Depreciation/amortization			$	38.9					$	46.5																	$	—					$	85.4

			CSCA						CSCI																		Unallocated						Total
Nine Months Ended September 27, 2025
Net sales			$	1,888.3					$	1,255.1																	$	—					$	3,143.5
Cost of sales			1,319.9						691.1																		—						2,011.2
Gross profit			568.4						564.0																		—						1,132.3
Gross margin			30.1		%				44.9		%																—		%				36.0		%
Operating expenses
Distribution			40.6						30.1																		—						70.6
Research and development			40.5						33.2																		—						73.6
Selling			155.2						254.7																		—						409.9
Administration			93.2						93.9																		132.3						319.4
Impairment charges			1.5						3.1																		—						4.6
Restructuring			32.2						12.7																		14.0						58.9
Other operating (income) expense, net			1.6						0.1																		28.7						30.4
Total operating expenses			364.7						427.8																		175.0						967.4
Operating income (loss)			$	203.7					$	136.2																	$	(175.0)					$	164.9
Operating income (loss) %			10.8		%				10.9		%																NM						5.2		%
Interest expense, net																																	119.2
Other (income) expense, net																																	11.9
Income (loss) from continuing operations before income taxes																																	$	33.8

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Note 18

			CSCA						CSCI																		Unallocated						Total
Nine Months Ended September 27, 2025
Capital expenditures			$	38.5					$	28.1																	$	—					$	66.6
Depreciation/amortization			$	113.7					$	138.0																	$	—					$	251.6

			CSCA						CSCI																		Unallocated						Total
Three Months Ended September 28, 2024
Net sales			$	671.3					$	416.3																	$	—					$	1,087.5
Cost of sales			451.8						231.3																		—						683.1
Gross profit			219.4						185.0																		—		%				404.4
Gross margin			32.7		%				44.4		%																—		%				37.2		%
Operating expenses
Distribution			14.7						10.5																		—						25.2
Research and development			14.3						11.6																		—						26.0
Selling			49.5						79.8																		—						129.4
Administration			33.3						34.8																		48.8						116.9
Impairment charges			—						16.2																		—						16.2
Restructuring			5.4						9.1																		2.3						16.8
Other operating (income) expense, net			—						(26.0)																		19.5						(6.5)
Total operating expenses			117.2						136.1																		70.7						324.0
Operating income (loss)			$	102.2					$	48.9																	$	(70.7)					$	80.4
Operating income (loss) %			15.2		%				11.7		%																NM						7.4		%
Interest expense, net																																	57.6
Other (income) expense, net																																	(4.1)
Loss on extinguishment of debt																																	5.1
Income (loss) from continuing operations before income taxes																																	$	21.8

			CSCA						CSCI																		Unallocated						Total
Three Months Ended September 28, 2024
Capital expenditures			$	16.8					$	10.3																	$	—					$	27.1
Depreciation/amortization			$	35.3					$	47.0																	$	—					$	82.3

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Perrigo Company plc - Item 1

Note 18

			CSCA						CSCI																		Unallocated						Total
Nine Months Ended September 28, 2024
Net sales			$	1,949.5					$	1,285.5																	$	—					$	3,235.1
Cost of sales			1,386.9						691.4																		—						2,078.3
Gross profit			562.6						594.2																		—						1,156.8
Gross margin			28.9		%				46.2		%																—		%				35.8		%
Operating expenses
Distribution			41.4						33.3																		—						74.7
Research and development			45.7						38.7																		—						84.4
Selling			159.8						270.0																		—						429.8
Administration			104.7						114.0																		154.7						373.3
Impairment charges			—						50.3																		—						50.3
Restructuring			23.8						48.8																		25.5						98.1
Other operating (income) expense, net			—						(26.0)																		73.5						47.5
Total operating expenses			375.5						529.1																		253.6						1,158.1
Operating income (loss)			$	187.1					$	65.1																	$	(253.6)					$	(1.3)
Operating income (loss) %			9.6		%				5.1		%																NM						—		%
Interest expense, net																																	144.7
Other (income) expense, net																																	(0.5)
Loss on extinguishment of debt																																	5.2
Income (loss) from continuing operations before income taxes																																	$	(150.7)

			CSCA						CSCI																		Unallocated						Total
Nine Months Ended September 28, 2024
Capital expenditures			$	56.5					$	24.1																	$	—					$	80.6
Depreciation/amortization			$	103.4					$	142.2																	$	—					$	245.6

(1) Amounts may not add or recalculate due to rounding. Percentages are based on actuals.

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Executive Overview

ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis ("MD&A") is intended to provide readers with an understanding of our financial condition, results of operations, and cash flows by focusing on changes in certain key measures from year to year. This MD&A is provided as a supplement to, and should be read in conjunction with our Condensed Consolidated Financial Statements and accompanying Notes found in Item 1 included in this Form 10-Q, and our Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). These historical financial statements may not be indicative of our future performance. This discussion contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks referred to under “Risk Factors” in Item 1A of our 2024 Form 10-K and Part II. Item 1A of this Form 10-Q.

Perrigo Company plc was incorporated under the laws of Ireland on June 28, 2013 and became the successor registrant of Perrigo Company, a Michigan corporation, on December 18, 2013 in connection with the acquisition of Elan Corporation, plc ("Elan"). Unless the context requires otherwise, the terms "Perrigo," the "Company," "we," "our," "us," and similar pronouns used herein refer to Perrigo Company plc, its subsidiaries, and all predecessors of Perrigo Company plc and its subsidiaries.

EXECUTIVE OVERVIEW

Perrigo is a leading pure-play self-care company with more than a century of providing high-quality health and wellness solutions to meet the evolving needs of consumers. As one of the originators of the over-the-counter ("OTC") self-care market, Perrigo is led by its vision "To Provide The Best Self-Care For Everyone" and its purpose to "Make Lives Better Through Trusted Health and Wellness Solutions, Accessible To All".

Perrigo works to fulfill its vision and purpose as a top-tier consumer self-care company with a focused portfolio based on consumer-led innovation, which meets societal needs for:

•Access: Perrigo's self-care products and solutions enhance the daily lives of millions of families, empowering them to take control of their health and wellness.

•Value: Perrigo delivers value by helping consumers proactively manage their well-being through affordable and effective self-care solutions.

•Reliability: Perrigo ensures the safety and effectiveness of its self-care solutions, best serving its consumers.

Perrigo provides access to trusted self-care solutions that can be used without the need to visit a health practitioner for a prescription. Guided by our vision and purpose, our strategic goal is to create sustainable and value accretive growth by 1) delivering consumer preferred brands and innovation, 2) driving category growth with our customers, 3) powering our business with our world-class, quality assured supply chain, including a focus on sustainability with meaningful goals to reduce greenhouse gas emissions, water, and waste, in addition to increasing the recyclability of our packaging, and 4) evolving our global organization to one cohesive operating model. Our unique competency is to deliver health and wellness solutions across multiple price and value tiers that improve access and choice for consumers.

Perrigo's broad offerings are well diversified across several major product categories as well as across geographies, primarily in North America and Europe with no one product representing more than 5% of total revenue. In North America, Perrigo is the leading store brand private label provider of self-care products in many categories, including upper respiratory, nutrition and women's health, along with brands including Opill® and Mederma®. In Europe, our portfolio consists primarily of brands, including Compeed®, ellaOne®, Solpadeine®, Jungle Formula®, and ACO®.

Two key initiatives are fundamental to advancing our self-care strategy — our Supply Chain Reinvention Program, a global supply chain efficiency program, and Project Energize, a global investment and efficiency program. In addition, we continue to invest in other initiatives, including innovation, information systems and tools, and our people to drive consistent and sustainable results.

Perrigo’s unique complementary businesses enable each individually to play a specific reinforcing role, where 1) store brands and infant formula generate cash for investments into the Company’s key higher margin, higher growth or ‘High-Grow’ brands, 2) branding and innovation capabilities deliver brand and store brand demand generation designed to lead to stronger customer partnerships, 3) consumer-led innovation is scaled across brands, store

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Executive Overview

brands and geographies, and 4) the Company leverages its global supply chain scale and reach with 100-plus molecules, at 100% consumer price point coverage, to serve the most consumers.

The Company’s plan to drive cash flow and total shareholder return is anchored behind its ‘Three-S’ plan – ‘Stabilizing’ Consumer Self-Care Americas store brand and infant formula businesses; ‘Streamlining’ the global portfolio, enterprise operating model and Consumer Self-Care International business; and ‘Strengthening’ what is working by prioritizing and increasing investments behind key ‘High-Grow’ brands.

Our fiscal year begins on January 1 and ends on December 31. We end our quarterly accounting periods on the Saturday closest to the end of the calendar quarter, with the fourth quarter ending on December 31 of each year.

Our Segments

Our reporting and operating segments reflect the way our chief operating decision maker, who is our Chief Executive Officer ("CEO"), makes operating decisions, allocates resources and manages the growth and profitability of the Company. Our reporting and operating segments are:

•Consumer Self-Care Americas ("CSCA") comprises our consumer self-care business in the U.S. and Canada.

•Consumer Self-Care International ("CSCI") comprises our consumer self-care business outside of the U.S. and Canada, primarily in Europe and Australia.

We previously had an Rx segment comprised of our generic prescription pharmaceuticals business in the U.S. and other pharmaceuticals and diagnostic businesses in Israel, which have been divested. The Rx segment was reported as Discontinued Operations in 2021, and is presented as such for all periods in this report. See Item 1. Note 5 for more information.

Recent Developments

•On July 13, 2025, the Company entered into a Master Sale and Purchase Agreement with Kairos Bidco AB (“Kairos”), an investment vehicle managed by an affiliate of KKR & Co., Inc. (“KKR”), pursuant to which, and subject to the terms and conditions set forth therein, the Company agreed to sell and Kairos agreed to acquire (1) all of the shares in ACO® Hud Nordic AB, a Swedish private corporation (aktiebolag) (the “Target”) and (2) various assets relating to the manufacture, packaging, sale and distribution of certain cosmetic products, medicinal products and medical devices related to the Company’s Dermacosmetics branded business in Northern Europe, the Netherlands and Poland (together with the Target, the “Dermacosmetics Business”). Following the closing of KKR’s acquisition of Karo Healthcare AB on August 27, 2025, Kairos has transferred the binding agreement to acquire the Dermacosmetics Business to Karo Healthcare AB. See Item1. Note 4 for more information.

•On November 5, 2025, we announced a strategic review of our infant formula business. The review will assess a full range of alternatives. Refer to the Nutrition Network Optimization; Strategic Review section below for additional details. In addition, as previously disclosed, our strategic review of our Oral Care business is continuing as we assess a full range of alternatives for that business.

Restructuring

Supply Chain Reinvention Program

In 2022, we initiated a Supply Chain Reinvention Program to reduce structural costs, improve profitability and our service levels to our retail partners, and strengthen our resiliency by streamlining and simplifying our global supply chain. Through this initiative, we are reducing portfolio complexity, investing in advanced planning capabilities, diversifying sourcing, and optimizing our manufacturing assets and distribution models. We estimate a total annual run-rate potential savings opportunity by the end of fiscal year 2028 of between $200 million to $300 million (excluding related depreciation expense on capital investments). To obtain these potential benefits, we anticipate incurring costs between $300 million to $350 million by the end of fiscal year 2028 to complete the program implementation, with the substantial portion of the costs incurred by the end of 2025, including capital investments, restructuring expenses and implementation costs. A significant portion of the annual run-rate potential savings of the Program, between $150 million to $200 million (not including related depreciation expense on capital investments), are anticipated by the end of fiscal year 2025. Refer to Item 1. Note 14 for further details on restructuring charges.

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Executive Overview

Project Energize

Perrigo has successfully transformed into a pure-play consumer self-care company and is now embarking on the next stage of its self-care journey - evolving to One Perrigo. This evolution will create sustainable, value accretive growth through a business model that better positions the Company to win in self-care.

As part of the Company's sustainable, value accretive growth strategy, the Company launched Project Energize - a global investment and efficiency program to drive the next evolution of capabilities and organizational agility. This three-year program is expected to produce significant benefits in the Company’s long-term business performance by enabling our One Perrigo growth strategy, increasing organizational agility and mitigating impacts from stabilizing and strengthening the infant formula business.

Project Energize was initiated in the first quarter of 2024, subject to local law and consultation requirements, and is expected to deliver annualized pre-tax savings in the range of $140 million to $170 million by the end of 2026. The Company expects an annual reinvestment of approximately $40 million to $60 million of these savings to drive its business model. Restructuring and related charges associated with these actions are estimated to be in the range of $140 million to $160 million, including $20 million to $40 million in investments to enhance capabilities, and are expected to be substantially incurred by the end of 2026. Restructuring activities as part of Project Energize are expected to result in the net reduction of approximately 6% of total Perrigo roles. Refer to Item 1. Note 15 for further details on restructuring charges.

Nutrition Network Optimization; Strategic Review

In 2025, Perrigo initiated the Nutrition Network Optimization project to optimize our infant formula manufacturing footprint, upgrade packaging capabilities, harmonize quality processes, and enhance our research and development capabilities. On November 5, 2025, we announced a strategic review of our infant formula business.

The review will assess a full range of alternatives and is aligned with Perrigo’s ‘Three‑S’ (Stabilize, Streamline, Strengthen) plan and reflects our commitment to disciplined capital allocation and supporting improved return on invested capital and total shareholder return. It will focus on a combination of accelerating cash flows and reassessing the previously announced investment in this business of $240 million, while optimizing portfolio impact and management focus.

For further details on our restructuring charges related to the strategic review, refer to Item 1. Note 15.

Market Factors and Trends

Macroeconomic Uncertainty

Current macroeconomic conditions remain dynamic, including impacts from inflation and interest rates, volatile changes in foreign currency exchange rates, tariffs, political unrest and uncertainty and legislative and regulatory changes. Any causes of market size contraction could reduce our sales or erode our operating margin and consequently reduce our net earnings and cash flows. As a result of these dynamic conditions and uncertainties, we have modified, and may further modify, our operations and strategic initiatives, including by adjusting our investment priorities, reallocating resources, or delaying specific initiatives, such as deferring capital expenditures on the Nutrition Network Optimization project and seeking further working capital improvements.

Current uncertainties arising from increased tariffs on imported products could have an adverse effect on our Company. In 2025, the U.S. government announced new or additional tariffs on products imported from many countries and individualized "reciprocal" tariffs on countries with which the U.S. has the largest trade deficits. While some tariffs have become effective, others have been temporarily suspended or permanently repealed and the U.S. government has announced trade agreements with various governments and additional tariffs on other products. As a result, there continues to be significant volatility and uncertainty regarding the scope, timing, implementation and effective rates of tariffs.

Based on current assessments, excluding any potential impact from pharmaceutical tariffs that may cover ingredients used in the manufacturing of OTC products and recently announced potential changes to tariffs on items sourced from China, we estimate a gross increase to global cost of goods sold in 2025 beginning in the fourth quarter of approximately $10 million to $20 million, and approximately $40 million to $50 million, on a full-year basis,

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Executive Overview

updated from the previously estimated range of $50 million to $60 million. We seek to mitigate these impacts through a combination of strategic pricing actions, insourcing to our U.S.-based manufacturing facilities and other supply chain actions.

In addition, our interest expense can be impacted by the overall global economic and interest rate environment. We manage interest rate risk through our capital structure and the use of interest rate swaps to fix the interest rate on greater than 90% of our outstanding debt.

Inflationary Costs and Supply Chain

Supply chain disruptions continue in specific categories such as agricultural commodities due to climate impacts, and supply chain shortages continue due to the Middle East Conflict. Inflationary pressures are still a factor on cost in major economies globally across food, energy and labor. While global inflation is expected to fall, U.S. inflation is now predicted to stay above previous predictions. We previously experienced employment vacancies and attrition in the labor market which negatively impacted productivity and drove the need for wage rate increases and other retention benefits. We implemented a series of actions to substantially mitigate these and other inflationary cost pressures, such as strategic pricing and our Supply Chain Reinvention Program. Benefits from our actions have substantially offset the impacts of inflation to date. However, future supply chain disruptions and inflationary pressures from the continuation of the conflicts between Russia and Ukraine, any escalating conflicts in the Middle East, persistent geopolitical tensions and the impact of tariff and trade policy are uncertain.

Infant Formula

As part of its efforts to prevent supply interruptions and risk of Cronobacter spp. illnesses associated with powdered infant formula, in March 2023, the Federal Drug Administration ("FDA") released an “Immediate National Strategy to Increase the Resiliency of the U.S. Infant Formula Market” and issued a letter to the powdered infant formula industry to share information to assist the industry in improving the microbiologic safety of powdered infant formula. In response to those changes, we made considerable investments in all our infant formula manufacturing sites, including enhanced cleaning and sanitation protocols, enhancements to our environmental monitoring programs, enhanced quality oversight and increased the number of quality and operations personnel. These changes have resulted in higher costs and lower manufacturing output and production yields across our infant formula network.

As previously disclosed, we received a warning letter from the FDA on August 30, 2023 relating to the Perrigo Wisconsin infant formula facility, which was acquired in November 2022. While we worked to resolve the issues raised in the August 30 letter, on November 29, 2023, we received notice from the FDA of additional inspection observations relating to Perrigo Wisconsin. Consistent with our commitment to quality, we temporarily paused all production at that facility and conducted an extended site-wide assessment and cleaning.

We also bolstered our internal resources and brought in additional outside expertise to help revise, enhance and strengthen comprehensive standards and processes across our infant formula network, including in some instances, pausing production for comprehensive cleaning and infrastructure improvements. All planned large-scale manufacturing plant resets have been completed, we have implemented quality enhancements, including further protocol, process and procedural improvements at the site level, and all sites are producing reliable, quality-assured product.

In October and November 2024, the FDA conducted its first inspection of the Perrigo Wisconsin infant formula facility since the November 2023 inspection. Following this 2024 inspection, the FDA did not issue written observations via Form FDA 483.

We had incurred certain extraordinary non-recurring costs associated with the remediation and enhancement actions described above and the evolving U.S. infant formula regulatory landscape, including consulting and legal fees relating to our responses to the FDA and the development and institution of new protocols across our infant formula manufacturing sites, as well as other costs relating to the extended cleaning and sanitization and the pausing and restarting of production. Cash costs to achieve this remediation plan are approximately $22.6 million with approximately 95% of such costs incurred during the year ended December 31, 2024.

We have been focusing on rebuilding market share, while managing the additional cost and production processes. Although we have gained market share in non-WIC infant formula powder, heightened competition from existing and new entrants, particularly as a result of continued regulatory forbearance allowing imported infant formulas has led to increased supply of infant formula in the United States, and the previously disclosed lost distribution of the Good

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Executive Overview

Start® brand have hindered our efforts to recover our previous market share. On November 5, 2025, we announced a strategic review of our infant formula business focused on a combination of accelerating cash flows and reassessing the previously announced investment in this business, while optimizing portfolio impact and management focus. See Nutrition Network Optimization; Strategic Review above.

War in Ukraine

The invasion of Ukraine by Russia and resulting economic and political sanctions imposed by the United States, United Kingdom, European Union, and other countries on Russia, Belarus, and occupied regions in Ukraine have negatively impacted our results from operations in the region. Future impacts are difficult to predict due to the high level of uncertainty related to the war's duration, evolution and resolution. If the conflict spreads or materially escalates, or economic conditions deteriorate, the impact on our business and results of operations could be material.

Middle East Conflicts

We continue to closely monitor the ongoing conflict and the social, political and economic environment in Israel and in the surrounding region to evaluate the impacts on our operations and supply chain. Israel is a global technology research and development center that plays a critical role in the global Active Pharmaceutical Ingredients ("API") market, as a number of our key suppliers are located within Israel. The Company sources some raw materials and finished goods from suppliers in Israel for certain self-care products, including omeprazole. To date, Perrigo has confirmed that our suppliers in the region have active operations and continue to manufacture materials for us, and we have not received any reports of restrictions on imports or exports in Israel. However, there is potential for some disruption as it relates to in-country logistics, including freight. As a precaution, Perrigo has engaged alternate suppliers to help minimize a potential supply disruption. If the conflict spreads or materially escalates, or if the conflict leads to further volatility and uncertainty in financial markets or economic conditions, the impact on our business and results of operations could be material. For example, an escalation in military activity in the Red Sea region has the potential to disrupt supply chains and lead to further inflationary pressures which we are also continuing to monitor.

Foreign Exchange

We have both translation and transaction exposure to the fluctuation of exchange rates. Translation exposures relate to exchange rate impacts of measuring income statements of foreign subsidiaries that do not use the U.S. dollar as their functional currency. Transaction exposures relate to 1) the impact from input costs that are denominated in a currency other than the local reporting currency and 2) the revaluation of transaction-related working capital balances denominated in currencies other than the functional currency. Significant exchange rate fluctuations, especially in the Euro or the British Pound Sterling, have had, and could continue to have, a significant impact on our net sales, net earnings and cash flows.

For additional information, refer to Item 1A - Risk Factors.

RESULTS OF OPERATIONS

Currency Translation

Any currency translation effects described below represent estimates of the net differences between translation of foreign currency transactions into U.S. dollars for the three and nine months ended September 27, 2025 at the average exchange rates for the reporting period and average exchange rates for the three and nine months ended September 28, 2024.

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Perrigo Company plc - Item 2

Consolidated

CONSOLIDATED FINANCIAL RESULTS

Three Month Comparison

			Three Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024
Net sales			$	1,043.3					$	1,087.5
Gross profit			$	377.1					$	404.4
Gross profit %			36.1		%				37.2		%
Operating income			$	72.6					$	80.4
Operating income %			7.0		%				7.4		%

Net sales decreased $44.2 million, or 4.1%, due primarily to:

•$47.1 million decrease, or 4.4%, due primarily to lower net sales in the Nutrition category of $27.3 million driven by a strong product pipeline refill to contract manufacturing customers and consumer pantry loading ahead of a port strike threat in the prior year quarter and lost distribution of the Good Start® brand, and unfavorable impacts across our global OTC businesses due to soft category consumption. These were partially offset by higher net sales in the Skin Care category of $5.7 million driven by new distribution and increased consumption in the Minoxidil store brand franchise, along with higher net sales of Mederma®;

•$14.7 million decrease due to the prior year divestitures of the Orion Laboratories Hospital & Specialty Business (the "Hospital & Specialty Business") and the HRA Pharma Rare Diseases Business (the "Rare Diseases Business") and the sale of branded products within our CSCI segment; partially offset by

•$17.6 million increase from favorable foreign currency translation.

Operating income decreased $7.8 million, or 9.7%, due primarily to:

•$27.3 million decrease in gross profit driven by lower net sales volumes flow through primarily in CSCI and the Nutrition category, and divested businesses and exited product lines of $7.4 million, partially offset by favorable foreign currency translation of $9.3 million and new products. Gross profit as a percentage of net sales decreased 110 basis points compared to the prior year due primarily to the same factors that drove gross profit, partially offset by Supply Chain Reinvention savings.

•$19.5 million decrease in operating expenses driven by decreased administrative costs of $22.7 million due primarily to lower variable employee expenses, and the absence of prior year impairment charges of $16.2 million recognized as part of the assets held for sale of the Hospital & Specialty Business, partially offset by the absence of the prior year gain on sale of branded products of $26.0 million.

Nine Month Comparison

									Nine Months Ended
(in millions, except percentages)															September 27, 2025						September 28, 2024
Net sales															$	3,143.5					$	3,235.1
Gross profit															$	1,132.3					$	1,156.8
Gross profit %															36.0		%				35.8		%
Operating income (loss)															$	164.9					$	(1.3)
Operating income (loss) %															5.2		%				—		%

Net sales decreased $91.6 million, or 2.8%, due primarily to:

•$62.3 million decrease due to the prior year divestitures of the Rare Diseases Business and the Hospital & Specialty Business and the sale of branded products within our CSCI segment;

•$52.4 million decrease, or 1.7%, due primarily to lower net sales in the Digestive Health category of $39.9 million and Oral Care category of $24.6 million driven by soft OTC category consumption, as well as a prior year benefit in the Women's Health category of $15.0 million from initial retailer stocking of Opill® which launched at the end of the first quarter in the prior year, partially offset by higher net sales in the Upper Respiratory category of $21.6 million. These were partially offset by

•$23.1 million increase from favorable foreign currency translation.

44

Perrigo Company plc - Item 2

Consolidated

Operating income increased $166.2 million, due primarily to:

•$24.5 million decrease in gross profit driven by lower net sales volumes flow through primarily in U.S. OTC, the impact of divested businesses and exited products of $39.5 million, and lower manufacturing efficiencies, partially offset by the infant formula business recovery, Supply Chain Reinvention benefits, Project Energize savings, favorable currency translation of $14.0 million and new products. Gross profit as a percentage of net sales increased 20 basis points compared to the prior year due to the same factors that impacted gross profit; and

•$190.7 million decrease in operating expense driven by lower selling and administrative costs of $73.8 million due primarily to benefits from Project Energize and lower variable employee expenses, the absence of prior year impairment charges of $50.3 million recognized as part of the assets held for sale of the Hospital & Specialty Business and the Rare Diseases Business, decreased restructuring costs of $39.2 million driven by Project Energize and a decrease in Other operating (income) expense, net due to lower litigation expenses partially offset by the absence of the prior year gain on sale of branded products of $26.0 million.

CONSUMER SELF-CARE AMERICAS FINANCIAL RESULTS

Three Month Comparison

			Three Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024
Net sales			$	645.6					$	671.3
Gross profit			$	205.6					$	219.4
Gross profit %			31.8		%				32.7		%
Operating income			$	94.7					$	102.2
Operating income %			14.7		%				15.2		%

Net sales decreased $25.7 million, or 3.8%, due primarily to:

•$25.6 million decrease, or 3.8%, due primarily to lower net sales in the Nutrition category of $27.3 million, driven by a strong product pipeline refill to contract manufacturing customers and consumer pantry loading ahead of a port strike threat in the prior year quarter and lost distribution of the Good Start® brand, and unfavorable impacts across multiple U.S. OTC businesses due to soft category consumption. These were partially offset by higher net sales in the Upper Respiratory category of $8.3 million, due primarily to new distribution and store brand share gains amid lower consumption, as well as higher net sales in the Skin Care category of $6.9 million due primarily to higher consumption within the Minoxidil franchise and new distribution in addition to higher net sales of Mederma®.

CSCA net sales by product category were as follows:

Sales			Three Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024						$ Change						% Change
Upper Respiratory			$	129.2					$	120.9					$	8.3					6.8		%
Digestive Health			105.5						113.5						(8.0)						(7.0)		%
Nutrition			99.8						127.1						(27.3)						(21.5)		%
Pain and Sleep-Aids			88.6						87.7						0.9						1.0		%
Healthy Lifestyle			77.5						80.9						(3.5)						(4.3)		%
Oral Care			62.8						66.9						(4.2)						(6.2)		%
Skin Care			58.9						51.9						6.9						13.3		%
Women's Health			19.0						18.0						1.0						5.6		%
Vitamins, Minerals, and Supplements ("VMS")			2.1						3.5						(1.4)						(39.2)		%
Other CSCA			2.2						0.7						1.7						214.3		%
Total CSCA			$	645.6					$	671.3					$	(25.7)					(3.8)		%

45

Perrigo Company plc - Item 2

CSCA

Sales in each category were driven primarily by:

•Upper Respiratory: Net sales of $129.2 million increased 6.8% due primarily to new distribution and store brand share gains amid lower consumption, leading to higher net sales of both cough and cold and allergy products, including store brand Fluticasone.

•Digestive Health: Net sales of $105.5 million decreased 7.0% due primarily to new lower shelf pricing at a specific retailer and lower consumption of proton pump inhibitors, partially offset by Perrigo store brand share gains. These dynamics more than offset higher net sales and market share gains of Polyethylene Glycol 3350.

•Nutrition: Net sales of $99.8 million decreased 21.5% due primarily to a strong prior-year quarter from refilling contract customer inventories, consumer pantry loading ahead of a port strike threat and previously disclosed lost distribution of the Good Start® brand, partially offset by growth in store brand infant formula consumption along with the reintroduction of SKU assortments.

•Pain and Sleep-aids: Net sales of $88.6 million increased 1.0% due primarily to new distribution which more than offset soft category consumption.

•Healthy Lifestyle: Net sales of $77.5 million decreased 4.3% due primarily to lower category consumption and timing of shipments of smoking cessation products, partially offset by new distribution and market share gains.

•Oral Care: Net sales of $62.8 million decreased 6.2% due primarily to lost distribution of lower margin products and the absence of Plackers® dental flossers promotions compared to the prior year.

•Skin Care: Net sales of $58.9 million increased 13.3% due primarily to higher consumption within the Minoxidil franchise and new distribution, in addition to higher net sales of Mederma®.

•Women's Health: Net sales of $19.0 million increased 5.6% due primarily to higher net sales of Opill®.

•VMS and Other: Net sales of $4.3 million increased 2.4% due primarily to volume decline in the VMS category.

Operating income decreased $7.5 million, or 7.3%, due primarily to:

•$13.8 million decrease in gross profit due primarily to lower net sales volumes flow through driven by the Nutrition category, partially offset by favorable impacts from lower materials inflation and benefits from Supply Chain Reinvention. Gross profit as a percentage of net sales decreased 90 basis points compared to the prior year due primarily to the same factors that drove gross profit, in addition to less favorable store brand product mix compared to the prior year quarter.

•$6.3 million decrease in operating expenses driven by reduced administrative costs of $6.6 million due primarily to lower variable employee expenses, partially offset by higher restructuring costs associated with Project Energize and Nutrition Network Optimization.

Nine Month Comparison

			Nine Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024
Net sales			$	1,888.3					$	1,949.5
Gross profit			$	568.4					$	562.6
Gross profit %			30.1		%				28.9		%
Operating income			$	203.7					$	187.1
Operating income %			10.8		%				9.6		%

Net sales decreased $61.2 million, or 3.1%, due primarily to:

•$60.6 million decrease, or 3.1%, due primarily to unfavorable impacts across multiple U.S. OTC businesses due to soft category consumption and a prior year benefit in the Women's Health category of $15.0 million from initial retailer stocking of Opill® which launched at the end of the first quarter in the prior year. These were partially offset by higher net sales in the Upper Respiratory category of $20.3 million due primarily to higher first quarter incidence levels of cough cold compared to the prior year, new business wins and store brand share gains amid lower consumption.

46

Perrigo Company plc - Item 2

CSCA

CSCA net sales by product category were as follows:

Sales			Nine Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024						$ Change						% Change
Upper Respiratory			$	390.4					$	370.0					$	20.3					5.5		%
Digestive Health			318.3						361.7						(43.4)						(12.0)		%
Nutrition			300.1						303.8						(3.7)						(1.2)		%
Pain and Sleep-Aids			245.4						251.9						(6.5)						(2.6)		%
Healthy Lifestyle			221.5						221.3						0.2						0.1		%
Oral Care			184.8						204.8						(20.2)						(9.8)		%
Skin Care			165.2						158.6						6.6						4.2		%
Women's Health			52.7						62.0						(9.2)						(14.9)		%
VMS			5.9						13.0						(7.1)						(54.7)		%
Other CSCA			4.0						2.4						1.8						66.7		%
Total CSCA			$	1,888.3					$	1,949.5					$	(61.2)					(3.1)%

Sales drivers in each category are provided below:

•Upper Respiratory: Net sales of $390.4 million increased 5.5% due primarily to higher first quarter incidence levels of cough cold compared to the prior year, new business wins and store brand share gains amid lower consumption, leading to higher net sales of both cough and cold and allergy products, including store brand Fluticasone and Fexofenadine. This growth was partially offset by previously disclosed net lost distribution of lower margin products;

•Digestive Health: Net sales of $318.3 million decreased 12.0% due primarily to first half net lost distribution of lower margin products in U.S. Store Brand and lower consumption and customer mix of proton pump inhibitors, including Omeprazole, Esomeprazole and Lansoprazole, despite Perrigo store brand share gains. These impacts more than offset higher net sales of Polyethylene Glycol, where Perrigo also gained store brand market share;

•Nutrition: Net sales of $300.1 million decreased 1.2% due primarily to previously disclosed lost distribution of the Good Start® infant formula brand and a strong prior-year quarter from refilling contract customer inventories and consumer pantry loading ahead of a port strike threat, partially offset by growth in store brand infant formula consumption;

•Pain and Sleep-aids: Net sales of $245.4 million decreased 2.6% due primarily to first half net lost distribution of lower margin products and lower category consumption of children's analgesics medicines and lower dollar share compared to prior year, partially offset by new business awards;

•Healthy Lifestyle: Net sales of $221.5 million increased 0.1% due primarily to new distribution and stronger base velocities, leading to market share gains in nicotine gums and lozenges, partially offset by lower category consumption;

•Oral Care: Net sales of $184.8 million decreased 9.8% due primarily to net lost distribution of lower margin products at specific retail customers and lower net sales of Plackers® dental flossers;

•Skin Care: Net sales of $165.2 million increased 4.2% due primarily to growth in the Mederma® brand and higher net sales in the Minoxidil franchise;

•Women's Health: Net sales of $52.7 million decreased 14.9% due primarily to the prior year reflecting the strong initial retailer stocking of Opill®, which launched in March 2024, of $15.0 million, or an impact to the category of 24.2%; and

•VMS and Other: Net sales of $9.9 million decreased 35.7% due primarily to volume declines in the VMS category.

47

Perrigo Company plc - Item 2

CSCA

Operating income increased $16.6 million, or 8.9%, due primarily to:

•$5.8 million increase in gross profit driven primarily by infant formula business recovery, benefits from our Supply Chain Reinvention Program and Project Energize, as well as lower materials inflation, partially offset by lower net sales volumes flow through primarily in U.S. OTC and unfavorable net pricing impacts. Gross profit as a percentage of net sales increased 120 basis points compared to the prior year due to the same factors that impacted gross profit.

•$10.8 million decrease in operating expenses driven by lower selling and administrative costs of $16.1 million due primarily to benefits from Project Energize and lower variable employee expenses, as well as decreased research and development expenses, partially offset by higher restructuring costs due primarily to Nutrition Network Optimization and Project Energize.

CONSUMER SELF-CARE INTERNATIONAL FINANCIAL RESULTS

Three Month Comparison

			Three Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024
Net sales			$	397.7					$	416.3
Gross profit			$	171.5					$	185.0
Gross profit %			43.1		%				44.4		%
Operating income			$	37.4					$	48.9
Operating income %			9.4		%				11.7		%

Net sales decreased $18.6 million, or 4.5%, due primarily to:

•$21.5 million decrease, or 5.3%, due primarily to unfavorable impacts across multiple OTC businesses due to soft category consumption including lower net sales of $8.4 million in the Upper Respiratory category, as a result of lower incidence and consumption of cough cold products and timing of cough cold sell-in to customers compared to the prior year, as well as lower net sales of $4.8 million in the VMS category due primarily to deprioritization of nutraceuticals portfolio and lower net sales of $3.8 million from the Women's Health category due to supply constraints that have since been resolved, partially offset by new product sales of $6.8 million;

•$14.7 million decrease due to the prior year divestitures of the Hospital & Specialty Business and the Rare Diseases Business and the sale of branded products; partially offset by

•$17.6 million increase from favorable foreign currency translation.

48

Perrigo Company plc - Item 2

CSCI

CSCI net sales by product category were as follows:

Sales			Three Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024						$ Change						% Change
Skin Care			$	91.7					$	91.0					$	0.7					0.8		%
Upper Respiratory			80.6						86.1						(5.6)						(6.4)		%
Pain and Sleep-Aids			56.3						56.9						(0.6)						(1.1)		%
Healthy Lifestyle			52.8						53.2						(0.3)						(0.8)		%
VMS			40.0						43.0						(3.0)						(7.0)		%
Women's Health			29.9						32.2						(2.4)						(7.1)		%
Oral Care			23.9						23.3						0.5						2.6		%
Digestive Health			10.6						9.0						1.6						17.8		%
Other CSCI			11.9						21.6						(9.6)						(44.9)		%
Total CSCI			$	397.7					$	416.3					$	(18.6)					(4.5)		%

Sales in each category were driven primarily by:

•Skin Care: Net sales of $91.7 million increased 0.8%, inclusive of a 4.4% favorable effect of currency translation, due primarily to a 2.3% unfavorable impact from exited products and lower consumption, which were partially offset by higher net sales within the Compeed® franchise.

•Upper Respiratory: Net sales of $80.6 million decreased 6.4%, inclusive of a 4.9% favorable effect of currency translation, due primarily to lower incidence and consumption of cough cold products and timing of cough cold sell-in to customers compared to the prior year, partially offset by higher net sales of Physiomer® due to restored supply. The category was also impacted by a 1.4% unfavorable impact from exited products.

•Pain & Sleep-Aids: Net sales of $56.3 million decreased 1.1%, inclusive of a 4.1% favorable effect of currency translation, due primarily to a 3.2% unfavorable impact from exited products and timing of shipments, partially offset by restored supply of Solpadeine®.

•Healthy Lifestyle: Net sales of $52.8 million decreased 0.8%, inclusive of a 1.6% favorable effect of currency translation, driven by the strategic deprioritization of products within weight loss and lower consumption of the Paranix® and Lyclear® antiparasite brands due to lower seasonal incidence. These impacts were partially offset by growth of Nicotinell® smoking cessation offerings.

•VMS: Net sales of $40.0 million decreased 7.0%, inclusive of a 5.3% favorable effect of currency translation, due primarily to deprioritization of the nutraceuticals portfolio in addition to a 0.9% unfavorable impact from exited products.

•Women's Health: Net sales of $29.9 million decreased 7.1%, inclusive of a 4.6% favorable effect of currency translation, due primarily to supply constraints that have since been resolved.

•Oral Care: Net sales of $23.9 million increased 2.6%, inclusive of a 5.1% favorable effect of currency translation, due primarily to lower net sales of store brand products and a 1.6% unfavorable impact from exited products.

•Digestive Health and Other: Net sales of $22.5 million decreased 26.1%, inclusive of a 4.0% favorable effect of currency translation, primarily due to divested businesses, including HRA Pharma Rare Diseases, and exited products.

49

Perrigo Company plc - Item 2

CSCI

Operating income decreased $11.5 million, or 23.5%, due primarily to:

•$13.5 million decrease in gross profit due primarily to lower net sales volumes flow through, as well as $7.4 million from the impact of divested businesses and exited product lines. These factors were partially offset by $9.5 million increase from favorable currency translation. Gross profit as a percentage of net sales decreased 130 basis points compared to the prior year due to the same factors impacting gross profit.

•$2.0 million decrease in operating expenses driven by the absence of the prior year impairment charges of $16.2 million recognized as part of the assets held for sale of the Hospital & Specialty Business, and decreased administrative costs due primarily to lower variable employee expenses, partially offset by the absence of the prior year gain on the sale of branded products.

Nine Month Comparison

			Nine Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024
Net sales			$	1,255.1					$	1,285.5
Gross profit			$	564.0					$	594.2
Gross profit %			44.9		%				46.2		%
Operating income			$	136.2					$	65.1
Operating income %			10.9		%				5.1		%

Net sales decreased $30.4 million, or 2.4%, due primarily to:

•$62.3 million decrease due to the prior year divestitures of the Rare Diseases Business and the Hospital & Specialty Business and the sale of branded products; partially offset by

•$23.7 million increase from favorable foreign currency translation;

•$8.2 million increase, or 0.7%, due primarily to growth of $15.1 million in the Pain & Sleep Aids category led by restored supply of the Solpadeine® brand, partially offset by unfavorable impacts across multiple OTC businesses due to soft category consumption, including lower net sales of $12.5 million in the VMS category.

CSCI net sales by product category were as follows:

Sales			Nine Months Ended
(in millions, except percentages)			September 27, 2025						September 28, 2024						$ Change						% Change
Skin Care			$	326.1					$	333.5					$	(7.4)					(2.2)		%
Upper Respiratory			209.5						206.0						3.5						1.7		%
Healthy Lifestyle			180.2						175.2						4.9						2.8		%
Pain and Sleep-Aids			173.4						158.6						14.9						9.4		%
VMS			116.2						127.4						(11.2)						(8.8)		%
Women's Health			103.3						101.2						2.2						2.2		%
Oral Care			71.6						75.0						(3.4)						(4.6)		%
Digestive Health			30.1						27.0						3.1						11.5		%
Other CSCI			44.7						81.5						(37.0)						(45.3)		%
Total CSCI			$	1,255.1					$	1,285.5					$	(30.4)					(2.4)		%

Sales in each category were driven primarily by:

•Skin Care: Net sales of $326.1 million decreased 2.2%, inclusive of a 1.2% favorable effect of currency translation, due primarily to soft seasonal consumption trends compared to the prior year and the unfavorable impact of 2.0% from divested businesses and exited product lines. These factors were partially offset by share growth in Compeed® and Sebamed®, despite the soft seasonal trends;

50

Perrigo Company plc - Item 2

CSCI

•Upper Respiratory: Net sales of $209.5 million increased 1.7%, inclusive of a 2.6% favorable effect of currency translation, due primarily to improved supply of key products and growth in brand and store brand allergy products. These factors were more than offset by an unfavorable impact of 1.5% from divested businesses and exited product lines, and lower incidence and consumption of cough cold products;

•Healthy Lifestyle: Net sales of $180.2 million increased 2.8%, inclusive of a 0.5% unfavorable effect of currency translation, driven by growth in mosquito repellent products, in addition to growth of nicotine replacement offerings. This growth was partially offset by the strategic exit of products within the weight loss sub-category;

•Pain & Sleep-Aids: Net sales of $173.4 million increased 9.4%, inclusive of a 3.3% favorable effect of currency translation, as higher net sales of Solpadeine®, due primarily to improved supply, were partially offset by 3.8% from divested businesses and exited product lines;

•VMS: Net sales of $116.2 million decreased 8.8%, inclusive of a 2.4% favorable effect of currency translation, due primarily to deprioritization of the nutraceuticals portfolio, in addition to the unfavorable impact of 1.2% from divested businesses and exited products;

•Women's Health: Net sales of $103.3 million increased 2.2%, inclusive of a 2.6% favorable effect of currency translation, due primarily to higher net sales of contraceptive products including ellaOne®, driven by market share gains. These factors were more than offset by supply chain constraints that have since been resolved;

•Oral Care: Net sales of $71.6 million decreased 4.6%, inclusive of a 2.9% favorable effect of currency translation, due primarily to lower net sales of store brand products;

•Digestive Health and Other: Net sales of $74.8 million decreased 31.1%, inclusive of a 1.9% favorable effect of currency translation, due primarily to the divestiture of the Rare Diseases Business, which was partially offset by higher net sales of store brand digestive health products.

Operating income increased $71.1 million, or 109.2%, due primarily to:

•$30.2 million decrease in gross profit due primarily to the impact of divested businesses and exited products of $39.5 million, lower manufacturing productivity and unfavorable costs of goods sold inflation. These factors were partially offset by prior strategic pricing actions, $13.9 million from favorable currency translation, and new products. Gross profit as a percentage of net sales decreased 130 basis points compared to the prior year due to the same factors impacting gross profit.

•$101.3 million decrease in operating expenses due primarily to the absence of the prior year impairment charges of $50.3 million recognized as part of the assets held for sale of the Hospital & Specialty Business and the Rare Diseases Business, decreased restructuring costs associated primarily with Project Energize and Supply Chain Reinvention activities, and lower variable costs of $35.4 million. These were partially offset by the absence of the prior year gain on the sale of branded products.

Unallocated Expenses

Unallocated expenses are comprised of certain corporate services not allocated to our reporting segments and are recorded in Operating income (loss) on the Condensed Consolidated Statements of Operations. Unallocated expenses were as follows (in millions):

Three Months Ended												Nine Months Ended
September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
$	59.5					$	70.7					$	175.0					$	253.6

The decrease of $11.2 million and $78.6 million in unallocated expenses during the three and nine months ended September 27, 2025, respectively, compared to the prior year periods were due primarily to a decrease in expenses for litigation, as well as lower selling and administrative costs due primarily to Project Energize.

51

Perrigo Company plc - Item 2

Unallocated, Interest, Other, and Taxes

Interest expense, net, Other (income) expense, net and Loss on extinguishment of debt

			Three Months Ended												Nine Months Ended
(in millions)			September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
Interest expense, net			$	40.6					$	57.6					$	119.2					$	144.7
Other (income) expense, net			$	9.6					$	(4.1)					$	11.9					$	(0.5)
Loss on extinguishment of debt			$	—					$	5.1					$	—					$	5.2

Interest expense, net

The $17.0 million and $25.5 million decrease in Interest expense, net during the three and nine months ended September 27, 2025, respectively, compared to the prior year periods was due primarily to the absence of interest expense associated with the de-designation of interest rate swap agreements in the prior year and a decrease in interest expense associated with a decrease in outstanding borrowings under our Senior Secured Credit Facilities.

Other (income) expense, net

The $13.7 million and $12.4 million decrease in Other (income) expense, net during the three and nine months ended September 27, 2025, respectively, compared to the prior year periods was due primarily to unfavorable changes in revaluation of foreign currency contracts associated with the planned divestiture of the Dermacosmetics Business, the absence of prior year gain recognized on the sale of the Rare Diseases Business, and the loss recognized on the sale of the Richard Bittner Business.

Loss on extinguishment of debt

The loss on extinguishment of debt during the three and nine months ended September 28, 2024 is related to the unamortized fees associated with the partial payment on the Term Loan B Facility (refer to Item 1. Note 12).

Income Taxes (Consolidated)

The effective tax rates were as follows:

Three Months Ended												Nine Months Ended
September 27, 2025						September 28, 2024						September 27, 2025						September 28, 2024
43.3		%				180.9		%				63.7		%				20.9		%

The effective tax rate on the pre-tax income for the three months ended September 27, 2025, decreased when compared to the effective tax rate on the pre-tax income for the three months ended September 28, 2024, primarily due to tax benefits resulting from the enactment of the One Big Beautiful Bill Act ("OBBBA") and the impacts of accounting for income taxes in interim reporting periods, offset by changes in reserves for uncertain tax positions. The effective tax rate on pre-tax income for the nine months ended September 27, 2025 increased when compared to the effective tax rate on the pre-tax loss for the nine months ended September 28, 2024 primarily due to changes in reserves for uncertain tax positions, offset by the impact of the OBBBA, and the impacts related to accounting for income taxes in interim reporting periods for 2024. For 2024, the accounting for income taxes in interim reporting periods resulted in a significant variation in the customary relationship between income tax expense and pre-tax book income, which does not significantly impact 2025.

On July 4, 2025, the OBBBA was signed into law. The OBBBA includes significant changes to federal tax law and permanently extends various provisions from the 2017 Tax Cuts and Jobs Act, including, but not limited to, deductions for federal bonus depreciation, domestic research and development expenditures, and business interest expense. We evaluated the OBBBA provisions enacted during the quarter and estimate that the impact will result in a tax benefit of $28.0 million for 2025, primarily due to the increased realizability of deferred tax assets associated with interest expense carryforwards following the restoration of depreciation and amortization in the Section 163(j) business interest expense limitation calculation. The remaining provisions of the OBBBA have multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are not anticipating the remaining provisions of the OBBBA to have a material effect on our consolidated financial statements.

52

Perrigo Company plc - Item 2

Unallocated, Interest, Other, and Taxes

We evaluate our deferred tax assets quarterly to determine if valuation allowances are required or should be adjusted. This assessment considers, among other matters, the nature, frequency and amount of recent losses, the duration of statutory carryforward periods, and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. If operational results continue to decline in certain jurisdictions where we have deferred tax assets that rely on future taxable income, primarily the United States, an additional valuation allowance may be required in the next twelve months. Such amount could be a material charge to income tax expense subject to the presentation requirements of intraperiod tax allocation.

FINANCIAL CONDITION, LIQUIDITY, AND CAPITAL RESOURCES

Overview

We finance our operations with internally generated funds, supplemented by credit arrangements with third parties and capital market financing. We routinely monitor current and expected operational requirements and financial market conditions to evaluate other available financing sources including term and revolving bank credit and securities offerings. In determining our future capital requirements, we regularly consider, among other factors, known trends and uncertainties, such as the war in Ukraine and conflicts in the Middle East, inflation and interest rates, the status of material contingent liabilities, recent financial market volatility, tariffs and potential tariff and trade policies and other uncertainties. Additionally, we have considered investments in capital expenditures related to the progression of infant formula plant investments, our Supply Chain Reinvention Program, and Project Energize. Subject to relevant restrictions under our debt agreements, our cash requirements for other purposes and other factors management deems relevant, we may from time to time use available funds to redeem, repurchase or refinance our debt in privately negotiated or open market transactions, by tender offer or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms we deem appropriate (which may be below par).

Based on the foregoing, management believes that our operations and borrowing resources are sufficient to provide for our short-term and long-term capital requirements, as described below. However, an adverse result with respect to our appeal of any material outstanding tax assessments or litigation, including securities or drug pricing matters and product liability cases, damages resulting from third-party claims, and related interest and/or penalties, could ultimately require the use of corporate assets to pay such assessments and any such use of corporate assets would limit the assets available for other corporate purposes. As such, we continue to evaluate the impact of the above factors on liquidity and may determine that modifications to our capital structure are appropriate if market conditions deteriorate, favorable capital market opportunities become available, or any change in conditions relating to the war in Ukraine and conflicts in the Middle East, a government shutdown in the United States or elsewhere, inflation and interest rates, the status of material contingent liabilities, financial market volatility, tariffs, potential tariff and trade policies or other uncertainties have a material impact on our capital requirements.

Cash and Cash Equivalents

(in millions)			September 27, 2025						December 31, 2024
Cash and cash equivalents			$	432.1					$	558.8
Working capital(1)			$	1,095.3					$	915.3

(1) Working capital represents current assets less current liabilities, excluding cash and cash equivalents, assets and liabilities held for sale and current indebtedness.

Cash, cash equivalents, cash flows from operations, and borrowings available under our credit facilities are expected to be sufficient to finance our liquidity and capital expenditures in both the short and long term. Although our lenders have made commitments to make funds available to us in a timely fashion under our revolving credit agreements and overdraft facilities, if economic conditions worsen or new information becomes publicly available impacting the institutions’ credit rating or capital ratios, these lenders may be unable or unwilling to lend money pursuant to our existing credit facilities. Should our outlook on liquidity requirements change substantially from current projections, we may seek additional sources of liquidity in the future.

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Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

Cash Flows

The following table includes summarized cash flow activities:

			Nine Months Ended
(in millions)			September 27, 2025						September 28, 2024						$ Change
Net cash from operating activities			$	63.1					$	50.3					$	12.8
Net cash (for) from investing activities			(50.9)						115.9						(166.8)
Net cash (for) from financing activities			(166.1)						543.1						(709.2)
Effect of exchange rate changes on cash and cash equivalents			29.5						2.9						26.6
Net (decrease) increase in cash and cash equivalents			$	(124.4)					$	712.2					$	(836.6)

Net cash from Operating Activities

The $12.8 million increase in operating cash flow was primarily driven by an improved net loss position and an increase in cash flow from the change in net earnings after adjustments for items including depreciation and amortization and restructuring, partially offset by an increase in working capital.

Net cash (for) from Investing Activities

The $166.8 million decrease in investing cash flow was due primarily to the absence of the proceeds from the sale of the Rare Diseases Business and the six branded products in the prior year period. These were partially offset by the absence of the settlement of foreign currency derivatives in the prior year period, as well as net proceeds received in the current period related to the sale of the Richard Bittner Business.

Net cash (for) from Financing Activities

The $709.2 million decrease in financing cash flow was due primarily to the prior year period issuance of the 2032 Notes, partially offset by larger one-time payments in the prior year period on the Senior Secured Credit Facilities compared to the current year.

Borrowings and Capital Resources

Credit Agreements

On April 20, 2022, we and our indirect wholly owned subsidiary, Perrigo Investments, LLC, (the "Borrower") entered into the senior secured credit facilities, which consisted of (i) a $1.0 billion five-year revolving credit facility (the “Revolver”), (ii) a $500.0 million five-year Term Loan A facility (the “Term Loan A Facility” and the Term A Loans thereunder, the "Term A Loans"), and (iii) a $1.1 billion seven-year Term Loan B facility (the “Term Loan B Facility” and the Term B Loans thereunder borrowed on April 20, 2022, the "2022 Term B Loans” and, together with the Revolver and Term Loan A Facility, the "Senior Secured Credit Facilities"), pursuant to a Term Loan and Revolving Credit Agreement (the "Credit Agreement").

On December 15, 2023, we and the Borrower entered into Amendment No. 1, an Incremental Assumption Agreement (the "Amendment") to the Credit Agreement. The Amendment provides for a fungible add on to the 2022 Term B Loans in an aggregate principal amount of $300.0 million (the "Incremental Term B Loans" and together with the 2022 Term B Loans, the “Term B Loans”). The terms of the Incremental Term B Loans, including pricing and maturity, are identical to the 2022 Term B Loans. The Term B Loans will mature on April 20, 2029. The net proceeds from the Incremental Term B Loans were used to settle the cash tender offer by Perrigo Finance for $300.0 million in aggregate principal amount of 3.900% Senior Notes due 2024 ("2024 Notes"). The tender offer was settled on December 15, 2023, and Perrigo Finance accepted for purchase $300.0 million of the 2024 Notes and paid approximately $295.1 million in aggregate cash consideration (excluding accrued interest).

On December 15, 2024, we and the Borrower entered into Amendment No. 2 to the Credit Agreement, that provides for the refinancing of the Term B Loans outstanding under the Credit Agreement in the aggregate amount of $984.7 million. Refer to Item 1. Note 12.

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Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

As of September 27, 2025 and December 31, 2024, we had $1,403.0 million and $1,429.1 million, respectively, outstanding under our Term Loan A Facility and Term Loan B Facility. Our short-term debt as of September 27, 2025 of $36.6 million is comprised of (i) amortization payments for the Term A Loans and the Term B Loans and (ii) lease payments.

The interest rate net of derivatives results in a fixed rate on a substantial portion of our long-term debt, the earliest of which matures in April 2027.

We were in compliance with all the covenants under our debt agreements as of September 27, 2025.

Other Financing

We have overdraft facilities available that we may use to support our cash management operations. There were no material borrowings outstanding under the overdraft facilities as of September 27, 2025 or December 31, 2024.

Leases

We had $194.3 million and $195.1 million of lease liabilities and $180.9 million and $186.9 million of lease assets as of September 27, 2025 and December 31, 2024, respectively. For information on our operating and finance lease obligations and the amount and timing of future payments refer to Item 1. Note 8.

Credit Ratings

Our credit ratings on September 27, 2025 were Ba2 (negative), BB- (stable), and BB (negative), by Moody's Investor Services, S&P Global Ratings ("S&P"), and Fitch Ratings Inc. ("Fitch"), respectively.

Credit rating agencies review their ratings periodically, and therefore, the credit rating assigned to us by each agency may be subject to revision at any time. Accordingly, there can be no assurance that our credit ratings will remain as disclosed above. Factors that can affect our credit ratings include, but are not limited to, changes in operating performance, the economic environment, our financial position, and changes in business strategy. If changes in our credit ratings were to occur, they could impact, among other things, future borrowing costs, access to capital markets, and vendor financing terms. A credit rating is not a recommendation to buy, sell or hold securities.

Future interest rate adjustments of the 3.150% Senior Notes due 2030 are subject to a 2.0% total cap above the original 3.150% interest rate which would result in an interest rate not to exceed 5.150% based on certain rating events as specified in the Note’s Supplemental Indenture No. 3, dated as of June 19, 2020, among Perrigo Finance Unlimited Company, Perrigo Company plc and Wells Fargo Bank, National Association, as trustee.

Guarantor Financial Information

As detailed in Item 1. Note 12, the Guarantor Subsidiaries and the Borrower provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 5.300% Notes due 2043 issued by the Company, and the Loan Parties provide full and unconditional guarantees, jointly and severally, on a senior unsecured basis, of the 4.900% Notes due 2030, the 5.375% Euro Notes due 2032, the 6.125% USD Notes due 2032, and the 4.900% Notes due 2044 issued by Perrigo Finance.

The guarantees of the Guarantor Subsidiaries, the Company and the Borrower are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The guarantees of the Guarantor Subsidiaries, the Company and the Borrower rank senior in right of payment to any future subordinated indebtedness of the Company, equal in right of payment with all of the Company’s existing and future senior indebtedness and effectively subordinated to any of the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing such indebtedness.

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Perrigo Company plc - Item 2

Financial Condition, Liquidity and Capital Resources

Basis of Presentation

The following tables include summarized financial information of the obligor groups of debt issued by Perrigo Finance and the Company. The summarized financial information of each obligor group is presented on a combined basis with balances and transactions within the obligor group eliminated. Investments in and the equity in earnings of non-guarantor subsidiaries, which would otherwise be consolidated in accordance with U.S. GAAP, are excluded from the below summarized financial information pursuant to SEC Regulation S-X Rule 13-01.

The summarized balance sheet information for the consolidated obligor group of debt issued by Perrigo Finance and the Company is presented in the table below:

			September 27, 2025						December 31, 2024
Current assets			$	1,952.0					$	1,792.5
Non-current assets			$	4,110.3					$	4,284.5
Current liabilities			$	865.8					$	731.8
Non-current liabilities			$	11,710.4					$	12,144.5
Due to non-guarantors			$	7,584.5					$	8,131.3

The summarized results of operations information for the consolidated obligor group of debt issued by Perrigo Finance and the Company is presented in the table below:

			Nine Months Ended
			September 27, 2025
Total revenues			$	2,238.7
Gross profit			$	678.8
Operating income (loss)			$	(16.7)
Net income (loss)			$	(266.7)
Revenue from non-guarantors			$	288.2
Operating expenses to non-guarantors			$	(0.4)
Other (income) expense to non-guarantors			$	(76.6)

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have a material current effect or that are reasonably likely to have a material future effect on our financial condition, changes in financial condition, net sales or expenses, results of operations, liquidity, capital expenditures, or capital resources.

Contractual Obligations

There were no material changes in contractual obligations as of September 27, 2025 from those provided in our 2024 Form 10-K.

Significant Accounting Policies

There have been no material changes to the significant accounting policies as disclosed in our 2024 Form 10-K.

Critical Accounting Estimates

The determination of certain amounts in our financial statements requires the use of estimates. These estimates are based upon our historical experiences combined with management’s understanding of current facts and circumstances. Although the estimates are considered reasonable based on the currently available information, actual results could differ from the estimates we have used. There have been no material changes to the critical accounting estimates as disclosed in our 2024 Form 10-K.

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Perrigo Company plc - Item 3

Quantitative and Qualitative Disclosures

ITEM 3.        QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to our quantitative or qualitative disclosures found in Item 7A, "Quantitative and Qualitative Disclosures about Market Risk," of our 2024 Form 10-K.

ITEM 4.        CONTROLS AND PROCEDURES

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) of the Exchange Act) as of September 27, 2025. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective in ensuring that all material information relating to us and our consolidated subsidiaries required to be included in our periodic SEC filings would be made known to them by others within those entities in a timely manner and that no changes are required at this time.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the three months ended September 27, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.     OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

Refer to Item 1. Note 16 and Item 1. Note 17 of the Notes to the Condensed Consolidated Financial Statements.

ITEM 1A.    RISK FACTORS

Our 2024 Form 10-K includes a detailed discussion of our risk factors. At the time of this filing, there have been no material changes to the risk factors that were included in the Form 10-K, other than the risk factor as described below.

Global Risks

Our business, financial condition, and results of operations are subject to risks arising from the international scope of our operations.

We manufacture, source raw materials, and sell our products in a number of countries. The percentage of our business outside the U.S. has been increasing. We are subject to risks associated with international manufacturing and sales, including changes in regulatory requirements. Refer to Item 1. Business - Government Regulations and Pricing, for changes to tax and import/export laws and trade and customs policies (including the enactment of tariffs on goods imported into the U.S., including but not limited to, goods imported from China), problems related to markets with different cultural norms or political systems, possible difficulties in enforcing agreements, longer payment cycles and shipping lead-times, difficulties obtaining export or import licenses, and imposition of withholding or other taxes.

Recently, the U.S government imposed new and additional tariffs on a significant number of countries and threatened to further increase the scope and amount of tariffs in the event of retaliatory countermeasures. The future of existing tariffs, and the possibility for new tariffs, including tariffs specifically targeting pharmaceuticals, under which many of our U.S. OTC self-care products may be classified, remains uncertain. Through the first three quarters of fiscal year 2025, these new tariffs and trade policies have not had a significant impact on our results of operations. However, as currently in effect, the impact of these new tariffs is expected to materially increase the cost of goods for our products and materials sourced from other countries, particularly China. We expect that the tariffs, as currently in effect, will have a material impact on our U.S. business. As a result of these dynamic conditions and uncertainties, we have modified, and may further modify, our operations and strategic initiatives, including by adjusting our investment priorities, reallocating resources, or delaying specific initiatives, such as deferring capital expenditures on the Nutrition Network Optimization project and seeking further working capital improvements. If we

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Perrigo Company plc - Item 1A

Risk Factors

are unable to mitigate these increased costs through supply chain adjustments, pricing strategies or other measures, these costs, as well as the costs incurred in implementing these measures, could have a material adverse impact on our results of operations and cash flows from operations.

We cannot predict the extent to which other countries will impose duties, tariffs, taxes or other similar restrictions upon the import or export of goods and materials in the future, nor can we predict future U.S. trade policy, including the potential continued regulatory forbearance allowing imported infant formulas in the United States, or the terms of any renegotiated trade agreements and their impact on our business.

Similarly, we cannot predict which of our products will be impacted by tariffs or eligible for exceptions under existing or future trade agreements. In addition, in response to tariffs announced by the United States, other countries have implemented, and may implement additional, retaliatory tariffs on U.S. goods. Political tensions as a result of trade policies could reduce trade volume, investment, technology exchanges, and other economic activities between major international economies. In addition, elevated tariffs or trade restrictions, or the expectation of such changes, could increase inflation or unemployment and reduce consumers' disposable income and spending. The occurrence of any of the foregoing could result in a material adverse effect on global economic conditions and the stability of global financial markets, which could in turn have a material adverse impact on our business and financial condition.

Additionally, we are subject to periodic reviews and audits by governmental authorities responsible for administering import and export regulations. To the extent that we are unable to successfully defend against an audit or review, we may be required to pay assessments, penalties, and increased duties.

Certain of our facilities operate in a special purpose sub-zone established by the U.S. Department of Commerce Foreign Trade Zone Board, which allows us certain tax advantages on products and raw materials shipped through these facilities. Recent tariffs imposed by the U.S. government, as currently in effect, eliminated our ability to utilize the Foreign Trade Zone for certain of our products. If the Foreign Trade Zone Board were to revoke the sub-zone designation or further limit our use, we could be subject to additional increased duties.

Although we believe that we conduct our business in compliance with applicable anti-corruption, anti-bribery and economic sanctions laws, if we are found not to be in compliance with such laws or other anti-corruption laws, we could be subject to governmental investigations, legal or regulatory proceedings, substantial fines, and/or other legal or equitable penalties. This risk increases in locations outside of the U.S., particularly in locations that have not previously had to comply with the FCPA, U.K. Bribery Act 2010, Irish Criminal Justice (Corruption Offenses) Act 2018, and similar laws.

ITEM 5.         OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended September 27, 2025, no director or executive officer adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.

ITEM 6.    EXHIBITS

Exhibit Number						Description
3.1						Certificate of Incorporation of Perrigo Company plc (formerly known as Perrigo Company Limited) (incorporated by reference from Exhibit 4.1 to the Company’s Registration Statement on Form S-8 filed on December 19, 2013).
3.2						Memorandum and Articles of Association of Perrigo Company plc, as amended and restated (incorporated by reference from Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed on May 7, 2025) (File No. 001-36353).
10.1*						Employment Separation and Benefits Letter Agreement, dated as of September 15, 2025, by and between the Company and Ronald Janish (filed herewith).
10.2*						Employment Separation and Severance Letter Agreement 2, effective as of November 3, 2025, by and between the Company and Catherine Schmelter (filed herewith).
22						List of Guarantor Subsidiaries (filed herewith).
31.1						Rule 13a-14(a) Certification by Patrick Lockwood-Taylor, Chief Executive Officer (filed herewith).
31.2						Rule 13a-14(a) Certification by Eduardo Bezerra, Chief Financial Officer (filed herewith).

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Perrigo Company plc - Item 6

Exhibits

Exhibit Number						Description
32						Certification Pursuant to 18 United States Code 1350 and Rule 13a-14(b) of the Securities Exchange Act of 1934 (furnished herewith).
101. INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema Document.
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document.
104						Cover Page Interactive Date File, formatted in Inline XBRL (contained in Exhibit 101).

*Denotes management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

									PERRIGO COMPANY PLC
									(Registrant)
Date:			November 5, 2025						/s/ Patrick Lockwood-Taylor
									Patrick Lockwood-Taylor
									Chief Executive Officer and President
									(Principal Executive Officer)
Date:			November 5, 2025						/s/ Eduardo Bezerra
									Eduardo Bezerra
									Chief Financial Officer
									(Principal Accounting and Financial Officer)

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FAQ

What were PRGO’s Q3 2025 net sales and net income?

Net sales were $1,043.3 million and net income was $7.5 million.

How did Perrigo’s year-to-date 2025 performance compare to 2024?

Year to date, sales were $3,143.5 million vs. $3,235.1 million, operating income was $164.9 million vs. a loss last year, and net loss was $7.3 million vs. $127.3 million.

What is the status of PRGO’s Dermacosmetics divestiture?

Perrigo agreed to sell it for up to €327 million (€300 million upfront and up to €27 million earn‑outs), subject to approvals, with closing expected in Q1 2026.

What were Perrigo’s cash and debt levels at quarter end?

Cash and cash equivalents were $432.1 million; long‑term debt was $3,608.1 million.

How much cash did PRGO generate from operations year to date?

Net cash from operating activities was $63.1 million.

How many PRGO shares were outstanding?

There were 137,624,009 ordinary shares outstanding as of October 31, 2025.

What assets and liabilities are classified as held for sale?

Dermacosmetics assets and liabilities held for sale totaled $280.5 million and $37.4 million, respectively.