Perrigo Reports Record Revenue and Adjusted Earnings

             Perrigo Reports Record Revenue and Adjusted Earnings

- Fiscal third quarter net sales increased 18% year over year to a record $920
million.

- Fiscal third quarter adjusted operating income increased 21% to a record
$208 million, a 50 basis point expansion as a percent to sales.

- Fiscal third quarter GAAP operating income increased 22% to $179 million.

- Fiscal third quarter cash flow from operations was $151 million.

- Inclusive of recent acquisitions, management confirms February 11th guidance
of full-year fiscal 2013 adjusted earnings range of $5.53 to $5.73 per diluted
share and reported earnings of between $4.67 and $4.87 per diluted share.

PR Newswire

ALLEGAN, Mich., May 7, 2013

ALLEGAN, Mich., May 7, 2013 /PRNewswire/ --Perrigo Company (Nasdaq: PRGO;
TASE: PRGO) today announced results for its third quarter ended March 30,
2013.

(Logo: http://photos.prnewswire.com/prnh/20120301/DE62255LOGO )

Perrigo's Chairman and CEO Joseph C. Papa commented, "We are very pleased with
our performance, as the team delivered all-time record quarterly revenue and
adjusted diluted earnings per share. It was a very busy quarter for the team.
We signed and closed the acquisition of Rosemont Pharmaceuticals, a specialty
and generic prescription pharmaceutical company focused on the manufacturing
and marketing of oral liquid formulations. We shipped Guaifenesin 600mg
Extended-Release tablets with $135 million in branded sales. It is the first
product that is generically equivalent to Mucinex® 600mg Extended-Release
tablets. We launched the generic equivalentsof Luxiq® Foam and Nicorette®
mini lozenges and the authorized generic of Acetadote® injection. Finally, we
filed an ANDA for the generic equivalent of Androgel® 1.62% and we believe we
are the first to file. After the quarter ended, we closed our acquisition of
Velcera, further expanding our recent entry into companion animal health and
broadening our product offering. All of these great milestones were achieved
while expanding margins in a record sales quarter."

Refer to Table I at the end of this press release for adjustments in the
current year and prior year periods and additional non-GAAP information. The
Company's reported results are summarized in the attached Condensed
Consolidated Statements of Income, Balance Sheets and Cash Flows.





Perrigo Company

(in thousands, except per share amounts)

(see the attached Tables I and IV for reconciliation to GAAP numbers)


                                            Fiscal 2013 Fiscal 2012
                                            Third       Third       

                                            Quarter    Quarter    
                                            Ended       Ended
                                                                    YoY
                                            3/30/2013   3/31/2012   % Change
Net Sales                                   $919,825    $778,017    +18.2%
Reported Net Income                         $111,924    $115,727    -3.3%
Adjusted Net Income                         $134,073    $132,679    +1.1%
Reported Diluted EPS                        $1.18       $1.23       -4.1%
Adjusted Diluted EPS                        $1.42       $1.41       +0.7%
Adjusted Diluted EPS excluding 3Q 2012 Tax  $1.42       $1.21       +17.4%
Benefit
Diluted Shares                              94,519      94,124      +0.4%



Third Quarter Results

Net sales in the quarter were a record $920 million, an increase of 18% over
the third quarter of fiscal 2012, driven primarily by $61 million in strong
base business growth, new product sales of $41 million and $40 million
attributable to the Sergeant's and Rosemont acquisitions. Excluding charges as
outlined in Table I at the end of this release, third quarter fiscal 2013
adjusted net income increased 1.1% to $134 million, or $1.42 per diluted
share. Excluding a non-recurring tax benefit of $19 million in fiscal third
quarter 2012; adjusted net income increased 18%. Reported net income decreased
3.3% to $112 million, or $1.18 per diluted share.

Consumer Healthcare



Consumer Healthcare Segment

(in thousands)

(see the attached Table II for reconciliation to GAAP numbers)
                           Fiscal 2013    Fiscal 2012
                           Third          Third

                           Quarter        Quarter     YoY
                           Ended
                                          Ended
                           3/30/2013      3/31/2012   % Change
Net Sales                  $536,775       $448,848    +19.6%
Reported Gross Profit      $176,646       $140,417    +25.8%
Adjusted Gross Profit      $180,045       $141,427    +27.3%
Reported Operating Income  $95,921        $79,383     +20.8%
Adjusted Operating Income  $100,951       $81,804     +23.4%
Reported Gross Margin      32.9%          31.3%       +160 bps
Adjusted Gross Margin      33.5%          31.5%       +200 bps
Reported Operating Margin  17.9%          17.7%       +20 bps
Adjusted Operating Margin  18.8%          18.2%       +60 bps

Consumer Healthcare segment net sales increased 20% to $537 million, driven by
an increase in sales of existing products of $54 million (contract, cough/cold
and analgesics categories), $31 million attributable to the recent acquisition
of Sergeant's and new product sales of approximately $17 million (cough/cold
and smoking cessation categories). These combined increases were partially
offset by a decline of $9 million in sales of existing products (other
categories) and $4 million in discontinued products.

The adjusted gross margin expanded 200 basis points due to the inclusion of
Sergeant's, new products, increased manufacturing efficiencies and a favorable
product mix. Third quarter operating expenses increased due primarily to
approximately $12 million of incremental operating expenses from the
acquisition of Sergeant's.

Nutritionals





Nutritionals Segment

(in thousands)

(see the attached Table II for reconciliation to GAAP numbers)


                           Fiscal 2013  Fiscal 2012
                           Third        Third        

                           Quarter     Quarter     
                           Ended
                                        Ended        YoY
                           3/30/2013    3/31/2012    % Change
Net Sales                  $133,344     $117,683     +13.3%
Reported Gross Profit      $30,976      $30,350      +2.1%
Adjusted Gross Profit      $34,026      $33,371      +2.0%
Reported Operating Income  $6,965       $1,845       +277.5%
Adjusted Operating Income  $14,275      $15,563      -8.3%
Reported Gross Margin      23.2%        25.8%        -260 bps
Adjusted Gross Margin      25.5%        28.4%        -290 bps
Reported Operating Margin  5.2%         1.6%         +360 bps
Adjusted Operating Margin  10.7%        13.2%        -250 bps

The Nutritionals segment reported third quarter net sales of $133 million,
compared with $118 million a year ago. All product categories within the
segment grew year-over-year and new product sales were $5 million. The
disparities between the reported and adjusted operating income and margin are
due to the absence of restructuring charges incurred in the third quarter of
fiscal 2012 related to the Company's Florida location, which was closed in the
fourth quarter of fiscal 2012.

Third quarter adjusted gross margin decreased due primarily to a larger
proportion of sales from the lower margin VMS category and higher production
inefficiencies in the infant formula category, while the adjusted operating
margin was favorably impacted by lower employee-related expenses.

Rx Pharmaceuticals





Rx Pharmaceuticals Segment

(in thousands)

(see the attached Table II for reconciliation to GAAP numbers)


                           Fiscal 2013  Fiscal 2012
                           Third        Third        

                           Quarter     Quarter     

                           Ended        Ended        YoY
                           3/30/2013    3/31/2012    % Change
Net Sales                  $189,410     $155,591     +21.7%
Reported Gross Profit      $96,516      $83,333      +15.8%
Adjusted Gross Profit      $109,661     $91,907      +19.3%
Reported Operating Income  $73,419      $67,257      +9.2%
Adjusted Operating Income  $86,627      $75,831      +14.2%
Reported Gross Margin      51.0%        53.6%        -260 bps
Adjusted Gross Margin      57.9%        59.1%        -120 bps
Reported Operating Margin  38.8%        43.2%        -440 bps
Adjusted Operating Margin  45.7%        48.7%        -300 bps



The Rx Pharmaceuticals segment third quarter net sales increased 22% to $189
million due primarily to new product sales of $18 million, $8 million in sales
related to the February 11^th 2013 acquisition of Rosemont, and strong
prescription volumes evidenced by an increase in existing product sales of $7
million.

The adjusted gross margin decreased due primarily to less favorable product
mix. The adjusted operating margin was impacted by higher distribution,
selling, general and administrative costs and the inclusion of Rosemont.

API





API Segment

(in thousands)

(see the attached Table II for reconciliation to GAAP numbers)
                           Fiscal 2013  Fiscal 2012
                           Third        Third        

                           Quarter     Quarter     
                           Ended
                                        Ended        YoY
                           3/30/2013    3/31/2012    % Change
Net Sales                  $41,114      $36,951      +11.3%
Reported Gross Profit      $20,915      $18,675      +12.0%
Adjusted Gross Profit      $21,413      $19,165      +11.7%
Reported Operating Income  $11,728      $10,462      +12.1%
Adjusted Operating Income  $12,226      $10,952      +11.6%
Reported Gross Margin      50.9%        50.5%        +40 bps
Adjusted Gross Margin      52.1%        51.9%        +20 bps
Reported Operating Margin  28.5%        28.3%        +20 bps
Adjusted Operating Margin  29.7%        29.6%        +10 bps

The API segment's net sales increased by 11% to $41 million due to an increase
in existing product sales of $4 million primarily related to the continued
successful launch of a customer's product.

Operating margins expanded on favorable mix of existing product sales offset
slightly by higher distribution selling, general and administrative expenses.

Closing

Chairman, President and CEO Joseph C. Papa concluded, "While we've celebrated
a record quarter, we are back to executing our plans for the final quarter of
fiscal 2013. We're well positioned to save pet owners money as we enter this
summer's flea and tick season and are anxiously awaiting additional new
product approvals and launches. As always, we stand committed to bringing more
forms of quality, affordable healthcare to more consumers."

Guidance

The Company is confirming the guidance which was provided on February 11,
2013, the closing date of the Rosemont acquisition, and continues to expect
fiscal 2013 reported earnings to be between $4.67 and $4.87 per diluted share
as compared to $4.18 in fiscal 2012. Excluding the charges outlined in Table
III at the end of this release, the Company continues to expect fiscal 2013
adjusted earnings to be between $5.53 and $5.73 per diluted share as compared
to $4.99 in fiscal 2012. This range implies a year-over-year growth rate in
adjusted earnings of 11% to 15% over fiscal 2012's adjusted earnings from
continuing operations per diluted share. 

The conference call will be available live via webcast to interested parties
in the investor relations section of the Perrigo website at
http://perrigo.investorroom.com/events-webcasts or by phone at 877-248-9413,
International 973-582-2737, and reference ID# 31768198. A taped replay of the
call will be available beginning at approximately 1:00 p.m. (ET) Tuesday, May
7, 2013 until midnight Friday, May 17, 2013. To listen to the replay, dial
855-859-2056, International 404-537-3406, and use access code 31768198.

From its beginnings as a packager of generic home remedies in 1887, Allegan,
Michigan-based Perrigo Company has grown to become a leading global provider
of quality, affordable healthcare products. Perrigo develops, manufactures and
distributes over-the-counter (OTC) and generic prescription (Rx)
pharmaceuticals, infant formulas, nutritional products, animal health, dietary
supplements and active pharmaceutical ingredients (API). The Company is the
world's largest manufacturer of OTC pharmaceutical products for the store
brand market. The Company's primary markets and locations of logistics
operations have evolved over the years to include the United States, Israel,
Mexico, the United Kingdom, India, China and Australia. Visit Perrigo on the
Internet (http://www.perrigo.com).

Note: Certain statements in this press release are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created thereby. These statements
relate to future events or the Company's future financial performance and
involve known and unknown risks, uncertainties and other factors that may
cause the actual results, levels of activity, performance or achievements of
the Company or its industry to be materially different from those expressed or
implied by any forward-looking statements. In some cases, forward-looking
statements can be identified by terminology such as "may," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend," "believe,"
"estimate," "predict," "potential" or other comparable terminology. The
Company has based these forward-looking statements on its current
expectations, assumptions, estimates and projections. While the Company
believes 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 the
Company's control. These and other important factors, including those
discussed under "Risk Factors" in the Company's Form 10-K for the year ended
June 30, 2012, as well as the Company's subsequent filings with the 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 press release are made only
as of the date hereof, and unless otherwise required by applicable securities
laws, the Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.

PERRIGO COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
                        Three Months Ended        Nine Months Ended
                        March 30,    March 31,    March 30,      March 31,
                        2013         2012         2013           2012
Net sales               $        $        $            $  
                        919,825      778,017      2,572,594     2,341,482
Cost of sales           588,464      498,744      1,648,799      1,539,755
Gross profit            331,361      279,273      923,795        801,727
Operating expenses
Distribution            12,569       10,181       35,035         29,540
Research and            28,526       27,950       84,244         78,736
development
Selling and             111,660      87,991       305,480        278,080
administration
Restructuring           —            7,081        —              7,081
Total operating         152,755      133,203      424,759        393,437
expenses
Operating income        178,606      146,070      499,036        408,290
Interest, net           16,070       16,651       47,237         44,862
Other expense (income), 841          (5,202)      855            (4,221)
net
Losses on sales of      1,608        —            4,657          —
investments
Income before income    160,087      134,621      446,287        367,649
taxes
Income tax expense      48,163       18,894       122,828        81,725
Net income              $        $        $          $    
                        111,924      115,727      323,459        285,924
Earnings per share
Basic earnings per      $       $       $        $      
share                     1.19       1.24      3.45          3.07
Diluted earnings per    $       $       $        $      
share                     1.18       1.23      3.42          3.04
Weighted average shares
outstanding
Basic                   93,989       93,330       93,833         93,152
Diluted                 94,519       94,124       94,443         94,028
Dividends declared per  $       $       $        $      
share                     0.09       0.08      0.26          0.23

PERRIGO COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
                                Three Months Ended      Nine Months Ended
                                March 30,   March 31,   March 30,   March 31,
                                2013        2012        2013        2012
Net income                      $       $       $       $    
                                111,924     115,727     323,459     285,924
Other comprehensive income
(loss):
Change in fair value of
derivative financial            1,638       2,642       8,344       (6,650)
instruments, net of tax
Foreign currency translation    4,784       22,214      38,234      (43,598)
adjustments
Change in fair value of
investment securities, net of   295         —           1,332       (933)
tax
Post-retirement liability       —           (28)        (41)        (69)
adjustments, net of tax
Other comprehensive income      6,717       24,828      47,869      (51,250)
(loss), net of tax
Comprehensive income            $       $       $       $    
                                118,641     140,555     371,328     234,674

PERRIGO COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
                             March 30,        June 30,         March 31,
                             2013             2012             2012
Assets
Current assets
Cash and cash equivalents    $         $         $       
                             300,827          602,489          554,280
Accounts receivable, net     618,666          572,582          560,740
Inventories                  684,741          547,455          589,947
Current deferred income      43,068           45,738           51,269
taxes
Income taxes refundable      5,479            1,047            766
Prepaid expenses and other   44,847           26,610           33,886
current assets
Total current assets         1,697,628        1,795,921        1,790,888
Property and equipment       1,236,444        1,118,837        1,096,749
Less accumulated             (593,186)        (540,487)        (532,335)
depreciation
                             643,258          578,350          564,414
Goodwill and other
indefinite-lived intangible  1,127,954        820,122          830,689
assets
Other intangible assets, net 938,544          729,253          752,600
Non-current deferred income  17,223           13,444           12,390
taxes
Other non-current assets     71,281           86,957           89,073
                             $           $           $     
                             4,495,888       4,024,047       4,040,054
Liabilities and
Shareholders' Equity
Current liabilities
Accounts payable             $         $         $       
                             325,415          317,341          307,017
Short-term debt              4,513            90               —
Payroll and related taxes    72,832           89,934           74,450
Accrued customer programs    128,676          116,055          103,868
Accrued liabilities          83,260           76,406           83,886
Accrued income taxes         17,639           12,905           20,530
Current portion of long-term 41,285           40,000           40,000
debt
Total current liabilities    673,620          652,731          629,751
Non-current liabilities
Long-term debt, less current 1,331,684        1,329,235        1,454,620
portion
Non-current deferred income  80,474           24,126           19,543
taxes
Other non-current            184,782          165,310          163,466
liabilities
Total non-current            1,596,940        1,518,671        1,637,629
liabilities
Shareholders' Equity
Controlling interest:
Preferred stock, without par
value, 10,000 shares         —                —                —
authorized
Common stock, without par
value, 200,000 shares        530,780          504,708          496,320
authorized
Accumulated other            87,273           39,404           75,800
comprehensive income
Retained earnings            1,605,894        1,306,925        1,198,740
                             2,223,947        1,851,037        1,770,860
Noncontrolling interest      1,381            1,608            1,814
Total shareholders' equity   2,225,328        1,852,645        1,772,674
                             $           $           $     
                             4,495,888       4,024,047       4,040,054
Supplemental Disclosures of
Balance Sheet Information
Allowance for doubtful       $         $         $       
accounts                       2,219          2,556          2,483
Working capital              $           $           $     
                             1,024,008       1,143,190       1,161,137
Preferred stock, shares      —                —                —
issued and outstanding
Common stock, shares issued  94,022           93,484           93,405
and outstanding



PERRIGO COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
                                      Nine Months Ended
                                      March 30, 2013       March 31, 2012
Cash Flows From (For) Operating
Activities
Net income                            $     323,459   $     285,924
Adjustments to derive cash flows
Gain on sale of pipeline development  —                    (3,500)
projects
Restructuring                         —                    7,081
Losses on sales of investments        4,657                —
Depreciation and amortization         112,817              101,712
Share-based compensation              14,037               13,924
Income tax benefit from exercise of   (271)                (447)
stock options
Excess tax benefit of stock           (15,365)             (12,202)
transactions
Deferred income taxes                 (3,069)              12,021
Subtotal                              436,265              404,513
Changes in operating assets and
liabilities, net of business
acquisitions
Accounts receivable                   (5,919)              (28,723)
Inventories                           (81,269)             (27,523)
Accounts payable                      (17,424)             (43,867)
Payroll and related taxes             (21,430)             (9,707)
Accrued customer programs             10,008               (13,755)
Accrued liabilities                   10,113               17,584
Accrued income taxes                  31,161               19,077
Other                                 18,607               (5,979)
Subtotal                              (56,153)             (92,893)
Net cash from operating activities    380,112              311,620
Cash Flows (For) From Investing
Activities
Acquisitions of businesses, net of    (607,776)            (582,329)
cash acquired
Proceeds from sale of securities      8,630                —
Proceeds from sale of intangible
assets and pipeline development       —                    10,500
projects
Additions to property and equipment   (63,480)             (85,715)
Acquisitions of intangible assets     —                    (750)
Net cash for investing activities     (662,626)            (658,294)
Cash Flows (For) From Financing
Activities
Borrowings (repayments) of            4,423                (2,770)
short-term debt, net
Borrowings of long-term debt          40,786               1,089,620
Repayments of long-term debt          (40,000)             (485,000)
Deferred financing fees               (643)                (5,108)
Excess tax benefit of stock           15,365               12,202
transactions
Issuance of common stock              8,706                10,040
Repurchase of common stock            (12,321)             (7,954)
Cash dividends                        (24,490)             (21,516)
Net cash (for) from financing         (8,174)              589,514
activities
Effect of exchange rate changes on    (10,974)             1,336
cash
Net (decrease) increase in cash and   (301,662)            244,176
cash equivalents
Cash and cash equivalents, beginning  602,489              310,104
of period
Cash and cash equivalents, end of     $     300,827   $     554,280
period
Supplemental Disclosures of Cash
Flow Information
Cash paid/received during the period
for:
Interest paid                         $      31,234  $      29,234
Interest received                     $              $      
                                      2,473               2,222
Income taxes paid                     $      93,518  $      53,216
Income taxes refunded                 $              $        
                                      1,312               830



Table I
PERRIGO COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share amounts)
(unaudited)
               Three Months Ended
Consolidated   March 30, 2013                               March 31, 2012                             % Change
               GAAP        Non-GAAP             As          GAAP        Non-GAAP           As          GAAP  As
                           Adjustments          Adjusted                Adjustments        Adjusted          Adjusted
Net sales      $        $               $        $         $             $        18 %  18 %
               919,825       -                919,825     778,017      -              778,017
Cost of sales  588,464     20,515      ^(a,b)   567,949     498,744     13,505      ^(a)   485,239     18 %  17 %
Gross profit   331,361     20,515               351,876     279,273     13,505             292,778     19 %  20 %
Operating
expenses
Distribution   12,569      -                    12,569      10,181      -                  10,181      23 %  23 %
Research and   28,526      -                    28,526      27,950      -                  27,950      2 %   2 %
development
Selling and    111,660     9,078       ^(a,c)   102,582     87,991      5,027       ^(a)   82,964      27 %  24 %
administration
Restructuring  -           -                    -           7,081       7,081       ^(e)   -           -     -
Total
operating      152,755     9,078                143,677     133,203     12,108             121,095     15 %  19 %
expenses
Operating      178,606     29,593               208,199     146,070     25,613             171,683     22 %  21 %
income
Interest, net  16,070      -                    16,070      16,651      -                  16,651      -3 %  -3 %
Other expense  841         -                    841         (5,202)     -                  (5,202)     -     -
(income), net
Loss on sale   1,608       1,608                -           -           -                  -           -     -
of investment
Income before  160,087     31,201               191,288     134,621     25,613             160,234     19 %  19 %
income taxes
Income tax     48,163      9,052       ^(l)     57,215      18,894      8,661       ^(l)   27,555      155   108 %
expense                                                                                                %
Net income     $        $                $        $         $               $        -3 %  1 %
               111,924     22,149               134,073     115,727    16,952            132,679
Diluted        $                            $       $                          $    
earnings per    1.18                            1.42       1.23                          1.41      -4 %  1 %
share
Diluted
weighted       94,519                           94,519      94,124                         94,124
average shares
outstanding
Selected
ratios as a
percentage of
net sales
Gross profit   36.0 %                           38.3 %      35.9 %                         37.6 %
Operating      16.6 %                           15.6 %      17.1 %                         15.6 %
expenses
Operating      19.4 %                           22.6 %      18.8 %                         22.1 %
income
               Nine Months Ended
Consolidated   March 30, 2013                               March 31, 2012                             % Change
               GAAP        Non-GAAP             As          GAAP        Non-GAAP           As          GAAP  As
                           Adjustments          Adjusted                Adjustments        Adjusted          Adjusted
Net sales      $          $               $          $          $             $          10 %  10 %
               2,572,594    -                2,572,594  2,341,482    -              2,341,482
Cost of sales  1,648,799   57,146      ^(a,f)   1,591,653   1,539,755   68,797      ^(a,h) 1,470,958   7 %   8 %
Gross profit   923,795     57,146               980,941     801,727     68,797             870,524     15 %  13 %
Operating
expenses
Distribution   35,035      -                    35,035      29,540      -                  29,540      19 %  19 %
Research and   84,244      -                    84,244      78,736      (3,500)     (i)  82,236      7 %   2 %
development
Selling and    305,480     23,929      ^(a,d,g) 281,551     278,080     24,076      ^(a,j) 254,004     10 %  11 %
administration
Restructuring  -           -                    -           7,081       7,081       ^(e)   -           -     -
Total
operating      424,759     23,929               400,830     393,437     27,657             365,780     8 %   10 %
expenses
Operating      499,036     81,075               580,111     408,290     96,454             504,744     22 %  15 %
income
Interest, net  47,237      -                    47,237      44,862      -                  44,862      5 %   5 %
Other expense  855         -                    855         (4,221)     -                  (4,221)     -     -
(income), net
Losses on
sales of       4,657       4,657       (k)    -           -           -                  -           -     -
investments
Income before  446,287     85,732               532,019     367,649     96,454             464,103     21 %  15 %
income taxes
Income tax     122,828     27,567      ^(l)     150,395     81,725      33,948      ^(l)   115,673     50 %  30 %
expense
Net income     $        $                $        $         $               $        13 %  10 %
               323,459     58,165               381,624     285,924    62,506            348,430
Diluted        $                            $       $                          $    
earnings per    3.42                            4.04       3.04                          3.71      13 %  9 %
share
Diluted
weighted       94,443                           94,443      94,028                         94,028
average shares
outstanding
Selected
ratios as a
percentage of
net sales
Gross profit   35.9 %                           38.1 %      34.2 %                         37.2 %
Operating      16.5 %                           15.6 %      16.8 %                         15.6 %
expenses
Operating      19.4 %                           22.5 %      17.4 %                         21.6 %
income
(a) Deal-related amortization
(b) Inventory step-up of $1,857
(c) Acquisition costs of $3,124
(d) Severance costs of $1,526
(e) Restructuring charges related to Florida
(f) Inventory step-ups of $9,550
(g) Acquisition costs of $5,041
(h) Inventory step-up of $27,179
(i) Proceeds from sale of pipeline development projects
(j) Acquisition-related and severance costs of $9,381
(k) Losses on sale of investment in Cobrek of $3,049 and sale of auction rate securities of $1,608
(l) Total tax effect for non-GAAP pre-tax adjustments



Table II
PERRIGO COMPANY
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in thousands)
(unaudited)
                Three Months Ended
Consumer        March 30, 2013                           March 31, 2012                           % Change
Healthcare
                GAAP       Non-GAAP           As         GAAP       Non-GAAP           As         GAAP  As
                           Adjustments        Adjusted              Adjustments        Adjusted         Adjusted
Net sales       $        $             $        $        $             $       20 %  20 %
                536,775    -                536,775   448,848     -              448,848
Cost of sales   360,129    3,399       ^(a)   356,730    308,431    1,010       ^(a)   307,421    17 %  16 %
Gross profit    176,646    3,399              180,045    140,417    1,010              141,427    26 %  27 %
Operating       80,725     1,631       ^(a)   79,094     61,034     1,411       ^(a)   59,623     32 %  33 %
expenses
Operating       $       $               $        $       $              $      21 %  23 %
income          95,921    5,030             100,951   79,383    2,421             81,804
Selected ratios
as a percentage
of net sales
Gross profit    32.9 %                        33.5 %     31.3 %                        31.5 %
Operating       15.0 %                        14.7 %     13.6 %                        13.3 %
expenses
Operating       17.9 %                        18.8 %     17.7 %                        18.2 %
income
                Nine Months Ended
Consumer        March 30, 2013                           March 31, 2012                           % Change
Healthcare
                GAAP       Non-GAAP           As         GAAP       Non-GAAP           As         GAAP  As
                           Adjustments        Adjusted              Adjustments        Adjusted         Adjusted
Net sales       $         $             $         $         $             $        15 %  15 %
                1,526,479   -                1,526,479  1,331,806    -              1,331,806
Cost of sales   1,041,744  15,328      ^(a,b) 1,026,416  913,218    3,038       ^(a)   910,180    14 %  13 %
Gross profit    484,735    15,328             500,063    418,588    3,038              421,626    16 %  19 %
Operating       223,448    4,528       ^(a)   218,920    187,766    3,848       ^(a)   183,918    19 %  19 %
expenses
Operating       $        $                $        $        $              $       13 %  18 %
income          261,287   19,856            281,143   230,822   6,886             237,708
Selected ratios
as a percentage
of net sales
Gross profit    31.8 %                        32.8 %     31.4 %                        31.7 %
Operating       14.6 %                        14.3 %     14.1 %                        13.8 %
expenses
Operating       17.1 %                        18.4 %     17.3 %                        17.8 %
income
                Three Months Ended
Nutritionals    March 30, 2013                           March 31, 2012                           % Change
                GAAP       Non-GAAP           As         GAAP       Non-GAAP           As         GAAP  As
                           Adjustments        Adjusted              Adjustments        Adjusted         Adjusted
Net sales       $        $             $        $        $             $       13 %  13 %
                133,344    -                133,344   117,683     -              117,683
Cost of sales   102,368    3,050       ^(a)   99,318     87,333     3,021       ^(a)   84,312     17 %  18 %
Gross profit    30,976     3,050              34,026     30,350     3,021              33,371     2 %   2 %
Operating       24,011     4,260       ^(a)   19,751     28,505     10,697      ^(a,c) 17,808     -16   11 %
expenses                                                                                          %
Operating       $      $               $       $      $               $      278   -8 %
income          6,965     7,310             14,275    1,845     13,718            15,563     %
Selected ratios
as a percentage
of net sales
Gross profit    23.2 %                        25.5 %     25.8 %                        28.4 %
Operating       18.0 %                        14.8 %     24.2 %                        15.1 %
expenses
Operating       5.2 %                         10.7 %     1.6 %                         13.2 %
income
                Nine Months Ended
Nutritionals    March 30, 2013                           March 31, 2012                           % Change
                GAAP       Non-GAAP           As         GAAP       Non-GAAP           As         GAAP  As
                           Adjustments        Adjusted              Adjustments        Adjusted         Adjusted
Net sales       $        $             $        $        $             $       -2 %  -2 %
                358,705    -                358,705   365,691     -              365,691
Cost of sales   271,749    9,149       ^(a)   262,600    277,542    11,892      ^(a)   265,650    -2 %  -1 %
Gross profit    86,956     9,149              96,105     88,149     11,892             100,041    -1 %  -4 %
Operating       68,948     12,771      ^(a)   56,177     74,511     17,928      ^(a,c) 56,583     -7 %  -1 %
expenses
Operating       $       $                $       $       $               $      32 %  -8 %
income          18,008    21,920            39,928    13,638    29,820            43,458
Selected ratios
as a percentage
of net sales
Gross profit    24.2 %                        26.8 %     24.1 %                        27.4 %
Operating       19.2 %                        15.7 %     20.4 %                        15.5 %
expenses
Operating       5.0 %                         11.1 %     3.7 %                         11.9 %
income
                Three Months Ended
Rx              March 30, 2013                           March 31, 2012                           % Change
Pharmaceuticals
                GAAP       Non-GAAP           As         GAAP       Non-GAAP           As         GAAP  As
                           Adjustments        Adjusted              Adjustments        Adjusted         Adjusted
Net sales       $        $             $        $        $             $       22 %  22 %
                189,410    -                189,410   155,591     -              155,591
Cost of sales   92,894     13,145      ^(a,d) 79,749     72,258     8,574       ^(a)   63,684     29 %  25 %
Gross profit    96,516     13,145             109,661    83,333     8,574              91,907     16 %  19 %
Operating       23,097     63          ^(a)   23,034     16,076     -                  16,076     44 %  43 %
expenses
Operating       $       $                $       $       $              $      9 %   14 %
income          73,419    13,208            86,627    67,257    8,574             75,831
Selected ratios
as a percentage
of net sales
Gross profit    51.0 %                        57.9 %     53.6 %                        59.1 %
Operating       12.2 %                        12.2 %     10.3 %                        10.3 %
expenses
Operating       38.8 %                        45.7 %     43.2 %                        48.7 %
income
(a) Deal-related amortization
(b) Inventory step-up of $7,693
(c) Restructuring charges of $7,081 related to Florida
(d) Inventory step-up of $1,857
(e) Severance costs of $1,526
(f) Inventory step-up of $27,179
(g) Proceeds of $3,500 from sale of pipeline
development projects
(h) Severance costs of $3,755



Table II (Continued)
PERRIGO COMPANY
REPORTABLE SEGMENTS
RECONCILIATION OF NON-GAAP MEASURES
(in thousands)
(unaudited)
                Nine Months Ended
Rx              March 30, 2013                         March 31, 2012                        % Change
Pharmaceuticals
                GAAP      Non-GAAP           As        GAAP     Non-GAAP           As        GAAP  As
                          Adjustments        Adjusted           Adjustments        Adjusted        Adjusted
Net sales       $        $             $       $      $             $       12 %  12 %
                514,893  -                 514,893  460,414  -                 460,414
Cost of sales   245,657   30,004      ^(a,d) 215,653   244,243  51,075      ^(a,f) 193,168   1 %   12 %
Gross profit    269,236   30,004             299,240   216,171  51,075             267,246   25 %  12 %
Operating       63,254    1,589       ^(a,e) 61,665    54,455   255         ^(g,h) 54,200    16 %  14 %
expenses
Operating       $        $                $       $      $                $       27 %  12 %
income          205,982  31,593            237,575  161,716  51,330             213,046
Selected ratios
as a percentage
of net sales
Gross profit    52.3 %                       58.1 %    47.0 %                      58.0 %
Operating       12.3 %                       12.0 %    11.8 %                      11.8 %
expenses
Operating       40.0 %                       46.1 %    35.1 %                      46.3 %
income
                Three Months Ended
API             March 30, 2013                         March 31, 2012                        % Change
                GAAP      Non-GAAP           As        GAAP     Non-GAAP           As        GAAP  As
                          Adjustments        Adjusted           Adjustments        Adjusted        Adjusted
Net sales       $       $             $      $     $             $      11 %  11 %
                41,114   -                 41,114    36,951   -                 36,951
Cost of sales   20,199    498         ^(a)   19,701    18,276   490         ^(a)   17,786    11 %  11 %
Gross profit    20,915    498                21,413    18,675   490                19,165    12 %  12 %
Operating       9,187     -                  9,187     8,213    -                  8,213     12 %  12 %
expenses
Operating       $       $              $      $     $              $      12 %  12 %
income          11,728   498               12,226    10,462   490               10,952
Selected ratios
as a percentage
of net sales
Gross profit    50.9 %                       52.1 %    50.5 %                      51.9 %
Operating       22.3 %                       22.3 %    22.2 %                      22.2 %
expenses
Operating       28.5 %                       29.7 %    28.3 %                      29.6 %
income
                Nine Months Ended
API             March 30, 2013                         March 31, 2012                        % Change
                GAAP      Non-GAAP           As        GAAP     Non-GAAP           As        GAAP  As
                          Adjustments        Adjusted           Adjustments        Adjusted        Adjusted
Net sales       $        $             $       $      $             $       -7 %  -7 %
                118,387  -                 118,387  127,347  -                 127,347
Cost of sales   53,229    1,442       ^(a)   51,787    66,913   1,507       ^(a)   65,406    -20   -21 %
                                                                                             %
Gross profit    65,158    1,442              66,600    60,434   1,507              61,941    8 %   8 %
Operating       26,291    -                  26,291    24,064   -                  24,064    9 %   9 %
expenses
Operating       $       $               $      $     $               $      7 %   6 %
income          38,867   1,442              40,309    36,370   1,507              37,877
Selected ratios
as a percentage
of net sales
Gross profit    55.0 %                       56.3 %    47.5 %                      48.6 %
Operating       22.2 %                       22.2 %    18.9 %                      18.9 %
expenses
Operating       32.8 %                       34.0 %    28.6 %                      29.7 %
income
                Three Months Ended
Other           March 30, 2013                         March 31, 2012                        % Change
                GAAP      Non-GAAP           As        GAAP     Non-GAAP           As        GAAP  As
                          Adjustments        Adjusted           Adjustments        Adjusted        Adjusted
Net sales       $       $             $      $     $             $      1 %   1 %
                19,182   -                 19,182    18,944   -                 18,944
Cost of sales   12,874    423         ^(a)   12,451    12,446   410         ^(a)   12,036    3 %   3 %
Gross profit    6,308     423                6,731     6,498    410                6,908     -3 %  -3 %
Operating       4,666     -                  4,666     5,652    -                  5,652     -17   -17 %
expenses                                                                                     %
Operating       $      $              $      $     $              $      94 %  64 %
income          1,642     423                2,065     846  410                1,256
Selected ratios
as a percentage
of net sales
Gross profit    32.9 %                       35.1 %    34.3 %                      36.5 %
Operating       24.3 %                       24.3 %    29.8 %                      29.8 %
expenses
Operating       8.6 %                        10.8 %    4.5 %                       6.6 %
income
                Nine Months Ended
Other           March 30, 2013                         March 31, 2012                        % Change
                GAAP      Non-GAAP           As        GAAP     Non-GAAP           As        GAAP  As
                          Adjustments        Adjusted           Adjustments        Adjusted        Adjusted
Net sales       $       $             $      $     $             $      -4 %  -4 %
                54,130   -                 54,130    56,224   -                 56,224
Cost of sales   36,420    1,223       ^(a)   35,197    37,839   1,285       ^(a)   36,554    -4 %  -4 %
Gross profit    17,710    1,223              18,933    18,385   1,285              19,670    -4 %  -4 %
Operating       14,980    -                  14,980    16,330   -                  16,330    -8 %  -8 %
expenses
Operating       $      $               $      $     $               $      33 %  18 %
income          2,730     1,223               3,953   2,055   1,285               3,340
Selected ratios
as a percentage
of net sales
Gross profit    32.7 %                       35.0 %    32.7 %                      35.0 %
Operating       27.7 %                       27.7 %    29.0 %                      29.0 %
expenses
Operating       5.0 %                        7.3 %     3.7 %                       5.9 %
income
(a) Deal-related amortization
(b) Inventory step-up of $7,693
(c) Restructuring charges of $7,081
related to Florida
(d) Inventory step-up of $1,857
(e) Severance costs of $1,526
(f) Inventory step-up of $27,179
(g) Proceeds of $3,500 from sale of
pipeline development projects
(h) Severance costs of $3,755



Table III
PERRIGO COMPANY
FY 2013 GUIDANCE AND FY 2012 EPS
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)
                                                         Full Year
                                                         Fiscal 2013 Guidance
FY13 reported diluted EPS range ^(1)                     $4.67 - $4.87
 Deal-related amortization ^(1,2)                     0.68
 Charges associated with inventory step-ups ^(1)      0.08
 Charges associated with acquisition and severance    0.05
costs ^(1)
 Losses on sales of investments                       0.05
FY13 adjusted diluted EPS range                          $5.53 - $5.73
                                                         Fiscal 2012*
FY12 reported diluted EPS from continuing operations     $4.18
 Deal-related amortization ^(2)                       0.523
 Charge associated with inventory step-up             0.181
 Charges associated with acquisition-related and      0.062
severance costs
 Charges associated with restructuring                0.061
 Net charge associated with acquired R&D and          0.012
proceeds from sale of IPR&D projects
 Earnings associated with sale of pipeline            (0.026)
development projects
FY12 adjusted diluted EPS from continuing operations     $4.99
(1) Does not include any estimate related to the Velcera, Inc. acquisition
(2) Amortization of acquired intangible assets related to business
combinations and asset acquisitions
*All information based on continuing operations.



Table IV
PERRIGO COMPANY
RECONCILIATION OF NON-GAAP MEASURES
(in thousands, except per share amounts)
(unaudited)
                                 Q3 FY13             Q3 FY12          % Change
Reported net income              $    111,924    $   115,727    -3%
 Total non-GAAP pre-tax       31,201              25,613           22%
adjustments
 Total tax effect for         (9,052)             (8,661)          5%
non-GAAP pre-tax adjustments
Adjusted net income              134,073             132,679          1%
 Discrete tax item            -                   (18,825)         -
Adjusted net income excluding    $    134,073    $   113,854    18%
discrete tax item
Diluted weighted average shares  94,519              94,124
outstanding
Reported diluted EPS             $       1.18  $     1.23  -4%
Adjusted diluted EPS             $       1.42  $     1.41  1%
Adjusted diluted EPS excluding   $       1.42  $     1.21  17%
discrete tax item



SOURCE Perrigo Company

Website: http://www.perrigo.com
Contact: Arthur J. Shannon, Vice President, Investor Relations and
Communication, (269) 686-1709, E-mail: ajshannon@perrigo.com, Bradley Joseph,
Senior Manager, Investor Relations and Communication, (269) 686-3373, E-mail:
bradley.joseph@perrigo.com
 
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