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Perrigo Writes Off $202m Of Value Amid ProAir Recall And Relaunch Uncertainty

Impairment Charge May Be Ten-Times Previous Estimate

 
• By Dean Rudge

Perrigo remains unable to say exactly when it will be able to relaunch its generic to Teva’s ProAir, a position that has left the company with no choice but to impair significantly the value of the asset in the firm’s financial third quarter.

Dollars
Perrigo impaired generic assets by more than $200m in Q3 after recalling its ProAir generic • Source: Shutterstock

Recalling generic ProAir (albuterol sulphate) across the US led Perrigo’s Rx Prescription business to take a $202m impairment charge in the company’s financial third quarter, around ten-times a previous forecast outlined at the time of the recall in September, amid ongoing uncertainty for when Perrigo will be able to return the respiratory drug to the market.

Such a massive impairment charge led Perrigo’s Prescription unit to a $180.6m operating loss in the three months to 26 September

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