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IRS Notice Pushes Perrigo's Potential Tax Debt From Move To Ireland Close To $3bn

 
• By Malcolm Spicer

IRS tax assessment for 2013, the year Perrigo acquired Dublin-based Elan, adds another cloud to OTC private label giant's outlook as it prepares to present plans for accelerating growth for its long-slumping consumer health business in the US and Europe at a March 9 investor day conference. Perrigo shares dropped more than 9% in early trading after IRS notice became known to investors before inching upward and ending at $47.92, down 6.8% from the previous day's close.

IRS bulding sign

Perrigo Co. PLC's potential tax debt linked to its move to become an Irish firm could reach nearly $3bn with the US Internal Revenue Service ordering a $843m payment on top of Ireland's recent $1.9bn assessment.

The IRS notice about Perrigo's tax assessment for 2013, the year it acquired Dublin-based Elan Corp. PLC, adds another cloud to the OTC private label giant's outlook as it prepares to present plans for accelerating growth for its long-slumping consumer health business in the US and Europe at a March 9 investor day conference

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