Slide 1: Perrigo: Creating Superior Value for Shareholders
April 2015 Perrigo: Creating Superior Value for Shareholders Exhibit 99.2
Slide 2: Forward-Looking Statements
1 Forward – Looking Statements The directors of Perrigo accept responsibility for the information contained in this presentation. To the best of the knowledge and belief of the directors of Perrigo (who have taken all reasonable care to ensure such is the case), the information contained in this pre
Slide 3: Call Agenda
2 Call Agenda checkbld Situation Overview checkbld Financial Results & Outlook checkbld Perrigo’s Value Proposition head2right Diversified Franchises head2right Durable Global Base head2right New Product Pipeline head2right Plus: Rx-to-OTC Switches head2right Plus: Expansive M&A head2right Plus: Tys
Slide 4: Perrigo Rejects Unsolicited Proposal from Mylan
3 Perrigo Rejects Unsolicited Proposal from Mylan checkbld On April 6, 2015, Perrigo received an unsolicited proposal from Mylan to acquire all outstanding shares of Perrigo for $205.00 per share. checkbld Perrigo’s Board of Directors concluded that the proposal substantially undervalues the Company
Slide 5: Perrigo's Future Value Proposition: Base Plus Plus Plus
4 Perrigo’s Future Value Proposition: ‘Base Plus Plus Plus…’ New Product Pipeline $1 billion** in new products over the next three years Durable Global Base Consumer Health + Branded Rx Spec. Sci. Base Guidance Tysabri® Upside 5-10% organic CAGR Goals* • Goals reflect Calendar Years 2014-2017 • **Pe
Slide 6: Judy Brown, Perrigo CFO
April 2015 Judy Brown Perrigo CFO
Slide 7: Fiscal Year 2015 Q3 Financial Results
6 Fiscal Year 2015 Q3 Financial Results Exceeded our adjusted net income guidance on net sales of over $1 billion New product sales of $81 million, primarily driven by Rx launches Highlighted by record third quarter net sales, adjusted net income, adjusted margins and operating cash flow Immediately
Slide 8: Calendar Year 2015 Consolidated Guidance
7 Calendar Year 2015 Consolidated Guidance Calendar Year 2014 (Recast) Calendar Year 2015 Guidance* Net Sales $4.17B $5.4B - $5.7B(9 months of Omega) Adjusted DSG&A as % of Net Sales**┼ 12.9% ~17.5% Adjusted R&D as % of Net Sales**┼ 3.9% ~3.5% Adjusted Operating Margin┼ 27.1% ~27% Capital Expenditur
Slide 9: Calendar Year 2015 Segment Guidance
8 Calendar Year 2015 % of Total Net Sales Consumer Healthcare Legacy Consumer Healthcare and Nutritionals (Infant nutrition and VMS) businesses; Legacy Israel Pharmaceuticals and Diagnostics business 50% Branded Consumer Healthcare * Omega business 20% (9 months) Rx Pharmaceuticals Identical to lega
Slide 10: Proven Financial Track Record
9 Fiscal Year 2011-2014 3YR CAGR* (Organic Net Sales) Organic Net Sales CAGR Goal**┼ Low High CHC Segment 6% 5% 10% Rx Segment 22% 8% 12% Nutritionals Segment 3% 5% 10% Consolidated Perrigo 7% 5% 10% x *Perrigo excluding acquisitions post FY10 **See Appendix for reconciliation of non-GAAP measures t
Slide 11: Proven Financial Track Record: Ability to Keep Delivering
10 Fiscal Year 2011-2014 3YR CAGR* (Organic Net Sales) Consolidated Perrigo 7% * Perrigo excluding acquisitions post FY10 A proven history of meeting our goals… Calendar Year 2014-2017 3YR CAGR Goal (Organic Net Sales) Consolidated Perrigo 5-10% Proven Financial Track Record … and the ability to kee
Slide 12: EBITDA Expansion and Cash Flow Generation Delivers Long-Term Value
11 EBITDA Expansion and Cash Flow Generation Delivers Long-Term Value checkbld Annual operating cash flow of $1.2B provides significant liquidity to support growth opportunities – ~$0.8B of cash on hand post close of Omega checkbld Opportunity for rapid deleveraging through EBITDA generation and deb
Slide 13: Joe Papa, Perrigo CEO
April 2015 Joe Papa Perrigo CEO
Slide 14: Perrigo's Future Value Proposition: Base Plus Plus Plus
13 Perrigo’s Future Value Proposition: ‘Base Plus Plus Plus…’ New Product Pipeline $1 billion** in new products over the next three years Durable Global Base Consumer Health + Branded Rx Spec. Sci. Base Guidance Tysabri® Upside 5-10% organic CAGR Goals* >$32 billionRx-OTC SwitchesPlus Expansive M&A
Slide 15: Execution and Operational Excellence Leads to Outsized Returns
14 Execution and Operational Excellence Leads to Outsized Returns Fiscal Year Growth From 2007 to 2014* *Data is given on a FY June 30 basis. All information based on continuing operations. **See Appendix for reconciliation of non-GAAP measures to GAAP Net Sales $1.4B to $4.1B Cash Flow From Operati
Slide 16: Unique Business Model Creates High Barriers to Entry
15 Unique Business Model Creates High Barriers to Entry Pharmaceutical Supply ChainFMCG Pharmaceutical FMCG* Supply Chain A leading manufacturer and developer of high quality pharmaceutical products in hundreds of dosage forms CHC and NUT products are marketed for ease of consumer self selection, pr
Slide 17: M&A Creates Multiplier Effect
16 $1.7 $1.9 $2.1 $2.2 $2.3 $2.5 $2.7 $0.2 $0.3 $0.6 $0.9 $1.1 $1.4 $1.7 $2.1 $2.3 $2.8 $3.2 $3.5 $4.1 $0 $1 $2 $3 $4 $5 2008 2009 2010 2011 2012 2013 2014 M&A Creates Multiplier Effect* *Data is given on a FY June 30 basis. All information based on continuing operations. **See Appendix for reconcil
Slide 18: Management Delivers Exceptional Performance
17 $0 $100 $200 $300 $400 $500 $600 $700 Management Delivers Exceptional Performance… FOCUS ON GROSS AND OPERATING MARGIN EXPANSION 5- Year CAGR: Net Sales: 15% Op. Cash Flow: 22% Adj. Op. Margin: 12% -See Appendix for reconciliation of adjusted operating margin to GAAP. Data is given on a FY June 3
Slide 19: Proven Track Record of Value Creation
18 $0 $25 $50 $75 $100 $125 $150 $175 $200 6/30/2006 11/17/2008 4/6/2011 8/26/2013 Perrigo S&P 500 Proven Track Record of Value Creation Total Shareholder Return of more than 970% since 2007* *2007 to April 7, 2015 (pre-Mylan offer announcement) TOTAL SHAREHOLDER RETURN 4/7/2015
Slide 20: Well-Positioned to Capitalize on the Megatrends Driving Global OTC Growth
19 Well-Positioned to Capitalize on the Megatrends Driving Global OTC Growth Demographics will drive increased OTC utilization Fewer people to fund healthcare, driving the need for greater efficiency OTC delivers greater healthcare efficiency and value Store brand proposition further enhances OTC’s
Slide 21: Consumer Healthcare ANDA Pipeline
20 Consumer Healthcare (Legacy CHC + NUT) ANDA Pipeline >$3.6B in National Brand Sales $1 Billion* in Total New Products Over the Next Three Years *Perrigo Long Term Plan
Slide 22: Diversified Rx Franchise and Strong Pipeline Drive Excess Returns
21 *Note: Brand Value per Symphony Health at WAC C Y 1 5 - 1 7 Brand Value > $3.5B New Product Opportunities >30 • 31 ANDAs Pending FDA Approval • 7 Paragraph IV Litigations • 9 Projects in Clinical Studies Diversified Rx Franchise and Strong Pipeline Drive Excess Returns Products CY14 Sales (%) Cum
Slide 23: Core Competencies Drive Unique Business Model
22 Core Competencies Drive Unique Business Model Quality excellence across 31 global sites New product pipeline / innovation: 160 filings awaiting regulatory approval No. 1 position: Consumer (SB), Infant formula (SB), Extended topicals (GRx), Animal health (SB) Expansive, ROIC-focused M&A Long-stan
Slide 24: Expanding Diversified Franchises
23 Analgesics 9% Smoking Cessation 4% Cough/Cold 9% Gastrointestinal 7% VMS 3% Other CHC 9% Infant Formula 7% Animal Health 3% Rx 17% Tysabri® Royalty 3% API & Other 4% Branded Consumer 25% Expanding Diversified Franchises* *Pro Forma FY2014 Portfolio of Total net sales of ~$5.4B at constant currenc
Slide 25: Added Value from Omega: Building on a Global Platform for Growth
24 checkbldOmega acquisition adds market-leading brands, is accretive to Perrigo’s organic growth profile, and creates additional value derived from synergies and increased global scale checkbldStrong focus on absolute growth potential of markets instead of size checkbldStrategic engagement with win
Slide 26: Growing our Portfolio of Market-Leading Brands
25 Added Value from Omega Growing our Portfolio of Market-Leading Brands Top European brands provide new springboard for incremental international growth Anti-Parasites #1 #1 #1Head lice treatment Wart treatment Insect repellentAnalgesic Cough, Cold and Allergy #1 #1 Cold & flu/ General health Natur
Slide 27: Perrigo's Future Value Proposition: Base Plus Plus Plus
26 Perrigo’s Future Value Proposition: ‘Base Plus Plus Plus…’ New Product Pipeline $1 billion** in new products over the next three years Durable Global Base Consumer Health + Branded Rx Spec. Sci. Base Guidance Tysabri® Upside 5-10% organic CAGR Goals* >$32 billionRx-OTC SwitchesPlus Expansive M&A
Slide 28: Past Rx-to-OTC Switch Economics
27 Past Rx-to-OTC Switch Economics Brand Rx Sales Prior to Switch OTC Brand Sales Prilosec® $3.6B $750M Nexium® $6.1B $300M (<1 yr) Prevacid® $2.0B $201M Brand Rx Sales Prior to Switch OTC Brand Sales Claritin® $1.8B $700M Zyrtec® $1.8B $550M Allegra® $687M $358M Brand Rx Sales Prior to Switch OTC B
Slide 29: More Than $32B Market Opportunity in Potential Rx-to-OTC Switches
28 65% 15% All Other 20% GRx Tamsulosin More Than $32B Market Opportunity in Potential Rx-to-OTC Switches *Source: WKH Data, CY 2013 TRx Dollars BPH (All strengths/forms) checkbld BI completed a phase 2 AUT for Flomax® in a simulated OTC environment in July 2013 $6.0B Overactive Bladder (All strengt
Slide 30: More Than $32B Potential Market Opportunity in Rx-to-OTC Switches
29 *Source: WKH Data, CY 2013 TRx Dollars Erectile Dysfunction (Oral dosage forms) checkbld Lilly Strikes Licensing Deal with Sanofi for OTC Cialis in May 2014 checkbld April 2015, Pfizer loses patent litigation on Viagra $3.4B Ophthalmics (Drops/liquid dosage forms) checkbld Inflammation due to Red
Slide 31: Tysabri Momentum: New Indications and Expanding Royalty Opportunity
30 Increasing Royalty Rate WW MS market was ~$15.4B in 2013 and is expected to grow to ~$19.3B in 2018 (~4.6% CAGR)(1) Sizeable upside from potential new indications including Phase III data readout for the treatment of Secondary Progressive Multiple Sclerosis and Phase II in stroke 2015 and Beyond
Slide 32: Well-Positioned for Inorganic Opportunities
31 Well-Positioned for Inorganic Opportunities Global Platform Diversified Franchises Cash-flow and EBITDA Expansion Yields Expansive M&A Opportunity + = + Strong Position to Immediately Benefit from M&A
Slide 33: Perrigo's Future Value Proposition: Base Plus Plus Plus
32 Perrigo’s Future Value Proposition: ‘Base Plus Plus Plus…’ Approach Growth Rate 5-10% three-year organic net sales CAGR Limited Patent Cliff Risk Deep Pipeline Upside + + + + Enhancing Shareholder Value Base Plus Plus Plus… = Durable and Diversified Business Experienced and Accomplished Managemen
Slide 34: Appendix
33 APPENDIX
Slide 35: Table I Reconciliation of Non-GAAP Measures
34 Table I RECONCILIATION OF NON-GAAP MEASURES (in millions, unaudited) FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Consolidated (1) (2) Reported net sales 1,367.7$ 1,727.5$ 2,005.6$ 2,268.2$ 2,755.0$ 3,173.2$ 3,539.8$ 4,060.8$ Reported operating income 93.9$ 192.8$ 249.5$ 335.9$
Slide 36: Table II Reconciliation of Non-GAAP Measures
35 Table II RECONCILIATION OF NON-GAAP MEASURES (in millions, unaudited) FY 2007* FY 2014 Change Consolidated(1) Reported net sales 1,367.7$ 4,060.8$ Reported gross profit 364.3 1,447.7 Acquisition-related amortization (2) 12.4 255.3 Inventory step-ups 4.6 - Adjusted gross profit 381.3 1,703.0 Adjus
Slide 37: Table III Reconciliation of Non-GAAP Measures
36 Table III RECONCILIATION OF NON-GAAP MEASURES (in millions ,except per share data, unaudited) Consolidated GAAP (1) Non-GAAP Adjustments (1) As Adjusted (1) Tickmark explanations Net sales 4,171.6$ -$ 4,171.6$ (a) Acquisition-related amortization expense Cost of sales 2,735.3 395.5 (a) 2,339.7 (b
Slide 38: Table IV Reconciliation of Non-GAAP Measures
37 Table IV RECONCILIATION OF NON-GAAP MEASURES (in millions, except per share data, unaudited) Consolidated GAAP Non-GAAP Adjustments As Adjusted GAAP (1) Non-GAAP Adjustments (1) As Adjusted (1) GAAP Adjusted Adjusted (1) Net sales 1,049.1$ -$ 1,049.1$ 1,004.2$ -$ 1,004.2$ 4% 4% Cost of sales 670.
Slide 39: Table V Reconciliation of Non-GAAP Measures
38 Table V RECONCILIATION OF NON-GAAP MEASURES (in millions, unaudited) Consumer Healthcare GAAP (1) Non-GAAP Adjustments (1) As Adjusted (1) GAAP (1) Non-GAAP Adjustments (1) As Adjusted (1) GAAP Adjusted Adjusted (1) Net sales 537.3$ -$ 537.3$ 537.3$ -$ 537.3$ 0% 0% Cost of sales 366.6 6.4 (a) 360
Slide 40: Table VI Reconciliation of Non-GAAP Measures
39 Table VI RECONCILIATION OF NON-GAAP MEASURES (in millions, unaudited) Consolidated FY 2011* FY 2014* CAGR Net sales 2,755.0$ 4,060.8$ Inorganic net sales - 690.8 Organic net sales 2,755.0$ 3,370.0$ 7% Consumer Healthcare Net sales 1,684.9$ 2,219.0$ Inorganic net sales 233.6 Organic net sales 1,68