Slide 1: Creating Value for Shareholders: Now and For the Long Term
1 October 2015 Creating Value for Shareholders: Now and For the Long Term Exhibit 99.3
Slide 2: Forward Looking Statements
2 Forward Looking Statements Certain statements in this presentation are forward-looking statements. 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 o
Slide 3: Perrigo's Superior Value Proposition
3 Perrigo's Superior Value Proposition Review of 3Q CY15 Earnings | CY15 Guidance Accelerating Shareholder Value | CY16 Guidance Strong Recommendation of Perrigo’s Board: Reject the Offer by Taking No Action
Slide 4: Consolidated Q3CY15 GAAP Financials
4 *Adjusted margin changes as a % to sales may not calculate due to rounding Consolidated – Q3CY15 GAAP Financials ($ in millions, except per share amounts) Q3CY14 Q3CY15 % Change Y/Y* Net Sales $952 $1,345 41 % Cost of Sales 630 796 26 % Gross Profit $322 $549 71 % Distribution 14 25 73 % R&D 37 42
Slide 5: Perrigo Consolidated Q3CY15 As Adjusted
5 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding ***Excludes impact of currency translation compared to prior year Perrigo Consolidated – Q3CY15 As Adjusted* Adj. Gr. Margin Q3CY13-Q3CY15 Adj. Op. Margin Q3CY13-Q3CY15 ($ i
Slide 6: Net Sales and Operating Income Q3CY15 As Adjusted
6 Net Sales and Operating Income – Q3CY15 As Adjusted* ($ in millions) Q3CY14 Q3CY15 % Change Y/Y** % Change Constant Currency Y/Y*** Consolidated Perrigo Net Sales $952 $1,345 41 % 44 % Adjusted Operating Income 247 359 45 % Consumer Healthcare Net Sales 640 675 5 % 8 % Adjusted Operating Income 94
Slide 7: Consumer Healthcare Segment Q3CY15 As Adjusted
7 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding ***Excludes impact of currency translation compared to prior year Consumer Healthcare Segment – Q3CY15 As Adjusted* Segment Highlights Adj. Gr. Margin Q3CY14-Q3CY15 Adj. Op.
Slide 8: Branded Consumer Healthcare Segment Q3CY15 As Adjusted
8 *See appendix for reconciliation to GAAP numbers Branded Consumer Healthcare Segment – Q3CY15 As Adjusted* ($ in millions) Q3CY15 Net Sales $302 Adjusted Gross Profit $169 Adjusted Gross Margin 56.0 % Adjusted Operating Expenses 125 Adjusted Operating Income $44 Adjusted Operating Margin 14.6 % Se
Slide 9: Rx Pharmaceuticals Segment Q3CY15 As Adjusted
9 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding Rx Pharmaceuticals Segment – Q3CY15 As Adjusted* ($ in millions) Q3CY14 Q3CY15 % Change Y/Y** Net Sales $195 $260 34 % Adjusted Gross Profit $113 $149 31 % Adjusted Gross Ma
Slide 10: Specialty Sciences Segment Q3CY15 As Adjusted
10 *See appendix for reconciliation to GAAP numbers **Adjusted margin changes as a % to sales may not calculate due to rounding ***Excludes impact of currency translation compared to prior year **** Data according to Biogen Inc. Specialty Sciences Segment – Q3CY15 As Adjusted* • There were 13 shippi
Slide 11: Calendar Year 2015 Consolidated Guidance
11 CALENDAR YEAR 2015 – Consolidated Guidance Calendar Year 2015 10/22/2015 Guidance** Calendar Year* 2014 (Recast) Net Sales $5.30BN - $5.45BN (9 months of Omega) $4.17BN Adjusted DSG&A as % of Net Sales*** ~17.5% 12.9% Adjusted R&D as % of Net Sales*** ~3.5% 3.9% Adjusted Operating Margin ~28% 27.
Slide 12: Perrigo's Superior Value Proposition
12 Perrigo's Superior Value Proposition Review of 3Q CY15 Earnings | CY15 Guidance Accelerating Shareholder Value | CY16 Guidance Strong Recommendation of Perrigo’s Board: Reject the Offer by Taking No Action
Slide 13: CY2016 Segment Revenue Guidance
13 Organic Net Sales Goal Consumer Healthcare Net Sales 5% - 10% Branded Consumer Healthcare Net Sales 5% - 10% Rx Pharmaceuticals Net Sales 8% - 12% Consolidated Perrigo 5% - 10% CY2016 Segment Revenue Guidance
Slide 14: Accelerating Shareholder Value: Amplifying Earnings Power
14 Consolidation of Global Supply Chain in Ireland Organizational Enhancements Strategic Portfolio Refinement $500 MM 2015 Share Repurchase Share Repurchase $175* MM Full Year Run Rate * Includes benefits of Perrigo’s effective tax rate of 14 – 15% No statement on this slide is intended to be a prof
Slide 15: Supply Chain Globalization
15 Supply Chain Globalization Capturing Benefits of Global Platform Full Year Run Rate: $105* million * Includes benefits of Perrigo’s effective tax rate of 14 – 15% No statement on this slide is intended to be a profit forecast Consolidating supply chain, procurement and portfolio management center
Slide 16: Organizational Enhancements
16 Organizational Enhancements Building on Track Record of Efficiency, Quality and Innovation Full Year Run Rate: $35 million No statement on this slide is intended to be a profit forecast Streamlining organizational structure Eliminating redundant functional costs Realizing benefits of shared servi
Slide 17: Strategic Portfolio Refinement
17 Strategic Portfolio Refinement Optimizing Portfolio through Strategic Divestitures and Acquisitions Full Year Run Rate: $35 million Global Head Count Rationalized by Total of 800 Distribution of Headcount Reductions Divesting assets that do not provide ROIC above Perrigo’s WACC Launching strategi
Slide 18: Industry-Leading Earnings Profile Enhanced by Share Repurchase
18 $7.75 $9.30 +$0.15 $9.45 +$0.38 $9.83 $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 CY2015 Guidance (Expertized) * CY2016 Guidance (Expertized) * Illustrative Impact of $500MM Buyback ** Illustrative CY2016 EPS Pro Forma For Buyback*** Run-rate Impact of Optimization Actions Illustrati
Slide 19: Actions to Accelerate Shareholder Value
19 Actions to Accelerate Shareholder Value Clear and Readily Achievable Fundamental Amplification of Perrigo’s Earnings Power * Includes run-rate impact of supply chain globalizat ion benefits, operational eff iciencies and strategic portfolio enhancements, benefits of Perrigo’s effective tax rate o
Slide 20: Perrigo's Superior Value Proposition
20 Perrigo's Superior Value Proposition Review of 3Q CY15 Earnings | CY15 Guidance Accelerating Shareholder Value | CY16 Guidance Strong Recommendation of Perrigo’s Board: Reject the Offer by Taking No Action
Slide 21: Mylan's October Presentation
21 Mylan’s October 13 Presentation Unrealistically interprets value of the Mylan offer Deceives shareholders Distorts facts Represent belief statements of Perrigo Board
Slide 22: Mylan's Recent Presentation Distorts Facts and Deceives Shareholders
22 Mylan’s Recent Presentation Distorts Facts and Deceives Shareholders * Source: Mylan October 13, 2015 presentation ** Source: http://www.mylan.com/en/businesses/act ive-pharmaceut ical- ingredients for l ist of Mylan APIs. Based on less than ten complementary to over 4,900 Perrigo OTC products Re
Slide 23: Mylan's Offer is Not a Meaningful Premium to Trading Multiple
23 15x 14x 14x 18x 18x 20x 25x 18x 0x 5x 10x 15x 20x 25x 30x APP / Fresenius Hospira / Pfizer Allergan / Actavis Perrigo / Mylan Mylan’s Offer is Not a Meaningful Premium to Perrigo’s Trading Multiple *Pharma acquisit ions cited by Mylan in their October 13, 2015 presentation that involved public ta
Slide 24: Perrigo Trades In-Line with its Premium-Valued Consumer Peers
24 5.0 10.0 15.0 20.0 25.0 30.0 4/8/2014 7/29/2014 11/14/2014 3/10/2015 6/29/2015 10/20/2015 Perrigo Consumer Peers Perrigo Trades In-Line with its Premium-Valued Consumer Peers… 1 ** *** *Based on Thomson consensus estimates. Data reflects one-year period prior to Perrigo unaffected date of 4/7/15
Slide 25: Consistently High Premium to Mylan's Valuation
25 …and at a Consistently High Premium to Mylan’s Valuation 1 Price / NTM EPS* (x) 4/8/2014 – 10/20/2015 Perrigo Trades at a Persistent and Significant Premium to Mylan Mylan Makes Initial Proposal For Perrigo (4/8/2015) 5.0 10.0 15.0 20.0 25.0 30.0 4/8/2014 7/29/2014 11/14/2014 3/10/2015 6/29/2015
Slide 26: Mylan EPS Accretion Dilution
26 (16%) (14%) (13%) (11%) (12%) (7%) (2%) 2% (20%) (15%) (10%) (5%) 0% 5% Year 1 Year 2 Year 3 Year 4 Before potentially material negative synergies in product divestments and supplier contracts with change of control provisions *Il lustrative EPS accretion/dilut ion based on Thomson Consensus Esti
Slide 27: Limited Overlap Creates Integration and Execution Challenges
27 Limited Overlap Creates Significant Integration and Execution Challenges * See Appendix for reconcil iat ion of non-GAAP measures to GAAP. Only includes Perrigo numbers; no access to corresponding numbers of Mylan This slide demonstrates a belief statement of the board of Perrigo and is based on
Slide 28: Third Parties Agree With Us
28 Third Parties Agree With Us “As a stakeholder company, Mylan deserves and will likely get a governance discount.” - Bernstein, September 8, 2015 “We see more value in PRGO standalone.” - RBC, October 14, 2015 Mylan Perrigo 4 “There is an open question of how to value Mylan shares as intrinsically
Slide 29: Respective Long-Term Returns Speak For Themselves
29 Respective Long-Term Returns Speak For Themselves $0 $25 $50 $75 $100 $125 $150 $175 $200 6/30/2006 Perrigo Mylan 4/7/2015 + 971% + 201% *Total shareholder return reflects the period beginning June 30, 2006 to April 7, 2015 (pre-Mylan offer announcement) 6/30/2014 6/30/2012 6/30/2010 6/30/2008 To
Slide 30: Long History of Strong Adjusted EPS Growth
30 $3.03 $4.01 $4.99 $5.61 $6.39 $7.28 $2 $3 $4 $5 $6 $7 $8 FY 6/2010 FY 6/2011 FY 6/2012 FY 6/2013 FY 6/2014 FY 6/2015 Perrigo Has A Long History of Delivering Strong Adjusted EPS Growth Adjusted EPS ($)* * Adjusted EPS reflects Perrigo reported figures; see Appendix for reconcil iat ion of non-GAA
Slide 31: Run-rate Impact of Our Actions Provide Additional Upside
31 Run-rate Impact of Our Actions Provide Additional Upside Perrigo Is Committed to Continuing to Deliver Strong Earnings Growth + Additional Upside From M&A $7.75 $9.30 +$0.15 $9.45 +$0.38 $9.83 $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 CY2015 Guidance (Expertized) * CY2016 Guidance
Slide 32: Perrigo Provides a Premium to Mylan's Offer Without Integration Risk
32 Perrigo Provides a Premium to Mylan’s Offer Without Integration Risk 2016 Mylan 2016 Perrigo $200MM* $112MM** Perrigo Shareholders’ Share 40%*** 100% Adjusted Net Income Impact $65MM**** $94MM Current NTM P/E Trading Multiple 8.7x 18.3x Capitalized Value $0.6BN $1.7BN $65 $94 $- $120 Mylan Perrig
Slide 33: Perrigo Provides a Premium to Mylan's Offer Without Integration Risk
33 Perrigo Provides a Premium to Mylan’s Offer Without Integration Risk * These il lustrative EPS figures are not intended to constitute a profit forecast for any period nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than th
Slide 34: Perrigo Continues to Deliver Superior Value to Shareholders
34 Perrigo Continues to Deliver Superior Value to Shareholders 3Q results demonstrate continued strong organic growth 10% organic growth in 3Q* Shareholder value optimization plan will deliver additional earnings power in CY16 and beyond by: − Consolidation of Global Supply Chain in Ireland − Organi
Slide 35: Strong Recommendation of Perrigo's Board: Reject the Offer
35 Strong Recommendation of Perrigo’s Board: Reject the Offer Mylan’s Offer is a Bad Deal for Perrigo’s Shareholders Reject Mylan’s Offer: Do Not Tender Perrigo Will Deliver Superior Value Creation Mylan’s Offer Substantially Undervalues Perrigo and Will Destroy Shareholder Value
Slide 36: Value Proposition
36 Value Proposition Premium P/E Multiple Consistent Execution High Organic Growth Strong Governance Disciplined M&A Outsized Shareholder Returns Questions?
Slide 37: Contacts
Contacts Arthur J. Shannon Vice President, Investor Relations and Global Communications (269) 686-1709 ajshannon@perrigo.com Bradley Joseph Director, Investor Relations and Global Communications (269) 686-3373 bradley.joseph@perrigo.com
Slide 38: Appendix Table I: Reconciliation of Non-GAAP Measures
38 APPENDIX Table I PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES (in millions, except per share amounts) (unaudited) Three Months Ended Consolidated September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP As Adjusted
Slide 39: Appendix Table I (continued)
39 APPENDIX Table I (continued) PERRIGO COMPANY PLC RECONCILIATION OF NON-GAAP MEASURES (in millions, except per share amounts) (unaudited) Third Calendar Quarter Tickmark Legend Tickmark Description (1) Ratios calculated using exact numbers NM Calculations not meaningful (a) Acquisition-related amo
Slide 40: Appendix Table II: Consumer Healthcare Reconciliation
40 APPENDIX Table II PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Consumer Healthcare September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP As Adjuste
Slide 41: Appendix Table II: Branded Consumer Healthcare
41 APPENDIX Table II (continued) PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Branded Consumer Healthcare September 26, 2015 GAAP Non-GAAP Adjustments As Adjusted Net sales $ 302.2 $ — $ 302.2 Cost of sales 137.9 5.0 (a) 132
Slide 42: Appendix Table II: Rx Pharmaceuticals
42 APPENDIX Table II (continued) PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Rx Pharmaceuticals September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP
Slide 43: Appendix Table II: Specialty Sciences
43 APPENDIX Table II (continued) PERRIGO COMPANY PLC REPORTABLE SEGMENTS RECONCILIATION OF NON-GAAP MEASURES (in millions) (unaudited) Three Months Ended Specialty Sciences September 26, 2015 September 27, 2014 % Change GAAP Non-GAAP Adjustments As Adjusted GAAP Non-GAAP Adjustments As Adjusted GAAP
Slide 44: Appendix Table III: Reportable Segments
44 APPENDIX Table III PERRIGO COMPANY PLC REPORTABLE SEGMENTS (in millions) (unaudited) Consolidated Q3 CY13 Net sales $ 933.4 Reported gross profit $ 356.3 Acquisition-related amortization 23.5 Adjusted gross profit $ 379.8 Adjusted gross margin 40.7 % Reported operating income $ 179.7 Acquisition-
Slide 45: Appendix Table IV: Organic Net Sales
45 APPENDIX Table IV PERRIGO COMPANY PLC (in millions) (unaudited) Three Months Ended September 26, 2015 September 27, 2014 % Change $ Change Net sales $ 1,344.7 $ 951.5 Less: Acquisitions made in the past 12 months (1) (316.9 ) — Organic net sales 1,027.8 951.5 8 % $ 76.3 Foreign exchange impact 19
Slide 46: Appendix Table V: Branded Consumer Healthcare
46 APPENDIX Table V PERRIGO COMPANY PLC (in millions) (unaudited) Branded Consumer Healthcare Three Months Ended September 26, 2015 June 27, 2015 % Change Net sales $ 302.2 $ 401.2 Reported gross profit $ 164.3 $ 190.1 Acquisition-related amortization expense 4.5 7.0 Omega inventory step-up (3.0 ) 1
Slide 47: Appendix Table VI: Twelve Months Ended December 27, 2014
47 APPENDIX Table VI PERRIGO COMPANY PLC (in millions) (unaudited) Twelve Months Ended Consolidated December 27, 2014 GAAP (1) Non-GAAP Adjustments (1) As Adjusted (1) Net sales $ 4,171.6 $ — $ 4,171.6 Cost of sales 2,735.3 395.5 (a) 2,339.7 Gross profit 1,436.3 395.5 1,831.9 Operating expenses Dist
Slide 48: Appendix Table VI (continued)
48 APPENDIX Table VI (continued) PERRIGO COMPANY PLC (in millions) (unaudited) (1) Amounts may not sum or cross-foot due to rounding. (a) Acquisition-related amortization expense (b) R&D payment of $10.0 million made in connection with collaborative arrangement (c) Acquisition and integration-relate
Slide 49: Appendix: Fiscal Year Reconciliation
49 APPENDIX FY 2010* FY 2011* FY 2012* FY 2013 FY 2014 FY 2015 Consolidated Reported net income $ 224.4 $ 340.6 $ 393.0 $ 441.9 $ 205.3 $ 128.0 Acquisition and other integration-related costs (1) 7.8 2.0 5.9 5.8 292.2 127.7 Acquisition-related amortization (1) 18.1 32.1 49.2 63.1 220.4 375.1 Payment
Slide 50: Appendix: Net Sales Constant Currency
50 APPENDIX Three Months Ended September 26, 2015 September 27, 2014 YoY % Change Fx Impact Constant Currency % Change Net Sales Consumer Healthcare $675.2 $640.3 5 % 3 % 8 % Branded Consumer Healthcare $302.2 — — % — % — % Rx Pharmaceuticals $260.3 $194.5 34 % — % 34 % Specialty Science $84.5 $91.9