The company posted a GAAP-based net loss of $4 billion for the year.
Drug company Perrigo has restated its financial statements after an investigation at the company and consultation with its auditors and its audit committee resulted in a decision to revise the accounting for the acquisition of Irish company Elan and for the rights on multiple sclerosis treatment Tysabri. Following the restatement, the company reports annual revenue for 2016 of $5.3 billion, an operating loss of $2 billion, and a net loss of $4 billion.
In March this year, Perrigo was warned by the New York Stock Exchange concerning the accounting treatment of royalties on Tysabri and the tax expense in relation to its investment in Omega Pharma. The stock exchange gave Perrigo six months in which to correct its reports.
At the time that Perrigo was due to release its 2016 results it announced that publication would be deferred but nevertheless gave an estimate according to which its revenue for the year would total $5.6 billion and its net loss per share would be between $28.85 and $29.0. The updated figures show a lower revenue figure but also a lower operating loss than estimated.
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2017
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John Hendrickson