Perrigo (PRGO) FY2019 results: revenue $3.9 billion, down 18.2% on the year
Perrigo Co. plc (PRGO) reported revenue of $3.9 billion for fiscal 2019, the year ended 31 December 2019, down 18.2% on the year before. Net income was $146 million, up 11.5%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$3.9 billion
-18.2% on the year
FY2016FY2019
Operating margin
4.5%
5.0% a year earlier
FY2016FY2019
Net income
$146 million
+11.5% on the year
FY2016FY2019
Diluted EPS
$1.07
+12.6% on the year
FY2016FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
3,870
4,732
4,946
-18.2%
Cost of revenue
2,436
2,900
2,967
-16.0%
Gross profit
1,434
1,832
1,980
-21.7%
Gross margin
37.0%
38.7%
40.0%
Research and development
119
219
168
-45.5%
Operating income
175
236
598
-26.1%
Operating margin
4.5%
5.0%
12.1%
Pre-tax income
n/a
291
280
Income tax
-10.7
160
160
Effective tax rate
n/a
54.9%
57.3%
Net income
146
131
120
+11.5%
Net margin
3.8%
2.8%
2.4%
Diluted EPS
$1.07
$0.95
$0.84
+12.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
388
593
699
-34.6%
Capital expenditure
138
103
88.6
+34.2%
Free cash flow
250
490
610
-49.0%
Free cash flow margin
6.5%
10.4%
12.3%
Cash from investing
-596
-127
2,338
Cash from financing
1.8
-572
-3,005
Depreciation and amortisation
396
424
445
-6.4%
Share-based compensation
52.2
37.7
43.8
+38.5%
Buybacks
0.0
400
192
Dividends paid
112
105
91.1
+7.1%
Dividend per share
$0.82
$0.76
$0.64
+7.9%
Diluted shares, weighted
136m
138m
143m
-1.3%
Shares outstanding at period end
n/a
n/a
141m
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,804
5,668
6,170
+2.4%
Non-controlling interest
0.3
0.1
0.1
+200.0%
Debt
3,369
3,242
3,341
+3.9%
Operating lease liabilities
102
n/a
n/a
Finance lease liabilities
21.1
n/a
n/a
Other liabilities
2,005
2,073
2,117
-3.3%
Total liabilities and equity
11,301
10,983
11,629
+2.9%
Fixed assets
774
829
833
-6.6%
Goodwill
3,103
3,980
4,175
-22.0%
Intangible assets
4,754
4,429
4,752
+7.3%
Cash and equivalents
354
551
679
-35.7%
Receivables
1,243
1,073
1,131
+15.9%
Inventory
967
878
807
+10.2%
Other assets
106
n/a
n/a
Total assets
11,301
10,983
11,629
+2.9%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.