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Irish High Court Rules Perrigo's Legitimate Expectations Not Violated

Perrigo Company plc. (PRGO) said Wednesday that Ireland's High Court ruled that the issuance of the Notice of Amended Assessment by Irish Revenue in November 2018 did not violate Perrigo'ss legitimate expectations. No payment is required as a result of this ruling.

In pre-market activity on NYSE, Perrigo shares were trading at $43, down 5.20 percent.

The Notice of Amended Assessment will be examined on its merits by the Irish Tax Appeals Commission in a separate challenge brought by Perrigo in December 2018.

Perrigo's case before the Irish Tax Appeals Commission, including any payment, has been stayed pending resolution of the judicial review proceedings, including any appeal.

The company said it will now assess whether to pursue an appeal of the judicial review decision to the Irish Court of Appeal or proceed to the Tax Appeals Commission where it will challenge the assessment on its merits.

Noting that the notice of Amended Assessment is without merit and incorrect, Perrigo said it remains confident in its underlying case on the merits of the assessment, which remains pending before the Irish Tax Appeals Commission.

Perrigo President and CEO Murray Kessler said, "We continue to feel strongly that Elan Pharma, predecessor to Perrigo, had a legitimate expectation that Irish Revenue would not retrospectively, uniquely and without warning, recharacterize Perrigo's trade and issue an assessment in this manner."

Perrigo said it will now either appeal the decision or move on to challenge the merits of the assessment before the Tax Appeals Commission.

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