DUBLIN, Aug. 17,
2022 /PRNewswire/ -- In response to speculative
commentary regarding ranitidine (Zantac®) litigation
from a news story that contained certain misleading and inaccurate
information, Perrigo Company plc (NYSE: PRGO), a leading provider
of Consumer Self-Care Products, today issued the
following statement:
On August 4, 2022, Perrigo was
dismissed from the Madison County,
IL, case of Bayer v. Boehringer Ingelheim, et al,
with prejudice, meaning the plaintiff's claims against Perrigo in
that litigation cannot be refiled. The August 16, 2022 notice of dismissal of claims,
and impending trial, against the branded companies did not involve
Perrigo. Contrary to the news story, plaintiff's filings contradict
the false report that the plaintiff only purchased private label
product. In fact, plaintiff's complaint claimed purchases of both
brand name Zantac® and private label ranitidine.
Importantly, there have been no material developments regarding
ranitidine-related litigation to what has been previously
disclosed. The industry maintains strong defenses to such claims
based on the body of scientific evidence, which indicates there is
no causal relationship between ranitidine and cancer. Further, as a
private label manufacturer, Perrigo has additional defenses under
federal preemption. These defenses have been successfully used to
obtain dismissals in the majority of ranitidine cases involving
Perrigo. To date, Perrigo has successfully won multiple Motions to
Dismiss in the federal multi-district litigation and state court
actions in California and
Maryland.
Perrigo will continue to vigorously defend itself against all
meritless claims.
About Perrigo
Perrigo Company plc (NYSE; PRGO) is a leading provider of
Consumer Self-Care Products and over-the-counter (OTC) health and
wellness solutions that enhance individual well-being by empowering
consumers to proactively prevent or treat conditions that can be
self-managed. Visit Perrigo online at www.perrigo.com.
Forward-Looking Statements
Certain statements in this press release 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 of activity, performance or achievements of
the Company or its industry to be materially different from those
expressed or implied by any forward-looking statements. In some
cases, forward-looking statements can be identified by terminology
such as "may," "will," "could," "would," "should," "expect,"
"forecast," "plan," "anticipate," "intend," "believe," "estimate,"
"predict," "potential" or the negative of those terms or other
comparable terminology. The Company has based these forward-looking
statements on its current expectations, assumptions, estimates and
projections. While the Company believes these expectations,
assumptions, estimates and projections are reasonable, such
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond the
Company's control, including: the effect of the coronavirus
(COVID-19) pandemic and its variants and associated supply chain
impacts on the Company's business; general economic, credit, and
market conditions; the impact of the war in Ukraine and any escalation thereof, including
the effects of economic and political sanctions imposed by
the United States, United Kingdom, European Union, and other
countries related thereto; the outbreak or escalation of conflict
in other regions where we do business; future impairment charges;
customer acceptance of new products; competition from other
industry participants, some of whom have greater marketing
resources or larger market shares in certain product categories
than the Company does; pricing pressures from customers and
consumers; resolution of uncertain tax positions, including the
Company's appeal of the draft and final Notices of Proposed
Assessment ("NOPAs") issued by the U.S. Internal Revenue Service
and the impact that an adverse result in any such proceedings would
have on operating results, cash flows, and liquidity; pending and
potential third-party claims and litigation, including litigation
relating to the Company's restatement of previously-filed financial
information and litigation relating to uncertain tax positions,
including the NOPAs; potential impacts of ongoing or future
government investigations and regulatory initiatives; uncertainty
regarding the timing of, and the Company's ability to obtain and
maintain, certain regulatory approvals, including the sale of daily
over-the-counter oral contraceptives; potential costs and
reputational impact of product recalls or sales halts; the impact
of tax reform legislation and/or changes in healthcare policy; the
timing, amount and cost of any share repurchases; fluctuations in
currency exchange rates and interest rates; the Company's ability
to achieve the benefits expected from the sale of its Rx business
and the risk that potential costs or liabilities incurred or
retained in connection with the transaction may exceed the
Company's estimates or adversely affect the Company's business or
operations; the Company's ability to achieve the benefits expected
from the acquisition of HRA Pharma and the risks that the Company's
synergy estimates are inaccurate or that the Company faces higher
than anticipated integration or other costs in connection with the
acquisition; risks associated with the integration of HRA Pharma,
including the risk that growth rates are adversely affected by any
delay in the integration of sales and distribution networks; the
consummation and success of other announced and unannounced
acquisitions or dispositions, and the Company's ability to realize
the desired benefits thereof; and the Company's ability to execute
and achieve the desired benefits of announced cost-reduction
efforts and strategic and other initiatives, including the
Company's ability to achieve the expected benefits from its supply
chain reinvention program. An adverse result with respect to the
Company's appeal of any material outstanding tax assessments or
pending litigation, including securities or drug pricing matters,
could ultimately require the use of corporate assets to pay such
assessments, damages from third-party claims, and related interest
and/or penalties, and any such use of corporate assets would limit
the assets available for other corporate purposes. There can be no
assurance that the FDA will approve the sale of daily oral
contraceptives without a prescription in the United States. These and other important
factors, including those discussed under "Risk Factors" in the
Company's Form 10-K for the year ended December 31, 2021, and Form 10-Q for the quarter
ended July 2, 2022, as well as the
Company's subsequent filings with the United States Securities and
Exchange Commission, may cause actual results, performance or
achievements to differ materially from those expressed or implied
by these forward-looking statements. The forward-looking statements
in this press release are made only as of the date hereof, and
unless otherwise required by applicable securities laws, the
Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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SOURCE Perrigo Company plc