April 25, 2017 / 8:11 PM / 6 months ago

BRIEF-Perrigo Sees FY 2017 sales $4.6 billion to $4.8 billion

April 25 (Reuters) - Perrigo Company Plc-

* Perrigo announces restatement of previously issued forms 10-k and 10-q financial statements; announces select preliminary unaudited first quarter 2017 financial results

* Sees FY 2017 sales $4.6 billion to $4.8 billion

* Q1 sales $1.2 billion versus i/b/e/s view $1.24 billion

* Perrigo Company Plc - accounting changes are not expected to have a material impact on net cash flows

* Perrigo Company Plc - has determined that it is necessary to restate certain previously issued financial statements

* Perrigo Company Plc - tysabri historical royalty stream determined to be a financial asset

* Perrigo - to file 2016 10-k, including restated fiscal 2014, fiscal 2015 and transition period 2015 audited financials “as soon as practical”

* Perrigo - does not expect changes to previously issued financial statements to have material impact on net cash flows

* Perrigo Company Plc - entered into amendments to term loan agreement and revolving credit agreement to remain in compliance with agreements

* Perrigo Company Plc - sees fy cash flow from operations of greater than $575 million

* Perrigo Company Plc - preliminary unaudited q1 2017 consolidated net sales were approximately $1.2 billion

* Perrigo-Elected to account for tysabri financial asset using fair value option, which requires co to adjust financial statements for relevant periods

* Perrigo-Evaluated accounting effect subsequent to acquisition date related to identified deferred tax assets, including impairments of omega goodwill

* Perrigo company plc - to use proceeds from sale of tysabri to redeem $600 million in senior notes due in 2018

* Perrigo Company Plc - cost optimization program is “well underway” to achieve greater than $130 million in savings by mid-2018

* Perrigo-As co continues to address matters relating to restatements, co is in quiet period regarding all matters until filing of financial statements Source text for Eikon: Further company coverage:

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