Perrigo Faces Potential $1.9 Billion Tax Liability From Past Tysabri Transactions
Following a Notice of Amended Assessment received from the Irish Office of the Revenue Commissioners for a tax liability of EUR 1.6 billion, we’re lowering our fair value estimate for Perrigo to $51 per share after adding in the future tax plus estimated interest and other potential fees into our model. Perrigo is appealing the NoA issuance, which will delay the timing of payments, and will theoretically reverse the potential liability. We’re leaving our no-moat rating for Perrigo unchanged.We ...
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