...NEW YORK (S&P Global Ratings) Nov. 9, 2018--On Nov. 8, 2018, Ireland-headquartered Perrigo Co. PLC (###-/Stable/--) reported weaker-than-expected earnings for the third quarter of 2018 and lowered its guidance for the year. The company also announced a new $1 billion share repurchase authorization, which has an open-ended timeline for execution. The weakness in the company's results stems primarily from the reduced volume and pricing in its prescription pharmaceuticals segment due to declines in the sales of its mature products and delayed launches (including for Proair). We believe that the new share repurchase authorization would consume most of Perrigo's capacity for repurchases and acquisitions if executed over the next 18-24 months. At the current rating, we believe that Perrigo's capacity for repurchases and acquisitions is now lower than our previously stated $1.5 billion level given its reduced cash flow expectations over the next 12 months. That said, our ratings on Perrigo Co....
