Evercore ISI Consumer & Retail Summit

June 17, 2021

2

Forward-Looking Statements

Certain statements in this presentation 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 novel coronavirus (COVID-19) pandemic and the associated economic downturn and supply chain impacts on

the Company’s business; the timing, amount and cost of any share repurchases; 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 Notice of Assessment (“NoA”) issued by the Irish Office of the Revenue Commissioners

(“Irish Revenue”) and the Notices of Proposed Adjustment (“NOPAs”) issued by the U.S. Internal Revenue Service and the impact that an adverse result in any such proceeding

could have on operating results, cash flows and liquidity; potential third-party claims and litigation, including litigation relating to alleged price-fixing in the generic pharmaceutical

industry, alleged class action and individual securities law claims, and alleged product liability claims and litigation relating to uncertain tax positions, including the NoA and NOPAs;

developments relating to ongoing or future settlement discussions relating to any such claims or litigation; potential impacts of ongoing or future government investigations and

regulatory initiatives; potential costs and reputational impact of product recalls and sales halts; the impact of tax reform legislation and healthcare policy; general economic

conditions; fluctuations in currency exchange rates and interest rates; the occurrence of any event, change or other circumstance that could delay or prevent the consummation of

the sale of the RX business (the “RX sale”), including the risk that any required regulatory approvals may not be obtained within the expected time frame or at all; failure to realize

the expected benefits of the RX sale; potential costs or liabilities incurred in connection with the RX sale that may exceed the Company’s estimates or adversely affect the

Company’s business and operations; the consummation and success of other announced 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. An adverse result with respect

to our appeal of any material outstanding tax assessments or litigation, 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. These and other important factors,

including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2020, 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 presentation 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.

Non-GAAP Measures: This presentation contains Non-GAAP measures. The reconciliation of those measures to the most comparable GAAP measures are included at the end of

this presentation.

3

Two Years Ago, We Began a Journey to Transform from a Healthcare Company to a Consumer Self-Care Company

Our Goal – Achieve Repeatable

‘3/5/7’ Growth by:

1. Capitalizing on Self-Care Trends by Focusing on Core

OTC Businesses

2. Exiting Rx and Non-Strategic Businesses to Reduce

Volatility And Simplify Business Model

3. Expanding into Adjacent Self-Care Segments &

Technologies via Bolt-On M&A

4. Investing in New Product Pipeline, Talent, Systems,

Capabilities and Capacity

5. Reducing Overhead

Our Vision

To make lives better by

bringing Quality, Affordable

Self-Care Products that

consumers trust

everywhere they are sold.

4

Primary Objective Was to Restore Growth and Reduce Volatility by Focusing on the Global Trend Towards Self-Care

Both in the Store/Value Brand Market…

83% Millennials say

private label is

same quality as

national brands

… and the Self-Care Market

85%Consumers trust

private brands at least

as much as national

brands

+250%Increase in Google

searches for self-

care last 3 years

Individuals see self-

care as an important

part of their lives

$137B$450B

Positioning

at the intersection of

these converging

trends

Sources: IRI; Brand Disruptions Next Phase – The Goldman Sachs Group, Inc; Self-care Roadmap Global Market Development Center; Centers for Medicare & Medicaid Services, Gallup research; CHPA The Value of OTC Medicines to the U.S. Healthcare

System Report.

+88%Savings to the U.S.

healthcare system for

every $1.00 spent on

OTC medicines

$7.00

5

Massive Transformation Now Nearing Completion – 1 Year Ahead of Schedule

• Selling Generic Rx

• Selling Latin America Ops.

• Sold Rosemont Rx

• Sold Animal Health

• Closed India R&D

• Bought Ranir Oral Care

• Bought Dr. Fresh Oral Care

• Bought Steripod® Oral Care

• Bought Prevacid®

• Bought E. European OTC Skin-

Care brands

• Bought Dexsil® OTC Brand in

EU

• Invested in Kazmira (CBD)

• Built $500MM New Product

Pipeline

• Launched $300M+ in Total

Consumer New Products in ’19 &

’20

• Invested $130M+ in IT &

Infrastructure

• 50%+ Leadership Team Changed

• Delivering $100M Cost Savings

• Improved Service from 70% to

90%+

• Successfully Built e-Commerce

Platform

• Built Business Intelligence

Capabilities

• Dialogue Continuing with

Irish Revenue on Irish Tax

Case

• Athena IRS case to M.A.P.

• Strengthened Cyber

Security

• Consistently Delivering

Financial Commitments

• Divesting Most Volatile

Businesses

• Strengthened Governance –

ESG, D&I

• Perrigo Now a Focused CPG

Story, Certainty Restored

• ‘3/5/7’ Growth Commitment

Benchmarks to Top Tier CPG

Companies

• Favorable Comps in Back Half

’21 And Steady Stream of

Innovation

• Approx. $2 Billion in Cash

after Rx sale to Further Drive

Growth

Portfolio

Reconfigured

Businesses Revitalized &

Returned to Growth

Uncertainty

Being ReducedPoised to Build Value

6

$2.7B

$1.4B

The New Perrigo is a Global Leader in Self-Care

Diversified Across Global

OTC Categories

Differentiated Offerings Across

Store/Value/Brand

U.S. Store/Value

Brand OTC

Market Leader

E.U Top 10

Branded OTC

Leader

1. Based upon FY2020 net sales; see attached Appendix for details.

Perrigo Profile: A $4.1B+ Global CPG Leader

Comprehensive portfolio of self-care products available across all channels

Partner of choice to our +1,500 retailers and

pharmacists

Unmatched scale producing +13,000 SKUs

across 20 manufacturing sites and >200 external partners

World-class Quality & Regulatory

organizations driving innovation that meet the

highest standards

Defensible Competitive

Advantages

7

And While 2/3 of Sales are Store Brand, Perrigo is Not Your Typical Store Brand Company…

National Brand Store Brand

$28.99 Retail Price $22.49

$24.13 Retail Cost $14.50

$4.86 Retail $ Profit $7.99

17% Retail % Profit 36%

National Brand Value Brand

$2.99 Retail Price $2.79

$2.09 Retail Cost $1.70

$0.90 Retail $ Profit $1.09

30% Retail % Profit 39%

Store and Value Brands Drive Higher Dollar Profit for Retailers

Consumer

Savings: ~7%

Retailer Profit

Increase: ~30%

Consumer

Savings: ~30%

Retailer Profit

Increase: ~20%

8

PERRIGO NET SALES

1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.

2. Net Sales and CAGR calculation: CAGR calculation: Adjusted to remove divested and exited businesses from all periods; 2015 adjusted pro-forma for Omega and other acquisitions, Fx impact normalized to 2018 rates for all periods. CAGR rates shown have

been calculated for Periods 2015-2018, and 2018-2021.

3. Net sales comprised of CSCA, CSCI and Corporate.

4. 2021 guidance (provided on May 11, 2021) is calculated based upon 2020 adjusted net sales growth of 3%.

Topline Growth Has Been Restored, Setting the Foundation for Consistent 3% Net Sales Growth

Proj. 3 Yr.

CAGR

~6%

$ millions

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

2015 2016 2017 2018 2019 2020 2021 Guidance

Transformation

Begins

✓ Ranir Oral Care

✓ Steripod Oral Care

✓ Dr. Fresh Oral Care

✓ Prevacid®

✓ E. European Skincare Brands

✓ Future M&A

Organic OTC Growth Drivers

✓ OTC category growth

✓ Store Brand penetration vs.

National Brand

✓ Share gains from competition

✓ Innovation / new products

✓ e-Commerce acceleration

CAGR +0.5%

Inorganic OTC Growth Drivers

9

COVID-19 Impacting 1H:21 due to Prior Year Pantry Load and

Historically Low Cough/Cold – Consumer Offtake Now Normalizing

1. Source: IRI Total US MULO – Data Ending 5/16/21. OTC includes Allergy, Cough Cold Less Cough Drops, Heartburn, PEG, Loperamide, Pain, Oral Dose NRT, Anti Itch, Feminine Hygiene, Lice, Minoxidil, Scaraway®, Sexual Health Lubricants, First Aid Less

All Other.

2. Source: IQVIA FAN data week ending 5/15/21.

0

5

10

15

20

25

30

35

40

45

8/15/2020 9/12/2020 10/10/2020 11/7/2020 12/5/2020 1/2/2021 1/30/2021 2/27/2021 3/27/2021 4/24/2021 5/22/2021 6/19/2021 7/17/2021

Affe

cte

d P

op

ula

tio

n in

mill

ion

s

All Ages 2020/2021 U.S. Cough Cold Season Trend2

2020-20212019-20202018-20193-Year AverageProjection (High)Projection (Medium)

0.7% 0.9% -1.7% 1.0% 2.9% 1.4% 3.1%

18.6%

-11.1%

-1.1%

-10.7%

-29.9%

16.8%

1.9% 0.9% 0.2% 2.7% 4.6% 3.9% 5.3%

21.7%

-8.8%

-4.4%-11.1%

-27.9%

8.3%

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2TD 2021

OTC Dollar % Change vs. Year Ago1

NB SB

COVID Demand Surge

COVID

Surge

Comparison

Consumer

Offtake

Normalizing

Trending Above Prior Year

10

$-

$100

$200

$300

$400

$500

$600

$700

2017 2018 2019 2020 2021 Guidance

With Growth Restored and Major Investments Behind Us, Focus Now On Profitable Growth and Margin Expansion

✓ Sustaining 3% organic net

sales growth

✓ Focusing on gross margin

improvement via SKU

rationalization, product

prioritization, positive mix and

selective pricing

✓ Maintaining investment dollars

✓ Project Momentum savings

5% Adjusted Operating Income Growth Drivers

PERRIGO ADJUSTED OPERATING INCOME

1. See attached Appendix for reconciliation of Adjusted (Non-GAAP) to Reported (GAAP) amounts.

2. Adjusted operating income comprised of CSCA, CSCI and corporate.

3. Adjusted operating income shown are historical figures, prior to discontinued operations accounting as a result of the pending Generic Rx business divestiture.

4. 2021 guidance (provided on May 11, 2021) is calculated based upon 2020 adjusted operating income growth of 5%.

Transformation

Begins

$ millions

11

Our Unique ‘4D’ Business Model is Advantaged to Deliver Long-term Sustainable Value

Diversified

Differentiated

Defensible

Durable

The Perrigo Advantage

Regulatory Value e-Commerce

Customization High CQ M&A

12

Core OTC

North America Europe

Branded Focus

ROIC > WACC

Net Sales Growth /

Margin

Accretive

Private Label &

Contract Pack

Focus

NRT Nutrition Oral CareScience-Based

Naturals

1 2 3 4 5

ACQUISITION CRITERIA

• Market Size and

Growth

• Revenue

Growth/Margin

Accretive

• Favorable

Competitive

Landscape

• Leverages Existing

Competencies

• Adds New

Complementary

Platform

• Disciplined Approach

to EBITDA Multiple

M&A is a Top Priority with $2B in Cash Expected on the Balance Sheet After the Rx Transaction Closes in 2H:21

Our 5 Growth Pillars Guide Areas of Interest

Candidates For Evaluation

13

Perrigo Transformed – A Growing, Pure-Play Consumer Self-Care Company with Significant Upside Optionality

✓ Focused, pure-play consumer company

✓ ‘3/5/7’ Growth Algorithm in-line with CPG

peers trading at much higher multiples

✓ COVID related impact is temporary

✓ Strong balance sheet with $2B in pro

forma cash

✓ Rx-OTC-Switch optionality

✓ ‘4D’ Business Model – Diversified,

Differentiated, Defensible, Durable

✓ Progress towards reducing uncertainty

Rx-OTC-Switches According to Nicholas Hall1, “…we could be

entering a Golden Age. Voltaren® Arthritis Pain Relief Gel’s

successful US launch; OTC approval for low-dose cannabis in

Australia; the possibility of OTC oral contraceptives in a major

Western market for the first time; plus recent statements by

Sanofi on the likely switches of the antiviral Tamiflu® and the

erectile dysfunction treatment Cialis®. These are just the tonic this

industry needs as the recovery from COVID-19 gets underway.”

1. Source: Nicholas Hall, Rx-to-OTC Switch: A Hot Topic Report, April 2021.

TABLE IPERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURESADJUSTED NET SALES GROWTH - SELECTED

SEGMENTS(in millions)(unaudited)

Adjusted Net Sales - Constant Currency Twelve Months Ended

December 31,2015

December 31,2016

December 31,2017

December 31,2018 2015-2018 Change

Adjusted Constant Currency 2015-2018 CAGR

Worldwide Consumer

Reported Net Sales $ 3,845 $ 4,087 $ 3,836 $ 3,811 $ (34) (0.3)%

Sales related to VMS business (162) (110) — —

Sales related to CSCI exited businesses(1) (229) (242) (32) —

Pro-forma Omega(1)(2) 260 — — —

Pro-forma other acquisition(1)(3) 86 — — —

Sales related to Animal Health (154) (144) (141) (94)

Sales related to Infant foods (29) (34) (32) (34)

Sales related to Rosemont Pharmaceuticals business(1) (64) (66) (60) (57)

Sales related to Nordics(1) (11) (11) (13) (15)

FX impact (1) 19 39 31 —

Adjusted Net Sales - Constant Currency $ 3,561 $ 3,519 $ 3,589 $ 3,611 $ 50 0.5%

(1) Converted 2015-2017 and adjustments made in currencies other than USD at 2018 average FX rate for comparable presentation to 2018.

(2) Omega acquired 3/31/2015; annualized 2015 for comparable presentation to 2018.

(3) Includes GlaxoSmithKline Consumer Healthcare product portfolio and Naturwohl Pharma GmbH acquired in September 2015; annualized 2015 for comparable presentation to 2018.

Adjusted Net Sales - Constant Currency Twelve Months Ended

December 31,2018

December 31,2019

December 31,2020

2018-2020 Change

Adjusted Constant Currency 2018-2020 CAGR

Worldwide Consumer

Reported Net Sales $ 3,811 $ 3,870 $ 4,088 $ 277 3.6%

Sales related to Animal Health (94) (44) —

Sales related to Infant foods (34) (6) —

Sales related to Rosemont Pharmaceuticals business(1) (57) (53) (29)

Sales related to Nordics(1) (15) (13) —

FX impact (1) — 84 90

Adjusted Net Sales - Constant Currency $ 3,611 $ 3,838 $ 4,149 $ 538 7.2%

(1) Converted 2019-2020 and adjustments made in currencies other than USD at 2018 average FX rate for comparable presentation to 2018.

The Company cannot reconcile its expected twelve months ended December 31, 2021 adjusted net sales without unreasonable effort because certain items that impact the metric are out of the Company's control and/or cannot be reasonably predicted at this time.

APPENDIX

TABLE II

PERRIGO COMPANY PLC

RECONCILIATION OF NON-GAAP MEASURES

SELECTED SEGMENT INFORMATION

(in millions)

(unaudited)

Twelve Months Ended

Worldwide Consumer Operating Income December 31, 2017December 31,

2018December 31,

2019 December 31, 2020

Reported $ 283.4 $ 21.9 $ 202.2 $ 293.1

Pre-tax adjustments:

Amortization expense primarily related to acquired intangible assets $ 266.0 $ 255.0 $ 223.6 $ 209.8

Acquisition and integration-related charges and contingent consideration adjustments (3.9) 48.6 16.2 12.6

Separation and reorganization expense — 13.9 17.2 1.1

Impairment charges 9.4 224.4 13.8 —

(Gain) loss on divestitures — (3.6) (4.5) 0.8

Operating results attributable to held-for-sale business* 0.5 — (2.2) —

Asset Abandonment — — 7.1 —

Unusual litigation (10.2) 3.2 27.2 19.8

Restructuring charges and other termination benefits 52.3 28.2 26.0 3.2

Ranitidine market withdrawal** — — 18.4 —

Adjusted $ 597.5 $ 591.6 $ 545.0 $ 540.4

*Held-for-sale business includes our now divested animal health business for the twelve months ended December 31, 2019 and European Sports Brand for the twelve months ended December 31, 2017.**Ranitidine market withdrawal includes reversal of recorded returns and inventory write-downs.

The Company cannot reconcile its expected twelve months ended December 31, 2021 adjusted operating income without unreasonable effort because certain items that impact the metric are out of the Company's control and/or cannot be reasonably predicted at this time.