The Wall Street Journal: Perrigo to restate financials dating back to 2013

Perrigo Co.’s agreement with auditor Ernst & Young over an accounting issue, announced late Tuesday, paves the way for the drugmaker to file its delayed 10K annual report and removes one problem from CEO John Hendrickson’s overfull plate.

The Dublin drugmaker reiterated sales guidance for 2017 and said it would pay down debt to protect its credit rating.

Perrigo PRGO, +1.13% reached agreement with its auditor and will restate financial statements as far back as Dec. 28, 2013, to reflect new accounting for the rights it owned to the royalty stream from the multiple sclerosis drug Tysabri.

The company sold the royalty rights in a deal with Royalty Pharma that could be worth as much as $2.85 billion, which was announced at the end of February and closed last month.

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