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<PAGE> 1
Welcome to
the 2000
Annual Meeting of
Shareholders
[LOGO OF PERRIGO]
Allegan, Michigan
October 31, 2000
<PAGE> 2
[LOGO OF PERRIGO]
<PAGE> 3
Store Brand OTC Leader
- Market Share
- Breadth of Products
- Quality
- Operational Excellence
- Retailer Relationships
<PAGE> 4
Fiscal 2000 Review
($ millions, except EPS)
1999 2000
---- ----
Sales $ 878 $ 739
- w/o Personal Care 687 721
Net Income 1.5* 19.3
EPS 0.02 0.26
Working Capital 249 155
Long-Term Debt $ 135 $ 0
* Included one-time charges of $20.4 for write-off of Russian investment,
personal care and work force reduction.
<PAGE> 5
Competitive Position
Perrigo today remains the leader
of store brand OTC pharmaceuticals
and nutritional supplements.
<PAGE> 6
Four Key Focus Initiatives
- Quality
<PAGE> 7
Four Key Focus Initiatives
- Quality
- Customer Service
<PAGE> 8
Four Key Focus Initiatives
- Quality
- Customer Service
- Low Cost Supplier
<PAGE> 9
Four Key Focus Initiatives
- Quality
- Customer Service
- Low Cost Supplier
- Innovation
<PAGE> 10
International
Opportunities
<PAGE> 11
Better Execution
<PAGE> 12
First Quarter Results
($ millions, except EPS)
2000
------------------------- 2001
Reported Pro-forma Reported
-------- --------- --------
Sales $212.3 $194.5 $193.3
Net Income 10.0 9.6 10.5
Diluted EPS $ 0.14 $ 0.13 $ 0.14
<PAGE> 13
Strong Financial Position
($ millions)
First Quarter
F2001 F2000
----- -----
Operating Cash Flow $ 32.6 $ (7.3)
At Quarter End
9/30/00 7/01/00
------- -------
Cash & Cash Equivalents $ 33.4 $ 7.1
Other Working Capital 132.2 147.7
Long-Term Debt -0- -0-
Shareholders' Equity $ 362.6 $ 351.8
<PAGE> 14
Financial Objectives
- Double-digit sales growth
<PAGE> 15
Financial Objectives
- Double-digit sales growth
- Earnings growth greater than sales
<PAGE> 16
Financial Objectives
- Double-digit sales growth
- Earnings growth greater than sales
- Working capital of 15% - 18% of sales
<PAGE> 17
Financial Objectives
- Double-digit sales growth
- Earnings growth greater than sales
- Working capital of 15% - 18% of sales
- Return on assets of 12% - 14%
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