Perrigo Company plc

Good morning and welcome to the Parago first quarter 2020 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw from the question queue, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Brad Joseph, Parago Investor Relations. Please go ahead.

Good morning and welcome to Parago's first quarter 2020 earnings conference call. We hope everyone is healthy and safe during these times. As safety is our top priority, we are conducting this call virtually from different locations adhering to social distancing guidelines. I hope you all had a chance to review the press release we issued earlier this morning. A copy of the release is available on our website. Joining today's call are President and CEO Murray Kessler and CFO Ray Silcock. I'd like to remind everyone that during this call, participants will make certain forward-looking statements. Please refer to the important information for shareholders and investors and safe harbor language regarding these statements in our press release issued earlier this morning. When discussing the business, Murray will reference only non-GAAP adjusted numbers for the quarter unless otherwise noted. Comparisons to prior periods will also exclude exited businesses and currency changes unless otherwise noted. Ray's discussion of financial results during this call will address both GAAP and non-GAAP results, and where noted, comparisons to the prior year will exclude exited businesses and currency changes. In the appendix for today's call, we have provided reconciliations for all non-GAAP financial measures presented. A few other logistics to mention before we get started. First, excluding exited businesses excludes contributions from the exited animal health business, previously included in the Consumer Self-Care America segment, and the divested canaderm business, previously included in the Consumer Self-Care International segment from Q1 2019. Second, organic growth excludes Rainier, the exited animal health and canaderm businesses, and currency. And third, as a reminder, worldwide consumer includes the consumer self-care Americas and consumer self-care international segments, as well as corporate unallocated. And with that, I'd like to turn the call now over to Murray.

Good morning, everyone. I want to begin today's call by recognizing the obvious. We are living in unprecedented and challenging times, but I also want to recognize and acknowledge that I feel blessed to be surrounded by such a seasoned leadership team and over 11,000 dedicated employees who are making tremendous sacrifices while giving it their all to keep our essential products flowing to consumers and patients who need them. These Perigo employees are making sure that consumers have access to Perigo's broad portfolio of hold cough medicines, analgesics like acetaminophen and electrolytes to treat flu and COVID-19 flu-like symptoms, allergy medicine as we head into the allergy season, infant formula to feed babies, albuterol inhalers to help asthma patients, and many other essential products. In this environment, it has been our first priority to focus on keeping employees safe while they keep these essential products flowing to market. Second, to reward employees on the front lines, whether in production or in the labs for their work and dedication. And third, to support the communities in which we operate during these challenging times. Here are some examples of how we have accomplished each of these. We restricted access to our facilities worldwide to essential employees only and implemented a multi-step pre-screening process before anyone can enter into our facilities. We prioritized production to essential products. We eliminated non-essential travel even before the federal travel bans went into place in the US. We regularly communicated with our workforce, providing education about social distancing and hand washing and other appropriate measures over and over again. We doubled frontline production employee first quarter bonuses. We made over a million dollars worth of cash and in-kind product donations like hand sanitizer to our communities and much, much more. What is amazing to me is how our employees responded to the unprecedented challenges and delivered a strong first quarter all while making significant progress on our transformation plan.