Perrigo

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

As part of its net-zero-by-2040 ambition, Perrigo states its plan involves reducing direct and indirect emissions by minimizing its production footprint, buying renewable energy, redesigning products and packaging, and switching to electric vehicle fleets for its international business. No specific PPA volumes, RE100 status, or % renewable electricity figures are disclosed in the 10-K.

The 10-K does not disclose a specific carbon removals strategy (no mention of DAC, BECCS, biochar, afforestation, or removal credit purchases). Net-zero plan is framed entirely around emissions reductions (production footprint, renewable energy, product/packaging redesign, EV fleet) rather than removals or offsetting. Detailed climate performance is referenced as being in the annual CDP disclosure and Sustainability Report which are not incorporated by reference.

• Electric vehicle fleet transition (international business)

  Perrigo explicitly cites switching to electric vehicle fleets for its international business as part of its net-zero plan, targeting mobile combustion emissions in its CSCI operations.

• Production footprint reduction across manufacturing network

  Perrigo intends to reduce direct emissions by minimizing its production footprint. The Supply Chain Reinvention Program (initiated 2022) is reducing portfolio complexity, optimizing manufacturing assets and distribution models, and diversifying sourcing — actions that overlap with operational decarbonisation through consolidation and efficiency.

• Product and packaging redesign

  Net-zero plan involves redesigning products and packaging. Separately, the firm states it is contributing to the circular economy by transitioning to reusable, recyclable, and compostable packaging where possible, with priorities including reducing packaging weight and innovating materials.

• Responsible sourcing across the value chain

  Perrigo commits to upholding human rights and environmental standards in its supply chain through rigorous monitoring programs and collaboration with suppliers who share its values. This is positioned as a Scope 3 / supplier-engagement lever, though no quantitative supplier engagement targets are disclosed in the 10-K.