Perrigo Company plc logo PRGO - Perrigo Company plc

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 14
HOLD 21
SELL 1
STRONG
SELL
0
| PRICE TARGET: $36.20 DETAILS
HIGH: $54.00
LOW: $20.00
MEDIAN: $36.00
CONSENSUS: $36.20
UPSIDE: 230.14%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 4,253.1 4,373.4 4,655.6 4,451.6 4,138.7 4,088.2 3,869.9 4,731.7 4,946.2 5,280.6 4,603.9 4,060.8 3,539.8 3,173.2 2,755.0 2,268.9 2,006.9 1,822.1 1,447.4 1,366.8 1,024.1 898.2 826.0 826.3 753.5 738.6 877.6 902.6 844.6 778.1 717.1 669.3 570.8
Cost of Revenue 2,758.6 2,830.7 2,975.2 2,996.2 2,722.5 2,593.3 2,436.2 2,900.2 2,966.7 3,228.8 2,891.5 2,613.1 2,259.8 2,077.7 1,810.2 1,522.9 1,410.9 1,271.2 1,045.8 969.1 763.7 630.2 596.1 614.4 569.0 561.1 670.8 641.4 587.1 547.6 496.6 456.1 390.1
Gross Profit 1,494.5 1,542.7 1,680.4 1,455.4 1,416.2 1,494.9 1,433.7 1,831.5 1,979.5 2,051.8 1,712.4 1,447.7 1,280 1,095.6 944.9 746.0 596.0 551.0 401.6 397.7 260.4 268.0 229.9 211.9 184.5 177.5 206.8 261.2 257.5 230.5 220.5 213.2 180.7
Operating Expenses
R&D Expenses 95.4 112.2 122.5 123.1 122 121.7 119.2 218.6 167.7 184 187.8 152.5 115.2 105.8 89.2 82.5 77.9 72.2 66.5 52.3 38.4 27.7 23.3 19.9 17.6 16.3 14.9 15.9 13.7 0 0 6.2 0
SG&A Expenses 526.5 1,112.6 1,274.6 1,210.1 1,111.4 1,109.1 1,097.2 1,125.8 1,146.5 1,205.5 771.8 675.2 473.8 473.8 411.8 299.1 255.8 276.2 227.5 225.3 159.3 137.3 124.5 114.2 108.0 107.6 152.8 277.7 143.1 135.1 121.3 97.9 91.8
Other Expenses 529.3 205 131.4 43.3 (227.6) (1.1) 42.6 (6.1) 10.1 0 0 0 (0.9) 0 (42.3) 0 0 0 0 0 0 0 (3.1) (16.4) (18.6) 22.2 21.1 29.4 28.6 27.2 23.7 18.9 15.4
Operating Expenses 1,151.2 1,429.8 1,528.5 1,376.5 1,005.8 1,229.7 1,259 1,349.6 1,272.8 1,389.5 959.6 827.7 589 517.6 411.3 381.6 333.8 348.4 293.9 277.6 197.7 165.1 144.7 117.8 107.0 146.2 188.8 323 185.4 162.3 145 123 107.2
Operating Income
Operating Income 343.3 112.9 151.9 78.9 410.4 265.2 174.7 236.5 598.2 (1,999.7) 747.6 567 679.1 569.2 490.2 335.9 247.3 197.5 98.6 111.3 (330.5) 102.9 85.2 87.0 40.1 31.3 18 (61.8) 72.1 68.2 75.5 90.2 73.5
Interest Expense 162.5 187.8 173.8 156 125 127.7 126.5 129 173.4 218.8 155.7 175.8 103.5 0 60.7 28.8 27.2 17.0 16.0 5.4 0.2 0.2 0 0 0 0.8 14 4.2 1.2 5.7 5.4 3.3 3.4
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0 0 0 0 1.4 0 0 0 0 0 0 0 0
Profitability
EBITDA (797.9) 433 525 355.5 695.9 518.4 662 906 1,137.3 (4,180.9) 754.3 1,210.4 939.4 858.9 713.3 594.1 411.2 325.3 288.5 157.1 177.7 (293.9) 131.3 111.3 113.7 49.4 59.2 45.2 (32.4) 95.4 99.2 109.1 88.9
EBIT (1,135.4) 107.1 165.5 16.9 383.7 133.6 265.5 419.6 453.5 (4,629.5) 389.5 436.1 407.1 691 578 491.2 337.1 230.9 195.4 107.7 120.2 62.7 102.9 85.2 88.1 77.5 37.0 24.1 (61.8) 72.1 68.2 75.5 90.2
Income Before Tax (1,297.9) (80.7) (8.3) (139.1) 258.7 5.9 148 290.6 280.1 (4,848.3) 248 272.6 607.7 512.0 450.6 308.2 203.8 180.4 89.1 105.9 (330.7) 106.0 86.3 88.4 43.9 30.5 4 (66) 70.9 62.5 70.1 86.9 70.1
Income Tax Expense 104.4 80 (3.9) (8.2) 389.6 (38.3) (10.7) 159.6 160.5 (835.5) 120.1 67.3 165.8 119.0 110.0 84.1 62.7 44.7 15.3 34.5 22.3 25.4 32.2 38.2 16.2 11.2 2.5 (14.4) 25.9 22.7 25.7 32.1 25.5
Net Income (1,425.4) (171.8) (12.7) (140.6) (68.9) (162.6) 146.1 131 119.6 (4,012.8) 127.9 205.3 441.9 401.6 339.2 222.5 144.0 135.8 73.8 71.4 (353.0) 80.6 54.0 50.2 27.7 19.3 1.5 (51.6) 45 39.8 44.4 54.8 44.6
Per Share Data
EPS (Basic) -10.29 -1.25 -0.09 -0.97 -0.98 -1.19 1.07 0.95 0.84 -28.01 0.92 1.78 4.71 4.31 3.67 2.43 1.56 1.46 0.80 0.77 -4.57 1.15 0.77 0.69 0.38 0.26 0.02 -0.69 0.58 0.52 0.58 0.71 0.58
EPS (Diluted) -10.29 -1.25 -0.09 -0.97 -0.98 -1.19 1.07 0.95 0.84 -28.00 0.91 1.78 4.68 4.27 3.63 2.40 1.54 1.43 0.79 0.76 -4.57 1.11 0.76 0.67 0.37 0.26 0.02 -0.69 0.58 0.51 0.58 0.71 0.58
Shares Outstanding 138.5 137.4 135.3 134.5 133.6 136.1 136 137.8 142.3 143.3 139.3 115.1 93.9 93.2 92.3 91.4 92.2 93.1 92.2 92.9 77.3 70.2 69.7 73.2 73.6 73.4 75 74.8 77.4 77.2 76.6 77.2 76.9
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 531.6 558.8 751.3 600.7 1,864.9 631.5 354.3 551.1 678.7 622.3 316.1 318.6 161.3 93.8 76.8 11.0 51.6 3.7 1.5 2.2 0.2 0.3 0.6 0.2
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0.0 0.6 10.4 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 612.8 642.3 739.6 697.1 652.9 593.5 1,243.2 1,073.1 1,130.8 1,176 374.2 334.7 210.3 86.0 87.0 82.6 96.8 123.5 74.6 119 91.4 85 85.7 70.5
Inventory 1,149 1,081.8 1,140.9 1,150.3 1,020.2 1,059.4 967.3 878 806.9 795 384.8 400.0 174.3 160.3 155.6 161.1 121.5 170.7 181.5 182.7 157 163.5 148 128.4
Other Current Assets 504 199 201.1 271.8 16.1 666.9 0 0 0 0 434.6 75.0 56.0 29.9 32.6 23.5 35.5 53.5 114.9 16.3 11 12.9 12.1 8.7
Total Current Assets 2,797.4 2,481.9 2,832.9 2,719.9 3,859.9 3,133.5 2,730.6 2,902.2 2,819.6 2,805.3 1,153.0 1,156.9 473.2 379.2 341.8 313.1 305.4 351.4 372.5 320.2 259.6 261.7 246.4 207.8
Non-Current Assets
Property, Plant & Equipment 1,066.5 1,093 1,100 1,143.4 1,031 1,019.3 1,032.7 829.1 833.1 870.1 354.3 356.9 227.6 218.8 211.0 212.1 192.5 196.9 190.6 261.4 239 246.2 228.5 171.3
Goodwill 2,050.1 3,320.2 3,529.1 3,490.4 2,999.4 3,095.7 4,116.7 4,029.1 4,175.4 4,049.4 268.8 282.4 0 0 0 47.2 0 0 0 0 0 0 0 0
Intangible Assets 2,351.5 2,428.9 2,986.1 3,288.8 2,151.4 2,488.5 2,990 2,858.9 3,380.8 3,511.3 214.2 229.3 35.9 35.9 35.9 0 17.6 18.8 20.7 48.9 43 45.1 29.5 31.7
Long-Term Investments 25.4 0 0 0 0 0 0 19.5 11.2 2,350 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 236.4 318.6 335.2 367.7 377.5 1,710.8 426 343.4 398.3 211.9 471.6 474.8 14.2 6.1 5.1 3.5 5.4 14.6 12.1 10.7 7.8 2.7 3.1 2.9
Total Non-Current Assets 5,737.8 7,165.8 7,976.2 8,297.4 6,565.8 8,354.9 8,570.8 8,081.2 8,809.2 11,064.8 1,383.4 1,418.2 285.9 264.8 252.0 262.8 215.6 230.3 223.4 321 289.8 294 261.1 205.9
Total Assets 8,535.2 9,647.7 10,809.1 11,017.3 10,425.7 11,488.4 11,301.4 10,983.4 11,628.8 13,870.1 2,536.4 2,575.1 759.1 644.0 593.8 575.9 521.0 581.7 595.9 641.2 549.4 555.7 507.5 413.7
Current Liabilities
Account Payables 474.5 495.2 477.7 537.3 411.2 451.6 520.2 474.9 450.2 471.7 267.3 271.5 142.8 88.9 72.2 74.4 70.3 58.4 68.2 74 63.8 56.7 50.8 52.9
Short-Term Debt 62.3 36.4 440.6 36.2 603.8 37.3 3.4 190.2 70.4 572.8 17.2 20.1 9.5 9.0 9.0 12.8 8.7 6.9 5.4 3.1 0.3 0.3 0.3 0.8
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 192.2 135.1 47.7 36.6 32.7 27.9 0 0 0 0 0 0 0 0
Other Current Liabilities 343.1 0 0 (28.4) 49.1 427.5 0 0 0 0 54.5 118.0 (38.0) 23.3 37.2 51.8 59.3 57.4 67.9 51.1 28.5 34.6 27.9 32.2
Total Current Liabilities 1,012.9 1,044.2 1,586.3 1,113.6 1,587.9 1,382 1,335.8 1,537.4 1,436 1,836.3 500.6 485.7 187.5 166.5 154.9 171.8 138.3 122.7 141.5 128.2 92.6 91.6 79 85.9
Non-Current Liabilities
Long-Term Debt 3,743.6 3,581.7 3,632.8 4,070.4 2,916.7 3,527.6 3,365.8 3,052.2 3,270.8 5,224.5 875 895.1 0 0 0 0 0 90 81.6 58.3 48.8 99.1 82.4 75.2
Deferred Tax Liabilities 168.9 203.2 262.3 368.2 239.3 276.2 280.6 282.3 321.9 389.9 139.9 139.2 29.6 25.5 20.3 17.4 19.0 14.3 27.3 30.6 26.8 24.4 22.8 17.6
Other Non-Current Liabilities 511.3 499.2 559.8 433.5 382.8 515 515.1 443.4 429.5 461.8 99.0 121.4 5.8 3.5 2.4 0.9 0 (0.1) 0 0 0 0 0.1 0
Total Non-Current Liabilities 4,586.8 4,284.1 4,454.9 5,061.6 3,686.1 4,451.3 4,161.5 3,777.9 4,022.2 6,076.2 1,113.9 1,155.7 35.4 29.0 22.7 18.3 19.0 104.2 108.9 88.9 75.6 123.5 105.3 92.8
Total Liabilities 5,599.7 5,328.3 6,041.2 6,175.2 5,274 5,833.3 5,497.3 5,315.3 5,458.2 7,912.5 1,614.4 1,641.4 222.9 195.5 177.6 190.0 157.3 226.9 250.4 217.1 168.2 215.1 184.3 178.7
Stockholders' Equity
Common Stock 6,608.2 6,733.9 6,837.5 6,936.7 7,043.2 7,118.2 7,359.9 7,421.7 7,892.9 8,135 0 0 104.2 89.0 89.2 109.0 102.3 102.1 0 0 0 0 0 0
Retained Earnings (3,677.5) (2,252.1) (2,080.3) (2,067.6) (1,927) (1,858.1) (1,695.5) (1,838.3) (1,975.5) (2,095.1) 419.1 290.0 429.7 358.3 327.2 277.0 260.7 251 228.5 307.7 235.1 195.3 178.4 96.1
Accumulated Other Comprehensive Income 14.1 (162.4) 10.7 (27) 35.5 395 139.4 84.6 253.1 (81.8) 50.6 155.2 2.4 1.2 (0.2) (0.0) (0.1) 0.9 0 0 0 0 0 0
Total Stockholders' Equity 2,935.5 4,319.4 4,767.9 4,842.1 5,151.7 5,655.1 5,803.8 5,668 6,170.5 5,958.1 921.9 933.7 536.2 448.4 416.1 385.9 362.8 354.1 345.1 424 381.2 340.6 323.2 235
Total Liabilities & Equity 8,535.2 9,647.7 10,809.1 11,017.3 10,425.7 11,488.4 11,301.4 10,983.4 11,628.8 13,870.1 2,536.4 2,575.1 759.1 644.0 593.8 575.9 521.0 581.7 595.9 641.2 549.4 555.7 507.5 413.7
Debt Metrics
Total Debt 3,968.9 3,618.1 4,073.4 4,324.5 3,693.8 3,725.7 3,369.2 3,242.4 3,341.2 5,797.3 892.2 915.2 9.5 9.0 8.3 12.8 8.7 96.9 87 61.4 49.1 99.4 82.7 76
Net Debt 3,437.3 3,059.3 3,322.1 3,723.8 1,828.9 3,094.2 3,014.9 2,691.3 2,662.5 5,175 576.0 596.6 (151.7) (84.8) (68.5) 1.7 (42.9) 93.2 85.5 59.2 48.9 99.1 82.1 75.8
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income (1,402.3) (171.8) (12.7) (130.9) (68.9) (162.6) 146.1 131 119.6 (4,012.8) (353.0) 80.6 54.0 50.2 27.7 19.3 1.5 (51.6) 45 39.8 44.4 54.8 44.6
Depreciation & Amortization 337.5 325.9 359.5 338.6 312.2 384.8 396.5 423.6 444.8 457 34.8 28.5 26.1 25.6 23.0 22.2 21.1 29.4 28.6 27.2 23.7 18.9 15.4
Stock-Based Compensation 0 64.4 68.8 0 60.1 58.5 52.2 37.7 43.8 23 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (101.1) (74.7) (58.5) 20 (295.4) (69.2) (313.5) (19.4) (103.9) (101.5) 20.8 1.0 1.7 7.5 24.6 45.6 (58) (43.1) 13.4 2 (28.7) (16.3) (32.2)
Other Non-Cash Items 1,455.2 209.3 155 130.1 138.9 479.2 150.4 38 243.5 5,280.1 384.9 5.1 5.2 18.7 1.3 0.1 0.1 0.1 0.6 (0.1) 0.1 0.3 0.1
Operating Cash Flow 238.5 362.9 405.5 307.3 156.3 636.2 387.8 593 698.9 654.9 77.6 118.5 80.2 104.2 68.2 117.8 (15.4) 22.3 86.5 72.9 42.4 60.7 31.9
Investing Activities
Capital Expenditure (93.4) (118.3) (101.7) (96.4) (152.1) (170.4) (137.7) (102.6) (88.6) (106.2) (32.4) (28.3) (32.3) (27.5) (26.8) (14.4) (32.3) (85.4) (23) (17.6) (38.6) (62.3) (67.5)
Acquisitions 0 0 0 (1,952.7) 1,491.9 4.3 (565.2) 5.2 154.2 (358.3) (381.6) (12.1) 0 0 (46) 0 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 (15) 0 (7.5) 87.3 353.7 (157.4) 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 0 0 0 15 0 13.7 2,200 4.5 334.5 6.3 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 18 197.1 24.2 90.5 (64) (21.7) 106.8 (35.6) 72.5 285 (412.6) (19.1) (1.0) 13.8 0.3 34.9 7.6 (3.1) (1.8) (5.8) (32.6) 0.5 (0.5)
Investing Cash Flow (75.4) 78.8 (77.5) (1,958.6) 1,275.8 (187.8) (596.1) (126.8) 2,338.1 (175) (649.4) (53.2) (33.3) (13.8) (72.5) 20.5 (24.7) (88.5) (24.8) (23.4) (71.2) (61.8) (68)
Financing Activities
Net Debt Issuance (34.8) (437.8) (30.2) 583.6 (30.6) 149.9 124.5 (58.3) (2,720.3) (174.2) (40.3) 590.5 0.7 0.6 (4.5) 2.1 (133.1) 55 82.5 (47.3) (50.3) 26.2 (2.8)
Stock Repurchased 0 0 0 0 0 (164.2) 0 (400) (191.5) 0 (28.3) (3.0) (2.8) (33.7) (31.9) (1.1) 0 (14.8) (30.2) (0.9) 0 0 0
Dividends Paid (159.3) (152.5) (149.7) (142.4) (129.6) (123.9) (112.4) (104.9) (91.1) (83.2) 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (26.4) (20.7) (7.3) (19.6) (18.5) (42.9) (11.2) (8.7) (1.8) (19.6) 659.4 0.7 1.6 (4.1) 0.1 (0.6) 0.1 0 (100.5) (1.6) 0.5 (23.3) 4.1
Financing Cash Flow (220.5) (611) (187.2) 421.6 (178.7) (181.1) 1.8 (571.9) (3,004.7) (268.7) 583.2 1.5 (29.8) (24.7) 8.3 (133.0) 40.3 53.3 (47.6) (49.6) 26.9 3 35.8
Cash Position
Net Change in Cash (27.2) (192.5) 150.6 (1,264.2) 1,233.4 287.2 (196.8) (127.6) 56.4 204.5 8.3 67.4 17.0 65.7 4.0 5.4 0.2 (12.9) 14.1 (0.1) (1.9) 1.9 (0.3)
Cash at Beginning 558.8 751.3 600.7 1,864.9 631.5 354.3 551.1 678.7 622.3 417.8 8.4 93.8 76.8 11.1 7.1 1.7 1.5 14.4 0.2 0.3 2.2 0.2 0.5
Cash at End 531.6 558.8 751.3 600.7 1,864.9 641.5 354.3 551.1 678.7 622.3 16.7 161.3 93.8 76.8 11.0 7.1 1.7 1.5 14.3 0.2 0.3 2.1 0.2
Free Cash Flow 145.1 244.6 303.8 210.9 4.2 465.8 250.1 490.4 610.3 548.7 45.3 90.2 47.9 76.7 41.4 103.4 (47.7) (63.1) 63.5 55.3 3.8 (1.6) (35.6)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 4,253.1 4,373.4 4,655.6 4,451.6 4,138.7 4,088.2 3,869.9 4,731.7 4,946.2 5,280.6 4,603.9 4,060.8 3,539.8 3,173.2 2,755.0 2,268.9 2,006.9 1,822.1 1,447.4 1,366.8 1,024.1 898.2 826.0 826.3 753.5 738.6 877.6 902.6 844.6 778.1 717.1 669.3 570.8
Gross Profit 1,494.5 1,542.7 1,680.4 1,455.4 1,416.2 1,494.9 1,433.7 1,831.5 1,979.5 2,051.8 1,712.4 1,447.7 1,280 1,095.6 944.9 746.0 596.0 551.0 401.6 397.7 260.4 268.0 229.9 211.9 184.5 177.5 206.8 261.2 257.5 230.5 220.5 213.2 180.7
Operating Income 343.3 112.9 151.9 78.9 410.4 265.2 174.7 236.5 598.2 (1,999.7) 747.6 567 679.1 569.2 490.2 335.9 247.3 197.5 98.6 111.3 (330.5) 102.9 85.2 87.0 40.1 31.3 18 (61.8) 72.1 68.2 75.5 90.2 73.5
Net Income (1,425.4) (171.8) (12.7) (140.6) (68.9) (162.6) 146.1 131 119.6 (4,012.8) 127.9 205.3 441.9 401.6 339.2 222.5 144.0 135.8 73.8 71.4 (353.0) 80.6 54.0 50.2 27.7 19.3 1.5 (51.6) 45 39.8 44.4 54.8 44.6
EPS (Diluted) -10.29 -1.25 -0.09 -0.97 -0.98 -1.19 1.07 0.95 0.84 -28.00 0.91 1.78 4.68 4.27 3.63 2.40 1.54 1.43 0.79 0.76 -4.57 1.11 0.76 0.67 0.37 0.26 0.02 -0.69 0.58 0.51 0.58 0.71 0.58
Balance Sheet
Cash & Equivalents 531.6 558.8 751.3 600.7 1,864.9 631.5 354.3 551.1 678.7 622.3 316.1 318.6 161.3 93.8 76.8 11.0 51.6 3.7 1.5 2.2 0.2 0.3 0.6 0.2
Total Assets 8,535.2 9,647.7 10,809.1 11,017.3 10,425.7 11,488.4 11,301.4 10,983.4 11,628.8 13,870.1 2,536.4 2,575.1 759.1 644.0 593.8 575.9 521.0 581.7 595.9 641.2 549.4 555.7 507.5 413.7
Total Debt 3,968.9 3,618.1 4,073.4 4,324.5 3,693.8 3,725.7 3,369.2 3,242.4 3,341.2 5,797.3 892.2 915.2 9.5 9.0 8.3 12.8 8.7 96.9 87 61.4 49.1 99.4 82.7 76
Stockholders' Equity 2,935.5 4,319.4 4,767.9 4,842.1 5,151.7 5,655.1 5,803.8 5,668 6,170.5 5,958.1 921.9 933.7 536.2 448.4 416.1 385.9 362.8 354.1 345.1 424 381.2 340.6 323.2 235
Cash Flow
Operating Cash Flow 238.5 362.9 405.5 307.3 156.3 636.2 387.8 593 698.9 654.9 77.6 118.5 80.2 104.2 68.2 117.8 (15.4) 22.3 86.5 72.9 42.4 60.7 31.9
Capital Expenditure (93.4) (118.3) (101.7) (96.4) (152.1) (170.4) (137.7) (102.6) (88.6) (106.2) (32.4) (28.3) (32.3) (27.5) (26.8) (14.4) (32.3) (85.4) (23) (17.6) (38.6) (62.3) (67.5)
Free Cash Flow 145.1 244.6 303.8 210.9 4.2 465.8 250.1 490.4 610.3 548.7 45.3 90.2 47.9 76.7 41.4 103.4 (47.7) (63.1) 63.5 55.3 3.8 (1.6) (35.6)