Leerink analyst Jason Gerberry lowered his price target for Perrigo to $112 from $135 due to a lower growth profile for the company's branded consumer business and pronounced pricing head winds to its Rx business segment. The impact of Joe Papa's departure is unclear, the analyst tells investors in a research note. Gerberry reiterates a Market Perform rating on the shares.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.