Wells Fargo analyst David Maris said the better than expected Q3 report from Perrigo "was the exact type of quarter" the company needed, where it could show that things are not only no longer getting worse but that they are actually getting better. The upside should ease concerns regarding Perrigo's compliance with it debt covenants, said Maris, who keeps a Market Perform rating on the stock and has a $90-$92 price target range for 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.