Wells Fargo analyst David Maris says that while he's not recommending shares of Perrigo, the company's Q2 results are still disappointing on "several fronts," especially segment operating margins and Rx Segment revenues. Perrigo missed Q2 estimates and lowered its outlook for 2018, Maris tells investors in a post-earnings research note. He keeps a Market Perform rating on the shares with an $84 price target. The stock in morning trading is down 8%, or $6.37, to $71.93.

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.