After speaking with Perrigo management, Cantor Fitzgerald analyst Louise Chen thinks concerns around the company not reiterating its financial guidance in its press release are overdone. It is the analyst's understanding that Perrigo has not yet completed its financial review process and, historically, does not usually report until about November 6-8. As such, she thinks it is "highly unlikely" that Perrigo will preannounce negative results. Chen points out that the company reiterated its change in CEO, although abrupt, had nothing to do with financials. The analyst keeps an Overweight rating on Perrigo with a $107 price target.

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.