SunTrust analyst Gregg Gilbert raised his price target on Perrigo to $51 after its recent Investor Day presentation that highlighted the company's Consumer "self-care" transformation plan. The analyst says the new price target reflects the management's revised estimates for the consumer businesses along with the contribution from its planned acquisition of Ranir Global and its cost savings initiatives. Gilbert also keeps his Hold rating on the stock, noting that he prefers to await for signs of progress on the management's transformation plans and the company's return to "sustainable growth."

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.