Wells Fargo analyst David Maris spoke to Perrigo's Investor Relations team, who acknowledged that the company had expected to close its acquisition of Ranir in "early to mid" Q3, so today's announcement that the deal had closed came a bit sooner than expected. Maris said today's announcement and guidance update "should not be a major surprise," though he believes some may wonder if the earlier close implies that the new guidance may also be understating the year or if it is possibly offsetting greater than expected declines in the rest of the business. Consensus for Perrigo's FY19 EPS is $3.94 and Maris estimates Perrigo's adjusted EPS at $4.04. He keeps a Market Perform rating on Perrigo shares.