The OTC drug private label giant's share price increased as much as 5% in heavy trading May 31 after the release a day earlier of its complete 2017 first-quarter earnings statement and its announcement of $1.4bn in tender offers for credit notes due starting in 2021.

The firm is reducing its non-production workforce by 750, a decision made after three representatives of disgruntled investor Starboard Value joined its board. Perrigo charts a course of recovery for its struggling international consumer health business, but some analysts are convinced it took a wrong turn with its 2015 investment in European OTC drug and nutritional product businesses and brands.

The firm's report of problems in its European branded product business during its earnings briefing prompted a sharp dip in its share price, closing down more than 10% at $130.40, and left analysts looking for its private label OTC business to continue as its growth driver.