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Tuesday, February 27, 2018

-=Mallinckrodt (MNK) reported earnings on Tue 27 Feb 2018 (b/o)

Mallinckrodt plc beats by $0.32, beats on revs; guides FY18 EPS below consensus
  • Reports Q4 (Dec) earnings of $2.01 per share, excluding non-recurring items, $0.32 better than the Capital IQ Consensus of $1.69; revenues fell 4.5% year/year to $792.3 mln vs the $769.91 mln Capital IQ Consensus. 
  • Net sales for the Specialty Brands segment were $582.2 million for the quarter, compared with $603.1 million, a decrease of 3.5%, or 3.7% on a constant-currency basis. H.P. Acthar Gel (repository corticotropin injection) net sales in the quarter were $295.2 million, a 9.3%2 decrease over $325.4 million impacted by the previously disclosed patient withdrawal issues. The company has taken a number of steps to address the issue, including engagement with payers, prescribers and patients, and we remain focused on returning H.P. Acthar Gel to growth. INOMAX (nitric oxide) gas, for inhalation, generated net sales of $125.6 million, up 6.2%, or 6.1% on a constant-currency basis, over $118.3 million. OFIRMEV (acetaminophen) injection net sales were $78.0 million compared with $72.5 million, an increase of 7.6%.
  • Co issues guidance for FY18, sees EPS of $6.00-6.50, excluding non-recurring items, vs. $7.14 Capital IQ Consensus Estimate. Driven by its ongoing transformation, Mallinckrodt will prospectively classify the "Specialty Generics Disposal Group" as discontinued operations, which includes the Specialty Generics segment, certain non-promoted branded products within the Specialty Brands segment, and the company's ongoing post-divestiture supply agreement. 

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