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Tuesday, August 7, 2018

-=Mallinckrodt plc (MNK) reported earnings on Tue 7 Aug 2018 (b/o)

Mallinckrodt plc beats by $0.30, beats on revs; raises FY18 EPS above consensus 
  • Reports Q2 (Jun) earnings of $1.78 per share, excluding non-recurring items, $0.30 better than the Capital IQ Consensus of $1.48; revenues rose 5.3% year/year to $631.7 mln vs the $620.12 mln Capital IQ Consensus. 
  • H.P. Acthar Gel (repository corticotropin injection) net sales were $293.2 million, an 8.2% decrease over $319.4 million, resulting from the residual impact of previously reported patient withdrawal issues. INOMAX (nitric oxide) gas, for inhalation, net sales were $131.0 million, up 4.4%, over $125.5 million, due to continued strong demand. OFIRMEV (acetaminophen) injection net sales were $85.6 million compared with $75.7 million, an increase of 13.1%, benefiting from continued strong demand. 
  • Co issues upside guidance for FY18, raises EPS to $6.50-6.90 from $6.00-6.50, excluding non-recurring items, vs. $6.23 Capital IQ Consensus Estimate; raises sales to +4-7% from +3-6%.
  • "We look forward to further H.P. Acthar Gel data updates in coming quarters supporting our efforts to ensure appropriate patient access. Likewise, across our development portfolio we continue to make progress and look forward to other upcoming data reports, including the anticipated readout of VTS-270 top-line results in the near term."

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