Mallinckrodt fiscal 3rd-qtr earnings beat estimates

4 August 2015

Mallinckrodt (NYSE:MNK) on Tuesday posted third quarter (ended June 30, 2015) results ahead of analysts' estimates boosted by sales from the company’s recently acquired HP Acthar Gel (repository corticotropin injection) and Inomax (nitric oxide).

The company said the sales were partially offset by lower sales of methylphenidate HCl extended-release (ER) tablets, USP, CII and oxycodone-related products. In addition, the sales took a hit of $24.8 million from the impact of foreign currency.

The company reported earnings per share $2.05, ahead of Thomson Reuters consensus estimate of $1.82, reflecting the addition of acquired products in the specialty brands segment. Net sales of $965.10 million were below analysts' forecast of $983.81 million. Gross profit rose to $533.5 million, up 87.7% compared with $284.3 million a year ago.

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