Mallinckrodt (MNK) Tops Q1 EPS by 22c, Beats on Revenues

Mallinckrodt (NYSE: MNK) reported Q1 EPS of $1.31, $0.22 better than the analyst estimate of $1.09. Revenue for the quarter came in at $572.6 million versus the consensus estimate of $563.9 million.

• GAAP diluted loss per share results from continuing operations was $0.50 compared with a loss per share from continuing operations of $0.43. Adjusted diluted earningsper share were $1.31 versus $1.04.
• Net sales were $572.6 million in the first quarter as compared to $560.0 million in the comparable period, up 2.3%, or 1.7% on a constant-currency basis.
  • SPECIALTY BRANDS SEGMENT RESULTSNet sales for the segment were $572.6 million.
    • H.P. Acthar Gel (repository corticotropin injection) net sales were $243.8 million, a 10.3%2 decrease over $271.8 million, resulting from the residual impact of patient withdrawal issues.
    • INOMAX® (nitric oxide) gas, for inhalation, net sales were $139.8 million, up 8.9%, or 8.8% on a constant-currency basis, over $128.4 million, due to strong utilization and favorable contractual renewals.
    • OFIRMEV® (acetaminophen) injection net sales were $82.0 million compared with $73.4 million, an increase of 11.7%2, benefiting from commercial execution and strong demand.
    • Therakos® immunology platform net sales were $57.4 million compared with $51.2 million, an increase of 12.1%, or 7.7% on a constant-currency basis, resulting from strong commercial execution, particularly in Europe.
    • AMITIZA® (lubiprostone) net sales were $23.0 million for the first quarter, a partial quarter since the acquisition closed in mid-February.
    • BioVectra, the company\’s contract manufacturing business in Canada, generated net sales of $10.5 million.
    • Other net sales were $16.1 million, impacted by the sale of the Intrathecal business in the first quarter of 2017.

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