Mallinckrodt up 12% premarket on Q2 beat, generics spin-out delayed

Mallinckrodt (MNK) Q2 results: Revenues: $823.3M (-0.3%); Specialty Brands: $627.8M (-0.6%); Specialty Generics: $195.5M (+0.9%).

Specialty Brands: Acthar Gel: $266.4M (-9.1%); Inomax: $139.7M (+6.6%); Ofirmev: $90.5M (+5.7%); Therakos: $60.9M (+7.2%); Amitiza: $52M (+8.3%); BioVectra: $13.9M (+23.0%); Other: $4.4M (-24.1%).

Net Loss: ($0.5M) (-115.6%); Loss Per Share: ($0.01) (-125.0%); Non-GAAP Net Income: $213M (+18.2%); Non-GAAP EPS: $2.53 (+17.1%); CF Ops: $467.4M (+78.5%).

Citing market conditions, it is suspending its previously announced spin-out of its generics business.

2019 Guidance: Non-GAAP EPS: $8.40 – 8.70 from $8.30 – 8.60; Sales growth for Specialty Brands segment: (5%) to 1% from 1% to 4%; Sales growth for Specialty Generics segment: Increase 2% to 5% (unch).

Update: Shares are up 12% premarket.

Previously: Mallinckrodt EPS beats by $0.45, beats on revenue (Aug. 6)

https://seekingalpha.com/news/3487330-mallinckrodt-12-percent-premarket-q2-beat-generics-spin-delayed