Mallinckrodt (MNK) Tops Q2 EPS by 30c, Revenues Miss; Lifts FY18 EPS Outlook

Mallinckrodt (NYSE: MNK) reported Q2 EPS of $1.78, $0.30 better than the analyst estimate of $1.48. Revenue for the quarter came in at $600.1 million versus the consensus estimate of $620.42 million.

"We are pleased with our overall results for the quarter, which built on a solid first quarter performance. With this, and with continued strong execution, our confidence has increased on the outlook for 2018 and we are raising guidance for the fiscal year," said Mark Trudeau, President and Chief Executive Officer, Mallinckrodt. "We continue to see good performance across our hospital products, especially INOMAX® and OFIRMEV®. H.P. Acthar® Gel performed essentially as expected in the quarter, and we were pleased with the positive preliminary data related to the drug in rheumatoid arthritis and multiple sclerosis presented in the quarter. Additionally, we are making strong progress and are ahead of our expectations in reducing debt."

Trudeau continued, "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."

GUIDANCE:

Mallinckrodt sees FY2018 EPS of $6.50-$6.90, versus the consensus of $6.23.

For earnings history and earnings-related data on Mallinckrodt (MNK) click here.

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