Mallinckrodt (MNK) Tops Q3 EPS by 30c, Revenues Beat; Offers FY18 EPS Guidance Above Consensus

Mallinckrodt (NYSE: MNK) reported Q3 EPS of $2.10, $0.30 better than the analyst estimate of $1.80. Revenue for the quarter came in at $640 million versus the consensus estimate of $635.89 million.

"Mallinckrodt performed well in the third quarter driven by strong customer demand for our hospital products and effective expense management. This tight expense control also helped us support increased R&D investments in our innovative pipeline. Based on this performance we are raising adjusted diluted earnings per share guidance for the fiscal year," said Mark Trudeau, President and Chief Executive Officer, Mallinckrodt. "We continue to be pleased with the performance trajectory of H.P. Acthar® Gel and we also look forward to a number of important clinical data and regulatory updates across the portfolio in coming quarters. Finally, we continue to make strong progress against our objective of reducing debt."

GUIDANCE:

Mallinckrodt sees FY2018 EPS of $7.00-$7.20, versus the consensus of $6.75.

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