Mallinckrodt (MNK) Tops Q1 EPS by 13c, Revenues Beat; Raises FY19 EPS Guidance Above Consensus

Mallinckrodt (NYSE: MNK) reported Q1 EPS of $1.83, $0.13 better than the analyst estimate of $1.70. Revenue for the quarter came in at $790.6 million versus the consensus estimate of $767.22 million.

"We have started 2019 with continued strong operational execution, achieving robust top- and bottom-line growth, and resulting in significant cash generation as we continue to transform our company. The hospital portfolio continued its positive momentum, and as anticipated we saw the return to growth reported for the Specialty Generics products," said Mark Trudeau, President and Chief Executive Officer of Mallinckrodt. "We are very pleased with the overall progression of our pipeline and data generation efforts, a number of which were highlighted in recent announcements. We are also excited to share results from the Acthar Phase 4 rheumatoid arthritis clinical trial next month, and look forward to the Phase 3 pivotal trial results for our StrataGraft® regenerative skin tissue and terlipressin investigational products later this year."

Trudeau continued, "As previously announced, our 2019 strategic priorities include (1) maximizing the value of the diversified, inline portfolio; (2) advancing further data generation and the pipeline; (3) completing the separation of the Specialty Generics and Amitiza segment; and (4) executing disciplined capital allocation, with net debt reduction a primary focus. Strong progress has been made on each of these fronts in the quarter."

GUIDANCE:

Mallinckrodt sees FY2019 EPS of $8.30-$8.60, versus the consensus of $8.21.

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