Mallinckrodt (NYSE: MNK) reported Q2 EPS of $2.01, $0.29 better than the analyst estimate of $1.72. Revenue for the quarter came in at $918 million versus the consensus estimate of $871.47 million.

GUIDANCE:

Mallinckrodt sees FY2016 EPS of $8.15-$8.50, versus prior guidance of $7.85-$8.30 and the consensus of $8.05.

"Mallinckrodt's performance in the second quarter of fiscal 2016 was again very strong, driven by exceptional commercial execution across our Specialty Brands portfolio," said Mark Trudeau, President and Chief Executive Officer. "Each of the key branded products contributed volume growth – Acthar, INOMAX, Therakos and, notably, OFIRMEV – expanding patient access so more people may benefit from these drugs. The Specialty Brands segment continues to contribute nearly 60% of our total net sales.

"The strength of our growth strategy is evidenced by these results," Trudeau continued. "We continue to acquire under-resourced assets for underserved patient populations in areas of high unmet medical need. Then we invest in commercial and scientific support for these assets, including generating additional data and sponsoring clinical and health economic studies. By following this strategy and focusing on execution, we are making steady progress and creating near- and long-term value for patients and shareholders."

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