Mallinckrodt Q1 Profit Surges, Tops View; Lifts FY16 Forecast

(RTTNews) - Specialty biopharmaceutical company Mallinckrodt plc (MNK) Tuesday reported that its first-quarter net income surged to $211.1 million from last year's $92.7 million. Earnings per share were $1.82, higher than $0.79 last year.

Net income from continuing operations was $115.9 million or $1.00 per share, compared with $87.4 million or $0.74 per share a year ago.

The results reflected increased net sales and profits from recently acquired assets in the Specialty Brands segment and net sales and profit contributions from Acthar.

Adjusted net income was $242.7 million, compared to $208.7 million. Adjusted earnings per share were $2.09, compared to $1.79 a year ago.

On average, 13 analysts polled by Thomson Reuters expected earnings of $1.78 per share. Analysts' estimates typically exclude special items.

First-quarter net sales of $914.8 million, up 20.3 percent on an operational basis from $768.2 million a year ago. Analysts expected revenues of $889.54 million.

Acthar first-quarter net sales of $287 million, 7.6 percent growth over the prior-year quarter.

Looking ahead, the company raised its fiscal 2016 guidance for adjusted earnings per share to a revised range of $7.85 to $8.30 from the previous $7.70 to $8.20. Analysts expect earnings of $7.84 per share.