Mallinckrodt Q4 Adj. EPS Tops View - Quick Facts

(RTTNews) - Mallinckrodt plc. (MNK) reported that its fourth-quarter net income was $75.2 million or $0.63 per share, compared to a loss of $352.4 million or $4.14 per share in the same quarter last year.

Adjusted net income for the fourth quarter of fiscal 2015 was $217.0 million, up 58.4% compared to $137.0 million in the same quarter a year ago. Adjusted earnings per share were $1.84, up 15.7% compared with $1.59 a year ago, primarily reflecting the addition of acquired products and strong volume growth in its Specialty Brands segment. Analysts polled by Thomson Reuters expected the company to report earnings of $1.77 per share. Analysts' estimates typically exclude special items.

GAAP net income from continuing operations for the fourth quarter of fiscal 2015 was $90.0 million, or $0.76 per share, compared with a loss of $173.5 million, or a $2.04 loss per share, in the prior-year period. The result reflected increased net sales and profits of acquired products in the Specialty Brands segment. These factors were partially offset by higher selling, general and administrative costs, increased research and development investments and higher interest expense resulting from the debt associated with the acquisitions of Acthar and INOMAX. In addition, the fourth quarter of fiscal 2014 included $151.6 million of impairment charges.

Net sales were $882.4 million in the fourth quarter of fiscal 2015, up 31.0% compared with $673.7 million in the prior-year quarter. Wall Street expected revenues of $870.52 million for the quarter. The increase was primarily driven by inclusion of H.P. Acthar Gel (repository corticotropin injection) and INOMAX (nitric oxide) for inhalation, partially offset by decreased net sales of methylphenidate HCl extended-release (ER) tablets, USP, (CII) and oxycodone-related products within the Specialty Generics segment. In addition, the impact of foreign currency lowered reported net sales by $11.8 million.