Shares in Mallinckrodt Pharmaceuticals (NYSE:MNK) fell today after the company beat earnings estimates but missed on revenue with its second quarter results.
The U.K.-based company posted profits of $62.8 million, or 72¢ per share, on sales of $824.5 million for the 3 months ended June 30, for bottom-line loss of -68% on sales loss of -5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.85, ahead of EPS estimates on The Street. Analysts were looking for sales of $827.3 million.
“Mallinckrodt delivered another solid quarter, executing against our strategy to become a high-performing, specialty pharmaceutical company,” CEO & president Mark Trudeau said in prepared remarks. “We have made notable progress this quarter in advancing our organic pipeline in specialty brands and specialty generics. In addition, most recently we announced our planned acquisition of InfaCare and its new chemical entity stannsoporfin, a unique drug in late-stage development for treatment of severe hyperbilirubinemia, or jaundice, in newborns.”
“Mallinckrodt continues to build a differentiated, durable portfolio of branded therapies and with this addition, in particular, we are further benefiting fragile pediatric patients and the healthcare system today and in the future,” Trudeau added.
MNK shares were trading at $38.73 apiece today in afternoon activity, down -5.4%.
Last week, Mallinckrodt reported that it received a subpoena from the U.S. Dept. of Justice requesting information related to its marketing practices and sales of opioids.
The company, which manufactures only generic and non-promoted branded opioids, said that it has worked to prevent misuse and diversion of its products, pointing to efforts like its testimonies on behalf of the prosecution in drug diversion cases.
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