UPDATE: Mallinckrodt Posts Upbeat FQ3 Results, Lifts Outlook

Mallinckrodt PLC

reported upbeat fiscal third-quarter results and raised its full-year forecast. Mallinckrodt now expects full-year adjusted earnings of $4 to $4.30 per share. It now expects revenue of $2.35 billion to $2.45 billion, versus $2.28 billion to $2.38 billion. The Dublin, Ireland-based company posted a quarterly loss of $24.1 million, or $0.41 per share, versus a year-ago loss of $27.9 million, or $0.48 per share. Excluding certain items, its earnings surged to $1.20 per share from $0.49 per share. Its revenue jumped 14.6% to $653.1 million from $570.0 million. However, analysts were expecting earnings of $0.87 per share on revenue of $622 million. Mallinckrodt's revenue in specialty pharmaceuticals business climbed 34% to $414.3 million, while revenue in global medical imaging segment slipped 8.4% to $227.1 million. Selling, general and administrative expenses increased to $221.3 million from $166.9 million, while R&D expenses declined to $42.7 million from $44.8 million. “This has been another exceptionally strong quarter in what is shaping up to be a very promising year for Mallinckrodt,” said Mark Trudeau, Chief Executive Officer and President, Mallinckrodt. Mallinckrodt shares fell 1.66% to close at $68.24 yesterday.