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Mallinckrodt Reports Q2 Earnings Beat

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Mallinckrodt (NYSE: MNK) reported second-quarter earnings of $2.53 per share, which beat the analyst consensus estimate of $2.08 by 21.635. This is a 42.13% increase over earnings of $1.78 per share from the same period last year.

The company reported quarterly sales of $823.3 million, which beat the analyst consensus estimate of $815.9 million by 0.91%. This is a 30.33% increase over sales of $631.7 million the same period last year.

Mallinckrodt sees fiscal year 2019 adjusted EPS at $8.40-$8.70 versus the $8.24 estimate.

"We're pleased to have delivered a strong first half of the year, highlighted by the solid operational performance of all hospital products, AMITIZA, and the Specialty Generics segment, along with good progress on our Acthar Gel data generation efforts," said Mark Trudeau, CEO of Mallinckrodt.

Mallinckrodt shares were trading up 6.5% at $6.90 in Tuesday’s pre-market session. The stock has a 52-week high of $36.65 and a 52-week low of $6.07.

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