Mallinckrodt reports earnings, sales growth in Q1
In its first earnings report of the year, Mallinckrodt saw adjusted earnings of $2.09 per share in the first quarter of 2016, an increase of nearly 17 percent year-over-year. Net sales for the quarter were reported at $915 million, up 20 percent from the previous year.
The increase was driven by the inclusion of recently acquired brands Inomax and Therakos, which generated net sales of $161 million for Mallinckrodt’s Specialty Brands segment.
"The first quarter of fiscal 2016 was a strong one for Mallinckrodt, building on fourth quarter fiscal 2015 momentum, and driven by commercial execution across our Specialty Brands portfolio,” said Mark Trudeau, the company’s president and CEO, in a press release. "The Specialty Brands segment now contributes nearly 60 percent of our total net sales.”
Based on the increase in earnings and sales in Q1, Mallinckrodt raised its fiscal 2016 guidance for adjusted diluted earnings per share from the previous $7.70-$8.20 to a revised range of $7.85-$8.30.
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