Mallinckrodt 2nd-qtr results beat forecasts

Ireland-incorporated pharma company Mallinckrodt (NYSE: MNK) has reported sales of $909.9 million for the second fiscal quarter of 2015 (ended March 31), an increase of 63.1% compared with $557.8 million in the second quarter of fiscal 2014.

Revenues exceeded estimates of $853.3 million from five analysts surveyed by Zacks Equity Research. On a non-generally accepted accounting principles (GAAP) basis, Mallinckrodt's adjusted net incomefor the second quarter was $201.0 million, compared with $56.4 million in the same quarter a year ago. Non-GAAP adjusted diluted earnings per share were $1.72, compared with $0.95 a year ago, primarily reflecting the addition of 2014 acquisitions in its Specialty Brands segment and improved performance in its Specialty Generics segment. This also beat analysts’ earnings expectations of $1.48 per share.

Mallinckrodt expects full-year earnings in the range of $7.10 to $7.50 per share, with revenue in the range of $3.75 billion to $3.85 billion. The company’s shares gained 3.9% to $119.52 by 10am EDT.