Mallinckrodt 4th-qtr sales and earnings beat analysts’ expectations

US drugmaker Mallinckrodt (NYSE:MNK) has reported a strong set of financial results for the fourth-quarter and full year ended September 26, 2014, which beat analysts’ expectations. Full year net sales increased 15.2% to $2.54 billion, with adjusted diluted earnings per share leaping 57.8% to $4.94, the company stated,

Net sales for the fourth quarter were $789.3 million compared with $545.2 million reported in the fourth quarter of fiscal 2013, an increase of 44.8%, beating Wall Street estimates by $31 million. Strong net sales were driven by the inclusion and performance of HP Acthar Gel (Acthar) repository corticotropin injection and Ofirmev (acetaminophen) injection, acquired in August 2014 and March 2014, respectively, and continuing strength in its base Specialty Controlled Substance Generics portfolio.

On a non-generally accepted accounting principles (GAAP) basis, adjusted net income for the fourth fiscal quarter of 2014 was $145.2 million, compared with $56.8 million a year ago. Non-GAAP adjusted diluted earnings per share were $1.68, up 71%, reflecting the accretive benefits of acquisitions and strong results in its Specialty Pharmaceuticals segment. This also beat by $0.27 the consensus of analysts polled by Thomason Reuters.