| Mallinckrodt Boosts Guidance as Loss Narrows | By Michael Calia
Mallinckrodt PLC said its full-year results are looking "promising" as the company posted a narrower fiscal third-quarter loss amid a surge in specialty pharmaceutical revenue.
The company boosted its full-year adjusted earnings guidance by 70 cents to $4 to $4.30, while raising its revenue outlook to $2.35 billion to $2.45 billion from the previous range of $2.28 billion to $2.38 billion.
"This has been another exceptionally strong quarter in what is shaping up to be a very promising year for Mallinckrodt," Chief Executive Mark Trudeau said, citing continued growth in the company's specialty pharmaceuticals segment as well as streamlined costs from restructuring.
Mallinckrodt has sought to grow through acquisitions lately. The pharmaceuticals company--which spun off from Covidien PLC--is expected to close its deal to buy Questcor Pharmaceuticals Inc. this month.
For the period ended June 28, the company reported a loss of $24.1 million, or 41 cents a share, compared with a year-earlier loss of $27.9 million, or 48 cents a share, in the prior-year period.
Excluding restructuring and acquisition costs, among other items, the company posted earnings of $1.20 a share, compared with 49 cents a share a year earlier.
Revenue rose 15% to $653.1 million.
Analysts had recently projected 87 cents a share in earnings and $622 million in revenue, according to Thomson Reuters.
Revenue in Mallinckrodt's specialty pharmaceuticals business rose 34% to $414.3 million.
The company's medical imaging segment's sales, however, declined 8.4% to $227.1 million.
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