NEW YORK – Shares of Mallinckrodt PLC rose Tuesday after the health care products maker posted an earnings outlook for next year that beat Wall Street expectations.
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The Dublin-based company expects adjusted earnings between $6.70 per share and $7.20 per share for the fiscal year ending Sept. 25, 2015. Analysts expected earnings of $6.64 per share, according to FactSet.
Mallinckrodt said it expects revenue between $3.65 billion to $3.75 billion. Analysts expected revenue of $3.7 billion.
In August, Mallinckrodt completed a $5.8 billion acquisition of California-based Questcor Pharmaceuticals Inc. Questcor makes a medication used in the management of autoimmune and inflammatory conditions.
Shares of Mallinckrodt rose 56 cents to $86.67 in morning trading Tuesday after rising as high as $89.21 earlier. Its shares have nearly doubled over the past year.