Mallinckrodt's Stock Jumps After Profit And Sales Beat

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Mallinckrodt PLC rallied 5.1% in premarket trade Monday, after the drug maker reported first-quarter results that beat expectations. Net income rose to $399.2 million, or $3.85 a share, from $118.3 million, or $1.06 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of $1.68 beat the FactSet consensus of $1.64. Revenue slipped to $810.9 million from $815.8 million, but was bove the FactSet consensus of $784.8 million, helped by a stronger-than-expected performance in specialty generics. The company has now beat EPS expectations for 14-straight quarter, and sales expectations for six-straight quarters. The stock has shed 6.4% year to date through Friday, while the SPDR S&P Pharmaceuticals ETF has climbed 8.5% and the S&P 500 has gained 7.2%.

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