Acthar Gel Remains Mallinckrodt’s Key Performance Driver
Mallinckrodt posted end-of-year results mostly in line with our expectations, which included a $207 impairment charge on weak generics segment performance and the previously announced FTC settlement for $102 million. Moreover, even though management’s 2017 outlook of a 2% to 5% revenue decline falls below our forecast, our adjusted EPS forecast of $7.70 for the year falls at the midpoint of management’s expected year-end range. We therefore don’t anticipate a material change to our fair value es...
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