Mallinckrodt's Brand Segment Upholds Stable Underlying Results
An additional week of sales in the quarter led to the strong reported performance in Mallinckrodt’s fiscal fourth-quarter results, but underlying results continue to mostly track our expectations, with relatively solid ongoing performance in the branded segment offsetting weakness in the generics business. We expect these trends to continue in 2017, and our model already incorporates additional sales declines in the generics segment and corresponding gross margin pressure. Regardless, we plan to...
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