No Major Surprises in Mallinckrodt’s 1Q, and We Maintain Our FVE
We don’t anticipate any change to our fair value estimate for Mallinckrodt even though the firm’s first-quarter revenue growth slightly exceeded our expectations, while operating costs ran higher than our projections. We anticipate only minor changes on our near-term projections now that management has corrected supply issues for its Therakos kits and as overhead costs adjust to recent divestitures. Although several of Mallinckrodt’s branded products continue to perform fairly well, such as Acth...
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