Mallinckrodt Keeps Costs Down as Acthar Gel Continues to Face Pressure
We may boost our fair value estimate for no-moat Mallinckrodt as we review our assumptions. Despite a nearly 70-basis-point decline in adjusted gross margin from last year from product mix, the company’s selling and administrative expenses continue to come in better than our forecast, and management raised its year-end adjusted EPS outlook to $7.10 at the midpoint. Meanwhile, the company’s top line continues to mostly meet our expectations. Acthar Gel sales were down 6% from last year, and we re...
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