Mallinckrodt Outlines Better-Than-Expected 2019, but We Think Visibility Remains Poor
Despite recognizing a $3.9 billion non-cash impairment in the quarter, Mallinckrodt’s fourth-quarter results and 2019 guidance--which includes 1% to 4% revenue growth and an adjusted EPS of $8.10 to $8.40--exceeded our expectations. Regardless, we don’t plan a major change to our fair value estimate and no-moat rating as we still have reservations about the long-term competitive outlook and key patent expirations, such as for Ofirmev. While we do expect portions of Mallinckrodt’s portfolio, suc...
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