Mallinckrodt's transformation to a branded drug manufacturer still faces an uncertain growth outlook
Mallinckrodt reported second-quarter results and raised year-end top- and bottom-line guidance above our expectations thanks to better-than-expected Achter sales and nearly 300 basis points of adjusted operating margin improvement from last year. A beneficial product mix and management’s efficiency efforts and integration of Sucampo drove the margin improvement above our expectations partially offset by a material increase in R&D expense. While we appreciate management’s focus to build the p...
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