Mallinckrodt's unfocused acquisition strategy increases uncertainty about future cash flows.
While the 10.5% decline in Mallinckrodt’s third-quarter sales may have stemmed partially from fewer selling days during the period compared with last year, the declines in Acthar Gel and generics segment sales were worse than we anticipated at 5.6% and 21.1%, respectively. This led to further erosion in adjusted gross margin to 72.4% from 75.3% last year. We have long modeled sales pressure for Acthar in our model because of the lack of visibility around this product, a primary reason for our no...
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