Mallinckrodt's unfocused acquisition strategy increases uncertainty about future cash flows.
Although growth in Inomax, Ofirmev, and Therakos helped offset another quarter of weakness in Acthar Gel, we’re lowering our fair value estimate for Mallinckrodt to $16 as Acthar Gel’s sales continue to fall below our expectations. Acthar Gel’s weakness also had more prounounced effects on profitability due to the product’s high margin. The earnings contribution from the generics segment, now in discontinued operations, also seems likely to fall below our year-end expectations. Additionally, we’...
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