Mallinckrodt jumps 9% after drugmaker beats earnings estimates, raises 2019 profit outlook
The drugmaker's shares jumped by more than 9% in premarket trading. Mallinckrodt attributed its strong performance to sales of hospital products and generic drugs.Adjusted earnings per share: $1.94 versus $1.70 expected"We have started 2019 with continued strong operational execution, achieving robust top- and bottom-line growth, and resulting in significant cash generation as we continue to transform our company," CEO Mark Trudeau said in a statement.
Sales of one of the company's best-performing drugs, H.P. Acthar Gel, fell 8.2%, bringing in $223.9 million compared to last year's $243.8 million. The company said it still expects sales for the drug to exceed $1 billion this year.35% of Mallinckrodt's net sales H.P. Acthar Gel is known for its sharp price hike in 2007. That year Questcor raised the price of one vial of the medicine too $28,000 from $2,000 — it now costs more than $40,000.
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