Net sales were
On a non-GAAP basis, adjusted net income(1) for the fourth
fiscal quarter of 2013 was
On a GAAP basis, net income for the fourth quarter of fiscal 2013 was
“Our strong fourth-quarter and full-year results reflect Mallinckrodt’s
continued focus on positioning the business as a leading specialty
pharmaceuticals company,” said
Gross profit was
Selling, general and administrative (SG&A) expenses for the fourth
quarter of fiscal 2013 were
R&D expenses for the fourth quarter of fiscal 2013 were
Separation costs for the fourth quarter of fiscal 2013 were
Restructuring charges were
Fourth-quarter adjusted EBITDA(1) was
The fourth-quarter fiscal 2013 effective tax rate of 29.9%, or 27.1% on a non-GAAP basis, is calculated on a stand-alone company basis. The 43.5% tax rate for the prior-year period was calculated on a carve-out basis of accounting, reflecting the business as historically managed as part of the former parent.
Full-Year Fiscal 2013 Results
For full-year fiscal 2013, net sales were
On a GAAP basis, net income for full-year fiscal 2013 decreased to
On a non-GAAP basis, adjusted net income was
BUSINESS SEGMENT RESULTS
Specialty Pharmaceuticals Segment
Net sales in the
Segment operating income in the quarter was
Global Medical Imaging Segment
Net sales in the company’s Global Medical Imaging segment were
For the fiscal fourth quarter, operating income in the segment was
FISCAL 2014 OUTLOOK
Guidance:
CONFERENCE CALL AND WEBCAST
At Mallinckrodt’s website: http://investor.mallinckrodt.com.
By telephone: For both “listen-only” participants and those participants who wish to take part in the question-and-answer portion of the call, the telephone dial-in number in the U.S. is 877-703-6107. For participants outside the U.S., the dial-in number is 857-244-7306. The access code for all callers is 20619575.
Through an audio replay: A replay of the call will be available beginning at 12:30pm/U.S. Eastern Standard Time on November 7, 2013, and ending at 12:59am/U.S. Eastern Standard Time on November 15, 2013. The dial-in number for U.S. participants is 888-286-8010. For participants outside the U.S., the replay dial-in number is 617-801-6888. The replay access code for all callers is 67136812.
ABOUT
(1) NON-GAAP FINANCIAL MEASURES
This press release contains financial measures, including adjusted net
income, adjusted diluted earnings per share, adjusted EBITDA and
operational growth, which are considered “non-GAAP” financial measures
under applicable
Adjusted net income represents net income, prepared in accordance with accounting principles generally accepted in the U.S. (GAAP), excluding the after-tax effects related to separation costs; restructuring and related charges, net; amortization and discontinued operations. Adjusted diluted earnings per share represents adjusted net income divided by the number of diluted shares.
Adjusted EBITDA represents GAAP net income before net interest, income taxes, depreciation and amortization, adjusted to exclude certain items. These items, if applicable, include discontinued operations; other income, net; separation costs; restructuring charges, net; immediately expensed up-front and milestone payments; acquisition-related costs; and non-cash impairment charges.
Operational growth measures the change in net sales between current- and prior-year periods using a constant currency, the exchange rate in effect during the applicable prior-year period. This measure is one of the performance metrics that determines management incentive compensation.
The company has provided these non-GAAP financial measures because they are used by management, along with financial measures in accordance with GAAP, to evaluate the company’s operating performance. In addition, the company believes that they will be used by certain investors to measure Mallinckrodt’s operating results. Management believes that presenting these non-GAAP measures provides useful information about the company’s performance across reporting periods on a consistent basis by excluding items that the company does not believe are indicative of its core operating performance.
These non-GAAP measures should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The company’s definition of these non-GAAP measures may differ from similarly titled measures used by others.
Because non-GAAP financial measures exclude the effect of items that will increase or decrease the company’s reported results of operations, management strongly encourages investors to review the company’s consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this release.
FORWARD-LOOKING STATEMENTS
Any statements contained in this communication that do not describe
historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, but are not limited to, statements
about future financial condition and operating results, economic,
business, competitive and/or regulatory factors affecting our business.
Any forward-looking statements contained herein are based on our
management’s current beliefs and expectations, but are subject to a
number of risks, uncertainties and changes in circumstances, which may
cause actual results or company actions to differ materially from what
is expressed or implied by these statements. The factors that could
cause actual future results to differ materially from current
expectations include, but are not limited to, our ability to receive
procurement and production quotas granted by the
MALLINCKRODT PLC | ||||||||||||||||||||
CONSOLIDATED AND COMBINED STATEMENTS OF INCOME | ||||||||||||||||||||
(unaudited, in millions, except per share data) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 27, 2013 |
Percent of
Net sales |
September 28, 2012 |
Percent of
Net sales |
|||||||||||||||||
Net sales | $ | 552.2 | 100.0 | % | $ | 513.1 | 100.0 | % | ||||||||||||
Cost of sales | 293.9 | 53.2 | 279.8 | 54.5 | ||||||||||||||||
Gross profit | 258.3 | 46.8 | 233.3 | 45.5 | ||||||||||||||||
Selling, general and administrative expenses | 137.0 | 24.8 | 140.4 | 27.4 | ||||||||||||||||
Research and development expenses | 44.1 | 8.0 | 36.6 | 7.1 | ||||||||||||||||
Separation costs | 3.6 | 0.7 | 8.1 | 1.6 | ||||||||||||||||
Restructuring charges, net | 15.3 | 2.8 | 0.7 | 0.1 | ||||||||||||||||
Gain on divestiture | (0.7 | ) | (0.1 | ) | (0.7 | ) | (0.1 | ) | ||||||||||||
Operating income | 59.0 | 10.7 | 48.2 | 9.4 | ||||||||||||||||
Interest expense | (9.9 | ) | (1.8 | ) | (0.1 | ) | — | |||||||||||||
Interest income | 0.2 | — | — | — | ||||||||||||||||
Other income, net | (1.5 | ) | (0.3 | ) | 0.2 | — | ||||||||||||||
Income from continuing operations before income taxes | 47.8 | 8.7 | 48.3 | 9.4 | ||||||||||||||||
Provision for income taxes | 14.3 | 2.6 | 21.0 | 4.1 | ||||||||||||||||
Income from continuing operations | 33.5 | 6.1 | 27.3 | 5.3 | ||||||||||||||||
Gain (loss) from discontinued operations, net of income taxes | 2.3 | 0.4 | (1.1 | ) | (0.2 | ) | ||||||||||||||
Net income | $ | 35.8 | 6.5 | $ | 26.2 | 5.1 | ||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | 0.58 | $ | 0.47 | ||||||||||||||||
Gain (loss) from discontinued operations | 0.04 | (0.02 | ) | |||||||||||||||||
Net income | 0.62 | 0.45 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | 0.58 | $ | 0.47 | ||||||||||||||||
Gain (loss) from discontinued operations | 0.04 | (0.02 | ) | |||||||||||||||||
Net income | 0.62 | 0.45 | ||||||||||||||||||
Weighted-average number of shares outstanding(1): | ||||||||||||||||||||
Basic | 57.7 | 57.7 | ||||||||||||||||||
Diluted | 58.2 | 57.7 | ||||||||||||||||||
(1) |
|
For periods prior to the separation from Covidien, weighted-average number of shares reflects the number of ordinary shares of Mallinckrodt outstanding immediately following the separation. | ||||||||||||||||||
MALLINCKRODT PLC | ||||||||||
ADJUSTED EBITDA RECONCILIATIONS | ||||||||||
(unaudited, in millions) | ||||||||||
Three Months Ended | ||||||||||
September 27, |
September 28, |
|||||||||
Net income | $ | 35.8 | $ | 26.2 | ||||||
Adjustments: | ||||||||||
Interest expense, net | 9.7 | 0.1 | ||||||||
Provision for income taxes | 14.3 | 21.0 | ||||||||
Depreciation expense | 28.6 | 26.5 | ||||||||
Amortization expense | 8.8 | 7.0 | ||||||||
(Gain) loss from discontinued operations, net of income taxes | (2.3 | ) | 1.1 | |||||||
Other expense (income), net | 1.5 | (0.2 | ) | |||||||
Restructuring charges, net | 15.3 | 0.7 | ||||||||
Separation costs | 3.6 | 8.1 | ||||||||
Up-front and milestone payments | 5.0 | — | ||||||||
Adjusted EBITDA | $ | 120.3 | $ | 90.5 | ||||||
Percent of Net sales | 21.8 | % | 17.6 | % | ||||||
MALLINCKRODT PLC | |||||||||||||||||||||
NON-GAAP MEASURES | |||||||||||||||||||||
(unaudited, in millions except per share data, net of tax) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
September 27, 2013 | September 28, 2012 | ||||||||||||||||||||
Net income |
Diluted net |
Net income |
Diluted net |
||||||||||||||||||
GAAP | $ | 35.8 | $ | 0.62 | $ | 26.2 | $ | 0.45 | |||||||||||||
Adjustments (net of tax): | |||||||||||||||||||||
Separation costs | 2.4 | 0.04 | 7.5 | 0.13 | |||||||||||||||||
Restructuring and related charges, net (1) | 14.6 | 0.25 | 1.4 | 0.02 | |||||||||||||||||
Amortization expense | 5.5 | 0.09 | 4.4 | 0.08 | |||||||||||||||||
(Gain) loss from discontinued operations | (2.3 | ) | (0.04 | ) | 1.1 | 0.02 | |||||||||||||||
Up-front and milestone payments | 3.1 | 0.05 | — | — | |||||||||||||||||
As adjusted | $ | 59.1 | $ | 1.02 | $ | 40.6 | $ | 0.70 | |||||||||||||
(1) | Includes pre-tax accelerated depreciation of $0.5 million and $1.2 million for the three months ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||||||||||
(2) | For periods prior to the separation from Covidien, weighted-average number of shares reflects the number of ordinary shares of Mallinckrodt outstanding immediately following the separation. | ||||||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||||||||
SEGMENT NET SALES AND OPERATIONAL GROWTH | ||||||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||
September 27, |
September 28, |
Percent
change |
Currency |
Operational |
||||||||||||||||||||
Specialty Pharmaceuticals | ||||||||||||||||||||||||
Generics and API | $ | 257.5 | $ | 219.3 | 17.4 | % | (0.6 | )% | 18.0 | % | ||||||||||||||
Brands | 53.9 | 39.6 | 36.1 | — | 36.1 | |||||||||||||||||||
311.4 | 258.9 | 20.3 | (0.5 | ) | 20.8 | |||||||||||||||||||
Global Medical Imaging | ||||||||||||||||||||||||
Contrast Media and Delivery Systems | 119.6 | 132.7 | (9.9 | ) | (2.1 | ) | (7.8 | ) | ||||||||||||||||
Nuclear Imaging | 109.4 | 110.1 | (0.6 | ) | 1.2 | (1.8 | ) | |||||||||||||||||
229.0 | 242.8 | (5.7 | ) | (0.6 | ) | (5.1 | ) | |||||||||||||||||
Other(1) | 11.8 | 11.4 | 3.5 | (4.3 | ) | 7.8 | ||||||||||||||||||
Net Sales | $ | 552.2 | $ | 513.1 | 7.6 | % | (0.6 | )% | 8.2 | % | ||||||||||||||
(1) |
|
Represents net sales to our former parent. | ||||||||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||
SELECT PRODUCT LINE NET SALES | ||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
September 27, |
September 28, |
Percent |
||||||||||||||||
Specialty Pharmaceuticals | ||||||||||||||||||
Acetaminophen (API) products | $ | 46.4 | $ | 55.5 | (16.4 | )% | ||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 18.0 | 42.6 | (57.7 | ) | ||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 34.8 | 27.7 | 25.6 | |||||||||||||||
Other controlled substances | 26.3 | 21.6 | 21.8 | |||||||||||||||
Methylphenidate HCl | 63.0 | — | — | (1) | ||||||||||||||
Other | 69.0 | 71.9 | (4.0 | ) | ||||||||||||||
Generics and API | 257.5 | 219.3 | 17.4 | |||||||||||||||
EXALGO | 30.7 | 28.3 | 8.5 | |||||||||||||||
Intrathecal products | 8.4 | — | — | (1) | ||||||||||||||
Other | 14.8 | 11.3 | 31.0 | |||||||||||||||
Brands | 53.9 | 39.6 | 36.1 | |||||||||||||||
Specialty Pharmaceuticals Total | $ | 311.4 | $ | 258.9 | 20.3 | % | ||||||||||||
Global Medical Imaging | ||||||||||||||||||
Optiray | $ | 75.2 | $ | 88.7 | (15.2 | )% | ||||||||||||
Optimark | 10.2 | 13.5 | (24.4 | ) | ||||||||||||||
Other | 34.2 | 30.5 | 12.1 | |||||||||||||||
Contrast Media and Delivery Systems | 119.6 | 132.7 | (9.9 | ) | ||||||||||||||
Ultra-Technekow DTE | 47.1 | 49.5 | (4.8 | ) | ||||||||||||||
Octreoscan | 19.9 | 18.8 | 5.9 | |||||||||||||||
Other | 42.4 | 41.8 | 1.4 | |||||||||||||||
Nuclear Imaging | 109.4 | 110.1 | (0.6 | ) | ||||||||||||||
Global Medical Imaging Total | $ | 229.0 | $ | 242.8 | (5.7 | )% | ||||||||||||
(1) | Not meaningful | |||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||||
SEGMENT OPERATING INCOME | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 27, |
Percent of |
September 28, |
Percent of |
|||||||||||||||||
Specialty Pharmaceuticals | $ | 81.9 | 26.3 | % | $ | 34.5 | 13.3 | % | ||||||||||||
Global Medical Imaging | 30.0 | 13.1 | % | 53.6 | 22.1 | % | ||||||||||||||
Segment operating income | 111.9 | 88.1 | ||||||||||||||||||
Unallocated amounts: | ||||||||||||||||||||
Corporate and allocated expenses | (24.7 | ) | (22.9 | ) | ||||||||||||||||
Intangible asset amortization | (8.8 | ) | (7.0 | ) | ||||||||||||||||
Restructuring and related charges, net (1) | (15.8 | ) | (1.9 | ) | ||||||||||||||||
Separation costs | (3.6 | ) | (8.1 | ) | ||||||||||||||||
Total operating income | $ | 59.0 | $ | 48.2 | ||||||||||||||||
(1) |
|
Includes accelerated depreciation of $0.5 million and $1.2 million for the three months ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||||
CONSOLIDATED AND COMBINED STATEMENTS OF INCOME | ||||||||||||||||||||
(unaudited, in millions, except per share data) | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
September 27, |
Percent of |
September 28, |
Percent of |
|||||||||||||||||
Net sales | $ | 2,211.5 | 100.0 | % | $ | 2,056.2 | 100.0 | % | ||||||||||||
Cost of sales | 1,180.4 | 53.4 | 1,091.4 | 53.1 | ||||||||||||||||
Gross profit | 1,031.1 | 46.6 | 964.8 | 46.9 | ||||||||||||||||
Selling, general and administrative expenses | 611.4 | 27.6 | 551.7 | 26.8 | ||||||||||||||||
Research and development expenses | 166.5 | 7.5 | 144.1 | 7.0 | ||||||||||||||||
Separation costs | 74.2 | 3.4 | 25.5 | 1.2 | ||||||||||||||||
Restructuring charges, net | 33.2 | 1.5 | 11.2 | 0.5 | ||||||||||||||||
Gain on divestiture | (2.9 | ) | (0.1 | ) | (2.9 | ) | (0.1 | ) | ||||||||||||
Operating income | 148.7 | 6.7 | 235.2 | 11.4 | ||||||||||||||||
Interest expense | (19.5 | ) | (0.9 | ) | (0.5 | ) | — | |||||||||||||
Interest income | 0.3 | — | 0.4 | — | ||||||||||||||||
Other income, net | 0.8 | — | 1.0 | — | ||||||||||||||||
Income from continuing operations before income taxes | 130.3 | 5.9 | 236.1 | 11.5 | ||||||||||||||||
Provision for income taxes | 70.2 | 3.2 | 94.8 | 4.6 | ||||||||||||||||
Income from continuing operations | 60.1 | 2.7 | 141.3 | 6.9 | ||||||||||||||||
Gain (loss) from discontinued operations, net of income taxes | 1.0 | — | (6.7 | ) | (0.3 | ) | ||||||||||||||
Net income | $ | 61.1 | 2.8 | $ | 134.6 | 6.5 | ||||||||||||||
Basic earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | 1.04 | $ | 2.45 | ||||||||||||||||
Gain (loss) from discontinued operations | 0.02 | (0.12 | ) | |||||||||||||||||
Net income | 1.06 | 2.33 | ||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||
Income from continuing operations | $ | 1.04 | $ | 2.45 | ||||||||||||||||
Gain (loss) from discontinued operations | 0.02 | (0.12 | ) | |||||||||||||||||
Net income | 1.06 | 2.33 | ||||||||||||||||||
Weighted-average number of shares outstanding(1): | ||||||||||||||||||||
Basic | 57.7 | 57.7 | ||||||||||||||||||
Diluted | 57.8 | 57.7 | ||||||||||||||||||
(1) |
|
For periods prior to the separation from Covidien, weighted-average number of shares reflects the number of ordinary shares of Mallinckrodt outstanding immediately following the separation. | ||||||||||||||||||
MALLINCKRODT PLC | ||||||||||
ADJUSTED EBITDA RECONCILIATIONS | ||||||||||
(unaudited, in millions) | ||||||||||
Year Ended | ||||||||||
September 27, |
September 28, |
|||||||||
Net income | $ | 61.1 | $ | 134.6 | ||||||
Adjustments: | ||||||||||
Interest expense, net | 19.2 | 0.1 | ||||||||
Provision for income taxes | 70.2 | 94.8 | ||||||||
Depreciation expense | 104.1 | 103.6 | ||||||||
Amortization expense | 35.4 | 27.3 | ||||||||
(Gain) loss from discontinued operations, net of income taxes | (1.0 | ) | 6.7 | |||||||
Other income, net | (0.8 | ) | (1.0 | ) | ||||||
Restructuring charges, net | 33.2 | 11.2 | ||||||||
Separation costs | 74.2 | 25.5 | ||||||||
Up-front and milestone payments | 5.0 | — | ||||||||
Adjusted EBITDA | $ | 400.6 | $ | 402.8 | ||||||
Percent of Net sales | 18.1 | % | 19.6 | % | ||||||
MALLINCKRODT PLC | |||||||||||||||||||||
NON-GAAP MEASURES | |||||||||||||||||||||
(unaudited, in millions except per share data, net of tax) | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
September 27, 2013 |
September 28, 2012 |
||||||||||||||||||||
Net income |
Diluted net |
Net income |
Diluted net |
||||||||||||||||||
GAAP | $ | 61.1 | $ | 1.06 | $ | 134.6 | $ | 2.33 | |||||||||||||
Adjustments (net of tax): | |||||||||||||||||||||
Separation costs | 70.0 | 1.21 | 23.7 | 0.41 | |||||||||||||||||
Restructuring and related charges, net (1) | 27.7 | 0.48 | 14.2 | 0.25 | |||||||||||||||||
Amortization expense | 22.1 | 0.38 | 17.1 | 0.30 | |||||||||||||||||
(Gain) loss from discontinued operations | (1.0 | ) | (0.02 | ) | 6.7 | 0.12 | |||||||||||||||
Up-front and milestone payments | 3.1 | 0.05 | — | — | |||||||||||||||||
As adjusted | $ | 183.0 | $ | 3.17 | $ | 196.3 | $ | 3.40 | |||||||||||||
(1) | Includes pre-tax accelerated depreciation of $2.6 million and $8.0 million for the fiscal year ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||||||||||
(2) | For periods prior to the separation from Covidien, weighted-average number of shares reflects the number of ordinary shares of Mallinckrodt outstanding immediately following the separation. | ||||||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||||||||
SEGMENT NET SALES AND OPERATIONAL GROWTH | ||||||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||
September 27, |
September 28, |
Percent |
Currency |
Operational |
||||||||||||||||||||
Specialty Pharmaceuticals | ||||||||||||||||||||||||
Generics and API | $ | 1,021.4 | $ | 848.8 | 20.3 | % | (0.5 | )% | 20.8 | % | ||||||||||||||
Brands | 203.2 | 156.4 | 29.9 | — | 29.9 | |||||||||||||||||||
1,224.6 | 1,005.2 | 21.8 | (0.4 | ) | 22.2 | |||||||||||||||||||
Global Medical Imaging | ||||||||||||||||||||||||
Contrast Media and Delivery Systems | 498.1 | 542.0 | (8.1 | ) | (1.8 | ) | (6.3 | ) | ||||||||||||||||
Nuclear Imaging | 437.6 | 454.8 | (3.8 | ) | 0.2 | (4.0 | ) | |||||||||||||||||
935.7 | 996.8 | (6.1 | ) | (0.9 | ) | (5.2 | ) | |||||||||||||||||
Other (1) | 51.2 | 54.2 | (5.5 | ) | (0.9 | ) | (4.6 | ) | ||||||||||||||||
Net Sales | $ | 2,211.5 | $ | 2,056.2 | 7.6 | % | (0.6 | )% | 8.2 | % | ||||||||||||||
(1) | Represents net sales to our former parent. | |||||||||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||
SELECT PRODUCT LINE NET SALES | ||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||
Year Ended | ||||||||||||||||||
September 27, |
September 28, |
Percent |
||||||||||||||||
Specialty Pharmaceuticals | ||||||||||||||||||
Acetaminophen (API) products | $ | 216.2 | $ | 217.7 | (0.7 | )% | ||||||||||||
Oxycodone (API) and oxycodone-containing tablets | 139.0 | 144.1 | (3.5 | ) | ||||||||||||||
Hydrocodone (API) and hydrocodone-containing tablets | 140.0 | 130.5 | 7.3 | |||||||||||||||
Other controlled substances | 112.0 | 111.7 | 0.3 | |||||||||||||||
Methylphenidate HCl | 151.3 | — | — | (1) | ||||||||||||||
Other | 262.9 | 244.8 | 7.4 | |||||||||||||||
Generics and API | 1,021.4 | 848.8 | 20.3 | |||||||||||||||
EXALGO | 122.9 | 91.9 | 33.7 | |||||||||||||||
Intrathecal products | 29.2 | — | — | (1) | ||||||||||||||
Other | 51.1 | 64.5 | (20.8 | ) | ||||||||||||||
Brands | 203.2 | 156.4 | 29.9 | |||||||||||||||
Specialty Pharmaceuticals Total | $ | 1,224.6 | $ | 1,005.2 | 21.8 | % | ||||||||||||
Global Medical Imaging | ||||||||||||||||||
Optiray | $ | 318.5 | $ | 352.2 | (9.6 | )% | ||||||||||||
Optimark | 44.8 | 48.0 | (6.7 | ) | ||||||||||||||
Other | 134.8 | 141.8 | (4.9 | ) | ||||||||||||||
Contrast Media and Delivery Systems | 498.1 | 542.0 | (8.1 | ) | ||||||||||||||
Ultra-Technekow DTE | 188.8 | 202.5 | (6.8 | ) | ||||||||||||||
Octreoscan | 82.8 | 78.7 | 5.2 | |||||||||||||||
Other | 166.0 | 173.6 | (4.4 | ) | ||||||||||||||
Nuclear Imaging | 437.6 | 454.8 | (3.8 | ) | ||||||||||||||
Global Medical Imaging Total | $ | 935.7 | $ | 996.8 | (6.1 | )% | ||||||||||||
(1) | Not meaningful | |||||||||||||||||
MALLINCKRODT PLC | ||||||||||||||||||||
SEGMENT OPERATING INCOME | ||||||||||||||||||||
(unaudited, in millions) | ||||||||||||||||||||
Year Ended | ||||||||||||||||||||
September 27, |
Percent of |
September 28, |
Percent of |
|||||||||||||||||
Specialty Pharmaceuticals | $ | 316.7 | 25.9 | % | $ | 162.8 | 16.2 | % | ||||||||||||
Global Medical Imaging | 111.5 | 11.9 | % | 214.3 | 21.5 | % | ||||||||||||||
Segment operating income | 428.2 | 377.1 | ||||||||||||||||||
Unallocated amounts: | ||||||||||||||||||||
Corporate and allocated expenses | (134.1 | ) | (69.9 | ) | ||||||||||||||||
Intangible asset amortization | (35.4 | ) | (27.3 | ) | ||||||||||||||||
Restructuring and related charges, net (1) | (35.8 | ) | (19.2 | ) | ||||||||||||||||
Separation costs | (74.2 | ) | (25.5 | ) | ||||||||||||||||
Total operating income | $ | 148.7 | $ | 235.2 | ||||||||||||||||
(1) |
|
Includes accelerated depreciation of $2.6 million and $8.0 million for the fiscal year ended September 27, 2013 and September 28, 2012, respectively. | ||||||||||||||||||
Source:
Mallinckrodt plc
John Moten, 314-654-6650
Vice President,
Investor Relations
john.moten@mallinckrodt.com
or
Lynn
Phillips, 314-654-3263
Manager, Media Relations
lynn.phillips@mallinckrodt.com
or
Meredith
Fischer, 314-654-3318
Senior Vice President, Communications
meredith.fischer@mallinckrodt.com